/raid1/www/Hosts/bankrupt/TCR_Public/221018.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, October 18, 2022, Vol. 26, No. 290
Headlines
220 LEBANON STREET: Seeks to Hire Van Dam Law as Counsel
A&D TESTS: Wins Interim Cash Collateral Access
ACTITECH LP: Unsecureds to Recover 34% in Confirmed Plan
ADJ PROPERTIES: Case Summary & One Unsecured Creditor
ALBERTSONS COS: S&P Places 'BB' ICR on Watch Pos. on Kroger Deal
ALCARAZ CATERING: Wins Cash Collateral Access Thru Nov 15
ALJ PROPERTIES: Case Summary & One Unsecured Creditor
ALLENA PHARMACEUTICALS: Taps Wilmer as Corporate Counsel
ALLEVA DAIRY: Gets OK to Hire Kantrow Law Group as Counsel
ALLYNE HEALTH: Case Summary & 20 Largest Unsecured Creditors
ARCHDIOCESE OF NEW ORLEANS: Lawyer Fined $400K for Revealing Info
ASSOCIATED ORAL: Case Summary & Four Unsecured Creditors
BAILEY RIDGE: Plan Administrator Taps Simmons Perrine as Attorney
BAY AREA COMMERCIAL: Taps Bachecki Crom & Co. as Accountant
BED BATH & BEYOND: Creditors Want to Boost Bond Swap Standing
BRAEBURN ALLOY: NLRB Issues Complaint Over Unfair Labor Practices
CAPETE CORP: 30-Day Extension for Plan Filing Granted
CARL MILLER: Wins Continued Cash Collateral Access Thru Dec 8
CASH DEVELOPMENT: Court OKs Cash Collateral Access Thru Nov 28
CELSIUS NETWORK: Bankruptcy Case Revealed 600,000 Customers
CLAIM JUMPER: Gets OK to Hire Stretto as Claims and Noticing Agent
COMPUTE NORTH: Seeks to Hire Jefferies LLC as Investment Banker
COMPUTE NORTH: Seeks to Hire Paul Hastings as Legal Counsel
COMPUTE NORTH: Taps Portage Point Partners as Financial Advisor
CRC INVESTMENTS: Gets OK to Hire Rogers Realty as Auctioneer
CRCI LONGHORN: S&P Affirms 'B-' ICR on Strong Cash Flow
CREEPY COMPANY: Wins Cash Collateral Access Thru Nov 20
CRW AGENCY: Seeks to Hire Edwin Breyfogle as Bankruptcy Attorney
CUMBERLAND RJ: Files Emergency Bid to Use Cash Collateral
CYXTERA TECHNOLOGIES: S&P Places 'B-' ICR on CreditWatch Negative
DIAMOND SCAFFOLD: May Use Cash Collateral Thru Jan 2023
DIAMOND SCAFFOLD: Seeks to Tap SC&H Group as Investment Banker
DIOCESE OF BUFFALO: Seeks to Transfer 35 Abuse Claims to Boy Scouts
EAGLE LEDGE: Wins Interim Cash Collateral Access Thru April 2023
EAST COAST DIESEL: Files Emergency Bid to Use Cash Collateral
EAST WEST: S&P Alters Outlook to Negative, Affirms 'B-' ICR
EPUMPS SOLUTIONS: Seeks Approval to Hire Ana Morales as Accountant
FINASTRA LTD: S&P Lowers ICR to 'CCC+', Outlook Negative
FIRST GUARANTY: To Seek Plan Confirmation on Oct. 31
FREE SPEECH: Taps Patrick Magill of Magill PC as CRO
FREE SPEECH: Wins Interim Cash Collateral Access
GNC HOLDINGS: D.N.J. Class Action Now Transferred to D. Del.
GOHN ENTERPRISES: Seeks to Hire Calaiaro Valencik as Legal Counsel
HOME DEALS OF MAINE: Court Dismisses Raychards Lawsuit
INDIAN CANYON: Seeks to Tap Dinsmore & Shohl as Litigation Counsel
INSTASET PLASTICS: Wins Cash Collateral Access, $800,000 DIP Loan
INTERSTATE DEV'T: Nov. 8 Bid Deadline Set for 52-Acre Property
J AND M SUPPLY: Court OKs Interim Cash Collateral Access
JUST ENERGY: Intends to Proceed with Stalking Horse Transaction
KALOS CAPITAL: Case Summary & 17 Unsecured Creditors
LATOUR & SONS: Voluntary Chapter 11 Case Summary
LIZARD IN LOS ANGELES: Taps JC Pacific as Real Estate Broker
LOCKHART CHEMICAL: Files for Chapter 7 Liquidation
LUMILEDS HOLDING: Bankruptcy Court Confirms Reorganization Plan
LYNCH FAMILY: Case Summary & One Unsecured Creditor
MARINER HEALTH: Seeks Court Approval to Hire Restructuring Advisor
MARINER HEALTH: Seeks to Hire Raines Feldman as Legal Counsel
MARINER HEALTH: Taps Katten as Counsel for Independent Director
MICHAELS COS: S&P Downgrades ICR to 'B-', Outlook Negative
MOBILESMITH INC: Seeks Cash Collateral Access
MODELL SPORTINGG: Ex-CEO Asks to Toss Fraudulent Transfer Suit
MONTROSE MULTIFAMILY: Files Emergency Bid to Use Cash Collateral
MORRIS RAILS: Seeks to Hire Eric A. Liepins as Bankruptcy Counsel
NEWAGE INC: Judge to Approve $28 Mil. Ch.11 Credit Bid Sale
NORTH FORK COMMUNITY: Seeks Cash Collateral Use, $4.3MM DIP Loan
NRP VENTURES: Taps Property Resources, Oak City as Broker
OLYMPIA SPORTS: Hires Shulman Bastian as Bankruptcy Counsel
OLYMPIA SPORTS: Seeks to Hire Morris James as Local Counsel
OLYMPIA SPORTS: Taps Force 10 Partners as Financial Advisor
OLYMPIA SPORTS: Wins Interim Cash Collateral Access
PACKABLE HOLDINGS: Cleared to Hire Ch.11 Restructuring Officer
PETTERS COMPANY: Trustee Wins Ruling in Dispute vs. BMO Harris
PRETTY GIRL: Chapter 7 Trustee Wins Summary Judgment vs. NEDM
PRINCIPLE ENTERPRISES: Court OKs Final Cash Collateral Access
PROVIDENT CARE: Seeks to Hire David Johnston as Bankruptcy Counsel
PUERTO RICO: Board Faces Test With Supreme Court Records Case
QUEST SOFTWARE: S&P Alters Outlook to Negative, Affirms 'B-' ICR
RELIABLE HOME: Seeks to Hire Wilke & Associates as Accountant
RENEWABLE ENERGY: Taps Merlin & Associates as Special Counsel
RJRAMDHAN GROUP: Files Emergency Bid to Use Cash Collateral
RSBR INC: Gets OK to Hire David Johnston as Bankruptcy Attorney
S3 SPA: Gets OK to Hire Southwest Tax Solutions as Accountant
SBW PROPERTIES: Seeks to Hire Eric Liepins as Bankruptcy Counsel
SHOPS AT BROAD: Has $1.5MM DIP Loan from SSG 2003
STANFORD CHOPPING: Seeks to Hire David Johnston as Legal Counsel
STRATEGIC INNOVATIONS: Seeks to Hire David Johnston as Counsel
SUGARBUD: Dec. 9 Deadline Set for Submission of Final Proposals
TAMARACK INVESTMENTS: Files for Chapter 11 Bankruptcy
TRUSENTIAL LLC: Seeks to Hire Patricia Kovacs as Legal Counsel
ULTRA SEAL: Oct. 20 Hearing on Continued Cash Collateral Access
UNITED GROUP: Taps Goldman to Sell Assets as Debt Deadlines Loom
VANGUARD WINES: Wins Interim Cash Collateral Access
VERICAST CORP: Seeks New Debt Swap as Challenges Mount
VINTAGE FOOD: Case Summary & 20 Largest Unsecured Creditors
VOTI DETECTION: Files Notice of Intention to Make BIA Proposal
WB MAINTENANCE: Taps WB GJM Business Center as Accountant
WESTINGHOUSE ELECTRIC: Brookfield Reaches Deal to Sell Business
WILLIAMS LAND: Hires Burns Day & Presnell as Special Counsel
WITCHEY ENTERPRISES: Trustee Taps Route Brokers as Broker
[*] Colorado Bankruptcies Dipped 2.8% in September 2022
[*] Katten Establishes John P. Sieger Excellence in Mentoring Award
[*] McDermott Adds Three Partners to Transactions Practice in N.Y.
[*] Polinko Rejoins McDonald Hopkins as Counsel in Business Dep't
[*] Two Lawyers Join Meadows' Commercial Litigation Practice
[^] Large Companies with Insolvent Balance Sheet
*********
220 LEBANON STREET: Seeks to Hire Van Dam Law as Counsel
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220 Lebanon Street, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to hire Van Dam Law, LLP to
handle its Chapter 11 case.
The firm has agreed to represent the Debtor for an hourly fee of
$425 and a retainer of $6,262.
As disclosed in court filings, Van Dam Law does not hold any
interest adverse to the interest of the Debtor.
The firm can be reached through:
Michael Van Dam
Van Dam Law LLP
233 Needham Street, Suite 540
Newton, MA 02464
Phone: 617-969-2900
Fax: 617-964-4631
Email: mvandam@vandamlawllp.com
About 220 Lebanon Street
220 Lebanon Street, LLC sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 22-11362) on
Sept. 23, 2022, with up to $1 million in both assets and
liabilities.
Matthew T. Desrochers, Esq., at The Law Offices of Matthew T.
Desrochers, P.C. represents the Debtor as counsel.
A&D TESTS: Wins Interim Cash Collateral Access
----------------------------------------------
The U.S. Bankruptcy Court for the Western District of Texas, Waco
Division, authorized A&D Tests, Inc. to use cash collateral on an
interim basis in accordance with the budget, with a 10% variance.
The U.S. Small Business Administration, ICB Advance, and
Corporation Service Company claim liens on the Debtor's personal
property including cash and accounts.
The Debtor requires the use of cash collateral to continue the
operation of its business.
As adequate protection, the Secured Lenders are granted replacement
liens and security interests, in accordance with Bankruptcy Code
Sections 361, 363, 364(c)(2), 364(e), and 552, co-extensive with
their pre-petition liens.
The replacement liens granted to the Secured Lenders in the Order
are automatically perfected without the need for filing of a UCC-1
financing statement with the Secretary of State's Office or any
other such act of perfection.
During the pendency of the order, the Debtor will maintain
insurance on the Secured Lenders' collateral and pay taxes when
due.
The final hearing on the matter is set for November 15, 2022 at
1:45 p.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3ezHzmc from PacerMonitor.com.
The Debtor projects $135,110 in gross income and $133,454 in total
expenses for one month.
About A&D Tests, Inc.
A&D Tests, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-60436) on October 3,
2022. In the petition signed by Clanci Mitchell, vice president,
the Debtor disclosed up to $500,000 in both assets and
liabilities.
Judge Michael M. Parker oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, is
the Debtor's counsel.
ACTITECH LP: Unsecureds to Recover 34% in Confirmed Plan
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas has
entered an order confirming and approving the Amended Subchapter V
Plan of Reorganization of Actitech, L.P.
No objections were filed to the Plan. With respect to the motion
for approval of a settlement of claims of JRJR33, Inc. and Agel
Enterprises, Inc. under Bankruptcy Rule 9019, only one was
objection was filed -- which objection was filed by MC-GP, LLC,
Sherman 301-A, LLC and Sherman 301-B, LLC, the purchaser of the
Debtor's Sherman manufacturing facility. To the extent any
objections to the confirmation of the Plan were raised at the
hearing, they are overruled. The MC-GP objection is also
overruled.
All Proofs of Claim with respect to Claims arising from the
rejection pursuant to the Plan of any Executory Contracts or
Unexpired Leases, if any, must be Filed and served upon the
Reorganized Debtor within the later of (i) thirty (30) days after
the Effective Date, or (ii) the date set forth in such Order
rejecting the Executory Contract or Unexpired Lease. Any Claims
arising from the rejection of Executory Contracts or Unexpired
Leases that become Allowed Claims are classified and shall be
treated as Class 3 General Unsecured Claims.
Holders of Claims in Classes 3, 4, and 5 were impaired and eligible
to vote on the Plan. As set forth in the Balloting Declaration,
all Holders of Class 3 and 5 Claims that submitted a Ballot voted
to accept the Plan. LaCore, the only Holder of Class 4 Claims, is
the only Creditor entitled to vote that voted to reject the Plan.
As required by section 1129(a)(1) of the Bankruptcy Code, the Plan
complies with all applicable provisions of the Bankruptcy Code,
including the applicable provisions of sections 1122 and 1123.
The Court finds that the Debtor owns the Veil Piercing Claims and
that the Debtor's Release of such Veil Piercing Claims against its
affiliate Actichem is: (1) a reasonable exercise of the Debtor's
business judgment; (2) in exchange for good and valuable
consideration provided by Actichem, including the $2 million Exit
Financing provided by Actichem under the Plan, and the funding of
the $2.75 million Settlement Payment pursuant to the settlement of
the Agel/JRRJR33 Trustee Claims that is the subject of the 9019
Motion; (3) a good faith settlement and compromise of the Veil
Piercing Claims released in Article VIII of the Plan; (4) in the
best interests of the Debtor and all Holders of Claims and Equity
Interests; (5) fair, equitable, and reasonable; and (6) given and
made after due notice and opportunity for hearing. The Court finds
that without such a release Actichem would not have been willing to
provide the Exit Financing or fund the Settlement Payment for the
settlement of the Agel/JRJR33 Trustee Claims, which was essential
to the Debtor's reorganization. Without the Actichem funding, the
Debtor had no ability to reorganize, because the Debtor had no
other alternative source of financing.
The Court finds that the Plan satisfies the requirements of section
1191(b) and can, therefore, be confirmed despite the rejection of
the Plan by Class 4 and the deemed rejection of the Plan by Class 6
Intercompany Claims.
Amended Plan
ActiTech, L.P., submitted an Amended Subchapter V Plan of
Reorganization.
The Debtor intends to restart manufacturing and sales of certain
skincare and other products using a third-party manufacturer. The
Debtor intends to begin manufacturing one established product and
two new products that the Debtor has confidence will produce the
sales and revenue to fund the payments to creditors under this
Plan. The Debtor reserves the right to begin its own manufacturing
if it prevails in the Turnover Adversary, if it makes economic
sense to do so in the business judgment of the Debtor's
management.
Elysiann Bishop will continue to serve as the Reorganized Debtor's
President and Chief Executive Officer and manage the Reorganized
Debtor's affairs after confirmation of this Plan.
Based upon the Debtor's historical sales and Ms. Bishop's extensive
experience in the industry and the customer relationships she has
developed over many years, the Debtor has prepared the three-year
projections attached hereto as Exhibit A (the "Projections"), which
the Debtor believes are reasonable and achievable. These
Projections reflect the Reorganized Debtor's Projected Disposable
Income during the three-year period of the Plan. "Disposable
Income" means the income that is received by the Reorganized Debtor
that is not reasonably necessary to be expended for the payment of
expenditures necessary for the continuation, preservation or
operation of the Reorganized Debtor's business. See 11. U.S.C.
section 1191(d).
On the Effective Date of the Plan, the Reorganized Debtor will
borrow the funds needed to restart and fund operations and pay the
unpaid administrative expenses of the bankruptcy from its affiliate
Actichem, which is also owned by Ms. Bishop.
Under the Plan, Class 3 General Unsecured Claims will recover 34%
of claims. Each Holder of an Allowed General Unsecured Claim shall
receive, in full and complete satisfaction, settlement, discharge,
and release of, and in exchange for, its Allowed General Unsecured
Claim:
(1) such Holder's Pro Rata share of the Reorganized Debtor's
Projected Disposable Income (as set forth on Exhibit A to this
Plan) during the Commitment Period, payable as follows:
* Year 1 – From Effective Date to Dec. 31, 2023: $0;
* Year 2 – From Jan. 1, 2024 to Dec. 31, 2024: $132,718.00,
which payment shall be made no later than January 15, 2025;
* Year 3 – From Jan. 1, 2025 to Dec. 31, 2025: $327,154.00,
which payment shall be made no later than January 15, 2026; and
(2) to the extent Litigation Recoveries exceed the Projected
Disposable Income to be Distributed under this Plan, such Holder's
Pro Rata Share of such Litigation Recoveries, payable on the next
annual payment date set forth above after the Debtor receives such
Litigation Recoveries. However, the maximum Distribution to a
Holder of a Class 3 Claim shall be the total Allowed amount of such
Holder's Claim.
For the avoidance of doubt, in no event shall any Litigation
Recoveries less than the amount of Projected Disposable Income be
distributed to Creditors. Class 3 is impaired.
The Agel/JRJR33 Trustee Claims will be treated in accordance with
the terms of a Settlement Agreement to be filed by the Debtor with
the Bankruptcy Court along with a Motion seeking approval of the
settlement under Rule 9019 of the Federal Rules of Bankruptcy
Procedure. The Debtor intends to request that the Rule 9019 Motion
be set for hearing at the same time as the Confirmation Hearing for
this Amended Plan. The general terms of the settlement are: (1) the
Debtor shall pay $2.75 million to JRJR33, using money provided to
the Debtor by its affiliate ActiChem to fund such settlement
payment, (2) the Debtor shall assign to JRJR33 any and all causes
of action it might have against its insurers, whether for bad
faith, breach of contract or other violations of law; (3) the
parties in the Agel Lawsuit shall execute full and final mutual
releases of any and all claims against the parties or any of their
agents, representatives or affiliates; and (4) Agel and JGB
Collateral shall withdraw the Proofs of Claim they filed in the
Debtor's bankruptcy case. In consideration for Actichem funding the
settlement payment to JRJR33, the Debtor shall assign to Actichem
any and all claims against Michael Bishop for breach of fiduciary
duty.
The Agel/JRJR33 Trustee Claims are disallowed and the Holders of
the Agel/JRJR33 Trustee Claims shall receive no further
Distribution on such Claims, except as provided under the
Settlement Agreement.
On the Effective Date of the Plan, the Reorganized Debtor will
borrow the funds needed to restart and fund operations and pay
Allowed Administrative Claims and Allowed Secured Claims from its
affiliate Actichem, which is also owned by Ms. Bishop. The Actichem
Loan Documents will be filed at a later date as part of a Plan
Supplement. The Exit Financing will provide the Reorganized Debtor
the funds needed to pay all remaining unpaid Administrative Claims
in this Subchapter V Case, as well as all start-up costs needed to
fund the Reorganized Debtor's operations until the Reorganized
Debtor becomes cash flow positive. The Exit Financing will also be
used to fund any shortfalls in Projected Disposable Income should
the Debtor's actual disposable income be less than the Projected
Disposable Income.
The Reorganized Debtor will make annual Pro Rata Distributions of
its Projected Disposable Income to Holders of Allowed General
Unsecured Claims over the Commitment Period. However, the Debtor
reserves the right to make a lump sum payment during the Commitment
Period and to reach settlements with individual Creditors for a
lump sum payment agreed upon between the Creditor and the
Reorganized Debtor.
Counsel for the Debtor:
Douglas J. Buncher, Esq.
John D. Gaither, Esq.
NELIGAN LLP
325 North St. Paul, Suite 3600
Dallas, TX 75201
Telephone: 214-840-5333
Facsimile: 214-840-5301
E-mail: dbuncher@neliganlaw.com
jgaither@neliganlaw.com
A copy of the Order dated October 7, 2022, is available at
https://bit.ly/3ytBaQh from PacerMonitor.com.
A copy of the Plan dated October 7, 2022, is available at
https://bit.ly/3Vi7cZ5 from PacerMonitor.com.
About ActiTech LP
ActiTech, LP is a Dallas-based manufacturer of personal care
nutraceuticals and food and beverage products.
ActiTech filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Texas Case No. 22-30049) on Jan. 10,
2021, listing as much as $10 million in both assets and
liabilities. Areya Holder Aurzada serves as Subchapter V trustee.
Judge Stacey G. Jernigan oversees the case.
The Debtor tapped Neligan LLP as bankruptcy counsel; Friedman &
Feiger, LLP as special litigation counsel; and CRS Capstone
Partners LLC as financial advisor.
ADJ PROPERTIES: Case Summary & One Unsecured Creditor
-----------------------------------------------------
Debtor: ADJ Properties, LLC
31816 Utica Road
Fraser, MI 48026
Business Description: The Debtor is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: October 16, 2022
Court: United States Bankruptcy Court
Eastern District of Michigan
Case No.: 22-48074
Judge: Hon. Maria L. Oxholm
Debtor's Counsel: Lynn M. Brimer, Esq.
STROBL SHARP PLLC
300 East Long Lake Road
Suite 200
Bloomfield Hills, MI 48304-2376
Tel: (248) 540-2300
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Anthony Jekielek as member.
The Debtor listed The Huntington National Bank as its sole
unsecured creditor holding a claim of $329,689.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/AHA7B5A/ADJ_Properties_LLC__miebke-22-48074__0001.0.pdf?mcid=tGE4TAMA
ALBERTSONS COS: S&P Places 'BB' ICR on Watch Pos. on Kroger Deal
----------------------------------------------------------------
S&P Global Ratings placed all our ratings on Albertsons Cos. Inc.
(ACI), including its 'BB' issuer credit rating, on CreditWatch with
positive implications.
S&P expects to resolve the CreditWatch placement, which would
likely result in a multiple notch upgrade of ACI and its debt to
the same level as Kroger, once the proposed acquisition closes and
it can assess the pro forma company's capital structure,
operational plans, and management as a combined entity.
ACI's proposed merger with Kroger would create the number two
grocer in the U.S.
S&P said, "We expect to raise and align our ratings on ACI with
those of Kroger when the transaction closes. We expect ACI will be
a core holding of Kroger as the parent enhances its presence across
geographies in the U.S. ACI's more than 2,273 stores will make up a
large portion of the combined company (4,996 stores) before any
closures or divestitures. ACI's board announced it was conducting a
strategic review in February and was exploring optimizing its
balance sheet as well as considering potential strategic or
financial transactions. We originally believed a leveraging
transaction could be an option, which was limiting upside to our
existing rating, but this sale is the outcome of that review.
"We expect ACI will roll its existing bonds into Kroger's pro forma
capital structure. ACI had $7.9 billion in total debt as of June
2022, mainly consisting of its roughly $6.5 billion in senior
unsecured notes. We placed our rating on the instruments on
CreditWatch with positive implications and we expect to align them
with our ratings on Kroger when the transaction closes."
The proposed merger will include a special dividend. As part of
this transaction, a $4 billion special dividend will be paid to ACI
shareholders on November 7, 2022. The dividend will reduce the
purchase price commensurately (to approximately $15.9 billion).
Cerberus Capital Management has been ACI's largest shareholder
(more than 28%) and has been invested with an equity stake 16
years.
S&P said, "We also expect Kroger will assume ACI's pension
liabilities. We estimated ACI's annual tax effected share of its
multi-employer pension underfunding as about $3.8 billion earlier
this year, which we add to our adjusted debt calculations. It is
our understanding there would not be an immediate need for cash
funding post-merger. We also expect the existing ACI revolver would
be repaid and terminated at close.
"We expect to resolve the CreditWatch placement once the proposed
merger closes and we can assess pro forma Kroger's store base,
operating forecasts, divestiture plans, and capital structure. We
expect to align our issuer credit rating on ACI with that of Kroger
(BBB/Negative/--) given the current plans. We could withdraw the
rating on ACI at a later date, depending on how Kroger's pro forma
organizational structure and debt reduction unfolds."
ESG credit indicators: E-2, S-2, G-2
N/A—Not applicable.
S&P said, "ESG factors are an overall neutral consideration in our
credit rating analysis of Albertsons Cos. Inc. On the environmental
front, the company has been growing its portfolio of organic,
health-conscious, and environmentally sustainable offerings with
some success. About 200,000 of the company's 290,000 employees were
covered with collective bargaining agreements through the fiscal
year ended Feb. 26, 2022. Health care, pension contributions, and
wage costs have remained important topics for negotiations; the
expiration of such agreements without contracts could result in
strikes that would disrupt operations. The company recently
embarked on one of the first and biggest commercial solar
installations in Maine, with the goal of generating renewable
energy for local Shaw's grocery stores. In our view, this puts it
ahead of other U.S. grocers evolving toward clean energy."
ALCARAZ CATERING: Wins Cash Collateral Access Thru Nov 15
---------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
authorized Alcaraz Catering, Inc. to use cash collateral on an
interim basis in accordance with the budget through November 15,
2022.
The Debtor is permitted to use cash collateral to pay ordinary and
necessary expenses to operate the Debtor's business.
The Debtor has made a $12,876 check payment to Prime as adequate
protection for the month of September. The Debtor is required to
make two more check payments for the same amount on or before
November 1 as adequate protection payments for October and
November.
A continued hearing on the matter is set for November 15 at 2 p.m.
A copy of the order is available at https://bit.ly/3CHS92G from
PacerMonitor.com.
About Alcaraz Catering
Alcaraz Catering Inc. is a catering company.
Alcaraz Catering filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
22-10622) on August 13, 2022. In the petition filed by Antonio
Alcaraz, as president, the Debtor reported assets and liabilities
between $1 million and $10 million each.
Susan K. Seflin has been appointed as Subchapter V trustee.
The Law Offices of Kenneth H.J. Henjum is the Debtor's counsel.
ALJ PROPERTIES: Case Summary & One Unsecured Creditor
-----------------------------------------------------
Debtor: ALJ Properties, LLC
31816 Utica Road
Fraser, MI 48026
Business Description: The Debtor is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: October 16, 2022
Court: United States Bankruptcy Court
Eastern District of Michigan
Case No.: 22-48075
Judge: Hon. Mark A. Randon
Debtor's Counsel: Lynn M. Brimer, Esq.
STROBL SHARP PLLC
300 East Long Lake Road
Suite 200
Bloomfield Hills, MI 48304-2376
Tel: (248) 540-2300
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Anthonyy Jekielek as member.
The Debtor listed the City of Fraser Water & Sewer Department
as its only unsecured creditor holding a claim of $4,251.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/ALBQJSQ/ALJ_Properties_LLC__miebke-22-48075__0001.0.pdf?mcid=tGE4TAMA
ALLENA PHARMACEUTICALS: Taps Wilmer as Corporate Counsel
--------------------------------------------------------
Allena Pharmaceuticals, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to hire Wilmer Cutler
Pickering Hale and Dorr, LLP as its special corporate counsel.
WilmerHale will assist the Debtor in certain transactional and
related strategy matters, which include advising the Debtor
regarding the asset sale transactions contemplated in connection
with the Debtor's Chapter 11 case.
The firm will be paid at these hourly rates:
Partners $1,105 - $2,165
Counsel $1,095 - $1,315
Associates $645 - $1,135
Paraprofessionals $540 - $760
George Shuster, Jr., Esq., a partner at Wilmer, disclosed in a
court filing that his firm does not have any interest adverse to
the interest of the Debtors' estates, creditors and equity security
holders.
The firm can be reached through:
George W. Shuster, Jr., Esq.
Wilmer Cutler Pickering Hale and Dorr LLP
250 Greenwich Street
New York, NY 10007
Phone: +1 212 230 8800
Email: george.shuster@wilmerhale.com
About Allena Pharmaceuticals
Allena Pharmaceuticals, Inc. is a pre-commercial clinical
biopharmaceutical company dedicated to discovering, developing and
commercializing first-in-class, oral biological therapeutics to
treat patients with rare and severe metabolic and kidney disorders
such as gout and kidney stones. The company is based in Sudbury,
Mass.
Allena Pharmaceuticals filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
22-10842) on Sept. 2, 2022, with $14,368,000 in assets and
$3,455,000 in liabilities. Matthew Foster, chief restructuring
officer, signed the petition.
Judge Karen B. Owens presides over the case.
Matthew B. McGuire, Esq., at Landis Rath & Cobb, LLP and Wilmer
Cutler Pickering Hale and Dorr, LLP serve as the Debtor's
bankruptcy counsel and special corporate counsel, respectively.
Stretto, Inc. is the Debtor's claims and noticing agent, and
administrative advisor.
ALLEVA DAIRY: Gets OK to Hire Kantrow Law Group as Counsel
----------------------------------------------------------
Alleva Dairy Inc. received approval from the U.S. Bankruptcy Court
for the Southern District of New York to hire The Kantrow Law
Group, PLLC as its legal counsel.
The firm's services include advising the Debtor of its right and
duties; oversee the preparation of reports to the court or
creditors; conduct all appropriate investigation or litigation; and
perform any other necessary duty in aid of the administration of
the Debtor's estate.
The firm will be paid at these rates:
Partners $600 per hour
Associates $325 per hour
Kantrow Law Group is disinterested as that term is defined under
the Bankruptcy Code Section 101(14), according to court papers
filed by the firm.
The firm can be reached through:
Fred S. Kantrow, Esq.
The Kantrow Law Group, PLLC
6901 Jericho Turnpike, Suite 230
Syosset, NY 11791
Phone: 516 703 3672
Email: fkantrow@thekantrowlawgroup.com
About Alleva Dairy Inc.
Alleva Dairy Inc. is a New York-based privately held company, which
operates in the cheese shop business.
Alleva Dairy sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-11284) on Sept. 27,
2022, with up to $50,000 in assets and $1 million to $10 million in
liabilities. Karen Fouquet, president of Alleva Dairy, signed the
petition.
Judge David S. Jones oversees the case.
The Debtor is represented by Fred Steven Kantrow, Esq., at The
Kantrow Law Group, PLLC.
ALLYNE HEALTH: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Allyne Health, Inc.
8590 Lakewood Hwy
Unit 189
Mineral Bluff, GA 30559
Chapter 11 Petition Date: October 17, 2022
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 22-21063
Judge: Hon. James R. Sacca
Debtor's Counsel: Leon S. Jones, Esq.
JONES & WALDEN, LLC
699 Piedmont Avenue NE
Atlanta, GA 30308
Tel: 404-564-9300
Email: info@joneswalden.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Donald Gasgarth 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/DLJTVEA/Allyne_Health_Inc__ganbke-22-21063__0001.0.pdf?mcid=tGE4TAMA
ARCHDIOCESE OF NEW ORLEANS: Lawyer Fined $400K for Revealing Info
-----------------------------------------------------------------
John Simmerman of NOLA reports that a federal bankruptcy judge in
New Orleans leveled a whopping $400,000 penalty Tuesday against a
lawyer for clergy abuse survivors who allegedly revealed protected
information about a priest to a Catholic school principal and a
news reporter.
U.S. Bankruptcy Judge Meredith Grabill issued the sanctions against
attorney Richard Trahant in a 30-page order, claiming he wrongfully
disclosed information from discovery materials handed over in
December in the Archdiocese of New Orleans' bankruptcy case.
The information related to the Rev. Paul Hart, then chaplain at
Brother Martin High School.
Rev. Hart left his post in early January, days after the school was
notified of allegations from 1990 that he kissed and fondled a
Mount Carmel Academy senior while serving at another local Catholic
institution. It wasn't the embattled archdiocese that first
alerted the school, however.
Mr. Trahant admitted that he called the school principal, who is a
cousin, after learning of the allegations involving Hart, who was
not identified on the archdiocese's public list of credibly accused
priests. Mr. Trahant also admitted he alerted a reporter for The
Advocate to Hart's identity.
Rev. Hart was assigned in 2017 by Archbishop Gregory Aymond to
serve as the school's chaplain, after a church investigation four
years earlier confirmed the allegations but determined the student
was not a minor under church law.
Mr. Trahant insisted that he didn't reveal any confidential
documents, but admitted he "planted that seed" to expose Hart. He
has argued that he didn't violate the court's protective order at
all.
"In no uncertain terms, I did what I did to protect children. I
provided no documents. I read no documents to anyone," said
Trahant on Tuesday, October 11, 2022, adding that he would appeal
the sanctions.
Judge Grabill, however, found that his actions violated the
protective order and caused harm, including "hurt and trauma
revisited upon the survivor of the priest's alleged abuse." The
judge also cited Mr. Trahant for failing to promptly come clean,
resulting in a costly investigation by the U.S. Trustee, a court
officer who acts as a neutral representative of the Justice
Department in bankruptcy case.
In court, Mr. Trahant told the judge he was "personally offended
that I'm the bad actor, I'm the bad guy here, when there are
pedophiles walking around who have never been arrested, convicted,
nothing has happened to them."
In June 2022, Judge Grabill removed Mr. Trahant from the
court-appointed committee representing about 450 victims of sexual
abuse by clergy in the bankruptcy case. Judge Grabill's new order
calls for him to pay the sanction to the archdiocese within 30
days. She set a Nov. 21. 2022 hearing date "to assess
compliance."
"We believe the wisdom of the judge's ruling speaks for itself," a
spokesman for the archdiocese said in a statement.
About The Roman Catholic Church of
the Archdiocese of New Orleans
The Roman Catholic Church of the Archdiocese of New Orleans is a
non-profit religious corporation incorporated under the laws of the
State of Louisiana. On the Web: https://www.nolacatholic.org/
Created as a diocese in 1793, and established as an archdiocese in
1850, the Archdiocese of New Orleans has educated hundreds of
thousands in its schools, provided religious services to its
churches and provided charitable assistance to individuals in need,
including those affected by hurricanes, floods, natural disasters,
war, civil unrest, plagues, epidemics, and illness. Currently, the
archdiocese's geographic footprint occupies over 4,200 square miles
in southeast Louisiana and includes eight civil parishes:
Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John
the Baptist, St. Tammany, and Washington.
The Roman Catholic Church for the Archdiocese of New Orleans sought
Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1,
2020. The archdiocese was estimated to have $100 million to $500
million in assets and liabilities as of the bankruptcy filing.
Judge Meredith S. Grabill oversees the case.
Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's
bankruptcy counsel and special counsel, respectively. Donlin,
Recano & Company, Inc., is the claims agent.
The U.S. Trustee for Region 5 appointed an official committee of
unsecured creditors on May 20, 2020. The committee is represented
by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke
Lord, LLP. Berkeley Research Group, LLC is the committee's
financial advisor.
ASSOCIATED ORAL: Case Summary & Four Unsecured Creditors
--------------------------------------------------------
Debtor: Associated Oral Specialties, Inc.
5671 Peachtree Dunwoody Rd., Suite 420
Atlanta, GA 30342-5004
Business Description: The Debtor is a provider of oral specialty
care.
Chapter 11 Petition Date: October 17, 2022
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 22-58327
Debtor's Counsel: Milton Jones, Esq.
MILTON JONES, ATTORNEY
PO Box 533
Lovejoy, GA 30250-0533
Tel: (770) 899-8486
Email: miltondjones@comcast.net
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Freddie J. Wakefield as CEO.
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/35MUK3A/Associated_Oral_Specialties_Inc__ganbke-22-58327__0001.0.pdf?mcid=tGE4TAMA
BAILEY RIDGE: Plan Administrator Taps Simmons Perrine as Attorney
-----------------------------------------------------------------
Jeffrey Mohrauser, the plan administrator appointed in Bailey Ridge
Partners LLC's Chapter 11 case, received approval from the U.S.
Bankruptcy Court for the Northern District of Iowa to employ
Simmons Perrine Moyer Bergman, PLC as his attorney.
The firm will assist the plan administrator with respect to a
motion for summary judgment filed by claimant, Nicole Grubb
Nearman. Although not a member of the official unsecured creditors'
committee, Ms. Nearman asserts control over the committee after
acquiring claims held by its former members.
Simmons will be paid at these rates for its services:
Attorneys $370 per hour
Paralegal $135 per hour
Eric Lam, Esq., a member of Simmons, disclosed in a court filing
that his firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.
Simmons can be reached at:
Eric W. Lam, Esq.
Simmons Perrine Moyer Bergman, PLC
155 3rd Street SE, Suite 1200
Cedar Rapids, IA 52401-1266
Tel: (319) 896-4018
Fax: (319) 366-1917
Email: elam@simmonsperrine.com
About Bailey Ridge Partners
Kingsley, Iowa-based Bailey Ridge Partners, LLC filed a Chapter 11
petition (Bankr. N.D. Iowa Case No. 17-00033) on Jan. 11, 2017,
with up to $50,000 in assets and up to $50 million in liabilities.
Floyd Davis, managing member, signed the petition.
Donald H. Molstad, Esq., at Molstad Law Firm, is the Debtor's legal
counsel.
On March 2, 2017, the U.S. Trustee for Region 12 appointed an
official committee of unsecured creditors. The committee retained
Goldstein & McClintock LLLP as lead bankruptcy counsel; Dickinson
Mackaman Tyler & Hagen, P.C. as Iowa counsel; and Houlihan &
Associates, P.C. as accountant.
The court confirmed the Debtor's Chapter 11 plan on June 11, 2018.
Jeffrey R. Mohrauser, the court-appointed plan administrator, is
represented by Simmons Perrine Moyer Bergman, PLC.
BAY AREA COMMERCIAL: Taps Bachecki Crom & Co. as Accountant
-----------------------------------------------------------
Bay Area Commercial Sweeping, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of California to hire
Bachecki, Crom & Co., LLP as its accountant.
The firm's services include tax analysis and the preparation of tax
returns and monthly operating reports.
Bachecki Crom & Co. will be paid at these rates:
Partners $450 to $575 per hour
Senior Accountant $340 to $425 per hour
Junior Accountant $175 to $280 per hour
The firm will also be reimbursed for its out-of-pocket expenses.
Jay Crom, a partner at Bachecki Crom & Co., disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jay D. Crom
Bachecki Crom & Co., LLP
400 Oyster Point Blvd
San Francisco, CA 94080
Tel: (415) 398-3534
About Bay Area Commercial Sweeping
Bay Area Commercial Sweeping, Inc. -- https://www.bacsweeping.com
-- filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Calif. Case No. 22-50590) on July 8,
2022, with $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Timothy Nelson has been appointed as
Subchapter V trustee.
Judge Stephen L. Johnson oversees the case.
The Debtor tapped Brent D. Meyer, Esq., at Meyer Law Group, LLP as
legal counsel, and Bachecki, Crom & Co., LLP as accountant.
BED BATH & BEYOND: Creditors Want to Boost Bond Swap Standing
-------------------------------------------------------------
Eliza Ronalds-Hannon of Bloomberg News reports that advisers at
Perella Weinberg Partners are corralling Bed Bath & Beyond Inc.
bondholders in hopes of striking a deal with the company to
exchange notes due 2024 for longer-dated securities, according to a
person with knowledge of the efforts.
The proposal would aim to give the noteholders a second-lien claim
on most or all company assets in exchange for the term extension,
said the person, who asked not to be named discussing private
negotiations.
The roughly $284 million of bonds pose a potential repayment
problem for the embattled company. The retailer is flailing after
several consecutive quarters of losses.
About Bed Bath & Beyond Inc.
The Union, NJ-based Bed Bath & Beyond Inc., together with its
subsidiaries, is an omnichannel retailer selling a wide assortment
of merchandise in the Home, Baby, Beauty & Wellness markets and
operates under the names Bed Bath & Beyond, buybuy BABY, and
Harmon, Harmon Face Values. The Company also operates Decorist, an
online interior design platform that provides personalized home
design services.
The Company reported a net loss of $559.62 million for the fiscal
year ended Feb. 26, 2022, a net loss of $150.77 million for the
year ended Feb. 27, 2021, a net loss of $613.82 million for the
year ended Feb. 29, 2020, and a net loss of $137.22 million for the
year ended March 2, 2019. As of May 28, 2022, the Company had
$4.94 billion in total assets, $5.16 billion in total liabilities,
and a total stockholders' deficit of $220.30 million.
Much of Bed Bath & Beyond's bonds and loans are trading at
distressed levels.
In August 2022, Bloomberg reported that Bed Bath hired law firm
Kirkland & Ellis to help it address a debt load that's become
unmanageable, and is late on its payments to vendors, leading some
to restrict shipments or halt them altogether. Kirkland, typically
known for its dominance in restructuring and bankruptcy situations,
was tapped to advise the retailer on options for raising new money,
refinancing existing debt, or both.
BRAEBURN ALLOY: NLRB Issues Complaint Over Unfair Labor Practices
-----------------------------------------------------------------
The United Steelworkers (USW) on Oct. 14 said that Region 6 of the
National Labor Relations Board (NLRB) has issued a complaint
against Braeburn Alloy Steel and its parent company, G.O. Carlson,
for failing to recognize the union and refusing to bargain over
working conditions for the company's employees at the Lower Burrell
facility.
USW Local 1324 represents about 30 workers at the Braeburn plant,
which was acquired earlier this year by a subsidiary of G.O.
Carlson through the bankruptcy process. When it took over
operations, Braeburn hired all of the union-represented workers at
the plant, but it refused to sit down with their chosen
representative.
USW District 10 Director Bernie Hall urged the company to obey the
law, respect its employees and negotiate in good faith with the
union for a fair contract.
"The NLRB complaint makes clear that the company's schemes have
prevented us from having a collective bargaining relationship since
the ownership change," Hall said. "If we cannot convince Braeburn
to engage in collective bargaining, management must be held
accountable for breaking the law."
In its complaint released today, the NLRB set a hearing for Sept.
18, 2023, when an administrative law judge will hear the case
against Braeburn Alloy Steel.
"All work has dignity, and the employees who made Braeburn Alloy
Steel an attractive investment deserve a fair contract with
union-negotiated pay and benefits as they remain loyal to their
jobs," Hall said. "We hope an administrative law judge and the NLRB
can help management connect the dots."
The USW represents 850,000 workers employed in metals, mining, pulp
and paper, rubber, chemicals, glass, auto supply and the
energy-producing industries, along with a growing number in tech,
higher education, public sector and service occupations.
About CCX Inc.
CCX, Inc. is a Pennsylvania-based company that processes metal
alloys. It conducts business under the names Braeburn Alloy Steel
and Braeburn Alloy Steel Division CCX, Inc.
CCX filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Del. Case No. 22-10252) on March 27,
2022. David M. Klauder serves as Subchapter V trustee.
In the petition signed by Francis X. Feeney, vice president, CCX
listed total assets of $1,735,342 and total liabilities of
$2,200,793 as of Feb. 26, 2022.
Judge Brendan Linehan Shannon oversees the case.
Eric J. Monzo, Esq., at Morris James, LLP, and SC&H Group, Inc.,
serve as the Debtor's legal counsel and financial advisor,
respectively. Stretto is the claims and noticing agent.
CAPETE CORP: 30-Day Extension for Plan Filing Granted
-----------------------------------------------------
Judge Edward A. Godoy has entered an order granting the motion
filed by the Capete Corporation for a 30-day extension of time to
file the Disclosure Statement and Plan of Reorganization until Nov.
7, 2022.
In seeking an extension, the Debtor explained that during the past
weeks debtor and secured creditor OSP Consortium LLC have been
engaged in settlement negotiations that may dispose of the
contested matters and address the treatment for OSP's claim within
the case.
OSP figures and remains as the only secured creditor in the case
with interest over the collateral. Further, as it is, it is a
creditor with substantial amounts when compared to other
creditors.
Therefore, according to the Debtor, the result and terms of a
settlement with this secured creditor are critical to the filing of
a plan, as these terms will define the nature and structure of the
Plan itself. Although the parties have cooperating in good faith
to conclude the negotiations, and have it submitted to the Court,
due to its complexity, they were unable to complete such task prior
to the initial timeframe to file a Plan.
About Capete Corporation
Capete Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 22-01314) on May 9, 2022,
listing $991,713 in assets and $4,997,599 in liabilities. Margaro
Rivera Guzman, president of Capete, signed the petition.
Judge Edward A. Godoy oversees the case.
The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group,
LLC, as legal counsel.
CARL MILLER: Wins Continued Cash Collateral Access Thru Dec 8
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
Carl Miller Funeral Home, Inc. to continue using cash collateral on
an interim basis through December 8, 2022.
The Debtor was required to pay FMM Bushnell, LLC, the secured
creditor, an adequate protection payment on or before September 15,
in the amount of $4,000. The Debtor must make another adequate
protection payment of $4,000 on or before November 15.
As previously reported by the Troubled Company Reporter, FMM is the
holder of a secured commercial loan made May 22, 2008, by
Alternative Business Credit, LLC to the Debtor in the original
principal amount of $495,000.
The Loan is secured by, among other things, a duly and timely
perfected first priority lien and senior security interest in all
of the Debtor's assets and property, as well certain assets not
owned by the Debtor.
A copy of the order is available at https://bit.ly/3D00Ne6 from
PacerMonitor.com.
About Carl Miller Funeral Home, Inc.
Carl Miller Funeral Home, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-10479) on
January 20, 2022. In the petition signed by Pamela M. Dabney,
shareholder and president, the Debtor disclosed up to $100,000 in
assets and up to $10 million in liabilities.
Judge Andrew B. Altenburg, Jr. oversees the case.
Jenny R. Kasen, Esq., at Kasen & Kasen, P.C. represents the Debtor
as counsel.
FMM Bushnell, LLC, as lender, is represented by Alana Bartley, Esq.
at Drake Loeb PLLC.
CASH DEVELOPMENT: Court OKs Cash Collateral Access Thru Nov 28
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Rome Division, authorized Cash Development, LLC to use cash
collateral on a final basis in accordance with the budget, with a
15% variance through November 28, 2022.
Comerica Bank asserts an interest in the Debtor's cash collateral
pursuant to a prepetition credit agreement. As of the Petition
Date, the aggregate amount of principal owed by the Debtor under
the Prepetition Credit Documents was not less than $9,004,687,
together with any interest, fees, costs, and other charges or
amounts paid, incurred, or accrued prior to the Petition Date in
accordance with the Prepetition Credit Documents.
The Debtor will provide Comerica Bank with adequate protection in
the form of monthly payments in the amount of $50,000, which will
be paid to the Lender on October 1 and November 1, and on the first
day of each month thereafter to the extent that the Order is
extended for any portion of that month.
To partially satisfy the first $50,000 adequate protection payment
due on October 3, Comerica Bank is authorized to debit $47,684 from
the Debtor's account. No later than October 3, the Debtor was to
place into the account $2,316 or any greater amount as may be
necessary to satisfy the $50,000 adequate protection payment due
October 3, and the Lender is authorized to debit that amount from
the account.
As further adequate protection, Comerica is granted a properly
perfected security interest in and lien upon all of the Debtor's
assets and property.
The Court's order acknowledged that State Bank and Trust Company
and Kubota Credit Corporation, U.S.A. may assert an interest in the
Debtor's cash collateral, but neither has appeared in the Cases or
otherwise come forward.
Debtor entities that are affiliated to Coastal Landfill and also
parties to the Credit Agreement with Comerica -- Renewable Energy
Holdings of Georgia, LLC; Cash Environmental Resources, LLC;
Coastal Landfill Disposal of Florida, LLC; Green Energy Transport
LLC; and Cash Environmental Holdings, LLC -- have each filed a
voluntary Chapter 11 petition. Cash Development, Renewable Energy
and Green Energy also have sought authorization to use cash
collateral in their respective bankruptcy cases. Neither Cash
Environmental Holdings nor Cash Environmental Resources have filed
a motion to use cash collateral and do not have permission or
authority to use cash collateral from the Lender. The cases are
not jointly administered.
A copy of the order is available at https://bit.ly/3Mxmwgr from
PacerMonitor.com.
About Cash Development
Cash Development, LLC specializes in hauling, disposal, and
recycling of construction demolition waste with its headquarters
located at 2859 Paces Ferry Road, Suite 1150, Atlanta, GA, 30339.
Cash Development sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41007) on Aug. 26,
2022. In the petition filed by Carson Cash King, authorized
representative, the Debtor disclosed up to $50,000 in assets and up
to $500,000 in liabilities.
Judge Barbara Ellis-Monro oversees the case.
Cameron M. McCord, Esq. at Jones & Walden, LLC is the Debtor's
counsel.
CELSIUS NETWORK: Bankruptcy Case Revealed 600,000 Customers
-----------------------------------------------------------
Brandon Vigliarolo of The A Register reports that documents filed
in crypto lender Celsius Networks' bankruptcy case have revealed
financial info on more than 600,000 users.
The massive document set contains the names of hundreds of
thousands of Celsius customers, along with the types and amounts of
transactions they performed with Celsius -- such as deposits,
withdrawals, and interest earned -- and a few other bits of
metadata, which is a little awkward for the privacy-obsessed world
of cryptocurrency.
This isn't a leak, though. The paperwork containing the info was a
statement of financial affairs Celsius filed in Bankruptcy Court in
early October 2022; specifically, details of "payments or transfers
to creditors" in the three months to the start of bankruptcy
proceedings. This isn't out of the ordinary for Chapter 11
bankruptcy cases in the United States, which as The Block explained
over the weekend, work on the principle of full disclosure.
The argument goes that transparency is key when it comes to
handling claims by potential creditors: the organization's
financial affairs need to be opened up, hence the filing.
Along with those customer records, the documents submitted in the
case include extensive info on the dealings of Celsius executives,
including ex-CEO Alex Mashinsky who cashed out $10 million in
crypto-assets from the biz in May before Celsius froze withdrawals
for ordinary users in June.
Mashinsky quit the biz at the end of September.
The release of thousands of pages of transactions won't be much
comfort for those creditors who said in letters sent to the judge
in the case they have been feeling betrayed and hopeless.
To Celsius' credit, the company's lawyers did file a motion asking
to have personal information, such as people's addresses, redacted
from the financial affairs filing "to protect those individuals'
personally identifiable information and avoid potential unnecessary
harm to those individuals."
The US trustee for the case, William Harrington, objected to
Celsius' redaction motion. Mr. Harrington argued that disclosure is
necessary in bankruptcy proceedings to avoid any and all
suggestions of impropriety.
"This is particularly important in these cases, wherein the lack of
transparency has led to extreme creditor and customer distrust in
the [Celsius] ... If the Motion is granted, the ability of
interested parties to evaluate [Celsius] and their bankruptcy
process and to communicate and find each other will be
significantly curtailed," Mr. Harrington argued.
The judge's response to Celsius' request was to grant a part of it,
allowing the redaction of home and email addresses of individual
customers. The judge noted that Celsius also requested the blocking
of the names of individual and business creditors, as well as
business creditors' email and physical addresses, all of which were
denied.
"The strong public policy of transparency and public disclosure in
bankruptcy cases requires very narrow exceptions and only on strong
evidentiary showings. The court concludes that the Debtors'
evidentiary showing is insufficient to justify the wholesale
sealing of creditors identities," Chief US Bankruptcy Judge Martin
Glenn wrote in his opinion.
Lest the goodwill of Celsius in protecting its customers is
assumed, it's worth noting that Judge Glenn said one of Celsius'
arguments for redaction was the value of such information for
competitors. According to the chief judge, Celsius had previously
argued that the list had value in a future potential asset sale,
and would lose value if released in full.
All that customer data was collected by Celsius due to "know your
customer" (KYC) regulations. KYC rules require financial orgs to
vet customers to validate their identities, which has resulted in
cryptocurrency exchanges maintaining records that link people to
their wallets.
KYC has been a bugbear to some in the crypto industry, who see it
as antithetical to the decentralized nature of digicash. As
Coindesk points out, most crypto exchanges have been forced to
adapt to KYC, resulting in the storage of customer records like
those revealed in the Celsius case.
Finally, we note that someone made a website that attempted to make
the Celsius data searchable, however its figures don't seem to line
up with the court paperwork. So if you do happen across it, you
might want to double check the claims.
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
CLAIM JUMPER: Gets OK to Hire Stretto as Claims and Noticing Agent
------------------------------------------------------------------
Claim Jumper Acquisition Company, LLC and its affiliates received
approval from the U.S. Bankruptcy Court for the Western District of
Pennsylvania to employ Stretto as claims and noticing agent.
Stretto will oversee the distribution of notices and will assist in
the maintenance, processing and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.
Stretto will bill the Debtors no less frequently than monthly.
The hourly rates of Stretto's professionals are as follows:
Consultant $70 - $200
Director/Managing Director $210 - $250
Solicitation Associate $230
Director of Securities & Solicitations $250
Sheryl Betance, a senior managing director at Stretto, disclosed in
a court filing that her firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About Claim Jumper Acquisition Company
Claim Jumper Acquisition Company, LLC, and its affiliates operate
four restaurant concepts, Claim Jumper Steakhouse & Bar, Joe's Crab
Shack, Brick House Tavern + Tap, and Nashville Hot Chicken Shack,
that offer a variety of food and beverages in a distinctive,
casual, high-energy atmosphere.
Claim Jumper closed 29 of 62 stores and then on Oct. 3, 2022, filed
for Chapter 11 protection (Bankr. W.D. Pa. Lead Case No. 22-21941)
along with seven affiliates, including C Jumper Restaurant, Inc.
Claim Jumper Acquisition reported $1 million to $10 million in
assets and $10 million to $50 million in liabilities.
The Hon. Gregory L. Taddonio is the case judge.
The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as general
bankruptcy counsel; Whiteford, Taylor & Preston, LLP as local
bankruptcy counsel; and Wyse Advisors, LLC as restructuring
advisor. Stretto is the claims and noticing agent.
COMPUTE NORTH: Seeks to Hire Jefferies LLC as Investment Banker
---------------------------------------------------------------
Compute North Holdings, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Jefferies, LLC as their investment banker.
Jefferies will serve as the Debtors' advisor in connection with a
financing, a restructuring or a merger and acquisition (M&A)
transaction.
The firm will be compensated as follows:
(a) a monthly fee of $150,000;
(b) a restructuring fee of $5 million;
(c) a transaction fee equal to the greater of (i) $8 million
and (ii) an amount to be determined according to schedule;
(d) a minority transaction fee equal to the greater of (i)
$2.5 million and (ii) 4 percent of the value of such transaction;
(e) a financing fee equal to 5 percent of the first $300
million of gross proceeds raised, plus 4 percent of the gross
proceeds raised in excess of $300 million; and
(f) reimbursement for out-of-pocket expenses incurred.
Jeffrey Finger, a managing director at Jefferies, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey Finger
Jefferies LLC
520 Madison Avenue
New York, NY 10022
Telephone: (212) 284-2300
About Compute North Holdings
Computer North Holdings, Inc. -- https://www.computenorth.com/ --
is a crypto mining data center company. Compute North has four
facilities in the U.S. -- two in Texas and one in both South Dakota
and Nebraska, according to its website.
While cryptocurrency prices skyrocketed during the pandemic (with
bitcoin surging by 300% in 2020), the Federal Reserve's decision to
curb rising inflation by hiking interest rates has since ushered in
some of the crypto market's biggest losses in history. After
amassing a record value above $3 trillion in November 2021, the
cryptocurrency market posted its worst first half ever --
plummeting more than 70% through July. Terra's luna token, a once
top cryptocurrency worth more than $40 billion, lost virtually all
its value within a week in May after sister token TerraUSD, a
stablecoin meant to hold a price of $1, broke its dollar peg as
markets collapsed.
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 include crypto lenders Celsius Network,
Three Arrows Capital, Voyager Digital, and crypto mining firm
Compute North.
Compute North Holdings and 18 affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 22-90273) on Sept. 22, 2022. In the petitions signed by Harold
Coulby, as authorized signatory, the Debtors reported assets and
liabilities between $100 million and $500 million.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Paul Hastings, LLP as bankruptcy counsel;
Jefferies, LLC as investment banker; and Portage Point Partners as
financial advisor. Epiq Corporate Restructuring, LLC is the claims,
noticing and solicitation agent.
COMPUTE NORTH: Seeks to Hire Paul Hastings as Legal Counsel
-----------------------------------------------------------
Compute North Holdings, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Paul Hastings, LLP as their legal counsel.
The firm will render these services:
(a) advise the Debtors of their rights, powers, and duties in
the operation and management of their business and properties under
Chapter 11 of the Bankruptcy Code;
(b) prepare legal papers;
(c) advise the Debtors and prepare responses to legal papers;
(d) advise the Debtors with respect to, and assist in the
negotiation and documentation of, financing agreements and related
transactions;
(e) review the nature and validity of liens asserted against
the Debtors' property and advise the Debtors concerning the
enforceability of such liens;
(f) advise the Debtors regarding their ability to initiate
actions to collect and recover property for the benefit of their
estates;
(g) advise and assist the Debtors in connection with any
potential asset sales and property dispositions;
(h) advise the Debtors concerning executory contract and
unexpired lease assumptions, assignments, and rejections as well as
lease restructurings and recharacterizations;
(i) advise the Debtors in connection with the prosecution,
confirmation, and consummation of a plan or plans of reorganization
and related transactions and transactional documents;
(j) assist the Debtors in reviewing, estimating, and resolving
claims asserted against their estates;
(k) negotiate with parties in interest;
(l) commence, conduct or continue litigation necessary and
appropriate to assert rights held by the Debtors, protect assets of
the estates, or otherwise further the goal of completing the
Debtors' successful reorganization; and
(m) provide non-bankruptcy services if requested by the
Debtors.
The hourly rates of the firm's counsel and staff are as follows:
Partners $1,310 - $1,935
Of Counsel $1,335 - $1,860
Associates $755 - $1,230
Paralegals $250 - $565
In addition, the firm will seek reimbursement for expenses
incurred.
As of the petition date, Paul Hastings holds an advance payment
retainer in the amount of approximately $400,000.
Paul Hastings provided the following response to the request for
information set forth in Paragraph D.1. of the U.S. Trustee
Guidelines.
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No. Paul Hastings and the Debtors have not agreed to
any variations from, or alternatives to, the firm's standard
billing arrangements for this engagement.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Response: The billing rates charged the Debtors in the
pre-bankruptcy period are the same as the rates that Paul Hastings
is charging in the post-petition period, subject to the firm's
customary periodic adjustments.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Response: The Debtors and Paul Hastings have worked together to
prepare a budget for the period from the petition date through Dec.
31, 2022. The Debtors and Paul Hastings will prepare a staffing
plan for the same time period.
James Grogan III, Esq., a partner at Paul Hastings, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
James T. Grogan III, Esq.
Paul Hastings LLP
600 Travis Street, 58th Floor
Houston, TX 77002
Telephone: (713) 860-7300
Email: jamesgrogan@paulhastings.com
About Compute North Holdings
Computer North Holdings, Inc. -- https://www.computenorth.com/ --
is a crypto mining data center company. Compute North has four
facilities in the U.S. -- two in Texas and one in both South Dakota
and Nebraska, according to its website.
While cryptocurrency prices skyrocketed during the pandemic (with
bitcoin surging by 300% in 2020), the Federal Reserve's decision to
curb rising inflation by hiking interest rates has since ushered in
some of the crypto market's biggest losses in history. After
amassing a record value above $3 trillion in November 2021, the
cryptocurrency market posted its worst first half ever --
plummeting more than 70% through July. Terra's luna token, a once
top cryptocurrency worth more than $40 billion, lost virtually all
its value within a week in May after sister token TerraUSD, a
stablecoin meant to hold a price of $1, broke its dollar peg as
markets collapsed.
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 include crypto lenders Celsius Network,
Three Arrows Capital, Voyager Digital, and crypto mining firm
Compute North.
Compute North Holdings and 18 affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 22-90273) on Sept. 22, 2022. In the petitions signed by Harold
Coulby, as authorized signatory, the Debtors reported assets and
liabilities between $100 million and $500 million.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Paul Hastings, LLP as bankruptcy counsel;
Jefferies, LLC as investment banker; and Portage Point Partners as
financial advisor. Epiq Corporate Restructuring, LLC is the claims,
noticing and solicitation agent.
COMPUTE NORTH: Taps Portage Point Partners as Financial Advisor
---------------------------------------------------------------
Compute North Holdings, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Portage Point Partners, LLC as financial advisor.
The firm will render these services:
(a) assist in developing a business plan or such other related
forecasts and analyses as requested by the Debtors that may be
required by various current and prospective stakeholders;
(b) assist in evaluating or developing a short-term cash flow
model and related liquidity management tools;
(c) assist in evaluating or developing various strategic
alternatives and financial analyses;
(d) assist in working with stakeholders;
(e) assist in developing and distributing various other
information that may be required by the Debtors or the
stakeholders; and
(f) assist with such other matters as may be requested by the
Debtors that fall within Portage Point expertise and that are
mutually agreeable.
The hourly rates of the firm's professionals are as follows:
Managing Partner $945
Managing Director $765 - $875
Director $645 - $695
Vice President $545 - $630
Associate $390 - $425
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, Portage Point received a retainer in
the amount of $1.6 million.
Ryan Mersch, Esq., a director at Portage Point Partners, 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:
Ryan Mersch, Esq.
Portage Point Partners, LLC
300 North LaSalle, Suite 1420
Chicago, IL 60654
Telephone: (847) 987-6332
Email: rmersch@pppllc.com
About Compute North Holdings
Computer North Holdings, Inc. -- https://www.computenorth.com/ --
is a crypto mining data center company. Compute North has four
facilities in the U.S. -- two in Texas and one in both South Dakota
and Nebraska, according to its website.
While cryptocurrency prices skyrocketed during the pandemic (with
bitcoin surging by 300% in 2020), the Federal Reserve's decision to
curb rising inflation by hiking interest rates has since ushered in
some of the crypto market's biggest losses in history. After
amassing a record value above $3 trillion in November 2021, the
cryptocurrency market posted its worst first half ever --
plummeting more than 70% through July. Terra's luna token, a once
top cryptocurrency worth more than $40 billion, lost virtually all
its value within a week in May after sister token TerraUSD, a
stablecoin meant to hold a price of $1, broke its dollar peg as
markets collapsed.
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 include crypto lenders Celsius Network,
Three Arrows Capital, Voyager Digital, and crypto mining firm
Compute North.
Compute North Holdings and 18 affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 22-90273) on Sept. 22, 2022. In the petitions signed by Harold
Coulby, as authorized signatory, the Debtors reported assets and
liabilities between $100 million and $500 million.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Paul Hastings, LLP as bankruptcy counsel;
Jefferies, LLC as investment banker; and Portage Point Partners as
financial advisor. Epiq Corporate Restructuring, LLC is the claims,
noticing and solicitation agent.
CRC INVESTMENTS: Gets OK to Hire Rogers Realty as Auctioneer
------------------------------------------------------------
CRC Investments, LLC received approval from the U.S. Bankruptcy
Court for the Middle District of North Carolina to hire Rogers
Realty & Auction Co., Inc. as auctioneer.
The firm will handle all aspects of the public sale of the Debtor's
real and personal property located at 85 Pine Crest Lane, Tryon,
N.C.
The firm will receive compensation equal to 6 percent buyer's
premium, which completely offsets the 6 percent commission on real
estate, plus $4,875 for advertising costs.
A 1 percent buyers broker commission will be paid out of the
buyer's premium. In addition, a 2 percent commission to Asheville
Realty Group will be paid by Rogers Realty in the event Asheville
brings a buyer with an offer acceptable to the court prior to the
auction from a buyer it has negotiated with during the term of its
previous listing contract.
Keith Gunter, an agent at Rogers Realty, 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:
Keith B. Gunter
Rogers Realty & Auction Co., Inc.
1310 EMS Drive
Mount Airy, NC 27030
Tel: 336-789-2926
Fax: 33-786-1621
Email: keithgunter@rogersrealty.com
About CRC Investments
CRC Investments, LLC, doing business as 1906 Pine Crest Inn and
Restaurant, filed a petition under Subchapter V of Chapter 11
(Bankr. M.D. N.C. Case No. 21-80172) on May 6, 2021, with as much
as $10 million in both assets and liabilities. Carl Ray Caudie,
Jr., general manager, signed the petition.
Judge Lena Mansori James oversees the case.
Joshua H. Bennett, Esq., at Bennett Guthrie, PLLC and Smith Sapp
CPAs serve as the Debtor's legal counsel and accountant,
respectively.
CRCI LONGHORN: S&P Affirms 'B-' ICR on Strong Cash Flow
-------------------------------------------------------
S&P Global Ratings affirmed all its ratings on CRCI Longhorn
Holdings Inc. (d/b/a CLEAResult) and its debt, including its 'B'
issuer credit rating.
CLEAResult, an Austin, Texas-based provider of energy efficiency
and demand-side management to the utilities sector, reported
earnings that lagged in the first half but will rebound as the
company ramps up new programs.
New contract wins and recent acquisitions will contribute to EBITDA
expansion in late 2022 and early 2023. CLEAResult has clear
visibility into year-end revenue expectations, with over 90% of
revenue contracted and predictable costs for 2022. S&P expects
revenue growth of about 6%-7% year over year. Revenue and EBITDA
margins in the back half of the year will benefit from the
completion of an unusual concentration of programs that were in the
lower-margin three–to-six-month project start-up phase during the
first half. The COVID-19 pandemic delayed many project wins until
the fourth quarter of 2021, resulting in fewer programs fully
ramped up in the first half of 2022. That revenue will be
recognized in late 2022 and early 2023.
S&P said, "The company also paid cash for two small acquisitions
that we believe will contribute to pro forma EBITDA in 2022 and be
a source of higher-margin revenues later. We believe CLEAResult is
shielded to an extent from inflationary pressures on margins
because many contracts are built to pass costs through to the
customer and price escalators are a feature in contracts. We expect
last-12-months EBITDA margins to increase to about 13%-16% by
year-end from 11% at the end of second quarter. Growth should
continue through 2023 since CLEAResult had record total contract
value in backlog by end of August, about 30% higher year over year.
While compressed EBITDA during the first half will result in pro
forma S&P Global Ratings-adjusted leverage of about 8x in 2022, we
believe growth in 2023 will bring leverage back down to under 7x in
the next 12-18 months.
"Cash flow remains strong for the 'B-' rating, supported by
industry trends. CLEAResult ended the second quarter with over $77
million cash on the balance sheet and maintains an undrawn $85
million revolver. We forecast it will generate about $30 million in
FOCF in 2022 and about $40 million-$45 million in 2023. The
industry is supported by global and national regulatory tailwinds,
including the U.S. Inflation Reduction Act, which incentivizes
demand for both CLEAResult's traditional energy efficiency programs
and newer energy transition and decarbonization programs.
CLEAResult's recent acquisitions, ChooseEv and EcoFitt, directly
serve its customers in these higher-margin, higher-growth segments.
We forecast that EBITDA growth in 2023 and beyond will be
underscored by expanded programs in these segments, which
constitute about 10% of annual revenues. We expect strong free cash
flow conversion to continue building cash balances because of
revenue growth, low annual capital expenditure (capex), and good
cost management.
CLEAResult's adequate liquidity position and strong FOCF to debt
support the 'B-' rating and positive outlook. S&P said, "With no
need or plans to draw on the $85 million revolver, our forecast for
total liquidity to approach $200 million over the next year
compares favorably to other 'B-' rated companies. Despite rising
rates, CLEAResult's interest costs will only rise about $5 million
in 2022 because of hedges on about 60% of its debt. Moreover, we
expect working capital to be a modest source of cash due to high
program revenue backlog. CLEAResult's liquidity position provides
cushion at this rating and good runway to withstand operational
challenges. While the company is taking longer than we expected to
reduce debt to EBITDA below our 7x upgrade threshold, it has
already reached our FOCF-to-debt upgrade threshold in the mid- to
high-single-digit percents. We forecast it will be in the 7%-9%
area in 2022 and 2023, up from 5.5% last year."
S&P said, "Our positive outlook assumes the company's financial
policy does not become more aggressive. CLEAResult paid cash for
acquisitions in 2022, bolstering EBITDA without increasing debt. If
CLEAResult continues to make accretive acquisitions with cash, it
could accelerate leverage reduction relative to our base-case
forecast. However, ownership by a financial sponsor is a risk
factor, and leverage could remain high if CLEAResult unexpectedly
uses debt to fund future acquisitions. Another key risk to our
base-case forecast is further program launch delays. There is some
execution risk because the company must convert its significant
revenue backlog to EBITDA over the next year to be on track for
deleveraging through its normal course of operations.
"The positive outlook reflects our expectation for CLEAResult's
leverage to drop and be sustained below 7x by the end of 2023 and
for total liquidity to exceed $150 million. We expect improved FOCF
to debt as the company converts its new business pipeline to
revenue and integrates recent acquisitions in the growing energy
transition and decarbonization segments.
"We could revise the outlook to stable if leverage remains above 7x
or FOCF to debt falls below 5%. We could lower the ratings if
weaker-than-expected operating performance results in sustained
FOCF deficits or if we consider the capital structure to be
unsustainable." In this scenario:
-- Project delays, the loss of key customers, persistently reduced
demand, or greater-than-expected competitive pressures result in
revenue weakness;
-- Rising operating costs preclude EBITDA margin expansion; or
-- The company adopts a more aggressive financial policy of
leveraging acquisitions or shareholder returns.
S&P said, "We could also lower the rating should CLEAResult's
liquidity position deteriorate to the point where we would no
longer expect the company to cover cash flow deficits through
prolonged reduced demand due to an extended macroeconomic
recession.
"We could raise our rating on CLEAResult if we expect adjusted
leverage will be sustained below 7x with FOCF to debt in the mid-
to high-single-digit percent range." In this scenario:
-- Strong execution against the conversion of newly signed
programs with minimal project delays drives earnings growth in line
with our base case; or
-- The company demonstrates a reserved financial policy of early
debt repayment or funding acquisitions with cash or equity.
ESG credit indicators: E-1, S-2, G-3
S&P said, “Environmental factors are a positive consideration on
our ratings analysis for CRCI Longhorn. The company works with
public utilities to help consumers reduce the usage of electrical
and gas resources by encouraging the purchase and installation of
energy-efficient measures (demand-side management). Its services
lower energy costs, promote grid reliability, and reduce the need
for power plant construction. In addition, they're supported by
state regulations for energy-saving and ratepayer-funded models.
Governance is a moderately negative consideration, as it is for
most rated entities owned by private-equity sponsors. We believe
the company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of
controlling owners. This also reflects private-equity sponsors'
generally finite holding periods and focus on maximizing
shareholder returns."
CREEPY COMPANY: Wins Cash Collateral Access Thru Nov 20
-------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, authorized Creepy Company, LLC to use cash
collateral on an interim basis in accordance with the budget, with
a 10% variance through November 20, 2022.
In return for the Debtor's continued interim cash collateral use,
these parties are granted adequate protection for their purported
secured interests in cash collateral equivalents:
Bizfund, LLC
CFT Clear Finance Technology Corp.
Cloud fund
Goldman Sachs Bank USA, Sail Lake
Ouiby Inc. d/b/a Kickfurther
PayPal Working Capital
Shopify Capital Inc.
SBA/EIDL
U.S. Bank - SBA Paycheck Protection Loan
U.S. Bank/SBA
Union Funding Source, Inc.
The Debtor is directed to permit the Secured Parties and the
Subchapter V Trustee to inspect, upon reasonable notice and within
reasonable business hours. The Debtor must maintain and pay
premiums for insurance to cover the collateral from fire, theft,
and water damage.
The Secured Parties are granted replacement liens, attaching to the
Collateral, but only to the extent of their pre-petition liens,
with any valid liens attaching to the Collateral and its proceeds
until further Court order.
A further interim hearing on the matter is scheduled for November
17 at 10 a.m.
A copy of the order is available at https://bit.ly/3yLD4fg
fromPacerMonitor.com.
About Creepy Company LLC
Creepy Company LLC sells horror-themed blankets, rugs, lapel pins,
apparel and other products.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-08660) on August 1,
2022. In the petition signed by Susanne C. Goethals, owner and
manager, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Carol A. Doyle oversees the case.
Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman, is the
Debtor's counsel.
CRW AGENCY: Seeks to Hire Edwin Breyfogle as Bankruptcy Attorney
----------------------------------------------------------------
CRW Agency, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Ohio to hire Edwin Breyfogle, Esq., an
attorney practicing in Massillon, Ohio, to handle its Chapter 11
case.
Mr. Breyfogle's services include:
a. advising the Debtor concerning questions arising in the
conduct of the estate and concerning the Debtor's rights and
remedies with regard to the estate's assets and the claims of
creditors;
b. representing the Debtor's interest in suits arising in or
related to the bankruptcy case;
c. investigating and prosecuting preference and other actions
arising under the Debtor's avoiding powers; and
d. assisting in the preparation of legal documents.
The attorney will be paid at the rate of $200 per hour and
reimbursed for out-of-pocket expenses incurred.
Mr. Breyfogle disclosed in a court filing that he is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
Mr. Breyfogle can be reached at:
Edwin H. Breyfogle, Esq.
108 3rd St. NE
Massillon, OH 44646
Tel: (330) 837-9735
Email: edwinbreyfogle@sssnet.com
About CRW Agency
CRW Agency, Inc. filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Ohio Case No. 22-60994) on Sep.
30, 2022, with up to $50,000 in both assets and liabilities.
Frederic P. Schwieg has been appointed as Subchapter V trustee.
Judge Russ Kendig oversees the case.
Edwin H. Breyfogle, Esq. represents the Debtor as counsel.
CUMBERLAND RJ: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------
Cumberland RJ, Inc., dba Rockin Jump, 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 for general
operational and administrative expenses.
Firestone Financial, LLC and the United States Small Business
Administration may assert an interest in the Debtor's cash
collateral.
To the extent that any interest that the Interested Parties may
have in the cash collateral is diminished, the Debtor proposes to
grant the Interested Parties a replacement lien in post-petition
collateral of the same kind, extent, and priority as the liens
existing pre-petition, except that the Adequate Protection Lien
will not extend to the proceeds of any avoidance actions received
by the Debtor or the estate pursuant to chapter 5 of the Bankruptcy
Code. Hence, the Interested Parties' interests in the Debtor's cash
collateral, to the extent they have any, are adequately protected.
A copy of the motion is available at https://bit.ly/3T384zi from
PacerMonitor.com.
About Cumberland RJ, Inc.
Cumberland RJ, Inc. owns and operates a trampoline park.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-21039) on October 12,
2022. In the petition signed by Asif Amin Ali, president, the
Debtor disclosed up to $50,000 in assets an up to $10 million in
liabilities.
William Rountree, Esq., at Rountree, Leitman, Klei & Geer, LLC,
oversees the case.
CYXTERA TECHNOLOGIES: S&P Places 'B-' ICR on CreditWatch Negative
-----------------------------------------------------------------
S&P Global Ratings placed its 'B-' issuer credit rating and all
other ratings on U.S.-based data center operator Cyxtera
Technologies Inc. on CreditWatch with negative implications.
The CreditWatch placement indicates the potential for a downgrade,
which could exceed one notch, over the next three months if the
company is unable to extend its revolving credit facility or obtain
alternative financing to shore up its liquidity.
Cyxtera is vulnerable to non-payment on its financial obligations
unless it extends its revolver (due November 2023) or obtains
alternative financing.
As of June 30, 2022, the company had approximately $40 million of
cash on hand in addition to $95 million of availability on its
revolving credit facility. In September 2022, Cyxtera closed a
three-year accounts receivable securitization of $37 million. S&P
said, "Still, based on our forecast for negative free operating
cash flow (FOCF) of about $60 million-$80 million (after finance
lease payments) over the next 12 months, we believe the company
will likely deplete its cash balances and need to draw on the
revolver." However, the revolver matures in November 2023, and
absent a maturity extension on its revolver or other external
financing, liquidity could become constrained.
Cyxtera could reduce its capital spending to preserve cash, but
this could harm its competitive position.
S&P said, "One of the company's primary cash uses is capital
spending, which we project will be about $130 million over the next
12 months. Absent a cash infusion or revolver extension, Cyxtera
could be forced to return to its level of maintenance capex (which
we estimate at $25 million-$30 million for 2022) to preserve cash.
We believe a temporary pause in expansion spending could preserve
liquidity. However, underinvesting in the business could hurt the
company's brand and earnings growth because the company is
generally spending in markets that have higher utilization levels,
which could cause it to exhaust sellable capacity.
"The company could also engage in sale-leasebacks or other
transactions to temporarily bolster liquidity. However, given that
it leases most of its facilities, we believe the size of these
opportunities is relatively limited and would only provide
short-term funding relief."
The lack of an interest rate hedging program exposes the company to
higher interest expenses in a rising rate environment.
The company doesn't employ any interest rate hedging as part of its
current financial policy. With 100% of its $1.1 billion in debt
based on floating interest rates, we project a 50-basis-point
increase in the base rate would increase Cyxtera's interest expense
by about $5 million. Therefore, given the recent surge in LIBOR,
the company's near-term cash flow and liquidity will be pressured.
The CreditWatch negative placement indicates that S&P could
downgrade Cyxtera over the next three months if it does not improve
its liquidity position. S&P aims to resolve the CreditWatch as soon
as we receive additional information regarding:
-- The status of the extension of its $120 million revolving
credit facility or raising alternative financing; and
-- Greater clarity on additional capital or expenditure levers
that would alleviate the potential of nonpayment on its financial
obligations over the next 12–18 months.
ESG credit indicators: E-3, S-2, G-3
DIAMOND SCAFFOLD: May Use Cash Collateral Thru Jan 2023
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Alabama
authorized Diamond Scaffold Services, LLC to use cash collateral on
an interim basis in accordance with the budget, with a 10%
variance, through January 12, 2023.
The Debtor requires the use of cash collateral to pay its payroll,
payroll taxes, post-petition trade creditors and vendors, fuel and
transportation costs, professionals fees, and other operating
expenses necessary for the continued operation of the Debtor's
business and the management and preservation of the Debtor's assets
and properties.
Prior to June 2021, the Debtor owned scaffolding and leased it to
its customers. It now leases scaffolding from Sertant Capital, SMA
II LP I, LLC, Mazuma Capital, and First Guaranty Bank and subleases
that scaffolding to its customers. Sertant, SMA, Mazuma, and First
Guaranty Bank claim security interests in the scaffolding and in
the proceeds thereof.
Honest Funding, LLC; Cheetah Capital; Dynasty Capital 26, LLC;
Reserve Capital Management; Byrd Capital, LLC; Granite State
Services, LLC; Strategic Investments, LLC; LCF Group, Inc.; and
Imperial Funding -- which the Debtor calls "Cash Advance
Facilitators" -- may also claim to own or to have a security
interest in certain of Debtor's receivables.
Byrd Capital, LLC, Granite State Services, LLC, and Strategic
Investments, LLC are members of 3 Cajuns, LLC and consolidated
their claims against the Debtor into one promissory note in the
principal amount of $875,000 prior to the petition date.
The IRS, Alabama Department of Revenue, and the State of Texas
recorded tax liens against the Debtor prior to the Petition Date,
which may attach to the Debtor's pre-petition accounts
receivables.
The Louisiana Department of Revenue claims a statutory lien against
the Debtor's pre-petition receivables.
The IRS, the Alabama Department of Revenue, the Louisiana
Department of Revenue, the State of Texas, and the Funders are the
"Cash Collateral Claimants."
To provide adequate protection to those of the Equipment Lessors
and Cash Collateral Claimants that have ownership claims to or
valid liens on the Debtor's cash collateral, such Equipment Lessors
and Cash Collateral Claimants will have and are granted, effective
as of the date of the Interim Order, a post-petition security
interest and replacement lien on the Debtor's postpetition
receivables to the same extent, priority, and perfection status as
they have valid prepetition liens.
Under the Third Interim Order, the Debtor was obligated to pay
$40,000 per month to be divided pro rata between the Cash
Collateral Claimants as adequate protection. The Committee has
objected to the Debtor's payment of adequate protection payments to
the Cash Collateral Claimants, arguing, among other things, that
the value of the Debtor's cash collateral is not declining, and
that certain of the Cash Collateral Claimants are unsecured
creditors and/or do not have properly perfected liens.
As a preliminary resolution of the Committee's objection and
without any waiver by the Committee or the Debtor to challenge the
extent, validity, and priority of liens, there will be paid to the
Cash Collateral Claimants and Mazuma, a pro rata share of $40,000
monthly until the order expires or is modified by further Court
order.
A further hearing on the matter is set for January 12, 2023 at 9:30
a.m.
A copy of the order is available at https://bit.ly/3Vqccex from
PacerMonitor.com.
About Diamond Scaffold Services
Diamond Scaffold Services LLC -- https://www.diamondscaffold.com/
-- is an authorized distributor of Ring-lock, Cup-lock, Shoring,
and Frame Scaffold. Diamond Scaffold Services, LLC, sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Ala. Case No. 22-11208) on June 21, 2022. In the petition
filed by Jewell Wayne Sumrall, as president, the Debtor estimated
assets between $1 million and $10 million and liabilities between
$10 million and $50 million.
Judge Jerry Oldshue oversees the case.
Alexandra K. Garrett, Esq., at Silver, Voit & Garrett, is the
Debtor's counsel. Jason R. Watkins is serving as special counsel,
representing the Debtor in various litigation.
DIAMOND SCAFFOLD: Seeks to Tap SC&H Group as Investment Banker
--------------------------------------------------------------
Diamond Scaffold Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Alabama to employ
SC&H Group, Inc. as investment banker.
The firm will render these services:
(a) undertake a study in order to better understand the
business and inspect the assets of the business to determine their
physical condition;
(b) identify potential buyers based on information to be
provided by the Debtor and make recommendations to prepare the
assets and the business for proper investigation by potential
buyers;
(c) prepare an information memorandum or other marketing
materials about the Debtor's assets;
(d) prepare a marketing program;
(e) contact potential buyers;
(f) facilitate the development of a virtual data room;
(g) circulate any information memorandum and marketing
materials to interested parties;
(h) respond, provide information to, coordinate site visits,
communicate and negotiate with and obtain offers from interested
parties;
(i) assist with the submission of bid procedures to the court
and conduct the auction that may result therefrom;
(j) negotiate with various stakeholders of the Debtor; and
(k) assist in transaction structuring and pricing discussions
with potential buyers.
SC&H will be compensated as follows:
(a) an up-front payment of $20,000;
(b) a minimum transaction fee of $250,000;
(c) a "no sale" fee equal to $15,000;
(d) a valuation fee of $150,000.
Matthew LoCascio, a principal at SC&H Group, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew LoCascio
SC&H Group, Inc.
6011 University Boulevard, Suite 490
Ellicott City, MD 21043
Telephone: (410) 988-1351
Email: mlocascio@schgroup.com
About Diamond Scaffold Services
Diamond Scaffold Services LLC -- https://www.diamondscaffold.com/
-- is an authorized distributor of Ring-lock, Cup-lock, Shoring,
and Frame Scaffold.
Diamond Scaffold Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-11208) on June
21, 2022, with between $1 million and $10 million in assets and
between $10 million and $50 million in liabilities. Jewell Wayne
Sumrall, president of Diamond Scaffold Services, signed the
petition.
Judge Jerry C. Oldshue oversees the case.
The Debtor tapped Alexandra K. Garrett, Esq., at Silver, Voit &
Garrett as bankruptcy counsel; Jason R. Watkins, Esq., as special
counsel; and SC&H Group, Inc. as investment banker.
DIOCESE OF BUFFALO: Seeks to Transfer 35 Abuse Claims to Boy Scouts
-------------------------------------------------------------------
Jay Tokasz of The Buffalo News reports that 35 Child Victims Act
lawsuits against the Catholic Diocese of Buffalo may end up getting
settled in federal bankruptcy court -- albeit through the Boy
Scouts of America's Chapter 11 plan, not the diocese's own
bankruptcy process.
Lawyers for the diocese have asked Chief Judge Carl L. Bucki of
U.S. Bankruptcy Court Western District of New York to let the
diocese "opt in" to the Boy Scout settlement plan that was approved
in September.
If approved, the move would allow the diocese to shift 35 childhood
sex abuse claims -- a small fraction of the more than 900 claims
filed against it -- onto a $2.46 billion settlement trust in the
Boy Scout bankruptcy case. The diocese would transfer to the trust
its insurance coverage rights under Boy Scouts of America policies.
The diocese also would be granted "limited protected party"
status, whereby any scouting-related abuse litigation would be on
hold for at least 12 months, while the diocese negotiated an
"appropriate contribution" with the settlement trust.
Channeling the 35 claims to the trust would "result in the
availability of additional funds for distribution to other abuse
claimants in the diocese bankruptcy case," Richard C. Suchan, chief
operating officer for the diocese, said in court papers filed last
week.
Participating in the Boy Scout plan "represents a fair and
equitable compromise of issues" and was "in the best interest of
the Diocese's estate and all of its creditors," including the 35
claimants alleging scouting-related abuse, Suchan said.
The diocese's motion highlights the layers of complexity in both
bankruptcy cases.
The Boy Scouts of America faced a flood of lawsuits over childhood
sex abuse, including about 200 in Western New York courts. It filed
for bankruptcy protection on Feb. 18, 2020. More than 80,000 people
filed sexual abuse claims in the Boy Scouts' bankruptcy case. A
federal judge in Delaware approved its reorganization plan in
September, although representatives from the official committee for
childhood sex abuse claimants in the Boy Scout bankruptcy said the
plan might not take effect for another six to 18 months.
Victims will be eligible for minimum awards of $3,500 and up to a
maximum of $2.7 million, depending on the severity and frequency of
abuse and other mitigating factors, including whether the abuse
happened in a state with statute of limitations windows that
allowed for lawsuits in sex abuse cases from many years ago,
according to federal court papers.
About The Diocese of Buffalo, N.Y.
The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics
in eight counties in Western New York. The territory of the diocese
is co-extensive with the counties of Erie, Niagara, Genesee,
Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York
State, comprising 161 parishes. There are 144 diocesan priests and
84 religious priests who reside in the Diocese.
The diocese through its central administrative offices (a) provides
operational support to the Catholic parishes, schools, and certain
other Catholic entities that operate within the territory of the
Diocese "OCE"; (b) conducts school operations through which it
provides parish schools with financial and educational support; (c)
provides comprehensive risk management services to the OCEs; (d)
administers a lay pension trust and a priest pension trust for the
benefit of certain employees and priests of the OCEs; and (e)
provides administrative support for St. Joseph Investment Fund,
Inc.
Dealing with sexual abuse claims, the Diocese of Buffalo sought
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb.
28, 2020. The diocese was estimated to have $10 million to $50
million in assets and $50 million to $100 million in liabilities as
of the bankruptcy filing.
The Honorable Carl L. Bucki is the case judge.
Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is
the diocese's counsel; Connors LLP and Lippes Mathias Wexler
Friedman LLP are its special litigation counsel; and Phoenix
Management Services, LLC is its financial advisor. Stretto is the
claims agent, maintaining the page:
https://case.stretto.com/dioceseofbuffalo/docket.
The Office of the U.S. Trustee appointed a committee of unsecured
creditors on March 12, 2020. The committee is represented by
Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese &
Weishaar, PC.
EAGLE LEDGE: Wins Interim Cash Collateral Access Thru April 2023
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California,
Modesto Division, authorized Eagle Ledge Foundation, Inc. to use
cash collateral on an interim basis in accordance with the budget,
with a 15% variance through April 30, 2023.
The funds consist of sums in the Debtor's operating accounts, which
total approximately $809,000. The Court makes no determination at
this time as to the extent, priority, or validity of any security
interest held by or the obligations owed to any creditor prior to
the Petition Date.
As adequate protection, each creditor is given a replacement lien
on all post-petition assets of the Bankruptcy state in such amount
necessary to compensate for the diminution of the creditor's
secured claim, computed prior to the use of cash collateral, due to
a reduction in the collateral security such claim.
The replacement liens are deemed perfected by the Court's order and
no further recording or documentation of the lien is required.
A further hearing on the matter is scheduled for March 30, 2023 at
10:30 a.m.
A copy of the order and the Debtor's budget for the period from
October 2022 to April 2023 is available at https://bit.ly/3g70SUl
from PacerMonitor.com.
The budget provides for total expenses, on a monthly basis, as
follows:
$11,864 for October 2022;
$11,613 for November 2022;
$14,314 for December 2022;
$11,864 for January 2023;
$11,614 for February 2023;
$14,314 for March 2023; and
$11,8634 for April 2023.
About Eagle Ledge Foundation, Inc.
Formed in 2009, Eagle Ledge Foundation, Inc. is a California
not-for-profit religious corporation. ELF launched a loan fund
focused on serving the small local church, which often lacked
financing options with commercial lenders. ELF issued bond
certificates to individuals who made, either directly or through
their retirement accounts, contributions to ELF.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 22-90160) on May 18,
2022. In the petition signed by Chester L. Reid, president, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Ronald H. Sargis oversees the case.
Lubin Olson & Niewiadomski LLP and Bush Ross, P.A. represent the
Debtor as counsel.
EAST COAST DIESEL: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------------
East Coast Diesel, LLC asks the U.S. Bankruptcy Court for the
Middle District of North Carolina, Durham Division, for authority
to use cash collateral.
The Debtor requires the use of cash collateral to pay on-going
costs of operating the business and insuring, preserving,
repairing, and protecting all its tangible assets.
In December 2018, the Debtor obtained a loan with North State Bank
in excess of $1,000,000. As security for the Loan, the Debtor
executed a promissory note in favor of North State Bank covering
all of the Debtor's tangible and intangible personal property and
real property at 2209 Dominion Street, Durham NC. As of the
Petition Date, the aggregate amount outstanding to North State Bank
on the North State Bank Loan is approximately $1,128,528.
In July 2019, the Debtor obtained a loan with First Bank in the
approximate amount of $150,000. As security for the Loan, the
Debtor executed a promissory note in favor of First Bank covering
all of the Debtor's tangible and intangible personal property. As
of the Petition Date, the aggregate amount outstanding to First
Bank on the Loan is approximately $150,000. The Debtor intends to
treat the First Bank Claim as unsecured with respect to the First
Bank Collateral.
In December 2020, the Debtor obtained an EIDL loan with the U.S.
Small Business Administration in the approximate amount of
$150,000. As security for the SBA Loan, the Debtor executed a
promissory note in favor of the SBA covering all of the Debtor's
tangible and intangible personal property. As of the Petition Date,
the aggregate amount owed to the SBA on the Loan is approximately
$150,000. The Debtor intends to treat the SBA Claim as unsecured
with respect the SBA Collateral.
In June 2021, the Debtor obtained a loan with Thread Capital, LLC
in the approximate amount of $150,000. As security for the Loan,
the Debtor executed a promissory note in favor of Thread Capital
covering all of the Debtor's tangible and intangible personal
property. As of the Petition Date, the aggregate amount owed to
Thread Capital on the Loan is approximately $150,000. The Debtor
intends to treat the Thread Capital Claim as unsecured with respect
to the Thread Capital Collateral.
In October 2021, the Debtor obtained a loan with NFS Leasing, LLC
in the approximate amount of $480,000. As security for the Loan,
the Debtor executed a promissory note in favor of NFS Leasing
covering all of the Debtor's tangible and intangible personal
property. As of the Petition Date, the aggregate amount owed to NFS
Leasing on the loan is approximately $480,000. The Debtor intends
to treat the NFS Leasing Claim as unsecured with respect to the NFS
Leasing Collateral, other than titled vehicles.
On December 7, 2021, the North Carolina Department of Revenue filed
a tax lien in Durham County, NC, in the amount of $107,965. As of
the Petition Date, the aggregate amount owed to the NC Department
of Revenue is approximately $107,965. The Debtor intends to treat
the Claim as unsecured with respect to NC Department of Revenue
Collateral.
In February 2022, the Debtor obtained a loan with IOU Financial,
LLC in the approximate amount of $220,000. As security for the
Loan, the Debtor executed a promissory note in favor of IOU
Financial covering all of the Debtor's tangible and intangible
personal property. As of the Petition Date, the aggregate amount
owed to IOU Financial on the loan is approximately $220,000. The
Debtor intends to treat the IOU Financial Claim as unsecured with
respect to the IOU Financial Collateral.
On September 7, 2022, the North Carolina Department of Revenue
filed a tax lien in Durham County, NC, in the amount of
$175,576.31. As of the Petition Date, the aggregate amount owed to
the NC Department of Revenue is approximately $175,576. The Debtor
intends to treat the Claim as unsecured with respect to the NC
Department of Revenue Collateral.
As of the Petition Date, the North State Bank Collateral presently
consists of real estate located at 2209 Dominion Street, Durham NC,
trucks, equipment, machinery, tools, accounts receivables, and cash
totaling approximately $1,000,000.
The Debtor offers to provide North State Bank with adequate
protection for the use of its cash collateral by:
a. limiting the use of cash collateral as generally projected
in the proposed budget and as set forth in the proposed Interim
Order, or as may otherwise be approved by the Court after further
notice and hearing;
b. providing North State Bank with a continuing post-petition
lien and security interest in all property and categories of
property of the Debtor in which and of the same priority as North
State Bank held a similar, unavoidable lien as of the Petition
Date, and the proceeds thereof, whether acquired pre-petition or
post-petition, equivalent to a lien granted under sections
364(c)(2) and (3) of the Bankruptcy Code, but only to the extent of
any diminution in the value of the North State Bank Collateral from
and after the Petition Date.
c. to the extent that the protections described above fail to
adequately protect North State Bank's interest in the Cash
Collateral, providing North State Bank an allowed priority claim
under Section 507(b) of the Bankruptcy Code to the extent of any
diminution in value of the Cash Collateral from and after the
Petition Date; and
d. providing to North State Bank, the Bankruptcy Administrator
(i) evidence of adequate insurance in effect with respect to all
insurable property of the estate, and (ii) budget to actual reports
on a monthly basis by the 20th day of the following month, with the
first such report due by November 20, 2022 and (iii) such other
financial reports as may be reasonably requested from the Debtor by
such parties.
A copy of the Debtor's motion and budget for the period from
October 12 to November 11, 2022, is available at
https://bit.ly/3T7HB3P from PacerMonitor.com.
The Debtor projects $202,000 in total available cash and $194,268
in total expenses.
About East Coast Diesel, LLC
East Coast Diesel, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 22-80197) on October
12, 2022. In the petition signed by Robert Michael, member-manager,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Travis Sasser, Esq., at Sasser Law Firm, is the Debtor's counsel.
EAST WEST: S&P Alters Outlook to Negative, Affirms 'B-' ICR
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' rating on East West
Manufacturing LLC and revised the outlook to negative from stable.
S&P believes East West will see softening demand from one of its
largest customers over the next few quarters. East West, like many
other small to medium sized electronic manufacturing services (EMS)
providers, has moderate customer concentration with its top 10
customers representing approximately 60% of its revenue in 2021.
One of East West's largest customers was a connected home fitness
company, which represented approximately 15% of revenue in 2021.
However, this connected home fitness customer began showing
significant financial performance issues over the past year. Like
many connected home fitness companies, it saw a significant bump in
demand for its fitness bikes and products during the COVID-19
pandemic, as many people could not go to public gyms. However, as
the COVID-19 pandemic began to ease, people began going back to
their normal routines such as public gyms, as connected home
equipment can be expensive. There was also intense competition from
many smart fitness competitors such as Garmin and Peloton that
resulted in price cuts. Its smart bikes and product inventory began
to increase as retailers had too many smart fitness products. S&P
said, "We also believe this potential recessionary environment will
lead to lower discretionary spending such that this smart fitness
customer will see a more than 35% decrease in its revenue in 2022.
We expect this customer will see its percentage of East West
revenue drop below 10% in 2022, in part, also due to growth in
other customers for future revenue diversification at East West."
S&P said, "We have revised our outlook to negative to reflect our
view that East West could continue experiencing large declines
customer demand, semiconductor supply chain issues, and a tougher
macroeconomic environment that could affect its ability to generate
revenue and maintain positive free operating cash flow after debt
service in 2023.
"We could lower the rating if we believe East West's capital
structure is unsustainable. This could be due to large customer
demand decline, prolonged semiconductor supply chain constraints,
or a tougher macroeconomic environment such that East West sees
negative free operating cash flow after debt service. We could also
consider a downgrade if total liquidity approaches $20 million.
"We could revise our outlook on East West if it can sustain
leverage below 9x area and generate positive free cash flow after
debt service through large customer volatility, semiconductor
supply chain issues, and a tougher macroeconomic environment. This
could occur if East West was able to procure chips to work down its
backlog and inventory and keep demand steady for its EMS
products."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of East West, as is the
case for most rated entities owned by private equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns."
EPUMPS SOLUTIONS: Seeks Approval to Hire Ana Morales as Accountant
------------------------------------------------------------------
Epumps Solutions, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Ana Morales, an
accountant practicing in Caguas, P.R.
Ms. Morales will assist the Debtor with tax return filing, and
accounting and reporting matters.
As compensation, Ms. Morales will receive a monthly fee of $700.
Ms. Morales disclosed in a court filing that she is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
Ms. Morales can be reached through:
Ana Morales Colon
#160 Flamboyan Street, La Serrania
Caguas, PR 00725
Office: (787) 636-5155
Mobile: (787) 787-308-0423
Email: jmconsultingserv@yahoo.com
About Epumps Solutions
Epumps Solutions, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-02731) on Sept.
14, 2022, with up to $1 million in both assets and liabilities.
Roberto Santos Ramos has been appointed as Subchapter V trustee.
Judge Enrique S. Lamoutte oversees the case.
The Debtor tapped Noemi Landrau Rivera, Esq., at Landrau Rivera &
Assoc. and Ana Morales, an accountant practicing in Caguas, P.R.
FINASTRA LTD: S&P Lowers ICR to 'CCC+', Outlook Negative
--------------------------------------------------------
S&P Global Ratings lowered its rating on financial services
software provider Finastra Ltd. to 'CCC+' from 'B-' because S&P
believes its capital structure is unsustainable, indicated
primarily by weak free cash flow, persistent double-digit leverage,
and large debt maturities in the next two years.
S&P said, "The negative outlook reflects the risk that we could
lower the ratings over the next 12 months if the company does not
extend or refinance its revolver and first-lien term loan
maturities before they become current.
"Despite our expectations for strong bookings growth, free
operating cash flow (FOCF) will be significantly weaker than we
expected in fiscal 2023 due to higher interest expense. After
performing well and exceeding our expectations in fiscal 2021
(ended May 2021), Finastra underperformed our cash flow
expectations in fiscal 2022. FOCF for the year was negative after
finance lease payments primarily because of larger-than-expected
working capital needs. The swing in working capital was primarily
due to up-front consulting costs related to transitioning clients
to a new version of its software. An accelerated transition of many
of its clients to a subscription-based model in place of upfront
licensing fees was also a modest drag. Overall, we view the
transition favorably because it improves revenue stability and
visibility, smoothing future cash flows. We also forecast the
working capital usage to reverse in fiscal 2023 and become a source
of cash, and restructuring costs to be lower. We expect growth in
the company's core recurring revenue will continue accelerating,
and we believe its mission-critical solutions will be relatively
stable even in the event of a recession. Despite these positive
factors, we forecast only modestly better FOCF in 2023 because of
higher interest and tax expenses. Specifically, we forecast the
company's interest expense will increase by nearly $100 million in
2023 due to higher floating interest rates. We assume higher taxes
in 2023 as pandemic-related tax relief ends. As a result, we
forecast Finastra will generate only modestly positive reported
FOCF in 2023 (relative to its nearly $6 billion of funded debt and
$1.5 billion of preferred stock). In order to fully fund the
mandatory debt amortization payments on its term loan, it will
remain reliant on its revolver or existing cash balances to cover
the shortfall."
Upcoming maturities in the next 18-24 months present significant
refinancing risk. Finastra's $385 million cash flow revolver ($310
million outstanding as of Aug. 31, 2022) matures in March 2024 and
its $4.1 billion of outstanding first-lien term loans mature in
June 2024. S&P said, "Our view of Finastra's liquidity would be
significantly impaired if it does not refinance on satisfactory
terms before the debt becomes current in the first half of 2023.
The company and its owner Vista Equity Partners intend to address
the maturities by exploring a number of alternatives in the coming
months before the debt becomes current, but credit markets are
volatile and the timing is uncertain. We believe Finastra will be
able to refinance or extend the maturities at least temporarily,
because of the strength of its business. However, spreads on
speculative-grade debt have risen considerably over the last year.
Finastra currently pays LIBOR+350 basis points (bps) on most of its
first-lien term loans, but we believe the company will likely pay a
meaningfully higher margin on any refinanced debt primarily because
of higher spreads due to generally unfavorable market conditions.
We estimate this could increase the company's cash interest expense
by $50 million-$100 million per year, which would continue to
suppress cash flow. As a result, we now view the company as
vulnerable and dependent upon favorable business, financial, and
economic conditions to meet its financial commitments." Its
financial commitments appear to be unsustainable over the long
term, although it may not face a credit or payment crisis in the
next 12 months.
The negative outlook reflects the risk that S&P could lower the
ratings over the next 12 months if it believes a near-term default
is more likely.
S&P could lower its rating on Finastra if:
-- It does not refinance or extend the first-lien term loans by
the time they become current in June 2023;
-- Operating performance worsens such that S&P no longer believes
the company has sufficient liquidity to fund its operations over a
12-month period; or
-- S&P expects the company will engage in a distressed
restructuring in the near term.
S&P said, "We could revise the outlook to stable if the company
extends its upcoming debt maturities without significantly
impairing cash flow. We could raise our ratings on the company if
it improves free cash flow generation to a level that could support
leverage reduction over time."
ESG Credit Indicators: E-2, S-2, G-3
FIRST GUARANTY: To Seek Plan Confirmation on Oct. 31
----------------------------------------------------
Judge Craig T. Goldblatt has entered an order approving the
disclosures in the Amended Combined Disclosure Statement and
Chapter 11 Plan, on an interim basis, as containing adequate
information within the meaning of section 1125 of the Bankruptcy
Code.
A hearing will be held before this Court on Oct. 31 2022, at 10:00
a.m. (Eastern Time) or as soon thereafter as counsel can be heard,
to consider confirmation of the Combined Plan at the United States
Bankruptcy Court for the District of Delaware, before the Honorable
Judge Craig T. Goldblatt in the United States Bankruptcy Court for
the District of Delaware, 824 North Market Street, 3rd Floor,
Courtroom No. 7, Wilmington, DE 19801.
Objections to the adequacy of the Disclosures or confirmation of
the Combined Plan must be filed and served on or before Oct. 26,
2022, at 4:00 p.m. (Eastern Time).
Any Plan Supplement must be filed with the Court not later than
October 14, 2022 at 4:00 p.m. (ET).
Ballots must be received on or before Oct. 26, 2022, at 4:00 p.m.
(ET) in accordance with the instructions on the Ballot, unless
extended by the Debtors in writing.
If any claimant seeks to have a claim temporarily allowed for
purposes of voting to accept or reject the Combined Plan pursuant
to Bankruptcy Rule 3018(a), such claimant is required to file a
motion for such relief no later than Oct. 14, 2022 at 4:00 p.m.
(Eastern Time).
The deadline for any party in interest to object to any 3018 Motion
is Oct. 21, 2022 at 4:00 p.m. (Eastern Time).
Any party supporting the Combined Plan may file a statement in
support or a reply to any objection to confirmation of the Combined
Plan by Oct. 28, 2022 at 4:00 p.m. (Eastern Time).
The Combined Plan voting certification must be filed by Oct. 28,
2022 at 4:00 p.m. (Eastern Time).
Combined Plan & Disclosures
First Guaranty Mortgage Corporation, et al. submitted an Amended
Combined Disclosure Statement and Chapter 11 Plan.
Pursuant to the Plan, the Debtors will liquidate their remaining
assets, wind down their affairs, and be dissolved through a
Liquidating Trust. The Debtors, the Cash Flow DIP Lender, and the
Committee were able to reach a settlement on the terms of the Plan.
Under that settlement, among other things, after payment of senior
claims as provided in the Plan, the proceeds of the Liquidating
Trust Assets will be distributed to the holder of the Cash Flow DIP
Claims and the holders of general unsecured claims as described
more fully in the Combined Plan and Disclosure Statement.
Under the Plan, Class 6 General Unsecured Claims totaling
$51,700,781 will recover 25% of their claims. Pursuant to the
terms of the Committee Settlement, each Holder of an Allowed
General Unsecured Claim shall receive a Pro Rata share of the GUC
Share of the Net Liquidating Trust Proceeds. Class 6 is impaired.
"Net Liquidating Trust Proceeds" means proceeds realized from the
Liquidating Trust Assets after the payment out of the Liquidating
Trust Assets of (i) Allowed Administrative Claims, Priority Tax
Claims, and Priority Non-Tax Claims that are not paid by the
Debtors on the Effective Date and (ii) expenses of the Liquidating
Trust.
The Net Liquidating Trust Proceeds shall be distributed as follows:
(i) first, subject to the terms of the Liquidating Trust Agreement,
to replenish any reserves required for paying the estimated
expenses of the Liquidating Trust; (ii) second, to the Cash Flow
DIP Lender to reimburse it for the (A) the Trust Funding Amount,
plus (B) the Additional Administrative Claims Amount; and (iii)
third, (A) 75% to the Cash Flow DIP Lender, and (B) 25% to the
holders of Allowed General Unsecured Claims (other than any
unsecured claims held by the Cash Flow DIP Lender or any of its
Related Persons). The portion of the Net Liquidating Trust Proceeds
payable to the Cash Flow DIP Lender under the preceding clauses
(ii) and (iii)(A) shall be referred to as the "Cash Flow DIP Lender
Share" and the portion of the Net Liquidating Trust Proceeds
payable to holders of Allowed Class 6 General Unsecured Claims
under the preceding clause (iii)(B) shall be referred to as the
"GUC Share". Upon payment in full of all Cash Flow DIP Facility
Claims and DIP Repo Guarantee Claims, all Net Liquidating Trust
Proceeds shall be distributable to the GUC Share, provided,
however, that in such scenario the holder of the Prepetition LVS II
Offshore Guaranty Claim shall then be entitled to a pro rata share
of the GUC Share.
Pursuant to the terms of the Committee Settlement, the Cash Flow
DIP Lender has or will provide additional funding to the Debtors
and Liquidating Trust as follows: (i) prior to or on the Effective
Date, the DIP Budget Amount; (ii) on the Effective Date, the
Additional Administrative Claims Amount; and (iii) on the Effective
Date, the Trust Funding Amount. If the Debtors determine (i) on or
prior to the Effective Date with respect to the DIP Budget Amount,
and (ii) on the Effective Date with respect to the Additional
Administrative Claims Amount and Trust Funding Amount, that the
Debtors have sufficient Cash to satisfy some or all of the DIP
Budget Amount, Additional Administrative Claims Amount, or Trust
Funding Amount, then the Debtors shall use such Cash rather than
request additional funding from the Cash Flow DIP Lender; provided,
however, that if the Debtors use Cash to fund the Additional
Administrative Claims Amount or Trust Funding Amount, the Cash Flow
DIP Lender will nonetheless be entitled to reimbursement of such
amounts out of Net Liquidating Trust Proceeds as set forth in
Section 14.5(d). To the extent not already reimbursed to the Cash
Flow DIP Lender pursuant to Section 14.5(d), (A) the Liquidating
Trustee shall return to the Cash Flow DIP Lender any portion of the
Additional Administrative Claims Amount that relates to an
Administrative Claim, Priority Tax Claim, or Priority Non-Tax Claim
(or any portion thereof) that becomes disallowed, as soon as
reasonably practical after such disallowance, and (B) if the
Liquidating Trustee determines that any portion of the Trust
Funding Amount will not be required to pay expenses of the
Liquidating Trust, it shall return such portion to the Cash Flow
DIP Lender.
Counsel for the Debtors:
Samuel R. Maizel, Esq.
Tania M. Moyron, Esq.
DENTONS US LLP
601 S. Figueroa Street #2500
Los Angeles, CA 90017
Telephone: (213) 623-9300
E-mail: samuel.maizel@dentons.com
tania.moyron@dentons.com
- and -
Claude D. Montgomery, Esq.
DENTONS US LLP
1221 Avenue of the Americas
New York, NY 10020
Telephone: (212) 632-8390
E-mail: claude.montgomery@dentons.com
- and -
David F. Cook, Esq.
DENTONS US LLP
1900 K Street, NW
Washington, DC 20006
Telephone: (202) 496-7301
E-mail: david.f.cook@dentons.com
- and -
Laura Davis Jones, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, DE 19899 (Courier 19801)
Telephone: (302) 652-4100
Facsimile: (302) 652-4400
E-mail: ljones@pszjlaw.com
A copy of the Order dated Oct. 7, 2022, is available at
https://bit.ly/3Mg9xjf from PacerMonitor.com.
A copy of the Amended Combined Disclosure Statement and Chapter 11
Plan dated Oct. 7, 2022, is available at https://bit.ly/3elB9Hi
from PacerMonitor.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.
Dentons US LLP and Pachulski Stang Ziehl, and Jones LLP represent
the Debtor as counsel. Kurtzman Carson Consultants, LLC, serves as
the Debtors' claims and notice agent.
LVS II SPE XXXIV LLC, as Cash Flow DIP Lender, is represented by
lawyers at Greenberg Traurig, LLP. The Cash Flow DIP Lender is an
indirect subsidiary of a private investment managed by Pacific
Investment Management Company LLC. B2 FIE IV LLC, an affiliate of
the DIP Lender, owns 100% of the equity interests of FGMC.
Barclays Bank PLC serves as DIP Repo Agent and DIP Repo Purchaser.
Barclays Capital Inc. serves as DIP MSFTA Counterparty. They are
represented by Hunton Andrews Kurth LLP and Potter Anderson &
Corroon LLP.
FREE SPEECH: Taps Patrick Magill of Magill PC as CRO
----------------------------------------------------
Free Speech Systems, LLC received approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Patrick Magill,
principal at Magill PC, as its chief restructuring officer.
The CRO will render these services:
(a) assist in managing the day-to-day operation and business
of the Debtor;
(b) assist the Debtor with managing due diligence requests and
other items that may be requested by its various constituents as
part of the restructuring process;
(c) prepare cash flow forecasts and related financial and
business models;
(d) hire and terminate professionals;
(e) assist the Debtor in seeking to obtain credit as needed;
(f) prepare amended statements of financial affairs and
schedules, as necessary;
(g) prepare monthly operating reports, and other similar
regular Chapter 11 administrative, financial, and accounting
reports required by the U.S. bankruptcy court; and
(h) review inventory marketability and provide monetization
alternatives as deemed appropriate.
Mr. Magill will be paid a flat fee of $50,000 per month. He also
requires a retainer in the amount of $50,000.
Mr. Magill disclosed in a court filing that he is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The professional can be reached at:
Patrick Magill
Magill PC
4615 Southwest Freeway, Suite 436
Houston, TX 77027
Telephone: (713) 623-6778
Facsimile: (713) 426-4601
Email: patrick@magillpc.com
About Free Speech Systems
Free Speech Systems, LLC 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, listing up to $50
million in assets and up to $100 million in liabilities.
Judge Christopher M. Lopez oversees the case.
Raymond William Battaglia, Esq., at the Law Offices of Ray
Battaglia, PLLC, serves as the Debtor's counsel. Patrick Magill at
Magill PC is the chief restructuring officer.
FREE SPEECH: Wins Interim Cash Collateral Access
------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Victoria Division, authorized Free Speech Systems, LLC to use cash
collateral on an interim basis in accordance with the budget, with
a 10% variance.
The Court directed the Debtor to maintain debtor-in-possession
accounts at Axos Bank which accounts will contain all operating
revenues and any other source of cash constituting cash collateral,
which is (or has been) generated by and is attributable to the
Debtor's business.
Other than as provided for in the Budget, the Debtor will not make
any payment to or for the benefit of any insider of the Debtor,
either directly or indirectly, as that term is defined in section
101(31) of the Bankruptcy Code. In addition, no payments to any
insider during the Interim Period will exceed $10,000.
The (i) rights of creditors and parties-in-interest to object to
the appropriateness of post-petition payments to PQPR for Inventory
Purchases and file pleadings with the Court seeking to claw back
the PQPR Payment and (ii) the obligation of the Debtor to provide
notice of a PQPR Payment to creditors and parties-in-interest as
set forth in the First and Second Interim Cash Collateral Orders
are fully preserved by the Order.
The Debtor is permitted to instruct its credit card processor to
remit to Blue Ascension, LLC its fulfillment charges as set forth
in the Motion, from the daily settlement contemporaneously with the
distributions to FSS and PQPR.
The Debtor will report each Tuesday for the preceding calendar week
reflecting weekly sales and disbursement of the proceeds of those
sales. A copy of the report will be forwarded to the U.S. Trustee,
the Subchapter V Trustee, counsel for PQPR and Jarrod Martin as a
representative of the Connecticut and Texas plaintiffs.
A final hearing on the matter is set for October 26 at 1 p.m.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3EHQ7ls from PacerMonitor.com.
The budget provides for total operating expenses, on a weekly
basis, as follows:
$191,205 for the week ending October 21, 2022; and
$60,723 for the week ending October 28, 2022.
About Free Speech Systems LLC
Free Speech Systems LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public.
On July 29, 2022, Free Speech Systems LLC filed a voluntary
petition for relief under chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Case No. 22-60043). The Debtor has elected to proceed
under subchapter V of chapter 11.
In the petition filed by W. Marc Schwartz, as chief restructuring
officer, the Debtor estimated assets and liabilities between $50
million and $100 million.
Judge Christopher Lopez oversees the case.
Melissa A. Haselden has been appointed as Subchapter V trustee.
The Law Offices of Ray Battaglia, PLLC, is the Debtor's counsel.
GNC HOLDINGS: D.N.J. Class Action Now Transferred to D. Del.
------------------------------------------------------------
Magistrate Judge Andre M. Espinosa of the New Jersey District Court
transfers the venue of the case styled JOHN YONG TANG and FARIS AL
KOOHEJI, on behalf of themselves and others similarly situated,
Plaintiffs, v. CITIC CAPITAL HOLDINGS LTD., et al., Defendants,
Civil Action No. 21-17008-JXN-AME, (D.N.J.) to the Delaware
District Court, where the parties may seek referral to the
Bankruptcy Court.
The Plaintiffs filed this putative class action lawsuit on Sept.
15, 2021, in the District of New Jersey. This civil action arises
out of an alleged conspiracy to deprive certain shareholders of
their equity in GNC Holdings, Inc. ("GNC") for Defendants'
financial gain.
The Defendants filed a joint motion to transfer the action to the
Delaware Bankruptcy Court or, alternatively, to the Delaware
District Court.
The Plaintiffs oppose the motion. The Plaintiffs maintain that
their claims are distinct from the GNC Bankruptcy Case for two
principal reasons: one, this action involves different parties than
the GNC Bankruptcy Case; and two, the claims here arise out of
pre-bankruptcy conduct. However, their assertion that their claims
arise only out of conduct "before the actual time of petition" is
belied by the allegations of the Complaint itself. Although the
alleged scheme involved numerous steps predating the GNC Bankruptcy
Case, the Complaint expressly states it culminated with the filing
of the "sham" Chapter 11 proceedings.
According to the Complaint, the GNC Bankruptcy Case was an integral
part of the alleged scheme to harm shareholders by improperly
eliminating their equity in GNC. The Complaint itself establishes
the requisite "close nexus" between the underlying bankruptcy
proceedings and this action to give rise, at a minimum, to "related
to" bankruptcy jurisdiction under Section 1334 and thus bring this
motion to transfer within the purview of Section 1412.
The Court concludes that the claims asserted by Plaintiffs are
inextricably intertwined with the GNC Bankruptcy Case. For the
foregoing reasons, the Court finds transfer of this action to the
District of Delaware, where the GNC Bankruptcy Case is pending,
would serve the interests of justice and is therefore warranted
under Section 1412 -- which governs the transfer of actions in
which bankruptcy jurisdiction exists.
The Court points out that "the only apparent connection between New
Jersey and the events giving rise to Plaintiffs' claims is the fact
that one of the named Plaintiffs, Mr. John Yong Tang, resides in
New Jersey. The Defendants' allegedly collusive activities center
around the management and bankruptcy proceedings of GNC—a
Delaware corporation, which maintained a principal place of
business in Pennsylvania at the time relevant to this action. None
of the alleged wrongdoing occurred in New Jersey. Thus, Plaintiffs'
choice of forum does not militate against transfer.
The Court further states that efficiency would certainly be served
by transferring this action to the district that is already
familiar with the circumstances surrounding GNC's decision to file
Chapter 11 proceedings to manage its debts and the events of the
bankruptcy proceeding itself, elements which play a key role in the
RICO, fraud, and breach of fiduciary duty claims Plaintiffs assert
in this action.
A full-text copy of the Opinion dated Oct. 7, 2022, is available at
https://tinyurl.com/p3ren8xf from Leagle.com.
About GNC Holdings
GNC Holdings Inc. -- http://www.gnc.com/-- is a global health and
wellness brand with a diversified omnichannel business. In its
stores and online, GNC Holdings sells an assortment of performance
and nutritional supplements, vitamins, herbs and greens, health and
beauty, food and drink, and other general merchandise, featuring
innovative private-label products as well as nationally recognized
third-party brands, many of which are exclusive to GNC Holdings.
GNC Holdings and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11662) on
June 23, 2020. The Debtors disclosed $1,415,957,000 in assets and
$895,022,000 in liabilities as of March 31, 2020.
Judge Karen B. Owens oversees the cases. The Debtors tapped Young
Conaway Stargatt & Taylor, LLP, and Latham & Watkins, LLP as legal
counsel; Evercore Group, LLC as investment banker and financial
advisor; FTI Consulting, Inc., as financial advisor; and Prime
Clerk as claims and noticing agent. Torys LLP is the legal counsel
in the Companies' Creditors Arrangement Act case.
GOHN ENTERPRISES: Seeks to Hire Calaiaro Valencik as Legal Counsel
------------------------------------------------------------------
Gohn Enterprises, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ Calaiaro
Valencik as its legal counsel.
The firm will render these legal services:
(b) advise the Debtor with regard to its rights and
obligations during the Chapter 11 reorganization;
(b) attend the first meeting of creditors;
(c) represent the Debtor to any motions to convert or dismiss
the Chapter 11 case;
(d) represent the Debtor in relation to any motions for relief
from stay filed by creditors;
(e) prepare a plan of reorganization and disclosure
statement;
(f) prepare any objections to claims; and
(g) represent the Debtor in general.
The hourly rates of the firm's counsel and staff are as follows:
Donald R. Calaiaro $395
David Z. Valencik $350
Mark B. Peduto $300
Andrew K. Pratt $300
Paralegal $100
The general retainer is $7,500.
Donald Calaiaro, Esq., an attorney at Calaiaro Valencik, disclosed
in a court filing that the firm and its members do not represent
interest adverse to the estate.
The firm can be reached through:
Donald R. Calaiaro, Esq.
Calaiaro Valencik
938 Penn Avenue, Suite 501
Pittsburgh, PA 15222
Telephone: (412) 232-0930
Email: dcalaiaro@c-vlaw.com
About Gohn Enterprises
Gohn Enterprises, LLC, a company in Johnstown, Pa., filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Pa. Case No. 22-70313) on Sept. 2, 2022, with up
to $50,000 in assets and up to $10 million in liabilities. Judge
Jeffery A. Deller oversees the case.
Donald R. Calaiaro, Esq., at Calaiaro Valencik serves as the
Debtor's legal counsel.
HOME DEALS OF MAINE: Court Dismisses Raychards Lawsuit
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maine entered an
order granting motion to dismiss Counts II and IV of the Amended
Complaint of Marc Raychard and Torry Raychard filed by U.S. Bank
National Association, as Trustee for Fidelity Guaranty Life
Mortgage Trust 2018-1 ("U.S. Bank").
This dispute arises out of an agreement entered into by the
Raychards and Home Deals of Maine, LLC ("Debtor") in June 2018,
pursuant to which the Raychards executed a promissory note in favor
of Home Deals in the amount of $250,000, representing the purchase
price of certain real estate located at 8 Church Hill Road, Buxton,
Maine (the "Property"). The Raychards moved into the Property that
same month and continued to make monthly payments on the note
through December of 2021.
In August of 2018, Home Deals granted Finance America Commercial
LLC, a mortgage, an assignment of leases and rents, a security
agreement & fixture filing and a UCC Financing Statement
(collectively, the "US Bank Mortgage") in various real estate,
including the Property.
On its bankruptcy schedules, the Debtor listed fourteen parcels of
real estate, including the Property, with a total aggregate value
of $2.7 million. The schedules indicated that all fourteen parcels
secured debt owed to U.S. Bank totaling approximately $1.5
million.
After the Debtor indicated an intent to reject its contract with
the Raychards, they commenced an adversary proceeding, seeking
judgment directing the Debtor to perform on the contract and
ordering US Bank and another mortgagee Kenobi, LLC, to discharge
their mortgages and to marshal their collateral.
In Count II, the Raychards seek to compel U.S. Bank to discharge
the U.S. Bank Mortgage. The Court held that the matter is not ripe
for adjudication and Count II should be dismissed.
The Court determined that Raychards' Amended Complaint does not
allege either that the U.S. Bank Mortgage is invalid or that the
underlying debt owed to U.S. Bank has been satisfied. At oral
argument, counsel for the Raychards conceded that U.S. Bank is
under no obligation to discharge the U.S. Bank Mortgage until that
creditor's secured claim has been paid. Moreover, U.S. Bank admits
that, once the debt has been satisfied, the lien must be discharged
in accordance with state law.
Through Count IV, the Raychards request a marshaling order
requiring U.S. Bank to look to assets of the Debtor, other than the
Property, to recover its claim against the Debtor. The purpose of
equitable doctrine of marshalling is to prevent the arbitrary
action of a senior lienor from destroying the rights of a junior
lienor or a creditor having less security."
The Court held the Raychards failed to plead the necessary facts to
be entitled to the remedy of marshaling. The Court explained that
they are not creditors of the Debtor, hence, they do not hold a
security interest, such as a lien or a mortgage, on the Property;
nor have they pled that their contractual arrangement with the
Debtor somehow creates an equitable mortgage on that property.
The Court pointed out that U.S. Bank is not presently seeking to
enforce its interests in the Property and, in fact, could not do so
without first obtaining relief from the automatic stay. Moreover,
the Debtor is in the process of liquidating its real property,
having already obtained orders approving sales of ten of the
fourteen properties listed on its schedules. The sales are being
conducted as part of a coordinated effort by the Debtor to
eliminate U.S. Bank's secured claim in furtherance of its proposed
chapter 11 plan of reorganization. While U.S. Bank has been
generally supportive of the Debtor's efforts, it has not taken an
active role in the liquidation process.
Given these facts, the Court declined to invoke its equitable power
to require U.S. Bank to realize on its other collateral and Count
IV is dismissed.
A full-text copy of the Opinion dated Oct. 7, 2022, is available at
https://tinyurl.com/33ejkp44 from Leagle.com.
About Home Deals of Maine
Home Deals of Maine, LLC owns 14 rental properties in Maine, with a
total current value of $2.7 million. The company is based in
Waterville, Maine.
Home Deals of Maine filed a petition for Chapter 11 protection
(Bankr. D. Maine Case No. 21-10267) on Oct. 6, 2021, listing
$3,147,975 in assets and $1,650,258 in liabilities. Jo A. Roderick,
sole member, signed the petition.
Judge Peter G. Cary oversees the case.
The Debtor tapped James F. Molleur, Esq., at Molleur Law Office as
bankruptcy counsel, and Thomas Cox, Esq., a practicing attorney in
Portland, Maine, as special counsel.
INDIAN CANYON: Seeks to Tap Dinsmore & Shohl as Litigation Counsel
------------------------------------------------------------------
Indian Canyon & 18th Property Owners Association seeks approval
from the U.S. Bankruptcy Court for the Central District of
California to employ Dinsmore & Shohl, LLP as litigation counsel.
The Debtor needs the firm's legal assistance in three separate
lawsuits styled as (i) Alpenglow Management Group, LLC, et al. v.
Coachillin Holdings, LLC, et al., Adversary Case No.
6:22-ap-01077-SY; (ii) DHS Verde, LLC v. Coachillin Holdings, LLC,
et al., Adversary Case No. 6:22-ap-01078-SY; and (iii) DHS Lot 11
Holdings, Inc., et al. v. Coachillin Holdings, LLC, et al.,
Adversary Case No. 6:22-ap-01079-SY.
The hourly rates of the firm's counsel and staff are as follows:
Christopher Celentino, Partner $800
Joseph S. Leventhal, Partner $675
Brian Metcalf, Of Counsel $575
Caroline G. Massey, Associate $465
Meredith P. Montrose, Associate $400
Lauren Griffo, Paralegal $295
In addition, the firm will seek reimbursement for expenses
incurred.
Joseph Leventhal, Esq., a partner at Dinsmore & Shohl, disclosed in
a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Joseph S. Leventhal, Esq.
Dinsmore & Shohl, LLP
655 West Broadway, Suite 800
San Diego, CA 92101
Telephone: (619) 400-0500
Facsimile: (619) 400-0501
Email: joseph.leventhal@dinsmore.com
About Indian Canyon & 18th Property
Owners Association
Indian Canyon & 18th Property Owners Association filed a petition
for relief under Subchapter V of Chapter 11 of the Bankruptcy Code
(C.D. Calif. Case No. 22-13378) on Sept. 6, 2022, with between $1
million and $10 million in assets and between $500,000 and $1
million in liabilities. Arturo Cisneros has been appointed as
Subchapter V trustee.
Judge Scott H. Yun oversees the case.
The Debtor tapped Douglas A. Plazak, Esq., at Reid & Hellyer as
bankruptcy counsel and Dinsmore & Shohl, LLP as litigation counsel.
INSTASET PLASTICS: Wins Cash Collateral Access, $800,000 DIP Loan
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan,
Southern Division, authorized Instaset Plastics Company, LLC to use
cash collateral on an interim basis ad obtain postpetition secured
financing.
The Debtor is permitted to obtain credit and incur debt in
accordance with the Promissory Note & Security Agreement between
the Debtor and WGS Global Services, L.C.
Prior to the Petition Date, the Debtor entered into an Asset
Purchase Agreement with Clarion Technologies, Inc., a Delaware
corporation, for the purchase of certain of the Debtor's executory
contracts and related inventory.
To ensure that the Debtor is able to continue operating through the
Closing Date as set forth in the Clarion APA, WGS has agreed to
provide the Debtor with funds for administrative expenses and to
maintain and preserve the value of the executory contracts, as more
fully set forth on the budget, between the date thereof and the
Closing Date as defined in the Clarion APA, in order to be able to
sell and transfer the same to Clarion pursuant to the terms
thereof, WGS agrees, to lend, in its reasonable discretion and in
accordance with the Budget, subsequent to the filing of the
Bankruptcy Case, and to advance up to $800,000 under the RLOC Note
in the aggregate to the Debtor upon the Debtor's written requests
therefor from time to time.
The occurrence of any of the following will, at WGS's option,
constitute a "DIP Event of Default" with respect to the DIP Loan
and the Agreement:
a. Any representation or warranty of the Debtor made therein
or in any other document related thereto or in any other writing
given to WGS in connection with the RLOC Note and/or the Advances
will have been misleading or incorrect in any material respect as
of the time when the same will have been made; and
b. If an order will be entered by the Bankruptcy Court
dismissing the Debtor's chapter 11 case which does not contain a
provision for payment in full in cash of all obligations thereunder
upon entry thereof.
The Debtor needs to obtain post-petition financing and access its
operating cash in order to maintain its business and going concern
value for the benefit of creditors.
Huntington Bank and WGS assert claims in the Debtor's pre-petition
cash collateral. Huntington Bank is the senior secured creditor to
the Debtor. The Debtor has a long relationship with Huntington Bank
and its predecessors in interest.
The Debtor is permitted to use cash collateral for necessary
post-petition operating expenses and in the amounts described in
the Budget, as may be modified, supplemented, or extended from time
to time upon the written agreement of the Debtor, Huntington Bank,
the Subchapter V Trustee and WGS.
If the Order becomes a Final Order, the Debtor is authorized to use
up to $2,128,908 through December 3, 2022, in cash collateral.
As adequate protection, the Debtor will grant Huntington Bank and
WGS replacement liens in the Debtor's post-petition assets,
effective as of the Petition Date, including all accounts
receivable, to the same extent, validity and in the same priority
as such liens existed on the Petition Date.
Within two days of the entry of the Interim Order, the Debtor will
Advance on the RLOC Note and pay the Huntington Note in full. Upon
the failure of the Debtor to Advance on the RLOC Note, the Debtor's
right to use cash collateral under the Interim Order will cease
upon the filing of an Affidavit of Default by Huntington Bank and
Huntington Bank will have the right to seek to lift the automatic
stay on an expedited basis.
A final hearing on the matter is set for November 2 at 11 a.m.
A copy of the order is available at https://bit.ly/3yFmFsF from
PacerMonitor.com.
About Instaset Plastics Company, LLC
Instaset Plastics Company, LLC is a plastic fabrication company in
Michigan.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-47794) on October 5,
2022. In the petition signed by McGustavus Miller, Jr., chief
restructuring officer, the Debtor disclosed $1,373,383 in assets
and $3,782,844 in liabilities.
Judge Thomas J. Tucker oversees the case.
Lynn M. Brimer, Esq., at Strobl Sharp PLLC, is the Debtor's
counsel.
INTERSTATE DEV'T: Nov. 8 Bid Deadline Set for 52-Acre Property
--------------------------------------------------------------
Hilco Real Estate, LLC announces November 8, 2022 as the qualified
bid deadline for the bankruptcy sale of 52 acres of development
land located in a fast-growing region of San Antonio, Texas. The
property will be sold subject to a court-approved stalking horse
bid of $5,835,000.
Set along heavily-traveled Loop 410 with over 60,000 vehicles
daily, this property offers both residential and commercial
development opportunities in San Antonio's up-and-coming southside.
The commercial portion totals approximately 12.5 acres and offers
high visibility and easy access with 3,600 feet of interstate
frontage. The residential segment totals almost 40 acres, separated
into two distinct parcels measuring approximately 16 acres and 23
acres, respectively.
The city of San Antonio is singularly-focused on this corridor as
the next area for explosive growth, and, as such, has designated
the region as a "Tax Incremental Reinvestment Zone" (TIRZ) and
"Inner-City Reinvestment/Infill Policy" (ICRIP) area. The purpose
of these incentives is to promote a vibrant mix of commercial,
residential, educational and cultivate development within this
portion of Loop 410. The incentives also provide large rebates that
will significantly increase profitability for the property owner.
The property is proximate to VIDA, a new 600-acre, mixed-use
development that will include 1,600 single family residential lots,
1,400 multifamily units, 1,000 student housing units and 1,000,000
square feet of commercial space. Just 20 minutes from downtown San
Antonio and minutes from Texas A&M University -
San Antonio (an estimated 6,000 students enrolled annually),
Palo Alto College (an estimated 9,850 students enrolled annually),
and the Toyota Motor Manufacturing Texas facility (an estimate
2,000 current employees), this corridor benefits from an ideal mix
of retail consumers and residential tenants and is expected to grow
significantly in the coming years.
According to the latest data from the U. S. Census Bureau, San
Antonio was ranked as the fastest-growing U.S. city in terms of
numeric population growth between 2021 and 2022 and the second from
1990 to 2000. San Antonio serves as the seat of Bexar County and
the center of the San Antonio-New Braunfels metropolitan
statistical area with a population exceeding an estimated 2.6
million as of 2021. Through a combination of affordable housing,
low cost of living, proximity to major employers, rich cultural
history/heritage, high safety rating and eclectic food scene, San
Antonio provides an ideal backdrop to live, work and play.
The sale is being conducted by Order of the U.S. Bankruptcy Court
Northern District of Texas (Ft. Worth), Bankruptcy Case #:
21-42132-mxm11, and is subject to a minimum stalking horse overbid
of $5,835,000. Qualified bids must be received on or before the
deadline of November 8, 2022at 4:00 p.m. (CT)and must be submitted
on the court-approved purchase agreement in compliance with the
bankruptcy court approved bid procedures available for review and
download from Hilco Real Estate's website.
Steve Madura, senior vice president at Hilco Real Estate, stated,
"These development parcels are located within one of the hottest
markets in the nation and provide an incredible opportunity for a
variety of developers to get in on the action." He continued,
"These sites represent large interstate development tracts with
significant frontage along the sought-after Loop 410 corridor. They
provide a variety of potential future uses together with city
incentives -- characteristics that should make this property very
interesting to developers, investors and end users alike."
Interested buyers should review the bid procedures for requirements
in order to participate in the bankruptcy sale process available on
Hilco Real Estate's website. For further information, please
contact Steve Madura at (847) 504-2478 or smadura@hilcoglobal.com
or Michael Kneifel at 847-201-2322 or mkneifel@hilcoglobal.com.
For further information on the property, sale process and terms or
to obtain access to due diligence documents, please visit
HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company
(HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA).
HRE is a national provider of strategic real estate disposition
services. Acting as an agent or principal, HRE uses its experience
to advise and execute strategies to assist clients in deriving the
maximum value from their real estate assets. By leveraging
multi-faceted sales strategies and techniques, aggressive
repositioning and restructuring experience, a vast and motivated
network of buyers and sellers, and substantial access to capital,
HRE exceeds expectations even in the most complex transactions.
J AND M SUPPLY: Court OKs Interim Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina authorized J and M Supply of the Carolinas, LLC to use
cash collateral on an interim basis for its post-petition,
necessary and reasonable operating expenses.
The Debtor requires the use of cash collateral to maintain existing
operations and reorganize its obligations in the Chapter 11 case.
The entities that assert an interest in the Debtor's cash
collateral are Pearl Delta Funding, LLC, Cloudfund, LLC, ROC
Funding Group, LLC, and ROC Funding Group, LLC.
The Court ruled that the Secured Creditors will not retain a
continuing and replacement post-petition lien and security interest
in all property, receivables and assets of the Debtor and the
proceeds thereof, whether acquired pre-petition or post-petition.
Unless additional agreement for the interim or final use of cash
collateral is reached by the relevant parties, further hearing on
the matter will be held at 11 a.m. on October 27, 2022, at the
United States Bankruptcy Court in Wilmington, North Carolina.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3VtvM9y from PacerMonitor.com.
The Debtor projects $25,500 in gross profit and $23,200 in total
expenses for a 30-day period.
About J and M Supply
J and M Supply of the Carolinas, LLC operates a sporting goods
retail store in Leland, N.C. It is a licensed Federal Firearms
dealer and specializes in the sale of firearms, ammunition and
related equipment. The company also provides firearm and first aid
training classes and is a North Carolina certified firearms
instructor.
J and M filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-00536) on March 11,
2022, listing as much as $500,000 in both assets and liabilities.
Jennifer Bennington serves as the Subchapter V trustee.
Judge David M. Warren oversees the case.
Richard P. Cook, Esq., at Richard P. Cook, PLLC is the Debtor's
legal counsel.
JUST ENERGY: Intends to Proceed with Stalking Horse Transaction
---------------------------------------------------------------
Just Energy Group Inc., a retail provider specializing in
electricity and natural gas commodities and bringing energy
efficient solutions and renewable energy options to customers, on
Oct. 17 announced that the previously announced sales and
investment solicitation process (the "SISP") has concluded and the
previously announced transaction (the "Stalking Horse Transaction")
contemplated by the stalking horse transaction agreement entered
into on August 4, 2022 (as amended from time to time, the "Stalking
Horse Transaction Agreement") among Just Energy and the lenders
under the Company's debtor-in-possession financing facility, one of
their affiliates and the holder of certain assigned secured claims
(collectively, the "Stalking Horse Purchaser") was the successful
bid pursuant to the SISP. No bids meeting the criteria prescribed
by the SISP were submitted by the deadline of October 13, 2022.
Just Energy and certain of its affiliates (collectively, the "Just
Energy Entities") intend to file a motion in their proceedings
under the Companies' Creditors Arrangement Act (the "CCAA") before
the Ontario Superior Court of Justice (Commercial List) (the
"Court") for an Order (the "Vesting Order") that, among other
things, approves the transactions provided for under the Stalking
Horse Transaction Agreement, which is described further below. The
Just Energy Entities also intend to seek recognition in the U.S. of
the Vesting Order in their Chapter 15 case in the Bankruptcy Court
of the Southern District of Texas, Houston Division (the "U.S.
Court") on December 1, 2022.
Subject to the granting of the Vesting Order at the motion
scheduled for November 2, 2022 and the satisfaction or waiver of
the other conditions to closing, upon the closing of the Stalking
Horse Transaction, the Stalking Horse Purchaser will own all of the
outstanding equity of Just Energy (U.S.) Corp., which will be the
new parent company of all of the Just Energy Entities (other than
those excluded pursuant to the terms of the Stalking Horse
Transaction Agreement), including the Company, and the Just Energy
Entities will continue their business and operations as a going
concern. All currently outstanding shares, options and other equity
of Just Energy will be cancelled or redeemed for no consideration
and without any vote or other action of the existing shareholders.
Key terms of the Stalking Horse Transaction include:
* the purchase price payable pursuant to the Stalking Horse
Transaction is (i) cash in the amount of approximately US$184.9
million, plus up to an additional C$10 million solely in the event
that additional amounts are required to make applicable payments
pursuant to the Stalking Horse Transaction Agreement; plus (ii) a
credit bid of approximately US$230 million plus accrued interest of
secured claims assigned to the Stalking Horse Purchaser; plus (iii)
the assumption of Assumed Liabilities (as defined below), including
up to CAD$10 million owing under the Company's first lien credit
facility (the "Credit Facility Remaining Debt") that may remain
outstanding under an amended and restated credit agreement.
* applicable post-filing claims, the Credit Facility Remaining
Debt, claims by energy regulators, and certain other liabilities
enumerated in the Stalking Horse Transaction Agreement ("Assumed
Liabilities") will continue to be liabilities of the Just Energy
Entities following consummation of the Stalking Horse Transaction.
* excluded liabilities and excluded assets of the Just Energy
Entities will be discharged from the Just Energy Entities pursuant
to the Vesting Order.
The consummation of the Stalking Horse Transaction is subject to
satisfaction or waiver of a number of conditions precedent set
forth in the Stalking Horse Transaction Agreement including, among
other things, receipt of all required regulatory approvals, the
Court granting the Vesting Order and the recognition of such
Vesting Order by the U.S. Court. The outside date for completion of
the Stalking Horse Transaction is December 14, 2022, subject to
extension in certain circumstances set forth in the Stalking Horse
Transaction Agreement.
Under the Stalking Horse Transaction, no amounts will be available
for distribution to the Just Energy Entities' general unsecured
creditors, including the holders of Just Energy's USD $205.9
million term loan ("Term Loan") and the holders of Just Energy's
7.0% subordinated notes ("Notes") due September 15, 2026, unless
expressly classified as "Assumed Liabilities" pursuant to the
Stalking Horse Transaction Agreement. Liabilities that will not be
retained, including the Term Loan and the Notes, will be
transferred to newly formed corporations (the "ResidualCos"), along
with excluded assets, under the Stalking Horse Transaction
Agreement. The Company expects that there will not be any
recoveries available from the ResidualCos.
Just Energy will be requesting that the Court order that no meeting
of the shareholders or other holders of equity claims in the Just
Energy Entities is required in respect of the transactions and
accordingly, there is no requirement to send any disclosure
document related to the transaction to such holders.
Implementation of the Stalking Horse Transaction is subject to a
condition that Just Energy and the other Just Energy Entities will
have ceased to be a reporting issuer under any Canadian or U.S.
securities laws, and that no Just Energy Entity will become a
reporting issuer under any Canadian or U.S. securities laws as a
result of completion of the transaction. In connection with the
completion of the Stalking Horse Transaction, the Company intends
to: (i) apply for an order from Canadian securities administrators
that it will cease to be a reporting issuer under Canadian
securities laws immediately prior to the effective date of the
transaction; and (ii) file to suspend its reporting obligations
under U.S. securities laws. Additionally, the Company intends to
submit an application to de-list its common shares from trading on
the NEX on or before the closing of the Stalking Horse Transaction.
The Company's common shares are also quoted on the OTC Pink Sheets.
Concurrent with the delisting from the NEX, the Company expects
that the common shares will be delisted from OTC Pink Sheets.
FURTHER INFORMATION
The above descriptions are summaries only and are subject to the
terms of the Stalking Horse Transaction Agreement, a copy of which
is available on the Monitor's website and on the SEDAR website at
www.sedar.com, on the U.S. Securities and Exchange Commission's
website at www.sec.gov and on Just Energy's website at
https://investors.justenergy.com/.
Just Energy's legal advisors in connection with the CCAA and
Chapter 15 proceedings and proposed SISP are Osler, Hoskin &
Harcourt LLP and Kirkland & Ellis LLP. The Company's financial
advisor is BMO Capital Markets.
Further information regarding Just Energy's CCAA proceedings is
available at the Monitor's website at
http://cfcanada.fticonsulting.com/justenergy/and at the Omni Agent
Solutions case website at
https://cases.omniagentsolutions.com/?clientId=3600. Information
about Just Energy's CCAA proceedings generally can also be obtained
by contacting the Monitor by phone at 416-649-8127 or
1-844-669-6340, or by email at justenergy@fticonsulting.com.
About Just Energy
Just Energy Group Inc. (TSX:JE; NYSE:JE) --
https//www.justenergy.com/ -- is a retail energy provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions and renewable energy options to
customers. Currently operating in the United States and Canada,
Just Energy serves residential and commercial customers. Just
Energy is the parent company of Amigo Energy, Filter Group Inc.,
Hudson Energy, Interactive Energy Group, Tara Energy, and
terrapass.
On March 9, 2021, Just Energy Group Inc., Just Energy Corp.,
Ontario Energy Commodities Inc., Universal Energy Corporation, Just
Energy Finance Canada ULC, Hudson Energy Canada Corp., Just
Management Corp., Just Energy Finance Holding Inc., 11929747 Canada
Inc., 12175592 Canada Inc., JE Services Holdco I Inc., JE Services
Holdco II Inc., 8704104 Canada Inc., Just Energy Advanced Solutions
Corp., Just Energy (U.S.) Corp., Just Energy Illinois Corp, Just
Energy Indiana Corp., Just Energy Massachusetts Corp., Just Energy
New York Corp., Just Energy Texas I Corp., Just Energy, LLC, Just
Energy Pennsylvania Corp., Just Energy Michigan Corp., Just Energy
Solutions Inc., Hudson Energy Services LLC, Hudson Energy Corp.,
Interactive Energy Group LLC, Hudson Parent Holdings LLC, Drag
Marketing LLC, Just Energy Advanced Solutions LLC, Fulcrum Retail
Energy LLC, Fulcrum Retail Holdings LLC, Tara Energy, LLC, Just
Energy Marketing Corp., Just Energy Connecticut Corp., Just Energy
Limited, Just Solar Holdings Corp., and Just Energy (Finance)
Hungary ZRT filed for protection under the Companies' Creditors
Arrangement Act ("CCAA") before the Ontario Superior Court of
Justice (Commercial List).
Just Energy Group Inc. and its affiliates filed petitions under
Chapter 15 of the Bankruptcy Code in the United States (Bankr. S.D.
Tex. Lead Case No. 21-30823) on March 9, 2021, to seek recognition
of the Canadian proceedings.
FTI Consulting Canada Inc. has consented to act as monitor in the
CCAA proceeding. BMO Capital Markets has been engaged as financial
advisor, Osler, Hoskin & Harcourt LLP and Fasken Martineau DuMoulin
LLP are legal advisors in Canada, Kirkland & Ellis LLP and Jackson
Walker LLP are legal advisors in the United States.
KALOS CAPITAL: Case Summary & 17 Unsecured Creditors
----------------------------------------------------
Debtor: Kalos Capital, Inc.
11525 Park Woods Circle
Alpharetta, GA 30005
Chapter 11 Petition Date: October 17, 2022
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 22-58326
Judge: Hon. Sage M. Sigler
Debtor's Counsel: Marc P. Solomon, Esq.
BURR & FORMAN LLP
171 17th Street, NW
Suite 1100
Atlanta, GA 30363
Tel: (205) 251-3000
Fax: (205) 458-5100
Email: msolomon@burr.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Carol Wildermuth as CFO.
A copy of the Debtor's list of 17 unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/XQLHH6A/Kalos_Capital_Inc__ganbke-22-58326__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/ZWC5USY/Kalos_Capital_Inc__ganbke-22-58326__0001.0.pdf?mcid=tGE4TAMA
LATOUR & SONS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Latour & Sons Trucking, Inc.
6 City Depot Road
Charlton, MA 01507
Chapter 11 Petition Date: October 17, 2022
Court: United States Bankruptcy Court
District of Massachusetts
Case No.: 22-40750
Debtor's Counsel: James P. Ehrhard, Esq.
EHRHARD & ASSOCIATES, P.C.
250 Commercial Street
Suite 410
Worcester, MA 01608
Tel: 508-791-8411
Email: ehrhard@ehrhardlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Scott Latour as president.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/O7CKX5Q/Latour__Sons_Trucking_Inc__mabke-22-40750__0001.0.pdf?mcid=tGE4TAMA
LIZARD IN LOS ANGELES: Taps JC Pacific as Real Estate Broker
------------------------------------------------------------
Lizard In Los Angeles, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ JC Pacific
Capital Inc. as its real estate broker.
The broker's services include:
a. marketing and showing the Debtor's property, located at 633
South Spring St., Los Angeles to prospective buyers;
b. assisting the Debtor in obtaining and providing due
diligence materials to prospective buyers;
c. receiving offers from prospective buyers;
d. consulting with the Debtor and its professionals and
advisors regarding the foregoing; and
e. performing any other services which may be appropriate in
connection with the broker's retention by the Debtor.
The Debtor agrees to pay the broker a commission equal to 3.5
percent of the purchase price.
As disclosed in court filings, JC Pacific Capital is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Rui Bai
Golden Bay Investment Group
JC Pacific Capital Inc.
2100 Main St #102
Irvine, CA 92614
Phone: +1 949-245-6226
Email: renabai818@gmail.com
About Lizard In Los Angeles
New York-based Lizard In Los Angeles, LLC is a boutique lifestyle
hotel with a focus on design and culture, oriented towards high-end
domestic and international business travelers.
Lizard In Los Angeles sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-14049) on July
26, 2022. In the petition filed by Jack Deng, authorized
representative, the Debtor estimated assets between $10 million and
$50 million and liabilities between $1 million and $10 million.
Judge Sandra R. Klein oversees the case.
Levene, Neale, Bender, Yoo & Golubchik, LLP is the Debtor's
counsel.
LOCKHART CHEMICAL: Files for Chapter 7 Liquidation
--------------------------------------------------
Lockhart Chemical has filed for Chapter 7 bankruptcy.
Meg McLeod and Mike Herek of WNEM recount that Lockhart Chemical is
the company responsible for the Flint River spill in June 2022.
The discharge of the petroleum-based substance led to a no-contact
order for the river stretching from Stepping Stone Falls to Leith
Street. That order remains in place.
Lockhart is under a state order from using its sewage pipes to
discharge wastewater from its facility. Instead, it has to pump it
into above-ground storage tanks to be trucked out. If Lockhart
decides to use its faulty infrastructure, it could be fined up to
$25,000 per day.
Chapter 7 bankruptcy is for individuals or businesses that cannot
make regular payments toward their debts. Under it, most collection
actions against the filing party are automatically stopped and a
trustee is appointed to sell off the assets with the proceeds going
to creditors.
About Lockhart Chemical
Lockhart Chemical manufactures a wide range of metalworking fluid
additives including amides, co-emulsifiers, lubricity and extreme
pressure additives.
Lockhart Chemical sought protection under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-22005) on Oct. 10,
2022. The case is overseen by Honorable Bankruptcy Judge Carlota M
Bohm.
The Debtor's counsel:
Paul J. Cordaro
Campbell & Levine LLC
412-261-0310
pjc@camlev.com
The Chapter 7 trustee:
Natalie Lutz Cardiello
107 Huron Drive
Carnegie, PA 15106
LUMILEDS HOLDING: Bankruptcy Court Confirms Reorganization Plan
---------------------------------------------------------------
Lumileds Holding B.V., a global leader in innovative lighting
solutions, on Oct. 14 disclosed that the United States Bankruptcy
Court for the Southern District of New York has confirmed the
Company's Plan of Reorganization (the "Plan"). Lumileds plans to
emerge from the chapter 11 process ("Chapter 11") the week of
October 31 following the satisfaction of certain administrative
items before the Plan becomes effective.
Under the terms of the Plan, Lumileds will complete a comprehensive
restructuring transaction which will reduce the Company's funded
debt by approximately $1.4 billion, provide capital to accelerate
Lumileds' growth, and enable further investment in innovation that
will allow the Company to pursue additional strategic
opportunities.
Prior to commencing their Chapter 11, the Company announced the
execution of a Restructuring Support Agreement (the "RSA"), whereby
the Company obtained the necessary support from its lenders to
confirm the Plan. The Company's narrowly focused prepackaged
Chapter 11 filing was then commenced on August 29, 2022 and was
limited to involving only Lumileds U.S. and Dutch Lumileds.
Following the solicitation period, approximately 92% of Lumileds'
first lien lenders voted in favor of the Plan and over 99% of the
first lien lenders ultimately executed the RSA. Under the terms of
the Plan, the pre-petition first lien lenders provided the Company
with commitments for up to $275 million in new capital, first as
part of the DIP Facility which was then converted into a five-year
exit facility.
"Throughout this process we continue to maintain our sharp focus on
driving innovation and developing new products and solutions for
our customers, and we are excited by the opportunities ahead for
Lumileds," said Matt Roney, CEO of Lumileds. "With the confirmation
of our plan of reorganization, we will implement our financial
restructuring to deleverage our balance sheet, significantly
increase our liquidity and even better position ourselves for
long-term growth and innovation. We thank all our stakeholders for
their ongoing support and confidence in our market-leading position
in the specialty lighting industry, which has allowed us to reach
this significant milestone so quickly and on schedule."
For more information on Lumileds' restructuring, including access
to Court documents, please visit https://dm.epiq11.com/Lumileds or
contact Epiq Corporate Restructuring, LLC, the Company's noticing
and claims agent at +1 800-497-9116 (for toll-free domestic calls)
and +1 503-520-4495 (for tolled international calls) or email
Lumiledsinfo@epiqglobal.com.
Evercore is acting as investment banker for the Company, Latham &
Watkins is acting as restructuring counsel to Lumileds and
AlixPartners, LLP is acting as financial advisor. PJT Partners is
acting as financial advisor for an ad hoc group of Lumileds'
lenders, and Gibson, Dunn & Crutcher LLP is acting as the ad hoc
group's legal counsel.
About Lumileds Holding B.V.
Lumileds Holding B.V. is a global manufacturer of innovative
lighting solutions. In the 1960s, the Company expanded its
offerings to also include state-of-the-art LED devices alongside
the automotive lighting technologies that it had continued to
innovate. Today, the Company continues to develop and manufacture
high-tech lighting products for the automotive, mobile device,
consumer, general lighting, and industrial markets.
Lumileds Holding and several affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 22-11155) on Aug. 29, 2022. In the petition signed by Johannes
Paulus Teuwen, chief financial officer, Lumileds Holding disclosed
up to $100 million in assets and up to $500 million in
liabilities.
Judge Lisa G. Beckerman oversees the case.
The Debtor tapped Latham & Watkins LLP as legal counsel, Paul,
Weiss, Rifkind, Wharton & Garrison LLP as special financing and
employee compensation counsel, AlixPartners, LLP as financial
advisor, and Evercore Inc. as investment banker, and Epiq Corporate
Restructuring, LLC as claims and noticing agent.
Davis Polk & Wardwell LLP serves as counsel to the DIP Lenders.
The Secured Lender Group retained Gibson Dunn & Crutcher LLP,
Loyens & Loeff N.V., Roland Berger LP, and PJT Partners LP, as
counsel or financial advisor.
LYNCH FAMILY: Case Summary & One Unsecured Creditor
---------------------------------------------------
Debtor: Lynch Family Holdings, LLC
41 Hamilton Place
New York, NY 10031
Business Description: The Debtor is the owner of a real property
located at 209 W., 138th Street, New York,
NYH 10030 and manages and maintains the
property.
Chapter 11 Petition Date: October 17, 2022
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 22-11387
Judge: Hon. James L. Garrity Jr.
Debtor's Counsel: Charles A. Termini, Esq.
98 Fairview Avenue
Oceanside, NY 11572
Tel: 516-343-3274
Fax: 516-763-0372
Email: catlaw50@aol.com
Total Assets as of Oct. 17, 2022: Approximately $2,000,000
Total Debts as of Oct. 17, 2022: $2,700,000
The petition was signed by William Lynch, III, principal member.
The Debtor listed the New York State Dept. of Finance as its sole
unsecured creditor holding a claim of approximately $600.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/HYXGNZI/Lynch_Family_Holdings_LLC__nysbke-22-11387__0001.0.pdf?mcid=tGE4TAMA
MARINER HEALTH: Seeks Court Approval to Hire Restructuring Advisor
------------------------------------------------------------------
Mariner Health Central, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
SierraConstellation Partners, LLC and designate SierraConstellation
CEO Lawrence Perkins as their chief restructuring officer.
Mr. Perkins and his firm will render these services:
(a) provide oversight and assistance with the preparation of
financial information for distribution to creditors and others;
(b) evaluate and make recommendations in connection with
strategic alternatives as needed to maximize the value of the
Debtors;
(c) evaluate the cash flow generation capabilities of the
Debtors for valuation maximization opportunities;
(d) prepare information for schedules and statements, reports
and other bankruptcy court filings;
(e) provide testimony and serve as responsible party for
hearing and reporting requirements in the Debtors' Chapter 11
cases;
(f) provide interim management support related to the
operations and cash flow management during the bankruptcy process;
(g) assist and support the Debtors in identifying,
negotiating, and closing debtor-in-possession (DIP) financing, if
any;
(h) assist and support the Debtors in identifying,
negotiating, and closing any asset sale;
(i) provide management support in evaluating and responding to
parties during negotiation;
(j) interact with the unsecured creditor or other committees,
if any, and assist in the preparation of management reports;
(k) provide assistance related to drafting and confirming a
plan of reorganization, if necessary; and
(l) perform such other services as necessary to fulfill their
duties to the Debtors.
The hourly rates of SierraConstellation's professionals are as
follows:
Lawrence Perkins, CRO $895
Partners $895 - $1,005
Managing Directors $640 - $720
Senior Directors $580 - $640
Directors $445 - $525
Senior Associates and Associates $350
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the Debtors provided the firm with an
initial retainer in the amount of $25,000 and an additional
retainer in the amount of $100,000.
Mr. Perkins disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
Mr. Perkins can be reached at:
Lawrence R. Perkins
SierraConstellation Partners, LLC
355 S. Grand Ave., Suite 1450
Los Angeles, CA 90071
Telephone: (213) 289-9060
Facsimile: (213) 402-3548
Email: info@sierraconstellation.com
About Mariner Health Central
Atlanta-based Mariner Health Central, Inc. provides administrative,
clinic and operational support services to skilled nursing
facilities, including the 121-bed facility operated by Parkview
Operating Company, LP.
Mariner and its affiliates, Parkview Operating Company and Parkview
Holding Company GP, LLC, sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Lead Case No. 22-10877) on Sept. 19, 2022. The
Debtors estimated assets of $1 million to $10 million and
liabilities of $10 million to $50 million as of the bankruptcy
filing.
The Debtors tapped Raines Feldman, LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones, LLP as local Delaware
counsel; and SierraConstellation Partners, LLC as restructuring
advisor. Lawrence Perkins, chief executive officer of
SierraConstellation, serves as the Debtors' chief restructuring
officer. Kurtzman Carson Consultants, LLC is the claims and
noticing agent.
MARINER HEALTH: Seeks to Hire Raines Feldman as Legal Counsel
-------------------------------------------------------------
Mariner Health Central, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Raines Feldman, LLP as their legal counsel.
Raines Feldman will render these legal services:
(a) advise the Debtors with respect to their powers and duties
in the continued management and operation of their business and
properties;
(b) advise and consult on the conduct of the Debtors' 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 legal papers;
(f) represent the Debtors in connection with obtaining
authority to obtain post-petition financing, if required;
(g) advise the Debtors in connection with any potential sale
of assets;
(h) appear before the bankruptcy court and any appellate
courts to represent the interests of the Debtors' estates;
(i) advise the Debtors regarding tax matters;
(j) negotiate, prepare and seek 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.
The hourly rates of the firm's counsel and staff are as follows:
Partners $615 - $945
Of Counsel $265 - $840
Associates $415 - $625
Paraprofessionals $215 - $395
In addition, the firm will seek reimbursement for expenses
incurred.
During the year prior to the petition date, the Debtors made
periodic retainer payments to the firm in the total sum of
$900,000.
Hamid Rafatjoo, Esq., a partner at Raines Feldman, 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:
Hamid R. Rafatjoo, Esq.
Carollynn H.G. Callari, Esq.
David S. Forsh, Esq.
Raines Feldman LLP
1350 Avenue of the Americas, 22nd Floor
New York, NY 10019
Telephone: (917) 790-7100
Email: hrafatjoo@raineslaw.com
ccallari@raineslaw.com
dforsh@raineslaw.com
About Mariner Health Central
Atlanta-based Mariner Health Central, Inc. provides administrative,
clinic and operational support services to skilled nursing
facilities, including the 121-bed facility operated by Parkview
Operating Company, LP.
Mariner and its affiliates, Parkview Operating Company and Parkview
Holding Company GP, LLC, sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Lead Case No. 22-10877) on Sept. 19, 2022. The
Debtors estimated assets of $1 million to $10 million and
liabilities of $10 million to $50 million as of the bankruptcy
filing.
The Debtors tapped Raines Feldman, LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones, LLP as local Delaware
counsel; and SierraConstellation Partners, LLC as restructuring
advisor. Lawrence Perkins, chief executive officer of
SierraConstellation, serves as the Debtors' chief restructuring
officer. Kurtzman Carson Consultants, LLC is the claims and
noticing agent.
MARINER HEALTH: Taps Katten as Counsel for Independent Director
---------------------------------------------------------------
Mariner Health Central, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Katten Muchin Rosenman, LLP as counsel to their independent
director, Craig Barbarosh.
Katten will assist the independent director in considering,
evaluating, negotiating and approving any strategic restructuring
alternatives and conflict matters.
The hourly rates of Katten's counsel and staff are as follows:
Partners $835 - $1,795
Of Counsel $735 - $1,440
Associates $300 - $935
Paraprofessionals $90 - $650
In addition, the firm will seek reimbursement for expenses
incurred.
David Crichlow, Esq., a partner at Katten Muchin Rosenman,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
David A. Crichlow, Esq.
Katten Muchin Rosenman LLP
50 Rockefeller Plaza
New York, NY 10020
Telephone: (212) 940-8941
Facsimile: (212) 940-8776
Email: david.crichlow@katten.com
About Mariner Health Central
Atlanta-based Mariner Health Central, Inc. provides administrative,
clinic and operational support services to skilled nursing
facilities, including the 121-bed facility operated by Parkview
Operating Company, LP.
Mariner and its affiliates, Parkview Operating Company and Parkview
Holding Company GP, LLC, sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Lead Case No. 22-10877) on Sept. 19, 2022. The
Debtors estimated assets of $1 million to $10 million and
liabilities of $10 million to $50 million as of the bankruptcy
filing.
The Debtors tapped Raines Feldman, LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones, LLP as local Delaware
counsel; and SierraConstellation Partners, LLC as restructuring
advisor. Lawrence Perkins, chief executive officer of
SierraConstellation, serves as the Debtors' chief restructuring
officer. Kurtzman Carson Consultants, LLC is the claims and
noticing agent.
MICHAELS COS: S&P Downgrades ICR to 'B-', Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
creative products retailer The Michaels Cos. Inc. to 'B-' from 'B'.
The outlook is negative.
S&P said, "At the same time, we lowered our issue-level ratings on
the company's term loan and senior secured notes to 'B-' from 'B'.
The '3' recovery rating is unchanged. We also lowered our
issue-level rating on the company's senior unsecured notes to 'CCC'
from 'CCC+'. The '6' recovery rating is unchanged.
"The negative outlook reflects that we could lower our rating on
Michaels over the next 12 months if the company does not
demonstrate material improvement and prospects to generate
sustainable, meaningfully positive free cash flow."
The downgrade reflects Michaels' very high leverage, significant
cash outflows driven by high transportation costs, and expected
weaker economic backdrop. The company's comparable store sales
declined by the high-single-digit percentages during its second
quarter ended on July 30, 2022, compared with past year, with
revenue level similar to pre-pandemic levels but a compressed
EBITDA margin. S&P said, "We now forecast S&P Global
Ratings-adjusted leverage will remain at 7x in 2022 (11x on a
reported basis as our lease adjustment benefits the adjusted
metrics) before improving to a still high levels in the high-5x
area in 2023 as freight costs subside but a weaker consumer
environment limits revenue and EBITDA expansion. The company
borrowed $326 million under its revolving credit facility at the
end of the second quarter, largely to fund inventory pull forward
of seasonal merchandise. This inventory has come with very high
freight costs that are now abating significantly. We expect the
company to repay the draws under the revolver over the coming
quarters and free operating cash flow to return to meaningfully
positive level next year. We believe this rebound is critical to
keeping the capital structure sustainable given the high reported
debt burden of $4.4 billion."
S&P said, "We expect weak demand in 2022, with revenue decreasing
in mid-single-digit percentage area.We forecast sales growth rate
to remain negative in the second half of the year as continuing
inflationary pressures squeeze consumers' purchasing power,
shifting spending away from highly discretionary product
categories. Equally important, we believe spending habits quickly
changed after the post-pandemic reopening, with a wide range of
entertainment options available to compete for consumers' wallets,
making a short-term rebound in performance unlikely. In addition,
we expect performance to remain vulnerable to weakening
macroeconomic conditions, with our domestic economist's base case
calling for a shallow recession in 2023.
"We anticipate weaker margins and cash flow volatility over the
next 12 months.In the second quarter, S&P Global Ratings-adjusted
EBITDA margin decreased to 12%, as higher freight costs heavily
weighed on Michaels' operating profit amid supply chain challenges,
with an impact of about 850 basis points. To partially mitigate
these headwinds, Michaels is opportunistically taking advantage of
favorable spot freight rates that have recently trended down.
Despite that, we expect transportation cost to remain higher than
the historical average since the company has already contracted
capacity through early 2023. In addition, we anticipate increasing
promotional activity is likely as consumer confidence drops and
competition increases, which will add extra pressure to the
company's operating margins. Michaels has adopted a more
disciplined approach to promotions but, in our view, its continuity
will ultimately depend on demand and competitors' response.
"Given the very weak credit measures we project and limited cash
flow generation, we apply a negative one-notch comparable rating
analysis modifier (previously neutral) to better reflect the
overall credit risk.
"The negative outlook reflects the possibility of a downgrade
within the next 12 months if the company does not demonstrate a
strong and sustainable improvement trajectory in the coming year,
limiting the progress we expect on profitability and free cash flow
generation."
S&P could lower the ratings on Michaels in the next 12 months if
the company did not show meaningful operational and cash flow
generation improvements. S&P could view the capital structure as
unsustainable if:
-- S&P did not believe the company were on track to repay
outstanding borrowings on its revolver in the coming quarters;
-- S&P did not believe prospects for sustainable free operating
cash flow approaching $200 million or more were likely; or
-- Significant profitability improvements toward historic levels
(such as reported EBITDA margin of 10% or more) did not
materialize, which could result in adjusted leverage sustained at
6x or more.
S&P could revise the outlook to stable if:
-- The company maintained adequate liquidity, including paying
down outstanding amounts under its revolver;
-- S&P believed prospects for sustainable free operating cash flow
approaching $200 million or more were likely; and
-- Profitability improved meaningfully and supported leverage of
less than 6x, with prospects for further improvement.
ESG credit indicators: E-2, S-2, G-3
MOBILESMITH INC: Seeks Cash Collateral Access
---------------------------------------------
MobileSmith, Inc. asks the U.S. Bankruptcy Court for the Eastern
District of North Carolina, Raleigh Division, for entry of an order
authorizing the use cash collateral and determine the extent of
creditors' lien on the cash collateral.
The Debtor needs the use of its post-petition income to continue
operating the business.
The U.S. Small Business Administration is the Debtor's first
priority lender. This lien is related to two PPP loans received by
the Debtor that have since been forgiven. Therefore, the debt this
lien secures is $0.
Prior to filing, the Debtor owed some $5,000,000 to Comerica Bank.
In its communications with the Debtor, Comerica has claimed a
blanket security interest in the assets of the Debtor.
The debt to Comerica Bank was secured by a letter of credit. Prior
to the bankruptcy filing, Comerica drew down on this letter of
credit and has a current balance owing of approximately $18,332.
Prior to filing, the Debtor was also contacted by HypoSwiss Private
Bank who claimed to have honored the letter of credit and now are
subrogated to the balance and liens of Comerica.
The Debtor presumes that Comerica and HypoSwiss are the only two
secured creditors.
The sole asset subject to cash collateral at the time of filing was
the Debtor's deposit accounts. The amount of cash then subject to
cash collateral is $51,282.
The Debtor has ceased operations and terminated its employees. The
Debtor intend to move forward with minimum overhead to market its
assets and monetize them for the benefit of creditors.
To the extent the Court finds it necessary to provide adequate
protection to one or both lenders, the Debtor agrees to grant a
replacement lien in post-petition collateral to the same extent as
existed pre-petition, up to the value of the pre-petition
collateral. The Debtor submits this would protect the lender from
any diminution or loss in this matter.
Specifically, the Debtor anticipates employee replacement credits
of approximately $612,629. These credits have been processed and
approved and the Debtor is simply waiting for the credit checks to
be issued.
The Debtor also intends to immediately liquidate its furniture,
fixtures and equipment which will result in additional funds
post-petition.
The Debtor has already had interest in purchasing its intangible
assets and hopes to finalize agreements to sell those assets and
bring those funds to the estate as well.
A copy of the motion is available at https://bit.ly/3g2k4T7 from
PacerMonitor.com.
A copy of the budget is available at https://bit.ly/3exiOag from
PacerMonitor.com.
The Debtor projects $17,023 in income and $17,023 in expenses for
the period from October 12 to November 12, 2022.
About MobileSmith, Inc.
MobileSmith, Inc. is a developer of software applications for the
healthcare industry. The Company's software products include a
cloud-based collection of applications that run on its architected
healthcare technology ecosystem.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bakr. E.D. N.C. Case No. 22-02319) on October 12,
2022. In the petition signed by Gleb Mikhailov, chief financial
officer and chief executive officer, the Debtor disclosed
$1,109,836 in assets and $6,063,853 in liabilities.
Judge Joseph N. Callaway oversees the case.
JM Cook, Esq., at J.M. Cook, P.A., is the Debtor's legal counsel.
MODELL SPORTINGG: Ex-CEO Asks to Toss Fraudulent Transfer Suit
--------------------------------------------------------------
Mitchell B. Modell, the former president and CEO of Modell's
Sporting Goods, asked a Delaware bankruptcy court to dismiss a
creditors' lawsuit accusing him of directing the retailer to
prioritize debts owed to the Modell family in its run up to
bankruptcy.
On Oct. 7, 2022, Mr. Modell filed a motion asking the Bankruptcy
Court to dismiss the claims asserted against him in the complaint
filed on March 10, 2022, by plaintiff Steven Balasiano, as trustee
for the MSG Liquidation Trust.
With the benefit of 20/20 hindsight, Plaintiff, standing in the
shoes of the Debtors' creditors, now attempts to second guess and
question all of the management decisions made by Mr. Modell and
other senior officers. In the Complaint, Plaintiff ascribes
improper motives to Mr. Modell and others, arguing that the
decisions they made and strategies they pursued were intended only
to benefit the interests of the Modell family -- effectively
arguing that Mr. Modell and others sacrificed the 150-year old
business built under the direction of four generations of his
family in order to protect the family's other investments.
"To the contrary, the evidence, all of which has been in
Plaintiff's possession for over two (2) years, shows that the
corporate decisions made and strategies pursued in good faith by
Mr. Modell and other senior managers in an effort to try and save
Modell's Sporting Goods came at a significant cost to Mr. Modell
personally and his family's other investments generally. The law,
however, is clear -- a risk of failure is inherent in every good
faith decision made and strategy pursued and, therefore, the
officers and directors that made and implemented such strategies,
even in the face of insolvency, cannot be held liable for such
decisions and strategies if they do not succeed," Mr. Modell
explained in court filings.
"Additionally, there is no absolute obligation of officers and
directors to cease business operations and immediately liquidate a
corporation, even a financially struggling one, rather than
electing to take good faith efforts to try and save a corporation.
Here, Plaintiff has failed to properly plead that Mr. Modell and/or
any other officer of the Debtors engaged in any fraudulent or
improper conduct, breached their fiduciary duties to the Debtors,
and/or should be liable for payments to shareholders of S Corp to
cover pass-through corporate taxes – especially when such
payments were made in compliance relevant corporate governance and
loan agreements."
Mr. Modell notes that the Company was able to survive much longer
than most major brick-and-mortar sporting goods retailers. But
after years of successfully stemming the tide of economic decline
that claimed nearly all of its major competitors, in 2020, Modell's
Sporting Goods the oldest family-owned and operated sporting goods
retailer in the United States, was forced to shutter its operations
and orderly liquidate its assets in Chapter 11.
About Modell's Sporting Goods
Modell's Sporting Goods -- https://www.modells.com/ -- was a
family-owned and operated retailer of sporting goods, athletic
footwear, active apparel, and fan gear. Modell's Sporting Goods
operated stores throughout New York, New Jersey, Pennsylvania,
Connecticut, Massachusetts, New Hampshire, Delaware, Maryland,
Virginia and the District of Columbia.
Modell's Sporting Goods, Inc., and its affiliates sought Chapter 11
protection (Bankr. D.N.J. Lead Case No. 20-14179) on March 11,
2020.
The Hon. Vincent F. Papalia was the case judge.
The Debtors tapped Cole Schotz P.C. as counsel; Berkeley Research
Group, LLC, as restructuring advisor; and Prime Clerk LLC as claims
agent. The Official Committee of Unsecured Creditors retained
Lowenstein Sandler LLP, as counsel.
* * *
As of the Petition Date, the Debtors operated 134 stores, with 33
stores in New Jersey. Unable to find a buyer to purchase the
business as a going concern, the Debtors immediately pivoted to an
orderly liquidation of all their assets.
On Nov. 13, 2020, the Court entered an order confirming the
Debtors' Liquidating Plan. The Plan designates a liquidation
trustee to wind down the Debtors' affairs and prosecute causes of
action. Steven Balasiano is the trustee for the MSG Liquidation
Trust.
MONTROSE MULTIFAMILY: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------------
Montrose Multifamily Members, LLC and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Southern District of Texas, Houston
Division, for authority to use cash collateral to continue to
operate their business.
The Debtors collectively own and manage 14 multifamily apartment
complexes in the Montrose neighborhood of Houston, Texas. The
Apartment Complexes have a total of 215 units, a majority of these
units being leased to families.
The Chapter 11 Cases were filed under an emergency basis due to the
imminent foreclosure of the Apartment Complexes by the Debtors'
primary secured lender, DLP Capital, which is asserting a lien on
all of the Apartment Complexes. Due to mismanagement by one of the
Debtors' entities, the Debtors defaulted on payments to DLP
Capital, prompting the acceleration of promissory notes secured by
the Apartment Complexes. With no other immediate financing
alternatives or available cash on hand to cure the default declared
by DLP Capital, the Debtors sought protection under the Bankruptcy
Code and filed the Chapter 11 Cases. Due to the emergency nature of
the Chapter 11 Cases, the Debtors are still in the process of
providing financial documentation to the proposed undersigned
counsel in order to complete the Debtors' schedules and other
disclosures. The Debtors believe the primary obligations of the
Debtors are its indebtedness to DLP Capital in the estimated amount
of $36,157,319.
As adequate protection for the diminution in value of cash
collateral, the Debtors will (i) provide monthly adequate
protection payments, (ii) maintain the value of its business as a
going-concern, (iii) provide replacement liens upon now owned and
after acquired cash to the extent any diminution in value of cash
collateral, and (iv) provide super priority administrative claims
to the extent any diminution of value of cash collateral.
The Court was slated to consider the Debtor's request at a hearing
for October 17, 2022.
A copy of the motion is available at https://bit.ly/3MuKV6k from
PacerMonitor.com.
About Montrose Multifamily Members, LLC
Montrose Multifamily Members, LLC own and manage 14 multifamily
apartment complexes in the Montrose neighborhood of Houston, Texas.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-90323) on October 4,
2022. In the petition signed by Christopher Bran, managing partner,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge David R. Jones oversees the case.
Susan Tran Adams, Esq., at Tran Singh, LLP, is the Debtor's
counsel.
MORRIS RAILS: Seeks to Hire Eric A. Liepins as Bankruptcy Counsel
-----------------------------------------------------------------
Morris Rails Real Estate, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Eric
A. Liepins, PC as its bankruptcy 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 against 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 has been paid a retainer of $5,500.
Mr. Liepins, the sole shareholder of the firm, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
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 Morris Rails Real Estate
Morris Rails Real Estate, LLC is a single asset real estate as
defined in 11 U.S.C. Section 101(51B). It owns a property located
at 5142 Vanderbilt, Dallas, valued at $1.2 million.
Morris Rails Real Estate filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No.
22-31841) on Oct. 3, 2022, with $1.2 million in assets and $950,000
in liabilities. Sameer Mohan, managing member, signed the
petition.
Eric A. Liepins, PC serves as the Debtor's legal counsel.
NEWAGE INC: Judge to Approve $28 Mil. Ch.11 Credit Bid Sale
-----------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge said
on Tuesday, October 11, 2022, that she was prepared to approve the
$28 million sale of health and wellness product distributor Newage
Inc. after the company said it received no offers tha beat its
stalking horse credit bid.
The Company filed for bankruptcy after reaching an agreement to
sell the business to a newly formed entity, DIP Financing, LLC,
absent higher and better offers. To help the Debtors conserve
value as they run a sale process in the Chapter 11 cases, the
stalking horse bidder has agreed to into a Senior Secured
Debtor-in-Possession Term Loan Agreement and extend $16 million in
debtor-in-possession financing as well as purchase the EWB Credit
Facility.
The principal of the stalking horse bidder is John Wadsworth, who
has worked as an independent sales representative of the Company
since 1998 -- Mr. Wadsworth has never been a director or officer of
any Debtor and has less than 0.4% of the outstanding
shares of NewAge, Inc.
About NewAge Inc.
NewAge Inc. (Nasdaq: NBEV) is a purpose-driven firm dedicated to
inspiring the planet to Live Healthy. The Utah-based Company
commercializes a portfolio of organic and healthy products
worldwide primarily through a direct-to-consumer (D2C) route to
market distribution system across more than 50 countries. The
company competes in three major category platforms including health
and wellness, inner and outer beauty, and nutritional performance
and weight management -- through a network of exclusive independent
Brand Partners, empowered with the leading social selling tools and
technology available worldwide. On the Web:
http://www.NewAgeGroup.com/
NewAge Inc. and certain of its subsidiaries, Ariix LLC, Morinda
Holdings, Inc., and Morinda, Inc., sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10819) on August 30, 2022.
NewAge reported total assets of $310,902,000 against total
liabilities of $149,447,000 as of the bankruptcy filing.
The Debtors tapped Greenberg Traurig, LLP as bankruptcy counsel and
SierraConstellation Partners, LLC as financial advisor. Houlihan
Lokey Capital, Inc. conducted the pre-bankruptcy marketing process
for the Debtors. Stretto is the claims agent.
NORTH FORK COMMUNITY: Seeks Cash Collateral Use, $4.3MM DIP Loan
----------------------------------------------------------------
North Fork Community Power LLC asks the U.S. Bankruptcy Court for
the Northern District of California for authority to use restricted
funds under the control and with the consent of UMB Bank, N.A., as
cash collateral, and to borrow $4,300,000 in DIP Loans.
The Debtor has obtained a senior secured, superpriority
debtor-in-possession financing facility with UMB Bank, N.A., as
trustee under the Bond Documents, and in its capacity as Trustee,
as administrative agent for lender Lapis Advisers, LP, in (a) an
interim amount not to exceed $510,000 and only as needed to avoid
immediate and irreparable harm, and (b) after a final hearing, an
aggregate principal amount of up to $4,300,000 and any loan
thereunder, substantially on the terms set forth in the DIP Credit
Agreement.
The loan matures on the date that is the earliest to occur of: (a)
March 15, 2023, (b) or November 15, 2022 if the Final Order has not
been entered, or (c) upon certain Chapter 11 events or acceleration
of the DIP Loan pursuant to the terms of the DIP Credit Documents.
The Debtor says it requires additional cash to continue its
operations through its restructuring process, as contemplated under
that certain Restructuring Support Agreement between the Debtor and
the Secured Parties.
As adequate protection, the DIP Secured Parties will have a first
priority senior lien against all unencumbered property of the
Debtor and the estate granted pursuant to section 105 and 364(c)(2)
of the Bankruptcy Code, (b) a first priority "priming lien" against
all property of the Debtor and the Estate that may be subject to a
lien or encumbrance under section 105 and 364(d)(1) of the
Bankruptcy Code, and (c) a back-up lien against all property of the
Debtor and the estate pursuant to section 364(c)(3) of the
Bankruptcy Code.
The DIP Secured Parties will also have superpriority administrative
expense claim status in the Chapter 11 Case, with priority over any
and all claims against the Debtor.
The DIP Financing Agreement and proposed Interim Order provides
adequate protection and otherwise "rolls" a $150,000 prepetition
emergency bridge advance by the DIP Lender to the Debtor.
A copy of the motion is available at https://bit.ly/3MqELEq from
PacerMonitor.com.
A copy of the budget is available at https://bit.ly/3RWrqVk from
PacerMonitor.com.
The budget provides for total expenses, on a weekly basis, as
follows:
$58,000 for the week ending October 14, 2022;
$48,000 for the week ending October 21, 2022;
$55,000 for the week ending October 28, 2022; and
$867,780 for the week ending November 4, 2022.
About North Fork Community Power LLC
North Fork Community Power LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-41001) on
October 11, 2022. In the petition signed by Gregory J. Stangl,
authorized agent, the Debtor disclosed up to $50 million in both
assets and liabilities.
John H. MacConaghy, Esq., at MacConaghy & Barnier, PLC, is the
Debtor's counsel.
NRP VENTURES: Taps Property Resources, Oak City as Broker
---------------------------------------------------------
NRP Ventures, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of North Carolina to employ Property
Resources, LLC and Oak City Commercial, LLC as broker.
The Debtor requires a broker to assist in the sale of certain real
properties in North Carolina, which the Debtor has under contract.
The Debtor will compensate Property Resources and Oak City
Commercial a sales commission of 2 percent and 4 percent of
purchase price at closing, respectively.
Mark Schweibinz, a broker at Property Resources, and Tim Peters and
Patrick Gatewood, brokers at Oak City Commercial, disclosed in
court filings that their firms are "disinterested persons" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firms can be reached through:
Mark Schweibinz
Property Resources, LLC
7000 Six Forks Road, Ste. 100
Raleigh, NC 27615
Telephone: (919) 604-4114
- and -
Tim Peters
Patrick Gatewood
Oak City Commercial, LLC
9051 Strickland Road, Suite 125
Raleigh, NC 27615
Telephone: (919) 824-4748
(919) 631-0589
Email: tim@oakcitycommercial.com
patrick@oakcitycommercial.com
About NRP Ventures
NRP Ventures, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
22-02046) on Sept. 11, 2022, with between $1 million and $10
million in assets and between $10 million and $50 million in
liabilities.
Judge Pamela W. McAfee oversees the case.
William H. Kroll, Esq., at Everett Gaskins Hancock, LLP represents
the Debtor as counsel.
OLYMPIA SPORTS: Hires Shulman Bastian as Bankruptcy Counsel
-----------------------------------------------------------
Olympia Sports Acquisitions, LLC and affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to hire
Shulman Bastian Friedman & Bui LLP as their bankruptcy counsel.
The firm will render these services:
a. advise the Debtors with respect to their rights, powers,
duties and obligations in the administration of their Chapter 11
cases, the management of their business affairs and the management
of their property;
b. advise the Debtors regarding their legal rights and
responsibilities under the Bankruptcy Code and the Federal Rules of
Bankruptcy Procedure;
c. prepare legal papers;
d. advise and assist the Debtors with respect to compliance
with the requirements of the Office of the United States Trustee;
e. assist the Debtors with their store closing sales pursuant
to Section 363 of the Bankruptcy Code;
f. advise the Debtors regarding matters of bankruptcy law,
including the rights and remedies of the Debtors with respect to
their assets and with respect to the claims of creditors;
g. take all necessary or appropriate actions in connection
with a Chapter 11 plan, disclosure statement and all related
documents, and such further actions as may be required in
connection with the administration of the Debtors' estates;
h. appear at hearings before the court on behalf of the
Debtors; and
i. perform all other necessary legal services that are
desirable and necessary for the efficient and economic
administration of these Chapter 11 cases.
The firm will be paid at these hourly rates:
Alan J. Friedman, Partner $695
Melissa D. Lowe, Partner $525
Ryan D. O’Dea, Partner $525
Max Casal, Associate $300
Lori Gauthier, Paralegal $250
The Debtors paid the firm retainers in the total amount of
$365,000.
Alan Friedman, Esq., a partner at Shulman, 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:
Alan J. Friedman, Esq.
Shulman Bastian Friedman & Bui, LLP
100 Spectrum Center Drive, Suite 600
Irvine, CA 92618
Tel: (949) 427-1654
Fax: (949) 340-3000
Email: afriedman@shulmanbastian.com
About Olympia Sports
Olympia Sports Acquisitions, LLC, is a sporting goods retail
company that maintains brick and mortar locations across the East
Coast, including Maine, New Hampshire, Vermont, New York,
Massachusetts, Rhode Island, and New Jersey.
On Sept. 11, 2022, Olympia Sports and several affiliates,
including, RSG Acquisitions, LLC, Project Running Specialties,
Inc., and The Running Specialty Group, LLC, sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10853).
Olympia Sports estimated assets of $1 million to $10 million and
liabilities of $10 million to $50 million as of the bankruptcy
filing.
The Debtors tapped Shulman Bastian Friedman & Bui LLP as general
bankruptcy counsel; Morris James LLP as local counsel; and Force 10
Partners as financial advisor. BMC Group is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in Debtors' cases on
Sept. 23, 2022.
OLYMPIA SPORTS: Seeks to Hire Morris James as Local Counsel
-----------------------------------------------------------
Olympia Sports Acquisitions, LLC and affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to hire
Morris James, LLP as local counsel.
Morris James will render these services:
a. provide legal advice with respect to the Debtors' powers
and duties in the continued operation of their business, management
of their properties, and related matters;
b. prepare and pursue confirmation of a Chapter 11 plan and
approval of disclosure statement;
c. prepare legal papers;
d. appear in court; and
e. perform all other legal services for the Debtor that may be
necessary and proper in these Chapter 11 proceedings.
The firm will be paid at these hourly rates:
Carl N. Kunz, III, Partner $750
Jeffrey R. Waxman, Partner $750
Eric J. Monzo, Partner $695
Brya M. Keilson, Partner $675
Sarah M. Ennis, Associate $495
Stephanie Lisko, Paralegal $295
Douglas Depta, Paralegal $295
Morris James received a retainer of $75,000.
As disclosed in court filings, Morris James is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Jeffrey R. Waxman, Esq.
Morris James LLP
500 Delaware Ave #1500
Wilmington, DE 19801
Phone: +1 302-888-6800
Email: jwaxman@morrisjames.com
About Olympia Sports
Olympia Sports Acquisitions, LLC, is a sporting goods retail
company that maintains brick and mortar locations across the East
Coast, including Maine, New Hampshire, Vermont, New York,
Massachusetts, Rhode Island, and New Jersey.
On Sept. 11, 2022, Olympia Sports and several affiliates,
including, RSG Acquisitions, LLC, Project Running Specialties,
Inc., and The Running Specialty Group, LLC, sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10853).
Olympia Sports estimated assets of $1 million to $10 million and
liabilities of $10 million to $50 million as of the bankruptcy
filing.
The Debtors tapped Shulman Bastian Friedman & Bui LLP as general
bankruptcy counsel; Morris James LLP as local counsel; and Force 10
Partners as financial advisor. BMC Group is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in Debtors' cases on
Sept. 23, 2022.
OLYMPIA SPORTS: Taps Force 10 Partners as Financial Advisor
-----------------------------------------------------------
Olympia Sports Acquisitions LLC and affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to hire
Force 10 Partners LLC as their financial advisor.
The firm's services include:
a. assist in the preparation of first day motions and
developing procedures and processes necessary to implement such
motions;
b. assist with monthly operating reports, schedules,
statements of financial affairs, UST packages and other financial
information and disclosures required during the pendency of these
cases;
c. assist the Debtors and their legal counsel with preparation
of all case motions requiring financial information or analysis;
d. assist with the development and maintenance of a creditor
matrix, claims and other parties in interest information;
e. assist with developing accounting and operating procedures
to segregate post-petition business transactions;
f. assist with monitoring of all cash disbursements according
to the DIP budget;
g. assist with the preparation of DIP/cash collateral budgets
and weekly monitoring and compliance thereof;
h. assist with business operating activities as necessary;
i. assist the Debtors in identifying and evaluating parties
interested in facilitating Transactions either through purchasing
the Debtors' securities, providing post-petition financing or
purchasing the Debtors' assets;
j. advise the Debtors on tactics and strategies for
negotiating with potential parties to a transaction,
creditors, and other stakeholders, and participate in such
negotiations;
k. assist the Debtors in preparing materials describing the
Debtors for distribution and presentation to parties that might be
interested in a Transaction;
l. advise the Debtors on the timing, nature, and terms of new
securities, other consideration, or other inducements to be offered
pursuant to any Transaction;
m. assist in the Debtors' over-bid process related to the
proposed Section 363 sale of the Debtors' assets by seeking parties
interested in over-bidding the stalking horse bid and facilitating
due diligence and their incorporation into the process per the
Debtors' bid procedures;
n. render financial advice to the Debtors related to a
Transaction and participate in meetings or negotiations with
creditors, stakeholders, or other appropriate parties;
o. render general financial advice, financial analytics, and
modeling;
p. assist in preparing the plan and disclosure statement;
q. assist with the review, classification, and quantification
of claims against the estates under the plan;
r 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, as needed;
s. assist in effectuating the plan; and
t. render such other general business consulting or such
additional assistance as Debtors' management or counsel may deem
necessary that are consistent with the role of a financial advisor
and not duplicative of services provided by other professionals.
Force 10 Partners will be paid at these hourly rates:
Partners $750 to $950
Associates $495 to $650
Analysts $325 to $475
Staffs $225 to $325
Force 10 Partners will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Adam Meislik, a partner of Force 10 Partners LLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.
Force 10 Partners can be reached at:
Adam Meislik
FORCE 10 PARTNERS
20341 SW Birch, Suite 220
Newport Beach, CA 92660
Tel: (949) 357-2360
Email: ameislik@force10partners.com
About Olympia Sports
Olympia Sports Acquisitions, LLC, is a sporting goods retail
company that maintains brick and mortar locations across the East
Coast, including Maine, New Hampshire, Vermont, New York,
Massachusetts, Rhode Island, and New Jersey.
On Sept. 11, 2022, Olympia Sports and several affiliates,
including, RSG Acquisitions, LLC, Project Running Specialties,
Inc., and The Running Specialty Group, LLC, sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10853).
Olympia Sports estimated assets of $1 million to $10 million and
liabilities of $10 million to $50 million as of the bankruptcy
filing.
The Debtors tapped Shulman Bastian Friedman & Bui LLP as general
bankruptcy counsel; Morris James LLP as local counsel; and Force 10
Partners as financial advisor. BMC Group is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in Debtors' cases on
Sept. 23, 2022.
OLYMPIA SPORTS: Wins Interim Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Pennsylvania
authorized Olympia Sports, Inc. to use cash collateral on an
interim basis in accordance with the budget.
The Debtor requires immediate authority to use cash collateral to
continue its business operations without interruption toward the
objective of formulating an effective plan of reorganization.
The U.S. Small Business Administration has a properly perfected
lien on the Debtor's property (including proceeds) at the
commencement of the case, including the Debtor's accounts,
inventory and other collateral which is or may result in cash
collateral.
The Debtor is permitted to use cash collateral for these purposes:
a. maintenance and preservation of its assets; and
b. the continued operation of its business, including but not
limited to payroll, payroll taxes, employee expenses, and insurance
costs.
c. the completion of work-in-process; and
d. the purchase of replacement inventory.
As adequate protection for the use of cash collateral, the SBA is
granted a replacement perfected security interest under Section
361(2) of the Bankruptcy Code to the extent the Secured Creditor's
cash collateral is used by the Debtor.
To the extent the adequate protection provided proves insufficient
to protect the SBA's interest in and to the cash collateral, the
Secured Creditor will have a superpriority administrative expense
claim, pursuant to Section 507(b) of the Bankruptcy Code, senior to
any and all claims against the Debtor under Section 507(a) of the
Bankruptcy Code.
The Debtor is also directed to make $731 in monthly payments to the
SBA. The payments are to be made the first of every month beginning
April 1.
The final hearing on the matter is scheduled for November 2, 2022,
at 12:30 p.m.
A copy of the order is available for free at https://bit.ly/3T3jeE5
from PacerMonitor.com.
About Olympia Sports, Inc.
Olympia Sports, Inc. owns and operates a shoes and clothing retail
store. Olympia Sports sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 22-10535) on March
2, 2022. In the petition signed by Jae Ko, president, the Debtor
disclosed $426,214 in assets and $1,001,666 in liabilities.
Judge Ashely M. Chan oversees the case.
Robert N. Braverman, Esq., at McDowell Law, PC is the Debtor's
counsel.
PACKABLE HOLDINGS: Cleared to Hire Ch.11 Restructuring Officer
--------------------------------------------------------------
Vince Sullivan of Law360 reports that e-commerce venture Packable
Holdings received permission to hire chief restructuring officer
and associated staff Oct. 11, 2022, after telling Delaware
bankruptcy judge it had reached an agreement on the hire with its
unsecured creditors.
The Bankruptcy Court on Oct. 11, 2022, entered an order authorizing
the Debtors to engage Alvarez & Marsal North America, LLC, to
provide the Debtors with a Chief Restructuring Officer and certain
additional personnel. A&M managing director Brian Teets has been
designated as the Debtors' CRO.
About Packable Holdings
Packable Holdings LLC -- https://www.packable.com/ -- is a
multi-marketplace e-commerce enablement platform.
Packable Holdings LLC and 5 affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
22-10797) on August 29, 2022. In the petition filed by Maria
Harris, as chief legal officer, Packable reported assets and
liabilities between $100 million and $500 million each.
Cooley LLP and Potter Anderson & Corroon LLP serve as the Debtors'
attorneys. Alvarez and Marsal North America, LLC, is the financial
advisor. Hilco Merchant Resources, LLC, is the liquidation agent.
EPIQ is the claims agent.
The Official Committee of Unsecured Creditors tapped Kelley Drye &
Warren LLP as lead counsel, A.M. Saccullo Legal, LLC, as its
co-counsel, and Dundon Advisors LLC as financial advisor.
PETTERS COMPANY: Trustee Wins Ruling in Dispute vs. BMO Harris
--------------------------------------------------------------
The US District Court for the District of Minnesota, on Oct. 9,
2022, issued an order granting in part and denying in part the
motions in limine filed by Plaintiff Douglas A. Kelley, in his
capacity as the Trustee of the BMO Litigation Trust (hereinafter,
Kelley or the Trustee), and defendant BMO Harris Bank N.A.
District Judge Wilhelmina M. Wright ruled that:
1. Plaintiff's motion to exclude evidence of investor complicity
in the underlying fraudulent conduct, is granted. PCI's investors
are not parties to this action, joint liability is not at issue in
this case and BMO Harris has not provided a legal basis for
determining the liability of non-parties in their absence.
Similarly, there is no allegation or evidence suggesting that PCI's
investors acted on behalf of BMO Harris when negotiating PCI's
debts. Hence, evidence of investor complicity in the underlying
fraudulent conduct has no relevance as to causation.
2. Plaintiff's motion to exclude evidence of recoveries, offsets
and reductions obtained by PCI and PCI's creditors, is granted. The
collateral-source rule permits the Trustee to recover the full
amount of harm allegedly caused by BMO Harris even if the Trustee
has secured compensation from other sources. As such, to the extent
that the Trustee may have mitigated PCI's damages by reaching
favorable settlements with PCI's creditors or obtaining
compensation from collateral sources, the Trustee is entitled to
reap the benefit of those recoveries, not BMO Harris. Evidence of
recoveries, offsets and reductions obtained by PCI is, therefore,
irrelevant.
3. Plaintiff's motion to admit evidence of criminal convictions,
is granted in part and denied in part as addressed herein. The
Trustee seeks an order admitting evidence of the criminal
convictions in the underlying fraud action -- namely, the felony
convictions of Petters and his co-defendants, as well as the plea
agreements entered by Petters's co-defendants. Because the Trustee
alleges that BMO Harris aided and abetted the fraudulent conduct of
Petters and his criminal co-defendants, such evidence of the
criminal convictions of Petters and his co-defendants is admissible
as long as a hearsay exception to such out-of-court statements
applies. However, portions of Coleman's, White's, and PCI's plea
agreements cannot be offered into evidence to prove the truth of
the matters asserted in that plea agreement," because such evidence
is hearsay. A plea agreement is not a final judgment.
4. Plaintiff's motion to exclude evidence of fraud
investigations conducted by the federal government, is granted in
part and denied in part as addressed herein. Inadmissible hearsay
and evidence that solely or primarily pertains to federal
investigators' knowledge, state of mind, conduct, findings or
conclusions is inadmissible. Such evidence includes but is not
limited to the notes of federal investigators and statements by
federal investigators referencing M&I's innocence or culpability or
vouching for the appropriateness of M&I's conduct. But both parties
will have the opportunity to seek admission of evidence pertaining
to prior federal investigation if such evidence is relevant to and
sufficiently probative of M&I's knowledge, state of mind or
conduct, and the Court will provide an appropriate limiting
instruction as to such evidence.
5. Defendant's motion to exclude the evidence of settlement
between BMO Harris and the United States Department of Justice, is
denied as moot. The Trustee represents that he does not intend to
offer any such evidence in light of the Court's Daubert order,
because the intended purpose of this evidence was to rebut evidence
that the Court has excluded. Hence, evidence pertaining to whether
M&I or its employees faced criminal prosecution is irrelevant and
inadmissible. The same is true of evidence pertaining to whether
M&I or its employees were otherwise deemed culpable or not culpable
by federal investigators or other third parties
6. Defendant's motion to exclude evidence and argument that M&I
owed or breached a duty of disclosure to PCI's investors, is
granted in part and denied in part as addressed herein. Any
evidence or argument that directly pertains to duties that BMO
Harris allegedly owed to PCI's investors is inadmissible. However,
circumstantial evidence pertaining to BMO Harris's mental state, is
relevant to M&I's knowledge, state of mind and conduct, even though
such evidence also may indirectly suggest that BMO Harris breached
duties to investors. Moreover, this evidence provides relevant
context and is part of the res gestae of the alleged misconduct.
Because the probative value of such evidence might outweigh the
risks of unfair prejudice, confusing the issues, misleading the
jury or wasting time, the Court will not categorically exclude such
evidence.
7. Defendant's motion to exclude evidence pertaining to
sanctions imposed against BMO Harris in an unrelated lawsuit in
Wisconsin state court, is denied as moot. The Trustee contends that
this issue is moot because he does not intend to proffer any such
evidence at trial in light of the Court's Sept. 29, 2022 Order.
8. Defendant's motion to exclude evidence pertaining to the
financial condition of BMO Harris' parent company, Bank of
Montreal, is denied.According to the Trustee, even if these
exhibits only contained information specific to Bank of Montreal,
the exhibits would be relevant and admissible because "Bank of
Montreal has the power to control and affect the profits of [BMO
Harris] through its decision making." It is undisputed that the
financial condition of BMO Harris is relevant to the issue of
punitive damages.
A full-text copy of the Order dated Oct. 9, 2022, is available at
https://tinyurl.com/mr2tz3pr from Leagle.com.
About Petters Company
Founded by Tom Petters in 1988, Petters Group Worldwide LLC was a
collection of some 20 companies, most of which make and market
consumer products. Holdings include Fingerhut (consumer products
via its catalog and Web site), SoniqCast (maker of portable, WiFi
MP3 devices), leading instant film and camera company Polaroid
(purchased for $426 million in 2005), Sun Country Airlines
(acquired in 2006), and Enable Holdings (online marketplace and
auction for consumers and manufacturers' overstock inventory).
Thomas Petters, the founder and former CEO of Petters Group, was
indicted and a criminal proceeding against him is proceeding in the
U.S. District Court for the District of Minnesota.
Mr. Petters and associates allegedly conducted a Ponzi scheme
between 1994 and 2008. Throughout the Ponzi scheme, PCI obtained
billions of dollars from investors through fraud, false pretenses
and misrepresentations about PCI's purported business.
In United States v. Petters, No. 08-SC-5348 (ADM/JSM), 2008 WL
4614996, at *3 (D. Minn. Oct. 6, 2008), Douglas A Kelley was named
by the district court as the equity receiver for PCI in 2008.
In petitions signed by Mr. Kelley, Petters Company, Petters Group
Worldwide and eight other affiliates sought Chapter 11 protection
(Bankr. D. Minn. Lead Case No. 08-45257) on Oct. 11, 2008. In its
petition, Petters Company estimated its debts at $500 million and
$1 billion. Parent Petters Group Worldwide estimated its debts at
not more than $50,000.
Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Minn.
Case Nos. 08-45136, 08-35197 and 08-35198) on Oct. 6, 2008. Petters
Aviation was a wholly owned unit of Thomas Petters Inc. and owner
of MN Airline Holdings, Sun Country's parent company.
The Official Committee of Unsecured Creditors was represented by
Fafinski Mark & Johnson, P.A.
Trustee Douglas A. Kelley was represented by Lindquist & Vennum
LLP.
In 2016, the bankruptcy court confirmed PCI's Second Amended Plan
of Chapter 11 Liquidation, which transferred certain assets,
including the causes of action, to the BMO Litigation Trust.
PRETTY GIRL: Chapter 7 Trustee Wins Summary Judgment vs. NEDM
-------------------------------------------------------------
The US Bankruptcy Judge Sean H. Lane grants the Trustee's motions
for summary judgment in the case captioned In re: PRETTY GIRL,
INC., Chapter 7, Debtor. SALVATORE LAMONICA, AS CHAPTER 7 TRUSTEE
OF PRETTY GIRL, INC., Plaintiff, v. NEDM PAYABLES CORP., Defendant.
SALVATORE LAMONICA, AS CHAPTER 7 TRUSTEE OF PRETTY GIRL, INC.,
Plaintiff, v. NEDM R.E. CORP., Defendant, Case No. 14-11979 (SHL)
(Jointly Administered), Adv. Pro. No. 16-01145 (SHL)., 16-01146
(SHL), (Bankr. S.D.N.Y.).
In late June 2016, Salvatore LaMonica, the Chapter 7 Trustee of
Pretty Girl, initiated these adversary proceedings with two nearly
identical complaints against NEDM Payables Corp. (the "Payables
Defendant") and NEDM R.E. Corp. (the "RE Corp Defendant.") In these
actions, the Trustee seeks to recover funds allegedly transferred
to the Defendants. The Trustee now moves for summary judgment to
recovery on theories of actual and constructive fraudulent
conveyance.
Before a trustee can recover under Sections 544 and 550 of the
Code, a conveyance must be avoidable under the relevant state
fraudulent transfer law. The New York Debtor and Creditor Law (NY
DCL) statute — specifically DCL Sections 273 (constructively
fraudulence conveyances) and 276 (actually fraudulent conveyances)
are invoked by the Trustee because of the fraudulent nature of the
conveyances by the Debtor.
The Trustee has identified transfers totaling $289,030 from the
Debtor to the Payables Defendant. The Trustee also identified three
wire transfers totaling $185,573 to the RE Corp Defendant. The
Defendants do not contest that these transfers occurred in those
amounts.
The Trustee argues that no consideration was given for the
transfers, no transfer was made on account of antecedent debt, the
Debtor was not a guaranty of any third-party banking entity debt,
the Defendants were not creditors of the Debtor, and neither entity
directly repaid the Debtor for the transfers.
The Court finds that both the Defendants were established with the
explicit purpose of redirecting funds to hinder and delay the
enforcement of a judgment against the Debtor. This was done by Mr.
Albert Nigri, who is the sole officer, director and shareholder of
the Debtor and also the 100% shareholder of the Defendants. The
Defendants admit that "only through Mr. Nigri's actions was the
Debtor able to continue to pay its vendors and maintain its
business." And as Mr. Nigri also controlled the Defendants, the
Defendants obviously knew that the money was being sent to them to
avoid it being taken by Debtor's creditors.
The Court ascertains that these transfers can be avoided as
actually fraudulent under DCL Section 276 after considering these
three elements: first, the funds transferred have value which a
creditor could realize; second, it is clear that the Debtor is the
party who made these transfers; and third, the evidence here
establishes that the transfers were done with an intent to
defraud—this intent is clear given Mr. Nigri's admission that
these entities were created with the specific purpose of keeping
the money out of the hands of Debtor's creditors.
The Defendants invoke the "mere conduit" defense, arguing that the
Defendant entities could not act on their own accord and were only
able to act at the direction of the Debtor. The Trustee counters by
arguing that Defendants had dominion and control over the
funds—and thus were not mere conduit—such that they were an
"initial transferee" subject to recovery under 550.
The Court agrees with the Trustee, finding it inappropriate to
extend the defense where Mr. Nigri owned and controlled not only
the Debtor but all the entities involved in these transfers. It is
undisputed that the transfers were commingled with funds from Mr.
Nigri's other entities and then used to pay various bills of Mr.
Nigri's various entities. Such commingling destroys the mere
conduit defense because it demonstrates dominion and control over
the funds.
The Defendants also invoke the defense of unjust enrichment. But
given the commingled state of the funds the Defendants have not
established what benefit, if any, the Debtor or the Debtor's estate
received from the transfers to the Defendants.
Lastly, the Defendants assert the defense of unclean hands, arguing
that the Trustee should not reap the benefit of avoidance based on
the Debtor's wrongdoing. The unclean hands defense is an equitable
remedy that is a poor fit given the Defendants' inequitable
conduct. Moreover, the Trustee seeks to recover the funds for the
benefit of creditors of the estate, not for the benefit of Mr.
Nigri who is not only the equity holder of the Debtor but also
owner of the entities that ultimately received the benefit of the
transfers.
A full-text copy of the Memorandum of Decision dated Oct. 7, 2022,
is available at https://tinyurl.com/y6dy9mjr from Leagle.com.
About Pretty Girl
Pretty Girl, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 14-11979) on July 2, 2014. The petition was
signed by Albert Nigri as president. The Debtor disclosed total
assets of $10.76 million and total liabilities of $12.27 million.
Rosen & Associates, P.C., acted as the Debtor's counsel.
The Official Committee of Unsecured Creditors tapped to retain Wilk
Auslander LLP as its conflicts counsel, CBIZ Accounting, Tax &
Advisory of New York, LLC and CBIZ, Inc. as its financial
advisors.
The bankruptcy case was converted to a Chapter 7 liquidation
on Dec. 23, 2014.
PRINCIPLE ENTERPRISES: Court OKs Final Cash Collateral Access
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
authorized Principle Enterprises, LLC to use cash collateral on a
final basis in accordance with the budget, with a 10% variance.
The Debtor is obligated to Key Bank on account of (i) the Revolving
Loan in the original principal amount of $5,500,000; (ii) the Term
A Loan in the original principal amount of $8,300,000; and (iii)
the Term B Loan in the original principal amount of $7,616,892. The
KeyBank Loans are secured by a first-priority security interest in
all or substantially all of the Debtor's assets, including cash
collateral, subject only to certain liens other secured creditors
have in specific pieces of equipment.
The Debtor acknowledged that it has been and is in default of the
obligations under the Loan Documents, and that an Event of Default
has occurred under the Loan Documents.
The Debtor also obtained a loan in the original principal amount of
$100,000 from the Pennsylvania Industrial Development Authority.
The PIDA loan is secured by a security interest all or
substantially all of the Debtor's assets, including cash
collateral, subject only to the liens securing the KeyBank Loans
and certain liens other secured creditors have in specific pieces
of equipment.
As adequate protection, KeyBank and PIDA are granted replacement
liens in the same amount and to the same extent, priority, and
validity of their respective liens that existed as of the Petition
Date and superpriority administrative expense claims to the extent
that the Debtor's use of cash collateral results in a diminution of
value.
In further exchange for the Debtor's use of cash collateral:
(i) there will be a Carve-Out of KeyBank's cash collateral for
payment of the estates reasonable and necessary professionals' fees
and expenses in the amount of $500,000;
(ii) surcharge rights pursuant to Sections 506(c) and 552(b) of
the Bankruptcy Code will be waived;
(iii) KeyBank and its advisors will receive 13-week budgets and
financial reports for the Chapter 11 Case; and
(iv) the Debtor will make to KeyBank monthly interest payments
on the Revolving Loan.
The events that constitute an "Event of Default" includes:
a. The Debtor will fail to keep, observe, or perform any of
its agreements, covenants, or undertakings hereunder, including,
without limitation, all payment, reporting, deposit account, cash
management, and other requirements contained therein;
b. The Debtor will use cash collateral other than in
accordance with the Budget;
c. The actual amount of cash revenue and receipts on a
cumulative basis during any Budget Period are less than the
projected cash revenue and receipts on a cumulative basis for such
Budget Period, or the actual amount of cash expenses and
disbursements on a cumulative basis during any Budget Period exceed
the projected cash expenses and disbursements on a cumulative basis
for such Budget Period, in each case, by an amount in excess of the
permitted variances.
A copy of the order and the Debtor's budget is available at
https://bit.ly/3CZq6wF from PacerMonitor.com.
The budget provides for total cash outflows, on a weekly basis, as
follows:
$661,000 for the week ending October 22, 2022;
$615,000 for the week ending October 29, 2022;
$868,000 for the week ending November 5, 2022;
$601,000 for the week ending November 12, 2022;
$655,000 for the week ending November 19, 2022;
$621,000 for the week ending November 26, 2022;
$808,000 for the week ending December 3, 2022;
$662,000 for the week ending December 10, 2022;
$651,000 for the week ending December 17, 2022;
$615,000 for the week ending December 24, 2022;
$636,000 for the week ending December 31, 2022;
$844,000 for the week ending January 7, 2023; and
$640,000 for the week ending January 14, 202.
About Principle Enterprises, LLC
Principle Enterprises, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-21779) on
September 9, 2022. In the petition filed by Angelo Mark Papalia,
president of AMP Holdings, sole member, the Debtor disclosed up to
$50 million in both assets and liabilities.
Judge Gregory L. Taddonio oversees the case.
Daniel R. Schimizzi, Esq., at Whiteford, Taylor & Preston, LLP is
the Debtor's counsel.
PROVIDENT CARE: Seeks to Hire David Johnston as Bankruptcy Counsel
------------------------------------------------------------------
Provident Care, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of California to employ David Johnston,
Esq., an attorney practicing in Modesto, Calif., as its bankruptcy
counsel.
Mr. Johnston will render these services:
(a) advise the Debtor about various bankruptcy options;
(b) advise the Debtor about its rights, powers, and
obligations in the Chapter 11 case and in the management of the
estate;
(c) take necessary action to enforce the automatic stay and to
oppose motions for relief from the stay;
(d) take necessary action to recover and avoid any
preferential or fraudulent transfers and to exercise the Debtor's
powers;
(e) appear with the Debtor's president at the meeting of
creditors, initial interview with the U.S. Trustee, status
conference, and other hearings held before the court;
(f) review and if necessary, object to proofs of claim;
(g) take steps to obtain court authority for the sale or
refinancing of assets, if necessary; and
(h) prepare a plan of reorganization and a disclosure
statement and take all steps necessary to bring the plan to
confirmation.
Mr. Johnston will be paid at his normal hourly rate of $400.
Prior to the petition date, the Debtor paid $10,000 to Mr. Johnston
as a retainer for pre-bankruptcy and post-petition services.
Mr. Johnston disclosed in a court filing that he is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The attorney can be reached at:
David C. Johnston, Esq.
Attorney at Law
1600 G Street, Suite 102
Modesto, CA 95354
Telephone: (209) 579-1150
Facsimile: (209) 900-9199
Email: david@johnstonbusinesslaw.com
About Provident Care
Provident Care, Inc. filed a voluntary petition for relief under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif.
Case No. 22-90296) on Aug. 29, 2022, with up to $1 million in both
assets and liabilities. Lisa Holder has been appointed as
Subchapter V trustee.
Judge Ronald H. Sargis oversees the case.
David C. Johnston, Esq., serves as the Debtor's legal counsel.
PUERTO RICO: Board Faces Test With Supreme Court Records Case
-------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the US Supreme Court's
decision to hear a case over journalists' demand for records from
the federal board overseeing Puerto Rico's finances will heighten
transparency issues that irk the island's residents, a review that
could impair its operations.
The Puerto Rico Financial Oversight and Management Board in October
2022 successfully petitioned the Supreme Court to consider
overturning a pair of lower court orders that it produce
communications subject to Puerto Rico constitutional public
disclosure law. The appeal pits what the board says is its
constitutional right to sovereign immunity against the journalists'
calls for greater clarity in its endeavors to recalibrate Puerto
Rico’s financial system.
Puerto Rico-based investigative news organization Centro de
Periodismo Investigativo Inc. has already used previous disclosures
in a series of reports critical of the board's role and
operations.
If forced to disclose thousands of other "internal and sensitive
documents" sought by CPI, the board will experience "grave
difficulties" carrying out its congressional mandate of turning the
territory into a reliable borrower with sustainable debt, it has
told the Supreme Court. The board warned it could face a flood of
litigation "similarly demanding vast tranches of the board's
internal documents."
A date for oral arguments has not been announced.
The case is teed up to inspect language in the 2016 law that
created the federally-appointed oversight panel and could further
stoke resentment by island residents of the board's
decision-making.
"It could just be one more headache for the board" if it's forced
to produce damaging or embarrassing emails, said market and credit
research analyst Matt Fabian of Municipal Market Analytics Inc. But
if the disclosures seriously bring into question its legitimacy,
"this could lead to a faster exit for the board," he said.
Potential Consequences
It's unclear what will be revealed should the board be forced to
disclose additional records sought by CPI.
"If it somehow casts into doubt the legitimacy of the decisions the
board has made," it could impact current bondholders, said Fabian.
The security underlying reorganized debt obligations isn't likely
to be altered, but bondholders rely on the willingness and ability
of the territory's government to repay its debts, he said.
If the board is forced to make a fast exit, that will create even
more uncertainty for bondholders, potentially putting their
investments at greater risk, Fabian said.
"You just don't know where a legislature that's known to be hostile
vis-a-vis bondholders will go," he said.
Should the board's legitimacy be eroded, calls to end its presence
and put the island's finances back in control of its government
could become louder. On Capitol Hill, US Rep. Ritchie Torres, a New
York Democrat, has already introduced a bill that would amend the
Puerto Rico Oversight, Management, and Economic Stability Act
(PROMESA) by disbanding the board after it certifies budgets for at
least two consecutive years, instead of four.
"The Financial Oversight and Management Board represents a cardinal
sin against the sovereignty and self-determination of Puerto Rico,"
he said in an April statement when introducing HR 7409.
Although many of Puerto Rico's financial creditors have previously
called for greater financial transparency from the board and the
local government, none have publicly weighed in on CPI's fight for
board communications and documents.
Puerto Rico bond insurer Ambac Financial Group Inc., and investors
Whitebox Advisors LLC, the Vanguard Group Inc., Franklin Templeton,
and Invesco Ltd. declined to comment for this story. Pacific
Investment Management Co., GoldenTree Asset Management LP, Nuveen
LLC, and Lord, Abbett and Co. LLC didn't respond to requests for
comment.
Decision-making
The legal feud started with a suit CPI filed in 2017 to force the
turnover of communications between board members and government
officials, financial disclosures provided by board members to the
US Department of Treasury, and financial data provided by the
commonwealth.
The board is appealing a 2-1 decision handed down by the US Court
of Appeals for the First Circuit in May, finding that Congress
abrogated the board’s right to sovereign immunity under the 11th
Amendment. A finding of sovereign immunity would have generally
protected the board from being sued.
Affirming an earlier ruling by the US District Court for the
District of Puerto Rico, the First Circuit said Congress was
"unmistakably clear" in PROMESA that any legal action taken against
the board can be brought in federal court and injunctive relief may
be granted.
"In doing so, the court introduced uncertainty into this area of
law and risked nullifying a basic protection in situations where
Congress did not intend to do so," the board said in a statement
when it filed its Supreme Court petition.
Although the board has produced about 18,000 documents, the
nonprofit organization is seeking roughly another 20,000 records it
believes could contain important information.
CPI has already published reports critical of the board's role and
communications with congressional staffers pushing to privatize the
island’s electric utility. The organization gained national
attention in 2019 when it published a leak of humiliating text
messages sent by former governor Ricardo Rosselló on the Telegram
app to members of his cabinet. Rosselló resigned shortly
afterwards.
The board's ongoing resistance to sharing communications with the
Puerto Rican government and numerous financial disclosures raises
red flags, CPI executive director Carla Minet told Bloomberg Law.
"We've seen all these years how the board and the government of
Puerto Rico keep making excuses or try to pass the ball as to who
is responsible for decision-making," she said.
The Board's Debt Plan
There's no indication that any potentially shocking revelations
from the board's communications could upset the commonwealth's debt
adjustment plan. The plan was approved earlier this 2022 by Judge
Laura Taylor Swain of the US District Court for the Southern
District of New York, who was appointed to oversee Puerto Rico's
$120 billion debt and pension liability restructuring process.
The plan restructures the central government's $33 billion debt
load and addresses a broke public pension trust. The judge also
previously approved a deal to rework about $18 billion in bonds
repaid from revenues on the island’s sales tax.
The board's work has involved cost-cutting reforms to the
island’s labor laws, budget, and public pension system—changes
that have met with resistance from island residents and
politicians.
The case is Financial Oversight and Management Board for Puerto
Rico v. Centro de Periodismo Investigativo Inc., U.S., No.
22-0096.
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.
The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt load and $49
billion in pension obligations.
The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').
The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").
U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.
Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.
McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico
Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.
O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.
The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.
* * *
The two Title III plans of adjustment have been confirmed to date,
for the Commonwealth and COFINA debtors.
QUEST SOFTWARE: S&P Alters Outlook to Negative, Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Quest Software US
Holdings Inc. to negative from stable and affirmed its 'B-' issuer
credit rating, as well as its 'B-' issue-level rating on the
company's first-lien credit facility and 'CCC+' issue-level rating
on its second-lien term loan.
The affirmation of S&P's rating on Quest, at this time, is based on
the its liquidity position, which it believes to be adequate to
absorb near-term negative free cash flow.
S&P's negative outlook on Quest reflects its view that it could
face a prolonged period of negative free cash flow if it is unable
to significantly improve sales execution amid an environment of
higher interest expense and weakening corporate information
technology (IT) spending.
Quest's top-line performance has suffered amid a significant
increase in salesforce turnover combined with an aggressive
strategic shift to subscription sales over perpetual licenses. S&P
said, "Quest reported a high-teens percentage year-over-year
revenue decline in the second quarter of its fiscal 2023,
substantially worse than our forecast of low- to mid-single digit
growth at the time of its recent leveraged buyout (LBO). We
attribute this underperformance to two primary factors: a
significant, disruptive increase in turnover among the company's
sales staff on top of a hard strategic pivot to subscription sales
over traditional perpetual licenses. Although disruptions to
go-to-market operations are not uncommon around changes in
ownership and management, we did not expect Quest's acquisition by
Clearlake to present significant execution risk as the company had
been previously owned by a financial sponsor and the senior
management team has remained in place. Nevertheless, it is now
clear that Quest saw a significant increase in attrition in the
first half of 2022 that meaningfully disrupted its sales motion as
experienced representatives quit and replacements had to be trained
while rebuilding a funnel of prospects and leads. Management's
decision to simultaneously pursue an aggressive strategic pivot
away from perpetual licenses exacerbated the impact of this
challenge; subscription sales and bookings have grown over 25% over
the past year but have started from a small base and have not been
able to offset declines in perpetual license revenue."
S&P said, "The negative outlook on Quest reflects our view that it
could face a prolonged period of negative free cash flow if it is
unable to significantly improve sales execution amid an environment
of higher interest expense and weakening corporate IT spending.
Absent a recovery of topline growth and cash flow generation, we
believe Quest's capital structure may be unsustainable over the
longer term.
"We could lower the rating on Quest to 'CCC+' if it fails to return
to positive revenue growth and to improve EBITDA margins, due to
continued impaired sales function productivity, execution missteps
during subscription revenue model transition, increasing
competitive pressures, or weaker customer demand, such that it is
likely to face negative free cash flow into fiscal 2024.
"We could revise the outlook to stable if Quest is able to generate
positive free operation cash flow within the next 12 months and
demonstrate its ability sustain consistent revenue growth with
EBITDA margin improvement."
ESG credit indicators: E-2, S-2, G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of the company, as is
the case for most rated entities owned by private-equity sponsors.
We believe Quest's highly leveraged financial risk profile points
to corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects the generally finite holding
periods and a focus on maximizing shareholder returns."
RELIABLE HOME: Seeks to Hire Wilke & Associates as Accountant
-------------------------------------------------------------
Reliable Home Health Limited seeks approval from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Wilke & Associates, CPAs & Business Advisors as its accountant.
The Debtor needs an accountant to prepare its federal and state tax
returns, and associated documents.
The Debtor proposes to pay the firm a retainer fee of $4,500 and at
hourly rates ranging from $100 to $195 for accounting services.
Maria Stromple, CPA, a member of Wilke & Associates, disclosed in a
court filing that her firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Maria Stromple, CPA
Wilke & Associates, CPAs & Business Advisors
1721 Cochran Road, Suite 200
Pittsburgh, PA 15220-1002
Telephone: (412) 278-2200
Email: info@wilkecpa.com
About Reliable Home Health
Reliable Home Health Limited is a Pennsylvania Corporation engaged
in the provision of home health care support services. It contracts
with health insurance companies and places employees in home
support environments where they assist individuals in daily tasks.
Reliable Home filed a Chapter 11 bankruptcy petition (Bankr. W.D.
Pa. Case No. 22-20352) on March 1, 2022, with up to $500,000 in
assets and up to $1 million in liabilities. Judge Carlota M. Bohm
oversees the case.
The Debtor tapped Brian C. Thompson, Esq., at Thompson Law Group,
PC as bankruptcy counsel; The Law Office of Shawn N. Wright, P.C.
as special counsel; and Maria Stromple, CPA, at Wilke & Associates,
CPAs & Business Advisors as accountant.
RENEWABLE ENERGY: Taps Merlin & Associates as Special Counsel
-------------------------------------------------------------
Renewable Energy Holdings of Georgia, LLC seeks approval from the
U.S. Bankruptcy Court for the Northern District of Georgia to
employ Merlin & Associates, LLC as special counsel.
The Debtor needs a special counsel to provide legal assistance
related to issues surrounding the Dixie Transfer station that it
operated, zoning and building permit issues in Cherokee County, and
the ongoing negotiations with the owners of the landfill and
transfer station property.
The firm normally charges an hourly fee of $475 for attorneys.
Lawrence Merlin, Esq., a principal at Merlin & Associates,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Lawrence M. Merlin, Esq.
Merlin & Associates, LLC
355 Satterwhite Drive
Johns Creek, GA 30022
About Renewable Energy Holdings of Georgia
Renewable Energy Holdings of Georgia, LLC specializes in hauling,
disposal, and recycling of construction demolition waste with its
principal place of business located at 375 Industrial Park Road,
Cartersville, Ga., and its headquarters located at 2859 Paces Ferry
Road, Suite 1150, Atlanta, Ga.
Renewable Energy Holdings of Georgia sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-41005) on Aug. 26, 2022, with up to $50,000 in assets and up to
$10 million in liabilities. Carson Cash King, authorized
representative, signed the petition.
Judge Barbara Ellis-Monro oversees the case.
The Debtor tapped Cameron M. McCord, Esq., at Jones & Walden, LLC
as bankruptcy counsel; Lawrence M. Merlin, Esq., at Merlin &
Associates, LLC as special counsel; and Windham Brannon, LLC as
accountant.
RJRAMDHAN GROUP: Files Emergency Bid to Use Cash Collateral
-----------------------------------------------------------
RJramdhan Group, LLC asks the U.S. Bankruptcy Court for the Middle
District of Florida, Jacksonville Division, for authority to use
cash collateral in accordance with the budget, with a 10% variance
and provide adequate protection payments to Vivian C. Holley in the
amount of f $3,843 per month until confirmation of Debtor’s
Chapter 11 plan of reorganization or until further order of the
Court.
The Debtor requires the use of cash collateral to pay costs and
expenses of operating the Debtor's commercial property located at
2060 W. 21st Street, Jacksonville, Florida 32209 valued at $559,028
per the Duval County Property Appraiser.
The secured mortgage holder is Vivian C. Holley, P.O. Box 40,
Hilliard, FL 62046-0040 in the amount of $1,215,168.
The Commercial Property is encumbered by a Mortgage and Security
Agreement initially between the Debtor and St. Johns Mortgage
Management, a Florida corporation, the Secured Lender's
predecessor-in-interest, executed on June 13, 2013 and recorded on
June 21, 2013 in the Duval County Public Records at Book 16421,
Page 2402 in the face amount of $685,000.
On September 3, 2015, the Debtor executed and delivered a second
promissory note and second mortgage to Onis Linwood Holley, the
Secured Lender's predecessor-in-interest in the amount of $249,985.
The same was recorded on March 22, 2017 in OR Book 17919 page 628
of the Duval County Public Records.
The First Mortgage and the Second Mortgage were consolidated by an
Assumption of Modification of First Mortgage, Second Mortgage, and
Lease/Purchase Agreement dated in February 2019, and recorded in
OR Book 18703, Page 1854 of the Duval County Public Record.
The Modified Mortgage was assigned to Onis Linwood Holley by an
"Assignment of Mortgage" dated October 21, 2021 and recorded in OR
Book 19986, Page 1729 of the Duval County Public Records. Onis
Linwood Holley is deceased and his heir, Vivian C. Holley is now
the Secured Lender.
The Debtor defaulted on the Modified Mortgage and on August 18,
2022, a Final Judgment of Foreclosure was entered in the Duval
County Circuit Court Case No. 2021-CA-6693 captioned Vivian C.
Holley v. RJRamdhan Group, LLC, et al. with a foreclosure scheduled
for October 5, 2022.
The Debtor has two leases of the Commercial Property with Corey
Lundy and Johnny's Commercial Tires and Retread, Inc.
A copy of the Debtor's motion and budget is available at
https://bit.ly/3g9N7nM from PacerMonitor.com.
The budget provides for total disbursements, on a monthly basis, as
follows:
$7,328 for October 2022;
$7,328 for November 2022;
$7,328 for December 2022;
$7,328 for January 2023;
$7,328 for February 2023; and
$7,328 for March 2023.
About RJRamdhan Group
RJRamdhan Group LLC is in the business of retreading semi-trucks
tires, operating from its owned premises located at 2060 W 21st
Street Jacksonville, FL 32209.
RJRamdhan Group LLC filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01998) on Oct. 4,
2022. In the petition filed by Jonathan Ramdhan, as manager, the
Debtor reported assets between $500,000 and $1 million and
liabilities between $1 million and $10 million.
The Debtor is represented by Chad T. Van Horn, Esq., at Van Horn
Law Group PA.
RSBR INC: Gets OK to Hire David Johnston as Bankruptcy Attorney
---------------------------------------------------------------
RSBR, Inc. received approval from the U.S. Bankruptcy Court for the
Northern District of California to employ David Johnston, Esq., an
attorney practicing in Modesto, Calif., to handle its Chapter 11
case.
Mr. Johnston will render these services:
(a) advise the Debtor about various bankruptcy options;
(b) advise the Debtor about its rights, powers, and
obligations in the bankruptcy case and in the management of the
estate;
(c) take necessary action to enforce the automatic stay and
oppose motions for relief from the stay;
(d) take necessary action to recover and avoid any
preferential or fraudulent transfers and to exercise the Debtor's
powers;
(e) appear with the Debtor's president at the meeting of
creditors, initial interview with the U.S. Trustee, status
conference, and other hearings held before the court;
(f) review and if necessary, object to proofs of claim;
(g) take steps to obtain court authority for the sale or
refinancing of assets if necessary; and
(h) prepare a plan of reorganization and a disclosure
statement and take all steps necessary to bring the plan to
confirmation.
Mr. Johnston will be paid at his normal hourly rate of $400.
Prior to the petition date, the Debtor paid $6,000 to Mr. Johnston
as a retainer for pre-bankruptcy and post-petition services.
Mr. Johnston disclosed in a court filing that he is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The attorney can be reached at:
David C. Johnston, Esq.
Attorney at Law
1600 G Street, Suite 102
Modesto, CA 95354
Telephone: (209) 579-1150
Facsimile: (209) 900-9199
Email: david@johnstonbusinesslaw.com
About RSBR Inc.
RSBR, Inc., doing business as Boardwalk Grill, filed a voluntary
petition for relief under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Calif. Case No. 22-40857) on Aug. 31,
2022, with up to $1 million in both assets and liabilities. Mark
Sharf has been appointed as Subchapter V trustee.
Judge Charles Novack oversees the case.
David C. Johnston, Esq., serves as the Debtor's counsel.
S3 SPA: Gets OK to Hire Southwest Tax Solutions as Accountant
-------------------------------------------------------------
S3 SPA, LLC received approval from the U.S. Bankruptcy Court for
the District of Arizona to employ Southwest Tax Solutions, LLC as
its accountant.
The firm's services include the preparation of financial statements
and other accounting tasks that may be requested by the Debtor.
The firm will be paid an hourly fee of $85.
As disclosed in court filings, Southwest Tax Solutions does not
represent interests adverse to the Debtor or the bankruptcy
estate.
The firm can be reached through:
Steven G. Havertine
Southwest Tax Solutions, LLC
3420 E Shea Blvd #200
Phoenix, AZ 85028
Phone: +1 602-795-9168
Email: E-mail: Steve@SWTaxSolutions.com
About S3 SPA LLC
S3 SPA, LLC filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 22-05439) on Aug. 17,
2022, with up to $50,000 in assets and up to $500,000 in
liabilities. Jody Corrales serves as Subchapter V trustee.
Judge Paul Sala oversees the case.
D. Lamar Hawkins, Esq., at Guidant Law, PLC and Southwest Tax
Solutions, LLC serve as the Debtor's legal counsel and accountant,
respectively.
SBW PROPERTIES: Seeks to Hire Eric Liepins as Bankruptcy Counsel
----------------------------------------------------------------
SBW Properties, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Eric A. Liepins, PC as
its bankruptcy 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 has been paid a retainer of $2,500.
Mr. Liepins, the sole shareholder of the firm, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
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 SBW Properties
SBW Properties, LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No.
22-31838) on Oct. 3, 2022, with up to $1 million in both assets and
liabilities. Eric A. Liepins, PC serves as the Debtor's counsel.
SHOPS AT BROAD: Has $1.5MM DIP Loan from SSG 2003
-------------------------------------------------
Shops at Broad, LLC asks the U.S. Bankruptcy Court for the Northern
District of Texas, Fort Worth Division, for authority to obtain
debtor-in-possession financing.
The Debtor has obtained a commitment for a term loan from SSG 2003
Trust in the amount of $1,500,000 to help fund the payments of its
reasonable and necessary operating expenses. In addition, the DIP
Loan will be used to help fund the costs of tenant improvements and
the finish out on the movie theater in particular.
SAB owns over 80 acres comprised of both developed and undeveloped
land projects. The undeveloped projects include multifamily housing
and a hotel.
Prior to the bankruptcy, several parcels of land were sold, and the
Debtor has obligations to some or all of these purchasers for
maintaining the parking lots and/or common areas as well as
reciprocal easements. The businesses occupying these spaces include
At Home, Academy Sports & Outdoors, Fieldhouse USA and the Dallas
Stars Center.
The shopping center owned by SAB has approximately 22 tenants
including anchor tenants Belk and TJ Maxx. In addition, there is a
movie theater space that occupies approximately 40,000 square feet.
The exterior construction is complete, but the interior finish out
has not yet been completed.
The movie theater was scheduled for completion in March 2020 but
did not open due to the COVID-19 pandemic. In addition, and to
compound matters, the rent payments from Belk are tied to the
opening of the movie theater, which has resulted in Belk not paying
rent to the Debtor for over two years.
The Debtor is in negotiations to complete the movie theater space
and finish out the improvements. However, the Debtor needs funds to
do this. Once the movie theater opens, this will trigger the rent
provisions under the Belk lease and mitigate the default
provisions.
If the Debtor's Plan is confirmed, the DIP Loan will be repaid by
the Debtor in monthly installments commencing on the Effective Date
of the Debtor's Plan of Reorganization. The payments will be
interest only at WSJ Prime +1% interest over 24 months with the DIP
Loan due and fully matured at the end of the 24th month. In the
event a Plan other than the Debtor's Plan is confirmed, the DIP
Loan will be due and payable in full upon the Effective Date of the
confirmed Plan. In addition, in the event the automatic stay is
lifted, the case is converted to Chapter 7 or a Chapter 11 Trustee
is appointed, the Debtor's ability to use the loan proceeds will
immediately terminate unless otherwise authorized by SSG.
As a condition of making the loan, SSG will receive a junior lien
on the Property subordinate to all prior valid, perfected and
enforceable liens. In addition, SSG will receive a priority
administrative claim subject to the payment of the Debtor's
professional fees.
SSG is an insider and member of the Debtor. SSG is managed by Susan
Geyer, and the Debtor has listed SSG as an unsecured creditor in
the approximate amount of $5,000,000 for funds previously loaned by
SSG to the Debtor. SSG is unwilling to advance additional funds
without the protections afforded under 11 USC section 364(c) but
has agreed to a junior lien position.
Susan Geyer is the mother of Stewart Geyer, the Debtor's corporate
representative.
Trez, Advantage Platform Service, Inc., CT Corporation System and
Corporation Service Company are asserting secured claims in this
case and may hold a lien that may attach to the Debtor's property
including the cash collateral. The SSG lien will be subordinate to
all existing liens and thus will not impair the Debtor's existing
lienholders.
A copy of the motion is available at https://bit.ly/3CNgJjM from
PacerMonitor.com.
About Shops at Broad LLC
Shops at Broad LLC owns a shopping center and undeveloped projects
that include multifamily housing and a hotel.
SAB sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Tex. Case No. 22-42059) on Sept. 2, 2022. In its
petition, the Debtor reported assets and liabilities between $50
million and $100 million.
The Debtor is represented by Areya Holder, Esq., at Holder Law, as
counsel.
STANFORD CHOPPING: Seeks to Hire David Johnston as Legal Counsel
----------------------------------------------------------------
Stanford Chopping, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ David
Johnston, Esq., an attorney practicing in Modesto, Calif., to
handle its Chapter 11 case.
Mr. Johnston will render these services:
(a) advise the Debtor about various bankruptcy options;
(b) advise the Debtor about its rights, powers, and
obligations in the bankruptcy case and in the management of the
estate;
(c) take necessary action to enforce the automatic stay and
oppose motions for relief from the stay;
(d) take necessary action to recover and avoid any
preferential or fraudulent transfers and to exercise the Debtor's
powers;
(e) appear with the Debtor's president at the meeting of
creditors, initial interview with the U.S. Trustee, status
conference, and other hearings held before the court;
(f) review and if necessary, object to proofs of claim;
(g) take steps to obtain court authority for the sale or
refinancing of assets if necessary; and
(h) prepare a plan of reorganization and a disclosure
statement and take all steps necessary to bring the plan to
confirmation.
Mr. Johnston will be paid at his normal hourly rate of $400.
Prior to the petition date, the Debtor paid $5,000 to Mr. Johnston
as a retainer for pre-bankruptcy and post-petition services.
Mr. Johnston disclosed in a court filing that he is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The attorney can be reached at:
David C. Johnston, Esq.
Attorney at Law
1600 G Street, Suite 102
Modesto, CA 95354
Telephone: (209) 579-1150
Facsimile: (209) 900-9199
Email: david@johnstonbusinesslaw.com
About Stanford Chopping
Stanford Chopping, Inc., a company in Chowchilla, Calif., filed a
voluntary petition for relief under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Calif. Case No. 22-11403) on Aug. 17,
2022, with up to $10 million in both assets and liabilities. Lisa
Holder has been appointed as Subchapter V trustee.
Judge Rene Lastreto II oversees the case.
David C. Johnston, Esq., serves as the Debtor's legal counsel.
STRATEGIC INNOVATIONS: Seeks to Hire David Johnston as Counsel
--------------------------------------------------------------
Strategic Innovations LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ David
Johnston, Esq., an attorney practicing in Modesto, Calif., to
handle its Chapter 11 case.
Mr. Johnston will render these services:
(a) advise the Debtor about various bankruptcy options;
(b) advise the Debtor about its rights, powers, and
obligations in the bankruptcy case and in the management of the
estate;
(c) take necessary action to enforce the automatic stay and
oppose motions for relief from the stay;
(d) take necessary action to recover and avoid any
preferential or fraudulent transfers and to exercise the Debtor's
powers;
(e) appear with the Debtor's president at the meeting of
creditors, initial interview with the U.S. Trustee, status
conference, and other hearings held before the court;
(f) review and if necessary, object to proofs of claim;
(g) take steps to obtain court authority for the sale or
refinancing of assets if necessary; and
(h) prepare a plan of reorganization and a disclosure
statement and take all steps necessary to bring the plan to
confirmation.
Mr. Johnston will be paid at his normal hourly rate of $400.
Prior to the petition date, the Debtor paid $7,500 to Mr. Johnston
as a retainer for pre-bankruptcy and post-petition services.
Mr. Johnston disclosed in a court filing that he is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The attorney can be reached at:
David C. Johnston, Esq.
Attorney at Law
1600 G Street, Suite 102
Modesto, CA 95354
Telephone: (209) 579-1150
Facsimile: (209) 900-9199
Email: david@johnstonbusinesslaw.com
About Strategic Innovations
Strategic Innovations, LLC, a company in Fresno, Calif., filed a
voluntary petition for relief under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Calif. Case No. 22-11541) on Sept. 1,
2022, with up to $10 million in both assets and liabilities. David
M. Sousa has been appointed as Subchapter V trustee.
Judge Jennifer E. Niemann oversees the case.
David C. Johnston, Esq., serves as the Debtor's legal counsel.
SUGARBUD: Dec. 9 Deadline Set for Submission of Final Proposals
---------------------------------------------------------------
As previously announced, on September 26, 2022, Sugarbud Craft
Growers Corp., together with its subsidiaries (collectively
"Sugarbud")) commenced a restructuring process by filing notices of
intention to make a proposal (the "NOI") under the Bankruptcy and
Insolvency Act (Canada), as amended (the "BIA"). Alvarez & Marsal
Canada Inc. is acting as proposal trustee (the "Proposal
Trustee").
Pursuant to an order granted by the Court of King's Bench of
Alberta on September 29, 2022 (the "Initial Order"), Sugarbud and
the Proposal Trustee have commenced a sale and investment
solicitation process (the "SISP") in respect of Sugarbud's
business. The SISP is intended to solicit interest in, and
opportunities for, a sale of, or investment in or refinancing of,
all or part of Sugarbud's assets and business operations.
The SISP is a two-phased process. Interested parties who wish to
submit a bid must deliver a non-binding letter of interest to the
Proposal Trustee in accordance with the SISP, no later than 5:00
p.m. (Calgary time) on November 4, 2022. During Phase 2 of the
SISP, the deadline for submissions of final and binding proposals
is 5:00 p.m. (Calgary time) on December 9, 2022.
Copies of the Initial Order, SISP Procedure Document and other
Court filed materials are available at:
www.alvarezandmarsal.com/sugarbud.
Interested parties who wish to obtain additional information and
participate in the SISP may contact the Proposal Trustee at:
bkrol@alvarezandmarsal.com.
Sugarbud (TSXV: SUGR) (TSXV: SUGR.DB) (TSXV: SUGR.WR) (TSXV:
SUGR.WS) (TSXV: SUGR.WT) (OTCQB: SBUDD) -- http://www.sugarbud.ca/
-- is a consumer-driven craft cannabis company focused on the
cultivation and production of superior, select-batch, craft
cannabis products. Federally licensed in Cannabis 1.0 and Cannabis
2.0, Sugarbud operates out of a 100% owned, 29,800 square foot
cultivation and processing facility in Stavely, Alberta. Its vision
and mission are to become a trusted and well-respected consumer
brand renowned for providing exceptional high-quality craft
cannabis products to legal markets by delighting the most
discerning of cannabis consumers.
TAMARACK INVESTMENTS: Files for Chapter 11 Bankruptcy
-----------------------------------------------------
Tamarack Investments LLC filed for chapter 11 protection in the
Western District of Oklahoma without stating a reason.
The Debtor disclosed $5.621 million in assets against liabilities
of $2.820 million in its schedules. The Debtor says it has a 32.3%
interest in the Red Hawk SWD 1-17 Well and 38.3% interest in the
Red Hawk SWD 2-17 a/k/a 2-17H Well both located in the SE/4 SW/4 of
Section 17, Township 19N, Range 7 WIM, Kingfisher County, Oklahoma
-- with the investments worth $3.302 million.
The Debtor's secured creditor is First National Bank & Trust, which
is owed $2.705 million and secured by the Debtor's interests in the
Wells.
The Debtor said it has between 1 and 49 creditors and that funds
will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
Nov. 14, 2022, at 1:30 PM Telephonically.
About Tamarack Investments
Tamarack Investments LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code on October 11, 2022. In the petition filed by
Charles V. Long, Jr., as managing member, the Debtor reported
assets and liabilities between $1 million and $10 million. The
Debtor is represented by Stephen J. Moriarty of Fellers Snider.
TRUSENTIAL LLC: Seeks to Hire Patricia Kovacs as Legal Counsel
--------------------------------------------------------------
Trusential, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Ohio to employ Patricia Kovacs, Esq., an
attorney practicing in Curtice, Ohio, to handle its Chapter 11
case.
Ms. Kovacs will render these services:
(a) assist and advise the Debtor relative to the
administration of this proceeding;
(b) advise the Debtor with respect to its powers and duties in
the continued management and operation of its business and
property;
(c) represent the Debtor before the bankruptcy court and
advise the Debtor on pending litigation, hearings, motions, and
decisions of the bankruptcy court;
(d) review and advise the Debtor regarding applications,
orders, and motions filed by third parties;
(e) attend meetings conducted pursuant to Section 341(a) of
the Bankruptcy Code and represent the Debtor at all examinations;
(f) communicate with creditors and other parties in interest;
(g) assist the Debtor in preparing all legal papers;
(h) confer with other professionals retained by the Debtor and
other parties in interest;
(i) negotiate and prepare the Debtor's Chapter 11 plan,
disclosure statement and all related documents, and take any
necessary actions to obtain confirmation of the plan; and
(j) perform all other necessary legal services for the Debtor
in connection with this Chapter 11 case.
Ms. Kovacs will be paid at her hourly rate of $250, plus expenses.
Her paralegal's rate is $100 per hour.
Ms. Kovacs disclosed in a court filing that she is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The attorney can be reached at:
Patricia A. Kovacs, Esq.
Attorney at Law
P.O. Box 257
Curtice, OH 43412
Telephone: (419) 270-3649
Email: patricia.a.kovacs@gmail.com
About Trusential LLC
Trusential LLC -- https://www.trusentialstaffing.com/ -- is a
nurse-owned and operated healthcare staffing agency that provides
staffing placements for healthcare companies in need.
Trusential filed a voluntary petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No.
22-31144) on Aug. 3, 2022, with up to $1 million in assets and up
to $500,000 in liabilities. Patricia B. Fugee has been appointed as
Subchapter V trustee.
Judge John P. Gustafson oversees the case.
Patricia A. Kovacs, Esq., serves as the Debtor's legal counsel.
ULTRA SEAL: Oct. 20 Hearing on Continued Cash Collateral Access
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York,
Poughkeepsie Division, authorized Ultra Seal Corporation and
Ultra-Tab Laboratories, Inc. to use cash collateral on an
emergency, interim basis to pay only expenses as set forth in the
budget.
A further hearing on the matter is set for October 20 at 12 p.m.
As previously reported by the Troubled Company Reporter, the
Debtors require the use of cash collateral to meet the minimal
monthly obligations associated with the Debtor's operations,
including but not limited to, insurance, utilities, and
maintenance.
At the time of the bankruptcy filing, Ultra Seal was the obligor
under a $250,000 note and security agreement with M&T Bank. As of
the Petition Date, Ultra Seal was current with the obligations due
and owing to M&T Bank. The total obligation due and owing to M&T
Bank as of petition date was $744, 200.
Ultra-Tab was the obligor under notes and security agreements with
M&T Bank in the total approximate amount of $494,200. As of the
Petition Date, Ultra-Tab was current with the obligations due and
owing to M&T Bank.
Ultra-Tab expects to sell substantially all of its assets through a
liquidating Chapter 11 plan and satisfy M&T Bank obligation in
full. The obligations owed to M&T Bank are collateralized by
substantially all of the Debtors' assets, including its accounts,
accounts receivable, equipment, machinery and inventory.
A copy of the order is available at https://bit.ly/3CDsnMI from
PacerMonitor.com.
About Ultra Seal Corporation
Ultra Seal Corporation is a privately owned and operated contract
packager of pharmaceutical products, nutritional supplements and
personal care products located in the heart of New York's Hudson
Valley. Affiliate, Ultra-Tab Laboratories, Inc., is a bulk
manufacturer of those products. Both are regulated by the United
States Food and Drug Administration.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-35630) on October
6, 2022. In the petition signed by Dennis Borrello, president,
Ultra Seal disclosed $8,861,955 in assets and $5,757,027 in
liabilities.
Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP, is the
Debtors' counsel.
Judge Cecelia G. Morris oversees the case.
UNITED GROUP: Taps Goldman to Sell Assets as Debt Deadlines Loom
----------------------------------------------------------------
Laura Benitez and Lucca de Paoli of Bloomberg Law report that BC
Partners-backed telecom provider United Group BV has appointed
Goldman Sachs Group Inc. to sell some of its mobile tower assets in
a bid to shore up liquidity and repay its near-term bond
maturities, the company said in a statement on Wednesday, October
12, 2022.
The announcement comes as bonds of United Group fell to
deeply-distressed levels in recent weeks amid soaring inflation and
a rising interest-rate environment. Riskier issuers have struggled
to refinance debt this year as investor appetite slumped against
the volatile backdrop following Russia’s invasion of Ukraine in
February 2022.
About United Group BV
The Netherlands-based United Group BV is the leading multi-play
telecoms and media provider in South East Europe, providing
customers with a full range of telecommunications services. It has
the broadest network coverage in the region and offers customers an
unrivalled selection of content, from local offerings to the best
selection from across the globe.
VANGUARD WINES: Wins Interim Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ohio,
Eastern Division, authorized Vanguard Wines, LLC to use cash
collateral on an interim basis in accordance with its agreement
with s secured lender, Crossroads Financial Group, LLC.
The Debtor requires the use of cash collateral to fund its
operations throughout its bankruptcy case and until the assets of
the Debtor are sold via section 363.
Crossroads, a North Carolina limited liability company, U.S. Small
Business Administration, and Libertas Funding LLC may each assert
an interest in the Debtor's cash collateral by virtue of their
respective documents.
The Debtor became indebted to Crossroads pursuant to loan and
security agreements including a Loan and Security Agreement dated
February 20, 2020, which contemplated a revolving credit facility,
executed by the Debtor in favor of Crossroads, together with
related contractual agreements.
As of the Petition Date, the Debtor was, and remains, in default of
its obligations under the Loan Documents.
Crossroads asserts that under the Loan Documents, the current
balance of the Loan is approximately $986,778, plus fees
(including, without limitation, legal fees), costs, and expenses
that have accrued or may accrue.
The SBA and Libertas may assert interests in the Prepetition
Collateral and the cash collateral by virtue of their credit
agreements with the Debtor.
The Debtor is permitted to use cash collateral in an amount not to
exceed of the sum of the first three weeks (through October 28,
2022) of the "Total Cash Paid Out" line item in the Approved
Budget.
As adequate protection, Crossroads is granted valid, binding,
enforceable, and perfected first-priority replacement liens in all
property acquired or created postpetition.
The SBA and Libertas are each granted valid, binding, enforceable,
and perfected replacement liens in the Additional Collateral junior
in all respects to the Replacement Liens granted to Crossroads and
having the same priority as their existing liens have to one
another and the Prepetition Liens of Crossroads as of the Petition
Date.
Starting on October 24, 2022, the Debtor will make bi-weekly
payments (on the Wednesday of each week) of $7,750 to Crossroads,
and the Debtor will make an interest payment to Crossroads in an
amount not less than $15,800 on or before December 5, 2022.
The replacement liens and security interests granted to Crossroads
will be subject and subordinate to:
a) fees required to be paid to (i) the Office of the Subchapter
V Trustee under sections 330(a) and 503 of the Bankruptcy Code in
an amount up to $5,000; and
b) the actual unpaid fees and expenses, up to the amounts set
forth in the "Accounting & legal" line item of the Approved Budget,
incurred or earned by any professional retained by the Debtor.
The total amount of the Carve Out for the Debtor's Professionals
will not exceed $25,000 prior to entry of a Final Order, and upon
entry of a Final Order, the Carve Out for the Debtor's
Professionals will be increased by $47,500 for a total of no more
than $72,500 during the case.
The final hearing on the matter is set for October 25, 2022 at 2
p.m.
A copy of the order and the Debtor's 13-week budget is available at
https://bit.ly/3eyuidz from PacerMonitor.com.
The budget provides for total expenses, on a weekly basis, as
follows:
$66,820 for the week beginning October 10, 2022;
$42,275 for the week beginning October 17, 2022;
$51,320 for the week beginning October 24 2022;
$62,681 for the week beginning October 31 2022;
$72,820 for the week beginning November 7, 2022;
$60,950 for the week beginning November 14, 2022;
$69,820 for the week beginning November 21, 2022;
$55,750 for the week beginning November 28, 2022;
$1,064,217 for the week beginning December 5, 2022;
$58,200 for the week beginning December 12, 2022;
$820 for the week beginning December 19, 2022;
$0 for the week beginning December 26, 2022; and
$0 for the week beginning January 2, 2023.
About Vanguard Wines, LLC
Vanguard Wines, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 22-51200) on October 10,
2022. In the petition signed by Eric Stewart, president, the Debtor
disclosed $1,408,580 in total assets and $5,063,797 in total
liabilities.
Vanguard Wines, LLC is an independently owned importer and
distributor of fine wines and spirits in Ohio, Kentucky and
Indiana. Vanguard operates primarily from its leased warehouse
facility in Columbus, Ohio, as well as smaller facilities in
Indianapolis, Indiana and Louisville, Kentucky. On a company wide
basis, Vanguard has 26 employees as of the filing of its chapter 11
case.
Judge Alan M. Koschik oversees the case.
Richard K. Stoval, Esq., at Allen Stovall Neuman & Ashton LLP, is
the Debtor's counsel.
VERICAST CORP: Seeks New Debt Swap as Challenges Mount
------------------------------------------------------
Erin Hudson of Bloomberg Law reports that Ronald Perelman's
Vericast Corp. is seeking lender approval to rework its debt load
once again, buying itself more time as it battles deteriorating
performance and rising costs.
The marketing firm has proposed swapping a chunk of its first-lien
term loan into new second-lien notes, deferring certain loan
payments until 2025 and exchanging part of a term loan due next
year for longer-dated debt, according to S&P Global Ratings.
Vericast currently has a more than $1 billion loan due 2026. If
completed, the transactions will leave the company with a roughly
$842.5 million term loan due 2026.
Vericast announced that it plans to pursue the following
transactions:
-- Refinance its existing $1.1 billion first-lien term loan due
2026 by subordinating at least $269 million into new second-lien
notes due 2027. The remaining portion will be amended into a new
first-lien term loan due 2026.
-- Defer the next four quarters of 1.625% quarterly mandatory
amortization payments into a single payment due in 2025.
-- Exchange the remaining $50 million of the initial first-lien
term loan due 2023 into the new first-lien term loan due 2026.
About Vericast Corporation
Headquartered in San Antonio, TX, Vericast Corp. is a provider of
check and check related products, direct marketing services and
customized business and home office products. Its Valassis division
offers clients mass delivered and targeted programs to reach
consumers primarily consisting of shared mail, newspaper and
digital delivery in addition to coupon clearing and other marketing
and analytical services. The company's 2020 annual revenue was
$2.6 billion. Vericast is owned by MacAndrews & Forbes Holdings,
Inc. a wholly owned entity controlled by Ronald O. Perelman.
S&P Global Ratings in early October 2022 lowered its issuer credit
rating on Vericast Corp. to 'CC' from 'CCC+'. At the same time,
S&P lowered the issue-level rating on the first-lien term loans to
'CC'. Vericast had announced its plan to exchange a portion of its
first-lien term loan into new second-lien notes. The company also
proposed to defer the next four quarters of its mandatory
amortization payments on its amended first-lien term loan. Under
the proposed exchanges, lenders receive less than originally
promised, which S&P views as tantamount to default. The negative
outlook reflects the expectation that S&P will lower its issuer
credit rating on Vericast to 'SD' upon the completion of these
exchanges because S&P considers them to be distressed. At that
time, S&P will also lower its issue-level ratings on the debt being
exchanged to 'D'.
VINTAGE FOOD: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Vintage Food Services, Inc.
DBA Vintage House
DBA Vintage House Banquets and Catering
DBA O'Hara's
31816 Utica Road
Fraser, MI 48026
Business Description: The Debtor offers a complete suite of
catering services for weddings, showers,
corporate events, fundraisers, reunions,
funeral luncheons, sports banquets, and
bar/bat mitzvahz.
Chapter 11 Petition Date: October 16, 2022
Court: United States Bankruptcy Court
Eastern District of Michigan
Case No.: 22-48073
Judge: Hon. Thomas J. Tucker
Debtor's Counsel: Lynn M. Brimer, Esq.
STROBL SHARP PLLC
300 East Long Lake Road
Suite 200
Bloomfield Hills, MI 48304-2376
Tel: (248) 540-2300
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Anthony Jekielek 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/D6SQ2CI/Vintage_Food_Services_Inc__miebke-22-48073__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/DQQXU4A/Vintage_Food_Services_Inc__miebke-22-48073__0001.0.pdf?mcid=tGE4TAMA
VOTI DETECTION: Files Notice of Intention to Make BIA Proposal
--------------------------------------------------------------
VOTI Detection Inc. on Oct. 12 disclosed that the Company and its
subsidiary VOTI Inc. have filed a Notice of Intention to Make a
Proposal ("Notice of Intention") pursuant to the provisions of Part
III of the Bankruptcy and Insolvency Act (Canada) (the "BIA") with
PricewaterhouseCoopers Inc. as the proposal trustee (the "Trustee")
who will assist VOTI in its restructuring efforts.
The filing of the Notice of Intention has the effect of imposing an
automatic 30-day stay of proceedings that will protect VOTI and its
assets from the claims of creditors while VOTI continues to pursue
its restructuring efforts. This 30-day period may be extended with
the authorization of the Superior Court of Quebec (Commercial
Division). VOTI has taken this action under the BIA as the most
expeditious and economical manner of addressing the interests of
its creditors, further to the strategic review of alternatives
previously announced by the Company on June 27, 2022.
While VOTI is exploring all strategic and financial alternatives to
maximize stakeholder value in the Notice of Intention proceedings,
it has suspended its operations.
Management will work closely with VOTI's board of directors (the
"Board"), its advisors and the Trustee, in order to secure
financing to allow VOTI to pursue its restructuring efforts for the
benefit of all of its stakeholders.
Provided that it is successful in its efforts to secure financing,
VOTI intends to conduct a sale and investment solicitation process
(the "SISP") with the assistance of Stifel GMP, acting as financial
advisor and the Trustee. The SISP is intended to solicit interest
in, and opportunities for, transactions involving VOTI's business
and assets and including, without limitation, a sale of all or a
portion of VOTI's assets, a merger or other business combination,
or other similar transactions or combination thereof.
There can be no assurance that the SISP will result in a
transaction or, if a transaction is proposed, that it will be
successfully concluded in a timely manner or at all. The failure of
VOTI to achieve its restructuring goals through an approved
proposal would result in VOTI being deemed to have made an
assignment into bankruptcy.
Other information about the Notice of Intention proceedings will be
available on the Trustee's website at http://www.pwc.com/car-VOTI.
Trading in the Common Shares of VOTI
As a result of the filing of the Notice of Intention, trading in
the common shares of the Company on the TSX Venture Exchange
("TSXV") has been halted. There is no certainty as to timing or
likelihood that the Company's common shares will recommence trading
on the TSXV. In accordance with TSXV procedures, it is expected
that the common shares of the Company will be downgraded to the
NEX, where they are expected to remain halted pending further
review by the TSXV.
The Company will provide a further update on these matters once
more information is available.
Board Update
As of the time of this release, the Board is currently composed of
four members. There have not been any resignations on the Board in
connection with the filing of the Notice of Intention; however,
there are no assurances that the Board, as currently in place, will
remain as such pending the outcome of the foregoing.
Advisors
VOTI's legal advisor in connection with the Notice of Intention
proceedings and SISP is Osler, Hoskin & Harcourt LLP. VOTI's
financial advisor is Stifel GMP.
About VOTI
VOTI (TSXV: VOTI), headquartered in, and listed on the TSX Venture
Exchange, is a leading-edge Canadian technology company that
develops latest-generation X-ray security systems based on 3D
PerspectiveTM technology. VOTI's technology produces remarkably
sharp and more revealing X-ray images that are competitively
superior while delivering enhanced threat detection capabilities
and an improved user experience. Since its inception, VOTI has
installed scanners in more than 50 countries and has consulted
heavily with government agencies and security specialists worldwide
to develop feature-rich and easy-to-use scanners that meet the
sophisticated needs of modern security screening operations.
www.votidetection.com
WB MAINTENANCE: Taps WB GJM Business Center as Accountant
---------------------------------------------------------
WB Maintenance Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Eastern District of New York to hire GJM
Business Center Inc. as their accountant.
The firm's services include:
a. addressing all accounting duties that the Debtors are
required to address during the chapter 11 reorganization;
b. completing the reports and other documents required by the
Office of the United States Trustee;
c. preparing and completing tax returns regularly required by
the Debtor's business;
d. assisting and guiding with budgeting and financial
planning; and
e. preparing necessary and desirable reports, summaries and
statements.
GJM charges a monthly flat rate of $300 for sales tax and payroll
accounting services as well as $200 for additional bankruptcy
related work.
As disclosed in court filings, GJM is "disinterested" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
George Mousouris, CPA
GJM Business Center, Inc.
21-12 Broadway
Astoria, NY 11106
Phone: +1 718-267-9157
Email: reception@gjmbusinesscenter.com
About WB Maintenance Inc.
WB Maintenance Inc. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-41755) on July
22, 2022, listing under $1 million in both assets and liabilities.
Ralph E Preite, Esq. at Koutsoudakis & Iakovou Law Group PLLC
represents the Debtor as counsel.
WESTINGHOUSE ELECTRIC: Brookfield Reaches Deal to Sell Business
---------------------------------------------------------------
Brookfield Business Partners (NYSE: BBUC, BBU; TSX: BBUC, BBU.UN),
together with its institutional partners, on Oct. 11 announced an
agreement to sell its nuclear technology services operation,
Westinghouse Electric Company ("Westinghouse"), to a strategic
consortium led by Cameco Corporation and Brookfield Renewable
Partners (the "Consortium") for a total enterprise value of
approximately $8 billion (the "transaction") including proceeds
from the disposition of a non-core asset expected to be received
prior to closing the transaction.
Westinghouse is a global leader in providing mission critical
technologies, products and services to the nuclear power industry.
The business was acquired by Brookfield out of bankruptcy in 2018.
Since its acquisition, Brookfield appointed a new world-class
management team and successfully repositioned the business by
strengthening the organizational structure, refocusing its product
and service offerings, optimizing the global supply chain and
investing in new technology.
Westinghouse's profitability has nearly doubled under Brookfield's
ownership, and today the business is ideally positioned to benefit
from strong industry tailwinds driven by increased recognition of
nuclear power as a reliable source of clean energy to achieve
global decarbonization goals.
"We are pleased to have reached an agreement to sell Westinghouse
that crystalizes meaningful value for our investors and provides
significant proceeds to support our continued growth," said Cyrus
Madon, CEO of Brookfield Business Partners. "We have significantly
enhanced the business' operations over the past four years,
increasing its margins and strengthening its global leadership
position. Westinghouse is an exceptionally well-run business today
and has a great future."
When combined with distributions received to date, Brookfield's
expected proceeds will equate to approximately 6 times its invested
capital, a 60% IRR and $4.5 billion of total profit. Brookfield
Business Partners expects to generate approximately $1.8 billion in
proceeds from the sale of its 44% stake in Westinghouse, with the
balance distributed to institutional partners.
Transaction Details
Closing of the transaction will be subject to certain conditions,
including Brookfield Business Partners unitholder approval,
regulatory approvals and other customary conditions. The
transaction is expected to close in the second half of 2023.
Independent Valuation and Fairness Opinion
The transaction was reviewed by the Governance and Nominating
Committee of the general partner of Brookfield Business Partners,
which is comprised of independent directors (the "Independent
Committee").
The Independent Committee retained an independent valuator and
financial advisor, who has provided a formal valuation to the
Independent Committee that, as of October 11, 2022 and based upon
its analysis and subject to various assumptions, qualifications,
and limitations to be set forth in its formal valuation and
fairness opinion, the fair market value of Brookfield Business
Partners' interest in Westinghouse was in the range of $1.265
billion to $1.8 billion. The Independent Committee also received an
opinion from its independent valuator and financial advisor that,
as of October 11, 2022 and based upon its analysis and subject to
various assumptions, qualifications and limitations to be set forth
in its formal valuation and fairness opinion, the aggregate
consideration to be received by Brookfield Business Partners in
connection with the transaction is fair, from a financial point of
view, to Brookfield Business Partners. The formal valuation and
fairness opinion provided to the Independent Committee excludes
Brookfield Business Partners' share of expected proceeds from the
separate sale of a non-core asset and estimated cash generated
within Westinghouse prior to closing the transaction. The proceeds
that Brookfield Business Partners agreed to receive from the
Consortium for its interest in Westinghouse was within the range of
the formal valuation.
After consultation with its independent financial and legal
advisors, the Independent Committee unanimously determined that the
transaction is in the best interests of Brookfield Business
Partners and recommended to the Brookfield Business Partners Board
that Brookfield Business Partners enter into the transaction. The
Board has unanimously (excluding conflicted directors, who did not
participate in deliberations) approved the transaction and has
recommended that Brookfield Business Partners unitholders vote in
favor of the transaction at a special meeting of unitholders to be
held to approve the transaction (the "meeting").
The transaction is subject to "minority approval," being the
approval by more than 50% of the votes cast by holders of limited
partnership units of Brookfield Business Partners, excluding any
limited partnership units held by any "interested party" pursuant
to the requirements of Multilateral Instrument 61-101 - Protection
of Minority Security Holders in Special Transactions. As a result,
limited partnership units of Brookfield Business Partners held by
Brookfield Asset Management and its affiliates (representing
approximately 33% of the limited partnership units of Brookfield
Business Partners) will be excluded for purposes of this minority
approval. Copies of the independent formal valuation and fairness
opinion, and the factors considered by the Independent Committee as
well as other relevant background information will be included in
the information circular that will be sent to unitholders for the
meeting. Brookfield Business Partners expects to mail this circular
in November 2022, and to hold the meeting in December 2022.
Brookfield Business Partners and the Consortium have entered into
support agreements with unitholders who collectively own
approximately 37% of the votes eligible to be cast by holders of
limited partnership units of Brookfield Business Partners to vote
in favor of the transaction at the meeting.
Advisors
RBC Capital Markets and BMO Capital Markets are acting as financial
advisors and Weil, Gotshal & Manges LLP is acting as legal advisor
to Brookfield.
TPH & CO., the energy business of Perella Weinberg Partners, is
serving as independent valuator and financial advisor and Stikeman
Elliott LLP is serving as legal counsel to the Independent
Committee.
BrookfieldBusinessPartners is a global business services and
industrials company focused on owning and operating high-quality
businesses that provide essential products and services and benefit
from a strong competitive position. Investors have flexibility to
invest in our company either through Brookfield Business
Corporation (NYSE, TSX: BBUC), a corporation, or Brookfield
Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited
partnership. For more information, please visit
https://bbu.brookfield.com.
Brookfield Business Partners is the flagship listed vehicle of
Brookfield Asset Management's Private Equity Group. Brookfield
Asset Management is a leading global alternative asset manager with
over $750 billion of assets under management. More information is
available at www.brookfield.com.
About Westinghouse Electric
Westinghouse Electric Company LLC --
http://www.westinghousenuclear.com/-- is a U.S.-based nuclear
power company founded in 1999 that provides design work and
start-up help for new nuclear power plants and makes many of the
components. Westinghouse manufactures and supplies the commercial
fuel products needed to run the plants, and it offers training,
engineering, maintenance, and quality management services. Almost
50% of nuclear power plants around the world and about 60% of U.S.
plants are based on Westinghouse's technology. Westinghouse's world
headquarters are located in the Pittsburgh suburb of Cranberry
Township, Pennsylvania.
On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion
to a group comprising of Toshiba (77% share), partners The Shaw
Group (20% share), and Ishikawajima-Harima Heavy Industries Co.
Ltd. (3% share). After purchasing part of Shaw's stake in 2013,
Japan-based conglomerate Toshiba obtained ownership of 87% of
Westinghouse.
Amid cost overruns at U.S. nuclear reactors it was building,
Westinghouse Electric Company LLC, along with 29 affiliates, filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29,
2017. The petitions were signed by AlixPartners' Lisa J. Donahue,
the Debtors' chief transition and development officer.
The Debtors disclosed total assets of $4.32 billion and total
liabilities of $9.39 billion as of Feb. 28, 2017.
The Hon. Michael E. Wiles presides over the cases.
Weil, Gotshal & Manges LLP serves as counsel to the Debtors. The
Debtors hired AlixPartners LLP as financial advisor; PJT Partners
Inc. as investment banker; Kurtzman Carson Consultants LLC as
claims and noticing agent; K&L Gates as special counsel; and KPMG
LLP as tax consultant and accounting and financial reporting
advisor.
The Debtors retained PricewaterhouseCoopers LLP as independent
auditor and tax services provider to perform audit services in
connection with Toshiba Nuclear Energy Holdings (US) Inc. and
Toshiba Nuclear Energy Holdings (UK) Ltd.
Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert
Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at
Togut, Segal & Segal LLP.
The Board of Directors of Westinghouse appointed a special panel
called the U.S. AP1000 Committee to oversee the company's
activities related to certain AP1000 nuclear plants located in
Georgia and South Carolina.
On April 7, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. Proskauer Rose LLP is
the committee's bankruptcy counsel and Houlihan Lokey Capital,
Inc., serves as its investment banker.
WILLIAMS LAND: Hires Burns Day & Presnell as Special Counsel
------------------------------------------------------------
Williams Land Clearing Grading and Timber Logger, LLC seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
North Carolina to employ Burns, Day & Presnell, P.A. as its special
counsel.
The firm will advise the Debtor on construction law issues and
litigation related to its business.
The firm will charge $350 per hour for its services.
As disclosed in court filings, Burns, Day & Presnell neither holds
nor represents any interest adverse to the estate.
The firm can be reached through:
Julia Kirkpatrick, Esq.
Burns, Day & Presnell, P.A.
2626 Glenwood Avenue, Suite 560
Raleigh, NC 27608
Phone: +1 919-782-1441
Email: jkirkpatrick@bdppa.com
About Williams Land Clearing Grading
and Timber Logger
Williams Land Clearing, Grading and Timber Logger, LLC is an
excavating contractor in Raleigh, N.C.
Williams Land sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-02094) on Sept. 16,
2022, with between $10 million and $50 million in assets and
between $1 million and $10 million in liabilities. Lamonte
Williams, manager, signed the petition.
Judge Pamela W. Mcafee oversees the case.
The Debtor tapped William P, Janvier, Esq., at Stevens Martin
Vaughn & Tadych, PLLC as bankruptcy counsel, and Burns, Day &
Presnell, P.A. as special counsel.
WITCHEY ENTERPRISES: Trustee Taps Route Brokers as Broker
---------------------------------------------------------
John Martin, Chapter 11 trustee for Witchey Enterprises, Inc.,
seeks approval from the U.S. Bankruptcy Court for the Middle
District of Pennsylvania to employ Route Brokers, Inc. to value and
market the Federal Express delivery routes for sale.
The firm will receive a commission equal to the greater of 15
percent of the sale price or such minimum fee as will be determined
based upon the minimum potential sales price.
As disclosed in court filings, Route Brokers neither holds nor
represents an interest adverse to the Debtor and its estate.
The firm can be reached through:
Kenneth Sussman
Route Brokers, Inc.
107 Northern Blvd., #311
Great Neck, NY 11021
Tel: 201-894-8444
About Witchey Enterprises
Witchey Enterprises, Inc., a Wilkes-Barre, Pa.-based provider of
courier and express delivery services, filed a Chapter 11 petition
(Bankr. M.D. Pa. Case No. 19-00645) on Feb. 14, 2019, with up to
$10 million in both assets and liabilities. Louis Witchey,
president of Witchey Enterprises, signed the petition.
Judge Patricia M. Mayer oversees the case.
The Debtor tapped Andrew Joseph Katsock, III, Esq., as legal
counsel and David L. Haldeman as accountant.
On March 1, 2022, the court appointed John J. Martin as the
Debtor's Chapter 11 trustee. The trustee tapped the Law Offices of
John J Martin as his counsel.
[*] Colorado Bankruptcies Dipped 2.8% in September 2022
-------------------------------------------------------
Christopher Wood of BizWest reports that Colorado bankruptcies
declined 2.8% in September 2022 compared with the same period a
year ago.
Bankruptcy filings declined slightly in Boulder and Larimer
counties, with increases in Broomfield and Weld counties.
That's according to a BizWest analysis of U.S. Bankruptcy Court
data. Numbers cited include all new filings, including open, closed
and dismissed cases. Colorado recorded 458 bankruptcy filings in
September, compared with 471 in September 2021.
Year to date, the state has recorded 3,814 bankruptcy filings,
compared with 5,023 in the first nine months of 2021, down 24%.
Among counties in the Boulder Valley and Northern Colorado:
Boulder County recorded 20 bankruptcy filings in September,
compared with 21 in September 2021. The county recorded 128 filings
year to date, down from 182 in the first nine months of 2021, down
29.7%. Boulder County recorded 10 bankruptcy filings in August
2022.
Broomfield recorded 14 bankruptcy filings in September, up from
five in September 2021. Year-to-date filings totaled 56, compared
with 59 a year ago, down 5%. Broomfield recorded five bankruptcy
filings in August 2022.
Larimer County filings totaled 18 in September, compared with 19 a
year ago. Filings in the first nine months of the year totaled 218,
compared with 241 in the first nine months of 2021, a drop of 9.5%.
Larimer County recorded 41 bankruptcy filings in August 2022.
Weld County bankruptcy filings totaled 40 in September, up from 32
recorded a year ago, an increase of 25%. Year-to-date filings
totaled 306, compared with 353 a year ago, down 13.3%. Weld County
recorded 31 bankruptcy filings in August 2022.
Larimer County filings included an involuntary bankruptcy petition
for Statera Biopharma Inc., a Fort Collins biotech company.
[*] Katten Establishes John P. Sieger Excellence in Mentoring Award
-------------------------------------------------------------------
Katten on Oct. 14 disclosed that the firm has established the John
P. Sieger Excellence in Mentoring Award named after the longtime
partner and former chair of the Insolvency and Restructuring
practice who died last year.
"We are proud to honor John's memory and spirit -- his leadership
talents, the care he showed for the people around him, his
commitment to acting on his strong belief that Katten is better
when it is diverse and inclusive. He was a tireless advocate for
his clients and routinely brought out the best in those who worked
with him," said Katten Chairman Roger P. Furey.
Mr. Sieger, who joined Katten in 2005 in the firm's Chicago office,
demonstrated a deep commitment to talent development, serving as a
mentor and sponsor to countless attorneys and business
professionals across Katten. As the national head of the Insolvency
and Restructuring department, he was involved in many high-profile
bankruptcy proceedings and served on the firm's national
Compensation Committee.
"John was a strong leader. Not only did he have excellent technical
skills from which his colleagues could and did learn, but also, and
perhaps more importantly, he supported his colleagues, treated
everyone fairly, and motivated the team to do their best work and
to keep a positive mindset. In short, his leadership made us all
better," said Insolvency and Restructuring practice co-chair Peter
Siddiqui.
The award in his honor will be presented annually to a Katten
attorney who exemplifies Sieger's dedication to mentorship. An
internal selection committee, consisting of firm leaders and
representation from Katten affinity groups and other firm
committees, will evaluate nominees based on the mentoring impact
they have made on Katten attorneys and the overall culture of
mentoring at the firm. The committee will consider criteria such as
supporting a mentee's professional growth and career success,
demonstrating interest in a mentee's well-being, and deepening a
mentee's sense of belonging.
"John did all the things an ideal mentor should. He doled out
recognition for excellent work product and strong work ethic, gave
candid constructive feedback and practical advice, made
introductions to key internal and external people, and said the
names of his mentees in the rooms where important decisions were
being made," said Litigation partner Becky Lindahl. "John
influenced the trajectory of my career in ways that I will never be
able to calculate, and I'm forever grateful to him."
Firm leaders plan to announce the first award recipient in
November.
Katten -- http://www.katten.com-- is a full-service law firm with
approximately 700 attorneys in locations across the United States
and in London and Shanghai. Clients seeking sophisticated,
high-value legal services turn to Katten for counsel locally,
nationally and internationally. The firm's core areas of practice
include corporate, financial markets and funds, insolvency and
restructuring, intellectual property, litigation, real estate,
structured finance and securitization, transactional tax planning,
private credit and private wealth. Katten represents public and
private companies in numerous industries, as well as a number of
government and nonprofit organizations and individuals.
[*] McDermott Adds Three Partners to Transactions Practice in N.Y.
------------------------------------------------------------------
International law firm McDermott Will & Emery on Oct. 7 announced
the additions of partners Jonathan Levine, Megan Vallerie and Jun
Won Kim to the Firm's Transactions Practice Group based in New
York. Jonathan is a highly regarded practitioner of over 20 years
in the New York business circles specializing in creditor, lending
and agent bankruptcies, while Ms. Vallerie and Mr. Kim's practices
add significant depth in real estate financing and M&A and private
equity transactions, respectively.
"Client demand in transactional work -- whether it's restructuring
or otherwise leveraging the current deal environment -- continues
to hold strong, even in parallel with economic uncertainties on the
horizon," said Harris Siskind, global head of McDermott's
Transactions Practice Group. "Jonathan, Megan and Jun add talent to
lead and support this work, and we are thrilled they have chosen
McDermott."
Mr. Levine advises clients in a wide range of corporate matters,
with a focus on complex Chapter 11 reorganizations, bankruptcies,
insolvencies and out-of-court restructurings. His clients include
asset managers, private funds, and other individual investors and
investment groups, as well as debtors and official and ad hoc
creditors and equity committees. Jonathan counsels companies across
several industries, including airline cargo, energy, manufacturing,
maritime shipping, mining, oil and gas, technology,
telecommunications, trucking and other transportation sectors.
Mr. Levine also provides general corporate and securities counsel.
He regularly represents issuers and underwriters in public
offerings and private placements of debt and equity securities, as
well as early stage, venture capital and other financings. As
transactional counsel, he advises businesses and owners on public
and private mergers and acquisitions, joint ventures and corporate
partnering arrangements, and the negotiation and documentation of
contracts, financial agreements with bankers and lenders, and other
matters. Jonathan joins from Arnold & Porter.
"McDermott's restructuring team is highly skilled in all aspects of
distressed transactions and works seamlessly with counterparts
across the Firm's impressive global transactions practice, offering
many avenues to grow my practice," Jonathan said. "I am excited to
see what the future has in store for myself and my clients."
Ms. Vallerie advises clients on a broad range of complex real
estate transactions on both the debt and equity sides of the table.
She has significant experience representing banks, life insurance
companies, capital markets lenders, debt funds and other
alternative lenders at all levels of the capital stack, including
in connection with mortgage and mezzanine financing, securitized
loans, construction lending, preferred equity investments, bridge
financing and other structured financings, as well as
intercreditor, co-lender and participation arrangements. She also
has significant experience representing both developers and
institutional investors in all asset classes of real estate,
including acquisitions and dispositions, joint venture and
preferred equity investments and borrower-side lending. She joins
from Seyfarth Shaw.
Mr. Kim advises private equity sponsors and their portfolio
companies, as well as public and private strategic companies, in a
wide range of domestic and cross-border transactions, including
mergers, acquisitions, consortium investments, minority
investments, joint ventures, restructurings, carve-outs and
dispositions. He joins from Simpson Thacher & Bartlett.
These partners are the latest additions to McDermott's Transactions
practice in New York, including Prem Amarnani, Marshall Brozost,
Billy Hildbold, Luc Jansen, Merrill Kraines, Todd Kornfeld, Fritz
Lark, Anand Saha and Alykhan (Aly) Shivji since the beginning of
2022.
About McDermott Will & Emery
McDermott Will & Emery partners with leaders around the world to
fuel missions, knock down barriers and shape markets. Our team
works seamlessly across practices and industries to deliver highly
effective solutions that propel success. More than 1,200 lawyers
strong, we bring our personal passion and legal prowess to bear in
every matter for our clients and the people they serve.
[*] Polinko Rejoins McDonald Hopkins as Counsel in Business Dep't
-----------------------------------------------------------------
John Polinko has rejoined the Cleveland office of McDonald Hopkins
LLC as Counsel in the Business Department, where he will add his
experience to the firm's Commercial Finance and Real Estate teams.
Mr. Polinko previously worked in the Strategic Advisory and
Restructuring Department at McDonald Hopkins.
Mr. Polinko represents both borrowers and lenders in commercial
finance and real estate lending transactions, as well as in
restructuring transactions. He has additional experience
representing debtors, creditors, liquidating trustees, and
court-appointed receivers in strategic advisory and restructuring
matters, including out-of-court work-outs, and receiverships. Mr.
Polinko has also represented both debtors and creditors' committees
in Chapter 11 bankruptcy proceedings and has extensive experience
in representing banks and lending institutions in all aspects of
commercial and bankruptcy litigation.
Mr. Polinko earned his J.D. from The University of Akron School of
Law and his Bachelor of Arts from The Ohio State University.
He can be reached at 216.348.5817 and
jpolinko@mcdonaldhopkins.com.
About McDonald Hopkins
Founded in 1930, McDonald Hopkins -- http://www.mcdonaldhopkins.com
-- is a business advisory and advocacy law firm with locations in
Baltimore/Annapolis, Chicago, Cleveland, Columbus, Detroit, and
West Palm Beach. With more than 50 service and industry teams, the
firm has the expertise and knowledge to meet the growing number of
legal and business challenges our clients face.
[*] Two Lawyers Join Meadows' Commercial Litigation Practice
------------------------------------------------------------
Two longtime and accomplished business litigators have joined
Meadows, Collier, Reed, Cousins, Crouch & Ungerman LLP in Dallas,
further strengthening the firm's extensive capabilities in complex
commercial litigation.
Craig Simon is a skilled trial lawyer who has represented clients
ranging from large public companies to individual entrepreneurs in
high-stakes litigation and arbitration across the nation. In a
legal career that spans more than 30 years, Mr. Simon has proven
adept at successfully prosecuting and defending a wide range of
business disputes, including cases involving financial, accounting
and valuation issues, bankruptcy and insolvency-related claims, and
trade secret and noncompete litigation. He has been repeatedly
recognized as one of the Top 100 Lawyers in Texas by Thomson
Reuters' Super Lawyers, on the list of the Best Lawyers in America
every year since 2016, and among the Best Lawyers in Dallas by D
Magazine for nine consecutive years.
Paula Reichenstein has a broad-based litigation background, with
experience representing clients in several national and
high-profile "bet-the-company" cases as well as a range of
contract, business tort and product liability claims for both
plaintiffs and defendants. This work has often hinged on the
development of novel legal theories or the application of existing
laws in unconventional ways. Ms. Reichenstein's practice spans
state and federal court as well as appellate work.
"We're honored to have these two distinguished attorneys join our
firm, bringing a reputation for excellence and record of success
for their clients," says the firm's managing partner, Anthony
Daddino. "We're entering an increasingly dynamic time for
litigation across virtually every business sector, and their
experience and counsel will be invaluable."
Both Mr. Simon and Ms. Reichenstein join the firm from Loewinsohn
Deary Simon Ray LLP in Dallas, and each previously practiced for
many years in the Dallas office of Jones Day.
Mr. Simon earned his law degree magna cum laude from Southern
Methodist University's Dedman School of Law and holds both master's
and undergraduate degrees in accounting from The University of
Texas in Austin.
Ms. Reichenstein received her law degree cum laude from The
University of Texas School of Law, and her undergraduate degree
from Colorado State University.
Attorneys with Meadows, Collier, Reed, Cousins, Crouch & Ungerman
bring both dedication and experience to clients' legal matters.
With origins in tax planning and tax litigation practice, the firm
also provides counsel to clients with a variety of other
specialized legal needs, including business and estate planning,
probate, real estate, securities, banking, and commercial
litigation. The firm also has a longstanding concentration in the
area of white-collar defense and government regulatory practice.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
7GC & CO HOLD-A VII US 230.8 219.4 -1.2
7GC & CO HOLDING VIIAU US 230.8 219.4 -1.2
ACCELERATE DIAGN AXDX* MM 58.7 -62.0 37.3
AEMETIS INC DW51 GR 178.5 -122.7 -45.3
AEMETIS INC AMTX US 178.5 -122.7 -45.3
AEMETIS INC AMTXGEUR EZ 178.5 -122.7 -45.3
AEMETIS INC AMTXGEUR EU 178.5 -122.7 -45.3
AEMETIS INC DW51 GZ 178.5 -122.7 -45.3
AEMETIS INC DW51 TH 178.5 -122.7 -45.3
AEMETIS INC DW51 QT 178.5 -122.7 -45.3
AERIE PHARMACEUT AERI US 385.3 -141.1 191.7
AERIE PHARMACEUT 0P0 TH 385.3 -141.1 191.7
AERIE PHARMACEUT 0P0 QT 385.3 -141.1 191.7
AERIE PHARMACEUT 0P0 GZ 385.3 -141.1 191.7
AERIE PHARMACEUT AERIEUR EU 385.3 -141.1 191.7
AERIE PHARMACEUT 0P0 GR 385.3 -141.1 191.7
AIR CANADA AC CN 30,364.0 -1,458.0 1,369.0
AIR CANADA ADH2 QT 30,364.0 -1,458.0 1,369.0
AIR CANADA ADH2 GR 30,364.0 -1,458.0 1,369.0
AIR CANADA ACEUR EU 30,364.0 -1,458.0 1,369.0
AIR CANADA ADH2 TH 30,364.0 -1,458.0 1,369.0
AIR CANADA ACDVF US 30,364.0 -1,458.0 1,369.0
AIR CANADA ADH2 GZ 30,364.0 -1,458.0 1,369.0
ALPHA ENERGY INC APHE US 2.0 -3.3 -2.9
ALPINE SUMMIT EN ALPS/U CN 247.4 -15.8 -165.4
ALPINE SUMMIT EN ALPS US 247.4 -15.8 -165.4
ALTICE USA INC-A ATUS US 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A 15PA TH 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A 15PA GR 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A ATUSEUR EU 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A 15PA GZ 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A ATUS* MM 33,119.6 -474.6 -1,901.6
ALTICE USA INC-A ATUS-RM RM 33,119.6 -474.6 -1,901.6
ALTIRA GP-CEDEAR MO AR 36,746.0 -2,403.0 -4,225.0
ALTIRA GP-CEDEAR MOC AR 36,746.0 -2,403.0 -4,225.0
ALTIRA GP-CEDEAR MOD AR 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO US 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO SW 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC PHM7 TH 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO TE 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC PHM7 GR 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MOEUR EU 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO CI 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO* MM 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC 0R31 LI 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC ALTR AV 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MOUSD SW 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC PHM7 GZ 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC PHM7 QT 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MOEUR EZ 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP INC MO-RM RM 36,746.0 -2,403.0 -4,225.0
ALTRIA GROUP-BDR MOOO34 BZ 36,746.0 -2,403.0 -4,225.0
AMC ENTERTAINMEN AMC US 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AMC4EUR EU 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AMC* MM 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH9 TH 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH9 QT 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH9 GR 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH9 GZ 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AH9 SW 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN AMC-RM RM 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN A2MC34 BZ 9,818.3 -2,326.8 -405.3
AMC ENTERTAINMEN APE* MM 9,818.3 -2,326.8 -405.3
AMERICAN AIR-BDR AALL34 BZ 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL11EUR EU 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL AV 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL TE 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE A1G SW 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE 0HE6 LI 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE A1G GZ 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE A1G QT 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL11EUR EZ 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL US 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE A1G GR 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL* MM 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE A1G TH 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL-RM RM 67,963.0 -8,422.0 -4,245.0
AMERICAN AIRLINE AAL_KZ KZ 67,963.0 -8,422.0 -4,245.0
AMPLIFY ENERGY C AMPY US 456.5 -83.4 -78.1
AMPLIFY ENERGY C 2OQ TH 456.5 -83.4 -78.1
AMPLIFY ENERGY C MPO2EUR EU 456.5 -83.4 -78.1
AMPLIFY ENERGY C 2OQ GR 456.5 -83.4 -78.1
AMPLIFY ENERGY C 2OQ GZ 456.5 -83.4 -78.1
AMPLIFY ENERGY C 2OQ QT 456.5 -83.4 -78.1
AMPRIUS TECHNOLO AMPX US 0.1 -0.0 -0.0
AMYRIS INC AMRS* MM 789.4 -243.6 123.0
AMYRIS INC A2MR34 BZ 789.4 -243.6 123.0
ARENA GROUP HOLD AREN US 186.4 -20.6 -34.2
ASHFORD HOSPITAL AHT US 4,030.2 -44.4 0.0
ASHFORD HOSPITAL AHD GR 4,030.2 -44.4 0.0
ASHFORD HOSPITAL AHT1EUR EU 4,030.2 -44.4 0.0
ASHFORD HOSPITAL AHD TH 4,030.2 -44.4 0.0
ATLAS TECHNICAL ATCX US 523.1 -138.4 80.2
AUTOZONE INC AZO US 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZ5 GR 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZ5 TH 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZOEUR EU 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZ5 QT 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZOEUR EZ 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZ5 GZ 15,275.0 -3,538.9 -1,960.4
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AUTOZONE INC AZO* MM 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC AZO-RM RM 15,275.0 -3,538.9 -1,960.4
AUTOZONE INC-BDR AZOI34 BZ 15,275.0 -3,538.9 -1,960.4
AVID TECHNOLOGY AVID US 247.1 -136.4 -14.9
AVID TECHNOLOGY AVD GR 247.1 -136.4 -14.9
AVID TECHNOLOGY AVD TH 247.1 -136.4 -14.9
AVID TECHNOLOGY AVD GZ 247.1 -136.4 -14.9
AVIS BUD-CEDEAR CAR AR 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CAR US 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CUCA GR 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CAR* MM 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CUCA QT 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CAR2EUR EU 26,095.0 -649.0 -706.0
AVIS BUDGET GROU CAR2EUR EZ 26,095.0 -649.0 -706.0
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BATH & BODY WORK BBWI US 4,901.0 -2,662.0 496.0
BATH & BODY WORK LTD0 TH 4,901.0 -2,662.0 496.0
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BATH & BODY WORK LBEUR EU 4,901.0 -2,662.0 496.0
BATH & BODY WORK LBEUR EZ 4,901.0 -2,662.0 496.0
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BATH & BODY WORK LTD0 GZ 4,901.0 -2,662.0 496.0
BATH & BODY WORK BBWI-RM RM 4,901.0 -2,662.0 496.0
BATTALION OIL CO BATL US 449.2 -15.4 -101.0
BATTALION OIL CO RAQB GR 449.2 -15.4 -101.0
BATTALION OIL CO BATLEUR EU 449.2 -15.4 -101.0
BATTERY FUTURE A BFAC/U US 353.5 346.7 0.3
BATTERY FUTURE-A BFAC US 353.5 346.7 0.3
BED BATH &BEYOND BBBY* MM 4,666.6 -577.7 75.7
BED BATH &BEYOND BBY TH 4,666.6 -577.7 75.7
BED BATH &BEYOND BBBY US 4,666.6 -577.7 75.7
BED BATH &BEYOND BBY GR 4,666.6 -577.7 75.7
BED BATH &BEYOND BBY GZ 4,666.6 -577.7 75.7
BED BATH &BEYOND BBY QT 4,666.6 -577.7 75.7
BED BATH &BEYOND BBBYEUR EU 4,666.6 -577.7 75.7
BED BATH &BEYOND BBBY SW 4,666.6 -577.7 75.7
BED BATH &BEYOND BBBYEUR EZ 4,666.6 -577.7 75.7
BED BATH &BEYOND BBBY-RM RM 4,666.6 -577.7 75.7
BELLRING BRANDS BRBR US 715.1 -389.6 246.1
BELLRING BRANDS BRBR2EUR EU 715.1 -389.6 246.1
BELLRING BRANDS D51 TH 715.1 -389.6 246.1
BELLRING BRANDS D51 GR 715.1 -389.6 246.1
BELLRING BRANDS D51 QT 715.1 -389.6 246.1
BENEFITFOCUS INC BNFT US 245.0 -20.6 38.8
BENEFITFOCUS INC BTF GR 245.0 -20.6 38.8
BENEFITFOCUS INC BNFTEUR EU 245.0 -20.6 38.8
BEYOND MEAT INC BYND US 1,218.1 -47.9 710.0
BEYOND MEAT INC 0Q3 TE 1,218.1 -47.9 710.0
BEYOND MEAT INC BYND* MM 1,218.1 -47.9 710.0
BEYOND MEAT INC 0Q3 GR 1,218.1 -47.9 710.0
BEYOND MEAT INC BYNDEUR EU 1,218.1 -47.9 710.0
BEYOND MEAT INC 0Q3 GZ 1,218.1 -47.9 710.0
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BEYOND MEAT INC 0Q3 QT 1,218.1 -47.9 710.0
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BIOCRYST PHARM BCRX US 510.5 -213.2 399.5
BIOCRYST PHARM BO1 GR 510.5 -213.2 399.5
BIOCRYST PHARM BO1 TH 510.5 -213.2 399.5
BIOCRYST PHARM BCRXEUR EU 510.5 -213.2 399.5
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BIOHAVEN PHARMAC 2177859D US 1,386.2 -805.6 502.4
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BIOTE CORP-A BTMD US 115.3 -103.5 73.4
BOEING CO-BDR BOEI34 BZ 135,479.0 -14,791.0 21,201.0
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BOEING CO-CED BA AR 135,479.0 -14,791.0 21,201.0
BOEING CO/THE BA EU 135,479.0 -14,791.0 21,201.0
BOEING CO/THE BCO GR 135,479.0 -14,791.0 21,201.0
BOEING CO/THE BOE LN 135,479.0 -14,791.0 21,201.0
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BOEING CO/THE BA TE 135,479.0 -14,791.0 21,201.0
BOEING CO/THE BAEUR EU 135,479.0 -14,791.0 21,201.0
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BOEING CO/THE BA EZ 135,479.0 -14,791.0 21,201.0
BOEING CO/THE BACL CI 135,479.0 -14,791.0 21,201.0
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BOMBARDIER INC-A BDRAF US 12,310.0 -3,157.0 477.0
BOMBARDIER INC-A BBD/A CN 12,310.0 -3,157.0 477.0
BOMBARDIER INC-A BBD GR 12,310.0 -3,157.0 477.0
BOMBARDIER INC-A BBD/AEUR EU 12,310.0 -3,157.0 477.0
BOMBARDIER INC-A BBD GZ 12,310.0 -3,157.0 477.0
BOMBARDIER INC-B BDRBF US 12,310.0 -3,157.0 477.0
BOMBARDIER INC-B BBDC TH 12,310.0 -3,157.0 477.0
BOMBARDIER INC-B BBD/B CN 12,310.0 -3,157.0 477.0
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BOMBARDIER INC-B BBDC GZ 12,310.0 -3,157.0 477.0
BOMBARDIER INC-B BBDBN MM 12,310.0 -3,157.0 477.0
BOMBARDIER INC-B BBD/BEUR EU 12,310.0 -3,157.0 477.0
BOMBARDIER INC-B BBD/BEUR EZ 12,310.0 -3,157.0 477.0
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BOX INC- CLASS A 3BX GR 1,066.3 -90.6 17.3
BOX INC- CLASS A 3BX TH 1,066.3 -90.6 17.3
BOX INC- CLASS A 3BX QT 1,066.3 -90.6 17.3
BOX INC- CLASS A BOXEUR EU 1,066.3 -90.6 17.3
BOX INC- CLASS A BOXEUR EZ 1,066.3 -90.6 17.3
BOX INC- CLASS A 3BX GZ 1,066.3 -90.6 17.3
BOX INC- CLASS A BOX US 1,066.3 -90.6 17.3
BOX INC- CLASS A BOX-RM RM 1,066.3 -90.6 17.3
BRIDGEBIO PHARMA 2CL GZ 862.2 -1,015.0 630.1
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BRIDGEBIO PHARMA 2CL TH 862.2 -1,015.0 630.1
BRIDGEBIO PHARMA BBIO US 862.2 -1,015.0 630.1
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BRINKER INTL BKJ GR 2,484.4 -268.1 -356.8
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BROOKFIELD INF-A BIPC US 10,086.0 -1,424.0 -4,187.0
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CALUMET SPECIALT CLMT US 2,353.7 -477.6 -523.6
CARDINAL HEA BDR C1AH34 BZ 43,878.0 -706.0 2,385.0
CARDINAL HEALTH CLH TH 43,878.0 -706.0 2,385.0
CARDINAL HEALTH CLH GR 43,878.0 -706.0 2,385.0
CARDINAL HEALTH CAH US 43,878.0 -706.0 2,385.0
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CARDINAL HEALTH CLH QT 43,878.0 -706.0 2,385.0
CARDINAL HEALTH CAHEUR EU 43,878.0 -706.0 2,385.0
CARDINAL HEALTH CAHEUR EZ 43,878.0 -706.0 2,385.0
CARDINAL HEALTH CAH-RM RM 43,878.0 -706.0 2,385.0
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CARDINAL-CEDEAR CAH AR 43,878.0 -706.0 2,385.0
CEDAR FAIR LP FUN US 2,417.0 -725.8 -33.0
CENTRUS ENERGY-A 4CU TH 528.7 -94.9 122.9
CENTRUS ENERGY-A 4CU GR 528.7 -94.9 122.9
CENTRUS ENERGY-A LEU US 528.7 -94.9 122.9
CENTRUS ENERGY-A LEUEUR EU 528.7 -94.9 122.9
CENTRUS ENERGY-A 4CU GZ 528.7 -94.9 122.9
CHENIERE ENERGY LNG US 41,313.0 -1,195.0 -1,370.0
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CHENIERE ENERGY CQP US 20,130.0 -2,625.0 -819.0
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CINEPLEX INC CX0 GR 2,036.3 -256.3 -380.8
CINEPLEX INC CPXGF US 2,036.3 -256.3 -380.8
CINEPLEX INC CGX CN 2,036.3 -256.3 -380.8
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CINEPLEX INC CGXN MM 2,036.3 -256.3 -380.8
CINEPLEX INC CX0 GZ 2,036.3 -256.3 -380.8
COGENT COMMUNICA OGM1 GR 1,014.6 -440.2 340.6
COGENT COMMUNICA CCOI US 1,014.6 -440.2 340.6
COGENT COMMUNICA CCOIEUR EU 1,014.6 -440.2 340.6
COGENT COMMUNICA CCOI* MM 1,014.6 -440.2 340.6
COHERUS BIOSCIEN 8C5 QT 546.0 -22.6 306.0
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COHERUS BIOSCIEN CHRSEUR EU 546.0 -22.6 306.0
COHERUS BIOSCIEN CHRS US 546.0 -22.6 306.0
COHERUS BIOSCIEN 8C5 GR 546.0 -22.6 306.0
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COMPOSECURE INC CMPO US 151.9 -335.1 51.4
CONSENSUS CLOUD CCSI US 604.0 -299.2 29.0
CPI CARD GROUP I PMTSEUR EU 289.7 -107.0 99.4
CPI CARD GROUP I PMTS US 289.7 -107.0 99.4
CPI CARD GROUP I CPB1 GR 289.7 -107.0 99.4
CRUCIAL INNOVATI CINV US 0.0 -0.1 -0.1
CTI BIOPHARMA CO CTIC US 134.5 -5.3 77.6
CTI BIOPHARMA CO CEPS GR 134.5 -5.3 77.6
CTI BIOPHARMA CO CEPS QT 134.5 -5.3 77.6
CTI BIOPHARMA CO CTIC1EUR EZ 134.5 -5.3 77.6
CTI BIOPHARMA CO CEPS TH 134.5 -5.3 77.6
D-WAVE QUANTUM I QBTS US 35.7 -20.1 -13.1
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DELEK LOGISTICS DKL US 1,609.3 -116.5 -99.3
DELL TECHN-C DELL US 88,775.0 -2,755.0 -12,527.0
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DENNY'S CORP DENN US 392.8 -58.7 -40.9
DENNY'S CORP DE8 GR 392.8 -58.7 -40.9
DENNY'S CORP DE8 TH 392.8 -58.7 -40.9
DENNY'S CORP DENNEUR EU 392.8 -58.7 -40.9
DENNY'S CORP DE8 GZ 392.8 -58.7 -40.9
DIEBOLD NIXDORF DBD SW 3,182.1 -1,247.2 192.3
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DINE BRANDS GLOB IHP TH 1,881.8 -308.7 106.0
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DOLLARAMA INC DR3 GR 4,400.8 -122.9 -298.2
DOLLARAMA INC DLMAF US 4,400.8 -122.9 -298.2
DOLLARAMA INC DOL CN 4,400.8 -122.9 -298.2
DOLLARAMA INC DR3 GZ 4,400.8 -122.9 -298.2
DOLLARAMA INC DOLEUR EU 4,400.8 -122.9 -298.2
DOLLARAMA INC DR3 TH 4,400.8 -122.9 -298.2
DOLLARAMA INC DR3 QT 4,400.8 -122.9 -298.2
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DOMINO'S P - BDR D2PZ34 BZ 1,646.4 -4,316.5 247.7
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DOMINO'S PIZZA EZV TH 1,646.4 -4,316.5 247.7
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DOMO INC- CL B DOMO US 224.0 -140.9 -75.2
DOMO INC- CL B 1ON GR 224.0 -140.9 -75.2
DOMO INC- CL B 1ON GZ 224.0 -140.9 -75.2
DOMO INC- CL B DOMOEUR EU 224.0 -140.9 -75.2
DOMO INC- CL B 1ON TH 224.0 -140.9 -75.2
DROPBOX INC-A DBX US 2,758.8 -542.9 457.4
DROPBOX INC-A 1Q5 GR 2,758.8 -542.9 457.4
DROPBOX INC-A 1Q5 SW 2,758.8 -542.9 457.4
DROPBOX INC-A 1Q5 TH 2,758.8 -542.9 457.4
DROPBOX INC-A 1Q5 QT 2,758.8 -542.9 457.4
DROPBOX INC-A DBXEUR EU 2,758.8 -542.9 457.4
DROPBOX INC-A DBX AV 2,758.8 -542.9 457.4
DROPBOX INC-A DBXEUR EZ 2,758.8 -542.9 457.4
DROPBOX INC-A DBX* MM 2,758.8 -542.9 457.4
DROPBOX INC-A 1Q5 GZ 2,758.8 -542.9 457.4
DROPBOX INC-A DBX-RM RM 2,758.8 -542.9 457.4
EMBECTA CORP EMBC US 1,049.8 -847.6 352.1
EMBECTA CORP EMBC* MM 1,049.8 -847.6 352.1
EMBECTA CORP JX7 GR 1,049.8 -847.6 352.1
EMBECTA CORP JX7 QT 1,049.8 -847.6 352.1
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EMBECTA CORP EMBC1EUR EU 1,049.8 -847.6 352.1
EMBECTA CORP JX7 GZ 1,049.8 -847.6 352.1
ESPERION THERAPE ESPR US 304.0 -291.4 170.2
ESPERION THERAPE 0ET TH 304.0 -291.4 170.2
ESPERION THERAPE ESPREUR EU 304.0 -291.4 170.2
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ESPERION THERAPE ESPREUR EZ 304.0 -291.4 170.2
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FAIR ISAAC - BDR F2IC34 BZ 1,456.8 -847.5 89.4
FAIR ISAAC CORP FRI GR 1,456.8 -847.5 89.4
FAIR ISAAC CORP FICO US 1,456.8 -847.5 89.4
FAIR ISAAC CORP FRI GZ 1,456.8 -847.5 89.4
FAIR ISAAC CORP FRI QT 1,456.8 -847.5 89.4
FAIR ISAAC CORP FICOEUR EU 1,456.8 -847.5 89.4
FAIR ISAAC CORP FICO1* MM 1,456.8 -847.5 89.4
FAIR ISAAC CORP FICOEUR EZ 1,456.8 -847.5 89.4
FERRELLGAS PAR-B FGPRB US 1,608.1 -236.5 194.3
FERRELLGAS-LP FGPR US 1,608.1 -236.5 194.3
FLUENCE ENERGY I FLNC US 1,672.6 671.1 556.7
FOREST ROAD AC-A FRXB US 350.8 -18.9 0.2
FOREST ROAD ACQ FRXB/U US 350.8 -18.9 0.2
FORTINET INC FTNT US 5,294.5 -379.6 318.0
FORTINET INC FO8 GR 5,294.5 -379.6 318.0
FORTINET INC FO8 TH 5,294.5 -379.6 318.0
FORTINET INC FO8 SW 5,294.5 -379.6 318.0
FORTINET INC FO8 QT 5,294.5 -379.6 318.0
FORTINET INC FTNTEUR EU 5,294.5 -379.6 318.0
FORTINET INC FTNTEUR EZ 5,294.5 -379.6 318.0
FORTINET INC FTNT* MM 5,294.5 -379.6 318.0
FORTINET INC FO8 GZ 5,294.5 -379.6 318.0
FORTINET INC FTNT-RM RM 5,294.5 -379.6 318.0
FORTINET INC-BDR F1TN34 BZ 5,294.5 -379.6 318.0
GARTNER INC GGRA GR 6,590.6 -142.9 -1,197.1
GARTNER INC IT US 6,590.6 -142.9 -1,197.1
GARTNER INC GGRA TH 6,590.6 -142.9 -1,197.1
GARTNER INC IT1EUR EU 6,590.6 -142.9 -1,197.1
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GARTNER INC GGRA GZ 6,590.6 -142.9 -1,197.1
GARTNER INC IT1EUR EZ 6,590.6 -142.9 -1,197.1
GARTNER INC IT-RM RM 6,590.6 -142.9 -1,197.1
GARTNER-BDR G1AR34 BZ 6,590.6 -142.9 -1,197.1
GCM GROSVENOR-A GCMG US 507.8 -45.0 119.3
GODADDY INC -BDR G2DD34 BZ 6,904.1 -445.3 -905.9
GODADDY INC-A 38D GR 6,904.1 -445.3 -905.9
GODADDY INC-A 38D QT 6,904.1 -445.3 -905.9
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GODADDY INC-A GDDY US 6,904.1 -445.3 -905.9
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GOGO INC GOGO US 723.6 -145.6 208.3
GOGO INC G0G GR 723.6 -145.6 208.3
GOGO INC G0G TH 723.6 -145.6 208.3
GOGO INC GOGOEUR EU 723.6 -145.6 208.3
GOGO INC G0G QT 723.6 -145.6 208.3
GOGO INC G0G GZ 723.6 -145.6 208.3
GOOSEHEAD INSU-A 2OX GR 291.3 -58.7 24.9
GOOSEHEAD INSU-A GSHDEUR EU 291.3 -58.7 24.9
GOOSEHEAD INSU-A GSHD US 291.3 -58.7 24.9
GOOSEHEAD INSU-A 2OX TH 291.3 -58.7 24.9
GOOSEHEAD INSU-A 2OX QT 291.3 -58.7 24.9
GOSSAMER BIO INC GOSSEUR EZ 245.8 -16.5 188.3
GOSSAMER BIO INC GOSS US 245.8 -16.5 188.3
GOSSAMER BIO INC 4GB GR 245.8 -16.5 188.3
GOSSAMER BIO INC 4GB GZ 245.8 -16.5 188.3
GOSSAMER BIO INC GOSSEUR EU 245.8 -16.5 188.3
GOSSAMER BIO INC 4GB TH 245.8 -16.5 188.3
GOSSAMER BIO INC 4GB QT 245.8 -16.5 188.3
HCA HEALTHC-BDR H1CA34 BZ 51,584.0 -1,142.0 4,938.0
HCA HEALTHCARE I 2BH TH 51,584.0 -1,142.0 4,938.0
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HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HCM ACQUISITION HCMAU US 295.2 276.9 1.0
HEALTH ASSURAN-A HAAC US 0.1 0.0 -0.0
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HERBALIFE NUTRIT HOO GR 2,802.5 -1,415.4 375.7
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HERON THERAPEUTI HRTXEUR EU 244.0 -21.7 84.7
HERON THERAPEUTI HRTX US 244.0 -21.7 84.7
HERON THERAPEUTI AXD2 GR 244.0 -21.7 84.7
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HEWLETT-CEDEAR HPQ AR 39,247.0 -2,318.0 -3,813.0
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HILLEVAX INC HLVX US 341.2 303.2 307.0
HILTON WORLD-BDR H1LT34 BZ 15,382.0 -789.0 -355.0
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HORIZON ACQUIS-A HZON US 525.7 -19.0 -2.4
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HP COMPANY-BDR HPQB34 BZ 39,247.0 -2,318.0 -3,813.0
HP INC HPQ TE 39,247.0 -2,318.0 -3,813.0
HP INC 7HP TH 39,247.0 -2,318.0 -3,813.0
HP INC 7HP GR 39,247.0 -2,318.0 -3,813.0
HP INC HPQ US 39,247.0 -2,318.0 -3,813.0
HP INC HPQ* MM 39,247.0 -2,318.0 -3,813.0
HP INC HPQ CI 39,247.0 -2,318.0 -3,813.0
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HP INC 7HP GZ 39,247.0 -2,318.0 -3,813.0
HP INC HPQ SW 39,247.0 -2,318.0 -3,813.0
HP INC 7HP QT 39,247.0 -2,318.0 -3,813.0
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HP INC HPQ-RM RM 39,247.0 -2,318.0 -3,813.0
HP INC HPQCL CI 39,247.0 -2,318.0 -3,813.0
IMMUNITYBIO INC IBRX US 317.7 -422.0 -261.1
IMMUNITYBIO INC 26CA GR 317.7 -422.0 -261.1
IMMUNITYBIO INC NK1EUR EU 317.7 -422.0 -261.1
IMMUNITYBIO INC 26CA GZ 317.7 -422.0 -261.1
IMMUNITYBIO INC NK1EUR EZ 317.7 -422.0 -261.1
IMMUNITYBIO INC 26CA TH 317.7 -422.0 -261.1
IMMUNITYBIO INC 26CA QT 317.7 -422.0 -261.1
IMPINJ INC PI US 304.4 -11.3 213.7
IMPINJ INC 27J GZ 304.4 -11.3 213.7
IMPINJ INC 27J QT 304.4 -11.3 213.7
IMPINJ INC 27J TH 304.4 -11.3 213.7
IMPINJ INC 27J GR 304.4 -11.3 213.7
IMPINJ INC PIEUR EU 304.4 -11.3 213.7
IMPINJ INC PIEUR EZ 304.4 -11.3 213.7
INHIBRX INC INBX US 193.2 -4.9 157.4
INHIBRX INC 1RK GR 193.2 -4.9 157.4
INHIBRX INC INBXEUR EU 193.2 -4.9 157.4
INHIBRX INC 1RK TH 193.2 -4.9 157.4
INHIBRX INC 1RK QT 193.2 -4.9 157.4
INSEEGO CORP INSG-RM RM 191.3 -43.7 34.3
INSPIRED ENTERTA 4U8 GR 300.3 -57.1 48.8
INSPIRED ENTERTA INSEEUR EU 300.3 -57.1 48.8
INSPIRED ENTERTA INSE US 300.3 -57.1 48.8
INTERCEPT PHARMA ICPT US 498.6 -369.8 335.6
INTERCEPT PHARMA I4P GR 498.6 -369.8 335.6
INTERCEPT PHARMA I4P TH 498.6 -369.8 335.6
INTERCEPT PHARMA ICPT* MM 498.6 -369.8 335.6
INTERCEPT PHARMA I4P GZ 498.6 -369.8 335.6
J. JILL INC JILL US 460.3 -11.8 22.8
J. JILL INC 1MJ1 GR 460.3 -11.8 22.8
J. JILL INC JILLEUR EU 460.3 -11.8 22.8
J. JILL INC 1MJ1 GZ 460.3 -11.8 22.8
JACK IN THE BOX JBX GR 2,863.8 -767.9 -262.9
JACK IN THE BOX JACK US 2,863.8 -767.9 -262.9
JACK IN THE BOX JBX GZ 2,863.8 -767.9 -262.9
JACK IN THE BOX JBX QT 2,863.8 -767.9 -262.9
JACK IN THE BOX JACK1EUR EU 2,863.8 -767.9 -262.9
JACK IN THE BOX JACK1EUR EZ 2,863.8 -767.9 -262.9
KARYOPHARM THERA KPTI US 256.5 -116.3 179.9
KARYOPHARM THERA 25K TH 256.5 -116.3 179.9
KARYOPHARM THERA 25K QT 256.5 -116.3 179.9
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KARYOPHARM THERA 25K GR 256.5 -116.3 179.9
KARYOPHARM THERA KPTIEUR EU 256.5 -116.3 179.9
L BRANDS INC-BDR B1BW34 BZ 4,901.0 -2,662.0 496.0
LATAMGROWTH SPAC LATG US 134.5 128.0 1.5
LATAMGROWTH SPAC LATGU US 134.5 128.0 1.5
LENNOX INTL INC LII US 2,659.0 -401.3 661.4
LENNOX INTL INC LXI GR 2,659.0 -401.3 661.4
LENNOX INTL INC LII* MM 2,659.0 -401.3 661.4
LENNOX INTL INC LXI TH 2,659.0 -401.3 661.4
LENNOX INTL INC LII1EUR EU 2,659.0 -401.3 661.4
LESLIE'S INC LESL US 1,117.0 -258.8 199.4
LESLIE'S INC LE3 GR 1,117.0 -258.8 199.4
LESLIE'S INC LESLEUR EU 1,117.0 -258.8 199.4
LESLIE'S INC LE3 QT 1,117.0 -258.8 199.4
LINDBLAD EXPEDIT LIND US 849.3 -51.2 -123.9
LINDBLAD EXPEDIT LI4 GR 849.3 -51.2 -123.9
LINDBLAD EXPEDIT LINDEUR EU 849.3 -51.2 -123.9
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LOOP MEDIA INC LPTV US 18.1 -2.4 -1.6
LOWE'S COS INC LWE TH 46,725.0 -8,442.0 2,301.0
LOWE'S COS INC LOW US 46,725.0 -8,442.0 2,301.0
LOWE'S COS INC LWE GR 46,725.0 -8,442.0 2,301.0
LOWE'S COS INC LWE GZ 46,725.0 -8,442.0 2,301.0
LOWE'S COS INC LOW* MM 46,725.0 -8,442.0 2,301.0
LOWE'S COS INC LWE QT 46,725.0 -8,442.0 2,301.0
LOWE'S COS INC LOWEUR EU 46,725.0 -8,442.0 2,301.0
LOWE'S COS INC LOWE AV 46,725.0 -8,442.0 2,301.0
LOWE'S COS INC LOWEUR EZ 46,725.0 -8,442.0 2,301.0
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LOWE'S COS INC LOW-RM RM 46,725.0 -8,442.0 2,301.0
LOWE'S COS-BDR LOWC34 BZ 46,725.0 -8,442.0 2,301.0
MADISON SQUARE G MS8 GR 1,302.0 -145.4 -233.0
MADISON SQUARE G MSGS US 1,302.0 -145.4 -233.0
MADISON SQUARE G MSG1EUR EU 1,302.0 -145.4 -233.0
MADISON SQUARE G MS8 TH 1,302.0 -145.4 -233.0
MADISON SQUARE G MS8 QT 1,302.0 -145.4 -233.0
MADISON SQUARE G MS8 GZ 1,302.0 -145.4 -233.0
MANNKIND CORP NNFN TH 285.8 -247.1 133.9
MANNKIND CORP MNKD US 285.8 -247.1 133.9
MANNKIND CORP NNFN GR 285.8 -247.1 133.9
MANNKIND CORP NNFN QT 285.8 -247.1 133.9
MANNKIND CORP MNKDEUR EU 285.8 -247.1 133.9
MANNKIND CORP MNKDEUR EZ 285.8 -247.1 133.9
MANNKIND CORP NNFN GZ 285.8 -247.1 133.9
MARKETWISE INC MKTW* MM 426.6 -359.6 -124.1
MASCO CORP MSQ TH 5,467.0 -541.0 892.0
MASCO CORP MAS US 5,467.0 -541.0 892.0
MASCO CORP MSQ GR 5,467.0 -541.0 892.0
MASCO CORP MSQ GZ 5,467.0 -541.0 892.0
MASCO CORP MSQ QT 5,467.0 -541.0 892.0
MASCO CORP MAS1EUR EU 5,467.0 -541.0 892.0
MASCO CORP MAS1EUR EZ 5,467.0 -541.0 892.0
MASCO CORP MAS* MM 5,467.0 -541.0 892.0
MASCO CORP MAS-RM RM 5,467.0 -541.0 892.0
MASCO CORP-BDR M1AS34 BZ 5,467.0 -541.0 892.0
MASON INDUS-CL A MIT US 501.4 -20.7 0.1
MASON INDUSTRIAL MIT/U US 501.4 -20.7 0.1
MATCH GROUP -BDR M1TC34 BZ 4,193.8 -452.1 177.1
MATCH GROUP INC MTCH US 4,193.8 -452.1 177.1
MATCH GROUP INC 4MGN TH 4,193.8 -452.1 177.1
MATCH GROUP INC MTCH1* MM 4,193.8 -452.1 177.1
MATCH GROUP INC 4MGN QT 4,193.8 -452.1 177.1
MATCH GROUP INC 4MGN GR 4,193.8 -452.1 177.1
MATCH GROUP INC MTC2 AV 4,193.8 -452.1 177.1
MATCH GROUP INC 4MGN GZ 4,193.8 -452.1 177.1
MATCH GROUP INC 0JZ7 LI 4,193.8 -452.1 177.1
MATCH GROUP INC MTCH-RM RM 4,193.8 -452.1 177.1
MBIA INC MBJ TH 4,067.0 -735.0 0.0
MBIA INC MBI US 4,067.0 -735.0 0.0
MBIA INC MBJ GR 4,067.0 -735.0 0.0
MBIA INC MBI1EUR EU 4,067.0 -735.0 0.0
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MCDONALD'S - CDR MCDS CN 49,247.8 -6,369.8 1,439.2
MCDONALD'S - CDR MDO0 GR 49,247.8 -6,369.8 1,439.2
MCDONALDS - BDR MCDC34 BZ 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MDO TH 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD SW 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD US 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MDO GR 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD* MM 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD TE 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD CI 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD AV 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCDUSD SW 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCDEUR EU 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MDO GZ 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MDO QT 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCDEUR EZ 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP 0R16 LN 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCD-RM RM 49,247.8 -6,369.8 1,439.2
MCDONALDS CORP MCDCL CI 49,247.8 -6,369.8 1,439.2
MCDONALDS-CEDEAR MCD AR 49,247.8 -6,369.8 1,439.2
MCDONALDS-CEDEAR MCDC AR 49,247.8 -6,369.8 1,439.2
MCDONALDS-CEDEAR MCDD AR 49,247.8 -6,369.8 1,439.2
MCKESSON CORP MCK TH 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK GR 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK US 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK* MM 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK GZ 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK1EUR EU 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK QT 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK1EUR EZ 62,295.0 -1,472.0 -1,818.0
MCKESSON CORP MCK-RM RM 62,295.0 -1,472.0 -1,818.0
MCKESSON-BDR M1CK34 BZ 62,295.0 -1,472.0 -1,818.0
MEDIAALPHA INC-A MAX US 285.9 -59.5 25.0
MICROSTRATEG-BDR M2ST34 BZ 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTR US 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA GR 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA SW 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTREUR EU 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA TH 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA QT 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTREUR EZ 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTR* MM 2,568.4 -187.1 -54.4
MICROSTRATEGY MIGA GZ 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTR-RM RM 2,568.4 -187.1 -54.4
MICROSTRATEGY MSTR AR 2,568.4 -187.1 -54.4
MONEYGRAM INTERN 9M1N GR 4,504.7 -184.9 -16.6
MONEYGRAM INTERN MGI US 4,504.7 -184.9 -16.6
MONEYGRAM INTERN 9M1N TH 4,504.7 -184.9 -16.6
MONEYGRAM INTERN MGIEUR EU 4,504.7 -184.9 -16.6
MONEYGRAM INTERN 9M1N QT 4,504.7 -184.9 -16.6
MONEYGRAM INTERN MGIEUR EZ 4,504.7 -184.9 -16.6
MORGAN STAN-BDR MSBR34 BZ 243,061.0 -330,178.0 0.0
MORGAN STANLEY MS* MM 243,061.0 -330,178.0 0.0
MORGAN STANLEY MS TE 243,061.0 -330,178.0 0.0
MORGAN STANLEY DWD TH 243,061.0 -330,178.0 0.0
MORGAN STANLEY MS US 243,061.0 -330,178.0 0.0
MORGAN STANLEY MS CI 243,061.0 -330,178.0 0.0
MORGAN STANLEY MWD AV 243,061.0 -330,178.0 0.0
MORGAN STANLEY DWD GR 243,061.0 -330,178.0 0.0
MORGAN STANLEY MSUSD SW 243,061.0 -330,178.0 0.0
MORGAN STANLEY MS1EUR EU 243,061.0 -330,178.0 0.0
MORGAN STANLEY DWD GZ 243,061.0 -330,178.0 0.0
MORGAN STANLEY MS SW 243,061.0 -330,178.0 0.0
MORGAN STANLEY DWD QT 243,061.0 -330,178.0 0.0
MORGAN STANLEY MS1EUR EZ 243,061.0 -330,178.0 0.0
MORGAN STANLEY MSCL CI 243,061.0 -330,178.0 0.0
MORGAN STANLEY MS-RM RM 243,061.0 -330,178.0 0.0
MOTOROLA SOL-BDR M1SI34 BZ 11,672.0 -430.0 610.0
MOTOROLA SOL-CED MSI AR 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MOT TE 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MSI US 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MTLA TH 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MTLA GR 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MSI1EUR EU 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MTLA GZ 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MTLA QT 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MSI1EUR EZ 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MOSI AV 11,672.0 -430.0 610.0
MOTOROLA SOLUTIO MSI-RM RM 11,672.0 -430.0 610.0
MSCI INC MSCI US 4,833.4 -1,026.4 368.8
MSCI INC 3HM GR 4,833.4 -1,026.4 368.8
MSCI INC 3HM SW 4,833.4 -1,026.4 368.8
MSCI INC 3HM QT 4,833.4 -1,026.4 368.8
MSCI INC 3HM GZ 4,833.4 -1,026.4 368.8
MSCI INC MSCIEUR EZ 4,833.4 -1,026.4 368.8
MSCI INC MSCI* MM 4,833.4 -1,026.4 368.8
MSCI INC 3HM TH 4,833.4 -1,026.4 368.8
MSCI INC MSCI AV 4,833.4 -1,026.4 368.8
MSCI INC MSCI-RM RM 4,833.4 -1,026.4 368.8
MSCI INC-BDR M1SC34 BZ 4,833.4 -1,026.4 368.8
N/A TCDAEUR EU 114.3 -111.2 82.3
N/A CTIC1EUR EU 134.5 -5.3 77.6
N/A CC-RM RM 2,884.1 -229.0 259.8
NATHANS FAMOUS NATH US 83.5 -50.8 53.2
NATHANS FAMOUS NFA GR 83.5 -50.8 53.2
NATHANS FAMOUS NATHEUR EU 83.5 -50.8 53.2
NEW ENG RLTY-LP NEN US 389.9 -59.4 0.0
NORTONLIFEL- BDR S1YM34 BZ 6,247.0 -299.0 -995.0
NORTONLIFELOCK I NLOK US 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYM TH 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYM GR 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYMC TE 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYMC AV 6,247.0 -299.0 -995.0
NORTONLIFELOCK I NLOK* MM 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYMCEUR EU 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYM GZ 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYM QT 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYMCEUR EZ 6,247.0 -299.0 -995.0
NORTONLIFELOCK I NLOK-RM RM 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYMCGCZK EZ 6,247.0 -299.0 -995.0
NORTONLIFELOCK I SYMCGCZK EU 6,247.0 -299.0 -995.0
NOVAVAX INC NVV1 TH 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 SW 2,623.0 -417.0 -20.2
NOVAVAX INC NVAX* MM 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 GR 2,623.0 -417.0 -20.2
NOVAVAX INC NVAX US 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 GZ 2,623.0 -417.0 -20.2
NOVAVAX INC NVV1 QT 2,623.0 -417.0 -20.2
NOVAVAX INC NVAXEUR EU 2,623.0 -417.0 -20.2
NOVAVAX INC 0A3S LI 2,623.0 -417.0 -20.2
NUTANIX INC - A 0NU SW 2,365.7 -790.2 507.8
NUTANIX INC - A 0NU GZ 2,365.7 -790.2 507.8
NUTANIX INC - A 0NU GR 2,365.7 -790.2 507.8
NUTANIX INC - A NTNXEUR EU 2,365.7 -790.2 507.8
NUTANIX INC - A 0NU TH 2,365.7 -790.2 507.8
NUTANIX INC - A 0NU QT 2,365.7 -790.2 507.8
NUTANIX INC - A NTNX US 2,365.7 -790.2 507.8
NUTANIX INC - A NTNXEUR EZ 2,365.7 -790.2 507.8
NUTANIX INC - A NTNX-RM RM 2,365.7 -790.2 507.8
NUTANIX INC-BDR N2TN34 BZ 2,365.7 -790.2 507.8
O'REILLY AUTOMOT OM6 TH 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT ORLY AV 12,067.7 -1,107.4 -1,613.3
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O'REILLY AUTOMOT ORLY US 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT ORLYEUR EU 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT OM6 GZ 12,067.7 -1,107.4 -1,613.3
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O'REILLY AUTOMOT ORLYEUR EZ 12,067.7 -1,107.4 -1,613.3
O'REILLY AUTOMOT ORLY-RM RM 12,067.7 -1,107.4 -1,613.3
OAK STREET HEALT OSH US 2,063.2 -101.9 507.9
OAK STREET HEALT HE6 GZ 2,063.2 -101.9 507.9
OAK STREET HEALT OSH3EUR EU 2,063.2 -101.9 507.9
OAK STREET HEALT HE6 TH 2,063.2 -101.9 507.9
OAK STREET HEALT HE6 GR 2,063.2 -101.9 507.9
OAK STREET HEALT HE6 QT 2,063.2 -101.9 507.9
OAK STREET HEALT OSH* MM 2,063.2 -101.9 507.9
OMEROS CORP OMER US 345.6 -32.7 154.2
OMEROS CORP 3O8 GR 345.6 -32.7 154.2
OMEROS CORP 3O8 TH 345.6 -32.7 154.2
OMEROS CORP OMEREUR EU 345.6 -32.7 154.2
OMEROS CORP 3O8 QT 345.6 -32.7 154.2
OMEROS CORP 3O8 GZ 345.6 -32.7 154.2
OPTINOSE INC OPTN US 122.8 -60.8 63.0
OPTINOSE INC 0OP GR 122.8 -60.8 63.0
OPTINOSE INC OPTNEUR EU 122.8 -60.8 63.0
ORACLE BDR ORCL34 BZ 130,309.0 -5,449.0 -13,815.0
ORACLE CO-CEDEAR ORCLC AR 130,309.0 -5,449.0 -13,815.0
ORACLE CO-CEDEAR ORCL AR 130,309.0 -5,449.0 -13,815.0
ORACLE CO-CEDEAR ORCLD AR 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL* MM 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORC GR 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL US 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORC TH 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL TE 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL CI 130,309.0 -5,449.0 -13,815.0
ORACLE CORP 0R1Z LN 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL AV 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCLUSD SW 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORC GZ 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL SW 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCLEUR EU 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORC QT 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCLEUR EZ 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCLCL CI 130,309.0 -5,449.0 -13,815.0
ORACLE CORP ORCL-RM RM 130,309.0 -5,449.0 -13,815.0
ORGANON & CO OGN US 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP TH 10,614.0 -1,137.0 1,378.0
ORGANON & CO OGN-WEUR EU 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP GR 10,614.0 -1,137.0 1,378.0
ORGANON & CO OGN* MM 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP GZ 10,614.0 -1,137.0 1,378.0
ORGANON & CO 7XP QT 10,614.0 -1,137.0 1,378.0
ORGANON & CO OGN-RM RM 10,614.0 -1,137.0 1,378.0
OTIS WORLDWI OTIS US 9,913.0 -4,752.0 -188.0
OTIS WORLDWI 4PG GR 9,913.0 -4,752.0 -188.0
OTIS WORLDWI 4PG GZ 9,913.0 -4,752.0 -188.0
OTIS WORLDWI OTISEUR EU 9,913.0 -4,752.0 -188.0
OTIS WORLDWI OTISEUR EZ 9,913.0 -4,752.0 -188.0
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OTIS WORLDWI OTIS AV 9,913.0 -4,752.0 -188.0
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OTIS WORLDWI-BDR O1TI34 BZ 9,913.0 -4,752.0 -188.0
PANAMERA HOLDING PHCI US 0.0 -0.0 -0.0
PAPA JOHN'S INTL PP1 GR 836.3 -232.6 -10.7
PAPA JOHN'S INTL PZZA US 836.3 -232.6 -10.7
PAPA JOHN'S INTL PZZAEUR EU 836.3 -232.6 -10.7
PAPA JOHN'S INTL PP1 GZ 836.3 -232.6 -10.7
PAPA JOHN'S INTL PP1 TH 836.3 -232.6 -10.7
PAPA JOHN'S INTL PP1 QT 836.3 -232.6 -10.7
PAPAYA GROWTH -A PPYA US 295.2 279.9 1.4
PAPAYA GROWTH OP PPYAU US 295.2 279.9 1.4
PAPAYA GROWTH OP CC40 GR 295.2 279.9 1.4
PAPAYA GROWTH OP PPYAUEUR EU 295.2 279.9 1.4
PARATEK PHARMACE PRTK US 163.7 -149.4 97.7
PARATEK PHARMACE N4CN GR 163.7 -149.4 97.7
PARATEK PHARMACE N4CN TH 163.7 -149.4 97.7
PARATEK PHARMACE N4CN GZ 163.7 -149.4 97.7
PET VALU HOLDING PET CN 657.4 -49.4 46.8
PETRO USA INC PBAJ US 0.0 -0.1 -0.1
PHATHOM PHARMACE PHAT US 213.5 -7.0 188.2
PHILIP MORRI-BDR PHMO34 BZ 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN 4I1 GR 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM US 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM1CHF EU 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM1 TE 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN 4I1 TH 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM1EUR EU 40,960.0 -7,260.0 -2,171.0
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PHILIP MORRIS IN PMIZ EB 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PMIZ IX 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN 0M8V LN 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PMOR AV 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN 4I1 GZ 40,960.0 -7,260.0 -2,171.0
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PHILIP MORRIS IN PM1CHF EZ 40,960.0 -7,260.0 -2,171.0
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PHILIP MORRIS IN PM* MM 40,960.0 -7,260.0 -2,171.0
PHILIP MORRIS IN PM-RM RM 40,960.0 -7,260.0 -2,171.0
PLANET FITNESS I P2LN34 BZ 2,884.1 -229.0 259.8
PLANET FITNESS-A PLNT1EUR EU 2,884.1 -229.0 259.8
PLANET FITNESS-A 3PL QT 2,884.1 -229.0 259.8
PLANET FITNESS-A PLNT US 2,884.1 -229.0 259.8
PLANET FITNESS-A 3PL TH 2,884.1 -229.0 259.8
PLANET FITNESS-A 3PL GR 2,884.1 -229.0 259.8
PLANET FITNESS-A 3PL GZ 2,884.1 -229.0 259.8
PRIME IMPACT A-A PIAI US 325.2 -12.3 -0.1
PRIME IMPACT ACQ PIAI/U US 325.2 -12.3 -0.1
PROS HOLDINGS IN PRO US 461.8 -25.1 110.4
PROS HOLDINGS IN PH2 GR 461.8 -25.1 110.4
PROS HOLDINGS IN PRO1EUR EU 461.8 -25.1 110.4
PTC THERAPEUTICS PTCT US 1,804.1 -182.2 127.3
PTC THERAPEUTICS BH3 GR 1,804.1 -182.2 127.3
PTC THERAPEUTICS P91 TH 1,804.1 -182.2 127.3
PTC THERAPEUTICS P91 QT 1,804.1 -182.2 127.3
PTC THERAPEUTICS PTCTEUR EZ 1,804.1 -182.2 127.3
RAPID7 INC RPDEUR EU 1,285.5 -148.2 -53.7
RAPID7 INC RPD US 1,285.5 -148.2 -53.7
RAPID7 INC R7D GR 1,285.5 -148.2 -53.7
RAPID7 INC R7D TH 1,285.5 -148.2 -53.7
RAPID7 INC RPD* MM 1,285.5 -148.2 -53.7
RAPID7 INC R7D GZ 1,285.5 -148.2 -53.7
RAPID7 INC R7D QT 1,285.5 -148.2 -53.7
RED ROCK RESOR-A RRREUR EU 3,070.3 -27.7 143.3
RED ROCK RESOR-A RRK GR 3,070.3 -27.7 143.3
RED ROCK RESOR-A RRK TH 3,070.3 -27.7 143.3
RED ROCK RESOR-A RRR US 3,070.3 -27.7 143.3
REVANCE THERAPEU RTI QT 561.9 -2.6 183.7
REVANCE THERAPEU RVNCEUR EU 561.9 -2.6 183.7
REVANCE THERAPEU RVNCEUR EZ 561.9 -2.6 183.7
REVANCE THERAPEU RTI GZ 561.9 -2.6 183.7
REVANCE THERAPEU RTI TH 561.9 -2.6 183.7
REVANCE THERAPEU RVNC US 561.9 -2.6 183.7
REVANCE THERAPEU RTI GR 561.9 -2.6 183.7
REVLON INC-A REV US 2,503.7 -2,348.2 220.4
REVLON INC-A RVL1 GR 2,503.7 -2,348.2 220.4
REVLON INC-A RVL1 TH 2,503.7 -2,348.2 220.4
REVLON INC-A REVEUR EU 2,503.7 -2,348.2 220.4
REVLON INC-A REV* MM 2,503.7 -2,348.2 220.4
RIMINI STREET IN RMNI US 386.2 -76.5 -49.8
RIMINI STREET IN 0QH GR 386.2 -76.5 -49.8
RIMINI STREET IN RMNIEUR EU 386.2 -76.5 -49.8
RIMINI STREET IN 0QH QT 386.2 -76.5 -49.8
RITE AID CORP RTA1 GR 8,367.1 -336.4 922.1
RITE AID CORP RAD US 8,367.1 -336.4 922.1
RITE AID CORP RADEUR EU 8,367.1 -336.4 922.1
RITE AID CORP RTA1 QT 8,367.1 -336.4 922.1
RITE AID CORP RTA1 TH 8,367.1 -336.4 922.1
RITE AID CORP RTA1 GZ 8,367.1 -336.4 922.1
ROSE HILL ACQU-A ROSE US 147.5 -10.0 0.5
ROSE HILL ACQUIS ROSEU US 147.5 -10.0 0.5
SABRE CORP 19S QT 5,176.7 -606.6 840.9
SABRE CORP SABREUR EU 5,176.7 -606.6 840.9
SABRE CORP SABR US 5,176.7 -606.6 840.9
SABRE CORP 19S GR 5,176.7 -606.6 840.9
SABRE CORP 19S TH 5,176.7 -606.6 840.9
SABRE CORP SABREUR EZ 5,176.7 -606.6 840.9
SABRE CORP 19S GZ 5,176.7 -606.6 840.9
SBA COMM CORP 4SB TH 10,011.9 -5,398.7 -823.3
SBA COMM CORP 4SB GR 10,011.9 -5,398.7 -823.3
SBA COMM CORP SBAC US 10,011.9 -5,398.7 -823.3
SBA COMM CORP 4SB GZ 10,011.9 -5,398.7 -823.3
SBA COMM CORP 4SB QT 10,011.9 -5,398.7 -823.3
SBA COMM CORP SBACEUR EU 10,011.9 -5,398.7 -823.3
SBA COMM CORP SBACEUR EZ 10,011.9 -5,398.7 -823.3
SBA COMM CORP SBAC* MM 10,011.9 -5,398.7 -823.3
SBA COMMUN - BDR S1BA34 BZ 10,011.9 -5,398.7 -823.3
SEAWORLD ENTERTA SEAS US 2,396.6 -401.5 -168.3
SEAWORLD ENTERTA W2L GR 2,396.6 -401.5 -168.3
SEAWORLD ENTERTA W2L TH 2,396.6 -401.5 -168.3
SEAWORLD ENTERTA W2L QT 2,396.6 -401.5 -168.3
SEAWORLD ENTERTA SEASEUR EU 2,396.6 -401.5 -168.3
SEAWORLD ENTERTA W2L GZ 2,396.6 -401.5 -168.3
SHELL MIDSTREAM SHLX US 2,231.0 -441.0 62.0
SILVER SPIKE-A SPKC/U CN 128.3 -6.7 0.6
SIRIUS XM HO-BDR SRXM34 BZ 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN RDO GR 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN RDO TH 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN SIRI AV 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN SIRI US 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN SIRIEUR EU 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN RDO GZ 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN RDO QT 10,270.0 -3,579.0 -1,751.0
SIRIUS XM HOLDIN SIRIEUR EZ 10,270.0 -3,579.0 -1,751.0
SIX FLAGS ENTERT 6FE GR 2,713.8 -537.3 -377.1
SIX FLAGS ENTERT SIX US 2,713.8 -537.3 -377.1
SIX FLAGS ENTERT SIXEUR EU 2,713.8 -537.3 -377.1
SIX FLAGS ENTERT 6FE QT 2,713.8 -537.3 -377.1
SIX FLAGS ENTERT 6FE TH 2,713.8 -537.3 -377.1
SKYX PLATFORMS C SKYX US 29.4 15.4 21.8
SLEEP NUMBER COR SNBR US 950.1 -443.0 -723.4
SLEEP NUMBER COR SL2 GR 950.1 -443.0 -723.4
SLEEP NUMBER COR SNBREUR EU 950.1 -443.0 -723.4
SLEEP NUMBER COR SL2 TH 950.1 -443.0 -723.4
SLEEP NUMBER COR SL2 QT 950.1 -443.0 -723.4
SLEEP NUMBER COR SL2 GZ 950.1 -443.0 -723.4
SMILEDIRECTCLUB SDC* MM 700.6 -258.5 237.4
SPLUNK INC SPLK US 5,209.6 -684.0 1,097.4
SPLUNK INC S0U GR 5,209.6 -684.0 1,097.4
SPLUNK INC S0U TH 5,209.6 -684.0 1,097.4
SPLUNK INC SPLKEUR EU 5,209.6 -684.0 1,097.4
SPLUNK INC S0U GZ 5,209.6 -684.0 1,097.4
SPLUNK INC S0U QT 5,209.6 -684.0 1,097.4
SPLUNK INC SPLKEUR EZ 5,209.6 -684.0 1,097.4
SPLUNK INC SPLK* MM 5,209.6 -684.0 1,097.4
SPLUNK INC SPLK-RM RM 5,209.6 -684.0 1,097.4
SPLUNK INC - BDR S1PL34 BZ 5,209.6 -684.0 1,097.4
SPRAGUE RESOURCE SRLP US 1,334.3 -95.2 -519.7
SQUARESPACE IN-A SQSP US 994.3 -42.1 -74.5
SQUARESPACE IN-A 8DT GZ 994.3 -42.1 -74.5
SQUARESPACE IN-A SQSPEUR EU 994.3 -42.1 -74.5
SQUARESPACE IN-A 8DT GR 994.3 -42.1 -74.5
SQUARESPACE IN-A 8DT TH 994.3 -42.1 -74.5
SQUARESPACE IN-A 8DT QT 994.3 -42.1 -74.5
STARBUCKS CORP SBUX* MM 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SRB GR 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SRB TH 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX CI 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX AV 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUXEUR EU 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX TE 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX IM 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX US 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUXUSD SW 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SRB GZ 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX PE 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX SW 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SRB QT 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUXEUR EZ 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP 0QZH LI 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX-RM RM 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUXCL CI 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SBUX_KZ KZ 28,156.2 -8,658.9 -1,334.9
STARBUCKS CORP SRBD BQ 28,156.2 -8,658.9 -1,334.9
STARBUCKS-BDR SBUB34 BZ 28,156.2 -8,658.9 -1,334.9
STARBUCKS-CEDEAR SBUXD AR 28,156.2 -8,658.9 -1,334.9
STARBUCKS-CEDEAR SBUX AR 28,156.2 -8,658.9 -1,334.9
STONEMOR INC STON US 1,798.0 -174.7 106.4
STONEMOR INC 3V8 GR 1,798.0 -174.7 106.4
STONEMOR INC STONEUR EU 1,798.0 -174.7 106.4
SYMBOTIC INC SYM US 612.8 73.1 146.1
TELA BIO INC TELA US 51.3 -1.5 33.7
TEMPUR SEALY INT TPX US 4,404.4 -180.9 248.1
TEMPUR SEALY INT TPD GR 4,404.4 -180.9 248.1
TEMPUR SEALY INT TPXEUR EU 4,404.4 -180.9 248.1
TEMPUR SEALY INT TPD TH 4,404.4 -180.9 248.1
TEMPUR SEALY INT TPD GZ 4,404.4 -180.9 248.1
TEMPUR SEALY INT T2PX34 BZ 4,404.4 -180.9 248.1
TEMPUR SEALY INT TPX-RM RM 4,404.4 -180.9 248.1
TORRID HOLDINGS CURV US 556.6 -238.7 -56.4
TRANSDIGM - BDR T1DG34 BZ 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP TDG US 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP T7D GR 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP TDG* MM 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP T7D TH 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP T7D QT 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP TDGEUR EU 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP TDGEUR EZ 18,819.0 -2,968.0 4,964.0
TRANSDIGM GROUP TDG-RM RM 18,819.0 -2,968.0 4,964.0
TRAVEL + LEISURE TNL US 6,477.0 -846.0 521.0
TRAVEL + LEISURE WD5A TH 6,477.0 -846.0 521.0
TRAVEL + LEISURE WD5A GR 6,477.0 -846.0 521.0
TRAVEL + LEISURE 0M1K LI 6,477.0 -846.0 521.0
TRAVEL + LEISURE WD5A QT 6,477.0 -846.0 521.0
TRAVEL + LEISURE WYNEUR EU 6,477.0 -846.0 521.0
TRAVEL + LEISURE WD5A GZ 6,477.0 -846.0 521.0
TRAVEL + LEISURE TNL* MM 6,477.0 -846.0 521.0
TRICIDA INC TCDA US 114.3 -111.2 82.3
TRICIDA INC 1T7 GR 114.3 -111.2 82.3
TRICIDA INC 1T7 TH 114.3 -111.2 82.3
TRICIDA INC 1T7 QT 114.3 -111.2 82.3
TRICIDA INC 1T7 GZ 114.3 -111.2 82.3
TRIUMPH GROUP TG7 GR 1,667.5 -805.3 341.5
TRIUMPH GROUP TGI US 1,667.5 -805.3 341.5
TRIUMPH GROUP TG7 TH 1,667.5 -805.3 341.5
TRIUMPH GROUP TGIEUR EU 1,667.5 -805.3 341.5
TRIUMPH GROUP TG7 GZ 1,667.5 -805.3 341.5
TUPPERWARE BRAND TUP GR 1,105.9 -159.1 127.3
TUPPERWARE BRAND TUP US 1,105.9 -159.1 127.3
TUPPERWARE BRAND TUP TH 1,105.9 -159.1 127.3
TUPPERWARE BRAND TUP1EUR EU 1,105.9 -159.1 127.3
TUPPERWARE BRAND TUP GZ 1,105.9 -159.1 127.3
TUPPERWARE BRAND TUP QT 1,105.9 -159.1 127.3
TUPPERWARE BRAND TUP1EUR EZ 1,105.9 -159.1 127.3
UBIQUITI INC UI US 844.7 -382.9 310.6
UBIQUITI INC 3UB GR 844.7 -382.9 310.6
UBIQUITI INC UBNTEUR EU 844.7 -382.9 310.6
UBIQUITI INC 3UB TH 844.7 -382.9 310.6
UNISYS CORP USY1 TH 2,154.4 -98.5 308.3
UNISYS CORP USY1 GR 2,154.4 -98.5 308.3
UNISYS CORP UIS SW 2,154.4 -98.5 308.3
UNISYS CORP UIS US 2,154.4 -98.5 308.3
UNISYS CORP UISEUR EU 2,154.4 -98.5 308.3
UNISYS CORP USY1 GZ 2,154.4 -98.5 308.3
UNISYS CORP USY1 QT 2,154.4 -98.5 308.3
UNITI GROUP INC 8XC GR 4,955.2 -2,075.2 0.0
UNITI GROUP INC UNIT US 4,955.2 -2,075.2 0.0
UNITI GROUP INC 8XC TH 4,955.2 -2,075.2 0.0
UNITI GROUP INC 8XC GZ 4,955.2 -2,075.2 0.0
UROGEN PHARMA LT URGN US 146.1 -40.9 121.6
UROGEN PHARMA LT UR8 GR 146.1 -40.9 121.6
UROGEN PHARMA LT URGNEUR EU 146.1 -40.9 121.6
VECTOR GROUP LTD VGR US 994.6 -830.9 296.9
VECTOR GROUP LTD VGR GR 994.6 -830.9 296.9
VECTOR GROUP LTD VGREUR EU 994.6 -830.9 296.9
VECTOR GROUP LTD VGR QT 994.6 -830.9 296.9
VECTOR GROUP LTD VGREUR EZ 994.6 -830.9 296.9
VECTOR GROUP LTD VGR TH 994.6 -830.9 296.9
VECTOR GROUP LTD VGR GZ 994.6 -830.9 296.9
VERISIGN INC VRS TH 1,762.5 -1,455.0 -5.0
VERISIGN INC VRS GR 1,762.5 -1,455.0 -5.0
VERISIGN INC VRSN US 1,762.5 -1,455.0 -5.0
VERISIGN INC VRSN* MM 1,762.5 -1,455.0 -5.0
VERISIGN INC VRSNEUR EU 1,762.5 -1,455.0 -5.0
VERISIGN INC VRS GZ 1,762.5 -1,455.0 -5.0
VERISIGN INC VRS QT 1,762.5 -1,455.0 -5.0
VERISIGN INC VRSNEUR EZ 1,762.5 -1,455.0 -5.0
VERISIGN INC VRSN-RM RM 1,762.5 -1,455.0 -5.0
VERISIGN INC-BDR VRSN34 BZ 1,762.5 -1,455.0 -5.0
VERISIGN-CEDEAR VRSN AR 1,762.5 -1,455.0 -5.0
VIVINT SMART HOM VVNT US 2,908.3 -1,715.6 -482.5
W&T OFFSHORE INC UWV GR 1,439.8 -124.4 164.2
W&T OFFSHORE INC WTI US 1,439.8 -124.4 164.2
W&T OFFSHORE INC WTI1EUR EU 1,439.8 -124.4 164.2
W&T OFFSHORE INC UWV TH 1,439.8 -124.4 164.2
W&T OFFSHORE INC UWV GZ 1,439.8 -124.4 164.2
WAYFAIR INC- A W US 4,098.0 -2,145.0 242.0
WAYFAIR INC- A W* MM 4,098.0 -2,145.0 242.0
WAYFAIR INC- A 1WF QT 4,098.0 -2,145.0 242.0
WAYFAIR INC- A 1WF GZ 4,098.0 -2,145.0 242.0
WAYFAIR INC- A 1WF GR 4,098.0 -2,145.0 242.0
WAYFAIR INC- A 1WF TH 4,098.0 -2,145.0 242.0
WAYFAIR INC- A WEUR EU 4,098.0 -2,145.0 242.0
WAYFAIR INC- A WEUR EZ 4,098.0 -2,145.0 242.0
WEBER INC - A WEBR US 1,721.7 -243.0 228.7
WEWORK INC-CL A WE* MM 19,638.0 -2,317.0 -889.0
WINGSTOP INC WING1EUR EU 395.4 -415.5 156.8
WINGSTOP INC WING US 395.4 -415.5 156.8
WINGSTOP INC EWG GR 395.4 -415.5 156.8
WINGSTOP INC EWG GZ 395.4 -415.5 156.8
WINMARK CORP WINA US 33.7 -60.4 9.6
WINMARK CORP GBZ GR 33.7 -60.4 9.6
WW INTERNATIONAL WW US 1,390.6 -456.1 57.2
WW INTERNATIONAL WW6 GR 1,390.6 -456.1 57.2
WW INTERNATIONAL WW6 SW 1,390.6 -456.1 57.2
WW INTERNATIONAL WW6 GZ 1,390.6 -456.1 57.2
WW INTERNATIONAL WTWEUR EU 1,390.6 -456.1 57.2
WW INTERNATIONAL WW6 QT 1,390.6 -456.1 57.2
WW INTERNATIONAL WTWEUR EZ 1,390.6 -456.1 57.2
WW INTERNATIONAL WW6 TH 1,390.6 -456.1 57.2
WW INTERNATIONAL WTW AV 1,390.6 -456.1 57.2
WW INTERNATIONAL WW-RM RM 1,390.6 -456.1 57.2
WYNN RESORTS LTD WYR GR 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYR TH 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNN US 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNN* MM 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNNEUR EU 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYR GZ 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYR QT 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNNEUR EZ 11,788.5 -1,374.3 753.9
WYNN RESORTS LTD WYNN-RM RM 11,788.5 -1,374.3 753.9
WYNN RESORTS-BDR W1YN34 BZ 11,788.5 -1,374.3 753.9
YELLOW CORP YELL US 2,503.9 -324.1 255.7
YELLOW CORP YEL GR 2,503.9 -324.1 255.7
YELLOW CORP YRCWEUR EU 2,503.9 -324.1 255.7
YELLOW CORP YEL QT 2,503.9 -324.1 255.7
YELLOW CORP YRCWEUR EZ 2,503.9 -324.1 255.7
YELLOW CORP YEL1 TH 2,503.9 -324.1 255.7
YELLOW CORP YEL GZ 2,503.9 -324.1 255.7
YUM! BRANDS -BDR YUMR34 BZ 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR TH 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR GR 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUM* MM 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUM US 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUMUSD SW 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR GZ 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUMEUR EU 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR QT 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUM SW 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUMEUR EZ 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUM AV 5,790.0 -8,568.0 246.0
YUM! BRANDS INC TGR TE 5,790.0 -8,568.0 246.0
YUM! BRANDS INC YUM-RM RM 5,790.0 -8,568.0 246.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***