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T R O U B L E D C O M P A N Y R E P O R T E R
Friday, December 30, 2022, Vol. 26, No. 363
Headlines
14 EAST WASHINGTON: Gets OK to Hire Walsh Banks as Special Counsel
14 EAST WASHINGTON: Taps Commenda Real Estate as Financial Advisor
3333 ALPHARETTA: Unsecureds to be Paid in Full in Sale Plan
4TH AVENUE: Case Summary & Four Unsecured Creditors
839 E MINORKA: Amends Plan to Include KMS Enterprises Claim Details
AMC ENTERTAINMENT: S&P Downgrades ICR to 'CC', Outlook Negative
ASTECH ENGINEERED: Seeks to Hire SC&H Group as Investment Banker
AURORA HOSPITALITY: Seeks to Hire Jameson Real Estate as Broker
BON WORTH: Case Summary & Six Unsecured Creditors
BURKE BRANDS: Case Summary & 20 Largest Unsecured Creditors
CAMLEM TRADE: Case Summary & Five Unsecured Creditors
CAMMAND MACHINING: Amends Huntington & US Bank Secured Claims Pay
CANNABAMA LLC: Taps Barry A. Friedman & Associates as Legal Counsel
CDP HOLDINGS: Seeks to Hire Auction Advisors as Auctioneer
DEALER PRODUCTS: Seeks Approval to Hire Miranda CPA as Accountant
DIEBOLD NIXDORF: Closes Transactions to Support Debt Refinancing
DIV005 LLC: Seeks to Hire Merbaum & Becker as Special Counsel
DURAN TRANSFER: Unsecureds Will Get 30% of Claims in 4 Years
EL MONTE NATURE: Has Until Feb. 8 to Solicit Plan Votes
EMPIRE PRIME: Amends T Bank Secured Claims Pay Details
ENDO INTERNATIONAL: Paul Weiss 2nd Update on Cross-Holder Group
EW CAPITAL: Seeks to Hire Rothbloom Law Firm as Bankruptcy Counsel
FELIX BRACE: Seeks to Hire Whitehall as Financial Advisor
FTX TRADING: Moonstone Bank Issues Statement on Liquidators' Motion
GILBERT BARBEE: Case Summary & 20 Largest Unsecured Creditors
HEARTBRAND HOLDINGS: Twinwood Seeks to Terminate Exclusive Period
HIGHTOWER HOLDING: Moody's Affirms B3 CFR, Outlook Remains Stable
IRONNET INC: Receives NYSE Non-Compliance Notification Letter
JNF INVESTMENTS: Fine-Tunes Plan Documents
KANE CORPORATION: Feb. 16, 2023 Plan & Disclosure Hearing Set
KHORA HEALTH: Case Summary & 30 Largest Unsecured Creditors
KLAUSNER HOLDING: Taps Mickler & Mickler as Bankruptcy Counsel
KTS SOLUTIONS: Seeks to Hire McNamee Hosea as Bankruptcy Counsel
MCCLAIN INVESTMENTS: Seeks to Hire Village Real Estate as Broker
MONTANA TUNNELS: Gets OK to Hire Crowley Fleck as Special Counsel
MP ZEBULON: Asset Sale Proceeds to Fund Plan Payments
NANDA INC: Gets OK to Hire Richard B. Rosenblatt as Legal Counsel
NASSAU PHARMACY: Unsecureds to Get 0% in Subchapter V Plan
O'MY FOODS: Seeks to Hire Tavenner & Beran as Bankruptcy Counsel
OLD MAJESTIC: Case Summary & 20 Largest Unsecured Creditors
OPULENT AMERICAS: Case Summary & Six Unsecured Creditors
PIPELINE HEALTH: Ross Represents Focus Staff, Allscripts
PRODUCE DEPOT: Unsecured Creditors Will Get 4% Dividend in Plan
PROPERTY HOLDERS: Taps Tom Riley Law Firm as General Civil Counsel
PURRY & SON: U.S. Trustee Unable to Appoint Committee
RB SIGMA: Unsecureds to Get 100 Cents on Dollar in 5 Years
RE-BUILD SEVILLE: Unsecureds to Get Share of Income for 5 Years
REVERSE MORTGAGE: CSG, Cozen Advise on Hartford Fire, Platte River
RUBY PIPELINE: Jan. 13, 2023 Plan & Disclosure Hearing Set
SAMEH H. AKNOUK: Seeks Approval to Hire Kirby Aisner as Counsel
SAN LUIS & RIO: Unsecured Creditors to Get 0% in Trustee's Plan
SEARS AUTHORIZED: Liquidation Sales Underway at 115 Stores
STODGHILL AND SONS: Case Summary & 20 Largest Unsecured Creditors
SUN BORICUA: Unsecureds to Recover 100% with Interest in 5 Years
TAMPA SMOKE: Seeks Approval to Hire AccounTax Pro as Accountant
TIMES SQUARE JV: Case Summary & 30 Largest Unsecured Creditors
TK CLEANING: Gets OK to Tap Moore Bradley Myers Law Firm as Counsel
TOP PERFORMANCE: Taps Damani Ingram of Ingram Firm as Legal Counsel
TSS ACQUISITION: Seeks to Hire Coolidge Wall Co. as Legal Counsel
TSS ACQUISITION: Taps Sumner Saeks of New Growth Advisors as CRO
VERIPAC LLC: Gets Interim OK to Hire Carmody MacDonald as Counsel
VITAL PHARMACEUTICALS: Court Denies Bid for Second Committee
VOLEL PROFESSIONAL: Case Summary & 11 Unsecured Creditors
VOYAGER DIGITAL: TopCo Unsecureds Will Get 66% of Claims in Plan
W.A. LYNCH: Seeks to Hire Kroger Gardis & Regas as Legal Counsel
WJA ASSET: Court Approves Prosper's Disclosure Statement
[^] BOOK REVIEW: The Luckiest Guy in the World
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14 EAST WASHINGTON: Gets OK to Hire Walsh Banks as Special Counsel
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14 East Washington, LLC received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Walsh Banks,
PLLC to serve as its special counsel in landlord-tenant matters.
The firm's services include:
a. pursuing claims and causes of action against tenants for
unpaid rent claims, eviction, and other landlord-tenant matters;
b. reviewing and analyzing written lease agreements;
c. researching and analyzing applicable law;
d. reviewing pertinent facts and documents;
e. interacting with the Debtor and the Debtor's principal,
agents and professionals in all landlord-tenant matters;
f. interacting with opposing counsels; and
g. representation in court when necessary or appropriate,
including drafting and filing papers and pleadings, conducting
discovery and depositions, and attending hearings and trial, when
necessary or appropriate.
Walsh Banks requires a post-petition retainer in the amount of
$5,000.
As disclosed in court filings, Walsh Banks does not hold nor
represent any interest adverse to the Debtor and its estate.
The firm can be reached through:
Randall C. Smith, Esq.
Brandon Banks, Esq.
Walsh Banks, PLLC
d/b/a Walsh Banks Law
228 Hillcrest St
Orlando, FL 32801
Phone: +1 407-259-2426
Fax: (407) 391-3626
Email: contact@walshbanks.com
About 14 East Washington
14 East Washington, LLC owns in fee simple title an
office-mid-rise-commercial building located at 14 East Washington
St., Orlando, Fla., valued at $10.5 million.
14 East Washington sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-03988) on Nov. 5,
2022, with $10,803,120 in total assets and $7,721,700 in total
liabilities. Antonio Luiz Romano, manager, signed the petition.
Judge Lori V. Vaughan oversees the case.
The Debtor tapped Nardella & Nardella, PLLC as bankruptcy counsel;
Commenda Real Estate, LLC as financial advisor; and Walsh Banks,
PLLC, doing business as Walsh Banks Law, as special counsel.
14 EAST WASHINGTON: Taps Commenda Real Estate as Financial Advisor
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14 East Washington, LLC received approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Commenda Real
Estate, LLC as its financial advisor.
The Debtor requires a financial advisor to:
a. review selected pre-bankruptcy financial and related
information;
b. analyze existing and prospective liquidity position and
debtor-in-possession (DIP) credit facility options, and solicit DIP
credit facility proposals;
c. develop various financial forecasts to possibly include
(but not limited to) 13-week and 52-week cash flow analyses, and
integrated financial projections (income statement, cash flow
statement, and balance sheet);
d. analyze existing secured and unsecured claims;
e. review material agreements;
f. conduct asset review and valuation (if appropriate);
g. assist in the preparation of financial reporting during
bankruptcy and upon emergence (as appropriate);
h. assist the Debtor in contract analysis and negotiation;
i. review insurance policy;
j. ongoing cash flow forecasting/sensitivities;
k. assist in the development of operating plan and plan of
reorganization;
l. conduct competitor and market analysis;
m. conduct feasibility analysis;
n. provide expert witness testimony (as appropriate); and
o. other services financial advsiory services to be agreed
upon.
The firm will be paid at these rates:
Principals $350 per hour
Directors $250 per hour
Associates $150 per hour
Other Support $100 per hour
The retainer fee is $10,000.
As disclosed in court filings, Commenda is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Thomas L. Minick
Commenda Real Estate, LLC
2389 E. Venice Avenue
PMB 122
Venice, FL 34292
Phone: (678) 596-6014
Email: tminick@commendacapital.com
About 14 East Washington
14 East Washington, LLC owns in fee simple title an
office-mid-rise-commercial building located at 14 East Washington
St., Orlando, Fla., valued at $10.5 million.
14 East Washington sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-03988) on Nov. 5,
2022, with $10,803,120 in total assets and $7,721,700 in total
liabilities. Antonio Luiz Romano, manager, signed the petition.
Judge Lori V. Vaughan oversees the case.
The Debtor tapped Nardella & Nardella, PLLC as bankruptcy counsel;
Commenda Real Estate, LLC as financial advisor; and Walsh Banks,
PLLC, doing business as Walsh Banks Law, as special counsel.
3333 ALPHARETTA: Unsecureds to be Paid in Full in Sale Plan
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3333 Alpharetta Lifehope 10 Acre Land, LLC filed with the U.S.
Bankruptcy Court for the Northern District of Georgia a Disclosure
Statement for Plan of Reorganization dated December 22, 2022.
The Debtor is a Georgia-based company that owns a commercial rental
property located at 3333 Old Milton Parkway, Alpharetta, Georgia
30005 (the "Property" and the "Business"). The Property is a
medical office building.
3333 Alpharetta Lifehope MOB 1 JV, LLC (the "Sole Member") is the
Sole Member and Manager of the Debtor. 3333 Alpharetta Lifehope
HPE, LLC is the Manager of the Sole Member (the "Sole Member's
Manager"). Scott Honan is the Manager of the Sole Member's Manager.
Mr. Honan has over 22 years of experience successfully managing
medical office buildings in metro Atlanta, Texas, Florida, and
Tennessee. Unfortunately, the Covid-19 pandemic was particularly
hard on medical office landlords as all non-essential medical
services were halted. The Debtor's tenants fell behind on rent
during the pandemic. Further complicating matters, in 2021 Mr.
Honan was hospitalized for months with a severe case of Covid-19.
Due to these factors, the Debtor fell behind on debt service
payments. The Debtor's primary secured creditor, Capital One,
National Association scheduled the Property for an October 2022
foreclosure sale. In order to stop the sale and preserve the value
of the Property, the Debtor was forced to file for chapter 11
protection.
The Property's tenants have formed a special purpose entity called
3333 Physicians Center MOB 1 SPE, LLC (the "Purchaser") in order to
purchase the Property. The Purchaser has secured a Term Sheet Loan
Commitment letter from Alpha Finance Corp. The Purchaser will pay
$39,500,000.00 cash at closing and the closing is anticipated to
occur within 90 days of the date that the contract is executed.
The plan provides for the payment in full of all secured, priority,
and general unsecured claims (except for the claims of the Honan
Entities) and retention of equity interests in the Debtor.
Capital One holds a lien on virtually all of the Debtors' assets.
Capital One filed proof of claim 4-1 in the amount of
$31,085,028.82. The Debtor proposes to pay the payoff as of the
Effective Date to Capital One in full on the Effective Date.
Phoenix Elevator Service Inc. of GA. is a secured creditor by
virtue of a Materialman's and Mechanic's Lien. The Debtor believes
the total current amount of Phoenix's claim is $4,532.00. The
Debtor proposes to pay the secured claim of Phoenix with
post-petition interest in full on the Effective Date.
The Debtor estimates, based on its schedules and proofs of claims
that have been filed, that there will be approximately $126,238.77
in allowed general unsecured claims, excluding the Honan Entities.
The Debtor proposes to pay General Unsecured Claims with
post-petition interest in full on the Effective Date.
The Debtor listed unsecured debts owed to Honan Preferred Equity
and Honan Property Management, both of which are controlled by Mr.
Honan. While the Debtor does not believe that these entities meet
the statutory definition of insiders, the Debtor is excluding these
claims from Class 3 General Unsecured Claims and the Honan Entities
are waiving any claims they have against the Debtor.
The Reorganized Debtor shall not make any distributions or pay any
dividends related to any Equity Interests unless and until all
distributions related to all Allowed Claims in Classes 1-3 have
been made in full.
The cash distributions contemplated by the Plan shall be funded by
cash generated from the sale of the Property.
A full-text copy of the Disclosure Statement dated December 22,
2022, is available at https://bit.ly/3WsFlFH from PacerMonitor.com
at no charge.
The firm can be reached through:
William A. Rountree, Esq.
Will Geer, Esq.
Benjamin R. Keck, Esq.
Rountree Leitman Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Facsimile: (404) 704-0246
Email: wrountree@rlkglaw.com
wgeer@rlklglaw.com
echilders@rlkglaw.com
About 3333 Alpharetta Lifehope 10 Acre Land
3333 Alpharetta Lifehope 10 Acre Land, LLC is a Georgia-based
company that owns a commercial rental property located at 3333 Old
Milton Parkway, Alpharetta, Georgia 30005. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
N.D. Ga. Case No. 22-57594) on Sept. 23, 2022. In the petition
signed by its designated manager, Scott C. Honan, the Debtor
disclosed up to $100 million in assets and up to $50 million in
liabilities.
Judge Lisa Ritchey Craig oversees the case.
William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC
serves as the Debtor's counsel.
4TH AVENUE: Case Summary & Four Unsecured Creditors
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Debtor: 4th Avenue Apartments, LLC
2115 Stephens Place
Suite 1100
New Braunfels, TX 78130-2134
Business Description: The Debtor is primarily engaged in renting
and leasing real estate properties.
Chapter 11 Petition Date: December 29, 2022
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 22-51475
Judge: Hon. Craig A. Gargotta
Debtor's Counsel: Lenard M. Parkins, Esq.
PARKINS & RUBIO LLP
700 Milam Street Suite 1300
Houston, TX 77002
Tel: (713) 715-1666
Email: lparkins@parkinsrubio.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Samuels F. Sells as manager.
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/TSR4TRI/4th_Avenue_Apartments_LLC__txwbke-22-51475__0001.0.pdf?mcid=tGE4TAMA
839 E MINORKA: Amends Plan to Include KMS Enterprises Claim Details
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839 E Minorka Partners, LLC, submitted a Second Amended Disclosure
Statement and Chapter 11 Plan dated December 22, 2022.
A Trustee's Deed Upon Sale was recorded on June 2, 2022 listing KMS
Enterprises, LLC as the purchaser of the Property following a
purported trustee's sale of the Property. As the purported
trustee's sale occurred following the filing of the Petition in
this matter, the Trustee's Deed Upon Sale is void as a matter of
law.
The Plan seeks an order from the Court establishing that the
Trustee's Deed Upon Sale is void and null and the Property may be
sold free and clear of all claims, liens, encumbrances and/or
adverse interests (including any claims for successor liability or
similar theories of liability), except for those interests and
encumbrances disclosed in the Plan, including any potential claims
of liability against the Debtor related to the purported trustee's
sale of the Property or similar theories of liability.
In addition to Secured Creditor, the only other known lienholder is
the City of Tucson, acting though the Community Services
Department, which holds 2 statutory liens for payments made to the
previous owner of the property from the Housing Rehab Perpetual
Loan Fund. The City of Tucson is willing to waive the two liens on
the condition that the Debtor record a deed of restriction against
the Property that limits development on the Property to the
building low-income housing units.
On approval of the Plan, the Debtor will be selling the building
and land to Norbert Lawson for a purchase price of $122,500.00. The
sale will pay secured creditors in full from the sale with the
exception of the City of Tucson, whose liens will be waived.
Class 3 consists of the City of Tucson Claim. The 2 statutory liens
with the City of Tucson's interests and encumbrances to remain on
the Property following the sale of the Property to Norbert Lawson.
It is anticipated that the Property would then be sold to a
non-profit to be used for an affordable housing project. The City
of Tucson is willing to waive the two liens on the condition that
the Debtor record a deed of restriction against the Property that
limits development on the Property to the building low-income
housing units as set forth in the "Declaration of Restrictive
Covenant." Following the execution of the deed of restriction, the
City of Tucson will not receive a distribution under the Plan.
Class 4 consists of the KMS Enterprises, LLC Claim. A Trustee's
Deed Upon Sale was recorded on June 2, 2022 listing KMS
Enterprises, LLC as the purchaser of the Property following a
purported trustee's sale. As the purported trustee's sale occurred
following the filing of the Petition in this matter, the Trustee's
Deed Upon Sale is void as a matter of law. While the Debtor does
not believe KMS Enterprises, LLC has a claim against the Debtor,
out of an abundance of caution, KMS Enterprises, LLC has been
classified as a creditor as to any potential claims of liability
against the Debtor related to the purported trustee's sale of the
Property or similar theories of liability.
The Trustee's Deed Upon Sale shall be deemed void and null so the
Property may be sold free and clear of all claims, liens,
encumbrances and/or adverse interests, except for those interests
and encumbrances disclosed in the Plan. Further, KMS Enterprises,
LLC will not receive disbursements under the Plan. Any potential
claim related to the purported trustee's sale of the Property shall
be discharged.
The Debtor's Plan will be funded by its sale of the Property. With
the $122,500 purchase price, Debtor anticipates that the sale
proceeds (net of the amount necessary to satisfy Secured Creditor's
lien), will allow the Debtor to pay 100% of its debts in full.
Accordingly, Debtor believes that the sale of the Property to Buyer
is appropriate and in the best interest of the bankruptcy estate.
A full-text copy of the Second Amended Disclosure Statement dated
December 22, 2022, is available at https://bit.ly/3FR7aAE from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Bryan W. Goodman, Esq.
GOODMAN & GOODMAN, PLC
7473 E. Tanque Verde Rd
Tucson, AZ 85715
Telephone: 520-886-5631
E-mail: bwg@goodmanadvisor.com
About 839 E Minorka Partners
839 E Minorka Partners, LLC, is a single asset real estate company
whose sole member is Community Partners in Housing, an Arizona
Non-Profit. The company's sole asset is the building and land
located at 839 E. Minorka Road, Tucson, Arizona 85706.
The Property is subject to a deed of trust in favor of Bank of
America, which secures payment under a promissory note dated
December 30, 2005 in the original principal amount of $93,571. The
Note was in default for failure to pay the outstanding balance due
on maturity, and a trustee's sale was set for May 24, 2022.
To stop the trustee's sale, 839 E Minorka Partners filed a Chapter
11 bankruptcy petition (Bankr. D. Ariz. Case No. 22-bk-03299) on
May 24, 2022. The Debtor is represented by GOODMAN & GOODMAN, PLC.
AMC ENTERTAINMENT: S&P Downgrades ICR to 'CC', Outlook Negative
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S&P Global Ratings lowered its issuer credit rating on AMC
Entertainment Holdings Inc. to 'CC' from 'CCC+'. In addition, S&P
also lowered its issue-level rating on the second-lien notes due
2026 to 'CC' from 'CCC-'.
The negative outlook reflects S&P's expectation that it will lower
its issuer credit rating on the company to 'SD' (selective default)
upon the completion of the proposed exchange offer.
AMC announced it is exchanging $100 million of its second-lien
notes due 2026 for preferred equity.
S&P said, "We view the announced debt-for-equity exchange as
distressed and tantamount to default. The downgrade follows AMC's
announcement that one of its noteholders agreed to exchange $100
million on the principal amount of AMC's 10%/12% cash/pay-in-kind
(PIK) second-lien notes due 2026 for approximately 91.0 million AMC
preferred equity units. The proposed transaction will reduce the
company's debt burden by $100 million and reduce its annual
interest costs by $10 million. However, we view the proposed
debt-for-equity swap as tantamount to default because we believe
the second-lien noteholder will receive less than originally
promised since they are subordinating secured debt for equity. In
our view, AMC is pursuing this transaction because its capital
structure is unsustainable and has limited options to reduce its
debt burden and improve its cash flow.
"The negative outlook reflects our expectation that we will lower
the issuer credit rating on AMC to 'SD' upon completion of the
proposed exchange offer.
"We lower the issuer credit rating to 'SD' upon completion of the
proposed exchange offer. Immediately after, we raise the ratings to
a level that reflects the ongoing risk of a conventional default or
future distressed restructurings.
"While unlikely, we could raise the issuer credit rating if the
proposed exchange offer is not completed, and the company
establishes a clear plan to avoid any future debt restructuring."
ASTECH ENGINEERED: Seeks to Hire SC&H Group as Investment Banker
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Astech Engineered Products, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ SC&H Group,
Inc. as its investment banker.
The firm's services include:
a. undertaking a study in order to better understand the
Debtor's business and inspecting the assets of the business to
determine their physical condition;
b. identifying potential buyers based on information to be
provided by the Debtor and making recommendations to prepare the
assets and the business for proper investigation by potential
buyers;
c. preparing an information memorandum or other materials
about the assets and the business for consideration by prospective
buyers and preparing advertising letters, fliers and similar sales
materials, which would include information regarding the assets, in
each case, based on information provided by the Debtor;
d. preparing a program which may include marketing a potential
transaction through newspapers, magazines, journals, letters,
fliers, signs, telephone solicitation, the Internet or such other
methods as SC&H may deem appropriate;
e. contacting potential buyers for consideration and
evaluation and requiring potential buyers to execute
confidentiality agreements in favor of the Debtor, unless
instructed to do otherwise;
f. facilitating the development of a Virtual Date Room (VDR)
with detailed information including financial statements, marketing
materials, customer and supplier lists, management CVs, facilities
and other information the Debtor deems relevant;
g. circulating any information memorandum and marketing
materials, providing access to the VDR or sending materials to
interested parties regarding the assets, after completing
confidentiality documents;
h. communicating and negotiating with interested parties,
obtaining offers from such parties, advising the Debtor in
structuring a transaction, and making recommendations as to whether
or not a particular transaction offer should be accepted;
i. assisting with the submission of bid procedures to the
court and conducting the auction that may result therefrom;
j. if requested by the Debtor, negotiating with various
stakeholders of the Debtor, including but not limited to, unsecured
creditors and equity shareholders, regarding the possible financial
restructuring of the existing claims of the creditors or equity
stakeholders of the Debtor; and
k. providing assistance in transaction structuring and pricing
discussions with potential buyers, on an as-needed basis, in an
effort to guide the transaction to a satisfactory conclusion, and
performing related services necessary to maximize the proceeds to
be realized in any transaction.
The firm will be paid as follows:
A. A nonrefundable cash fee of $50,000, to be credited towards
any transaction fee paid to SC&H; and
B. A transaction fee equal to the greater of (i) the minimum
transaction fee set forth below, or (ii) the amount resulting from
applying the formula immediately below to the "total
consideration." The minimum transaction fee is $275,000.
Transaction Fee Formula:
For that portion of Total Consideration:
Up to and including $10 million 4 percent
Greater than $10 million but less than $20 million 2 percent
Greater than or equal to $20 million 1 percent
As disclosed in court filings, SC&H Group is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Kenneth W. Mann
SC&H Group
6011 University Blvd., Suite 490
Ellicott City, MD 21043
Phone: 410-403-1500
Email: kmann@schgroup.com
About Astech Engineered Products
Astech Engineered Products, Inc., a company in Santa Ana, Calif.,
produces welded honeycomb sandwich structures. The company offers
its products to the commercial, aerospace, marine, transportation,
and defense industries throughout the world.
Astech filed a petition for relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10635) on
July 15, 2022, listing $10 million to $50 million in assets and $1
million to $10 million in liabilities. David M. Klauder has been
appointed as Subchapter V trustee.
Judge Brendan Linehan Shannon oversees the case.
The Debtor tapped Brooks Wilkins Sharkey & Turco, PLLC and Cozen
O'Connor as bankruptcy counsels; Grobstein Teeple, LLP as financial
advisor; and SC&H Group, Inc. as investment banker.
AURORA HOSPITALITY: Seeks to Hire Jameson Real Estate as Broker
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Aurora Hospitality Group, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Jameson Real Estate Brokerage, LLC as its broker.
The Debtor requires a broker to sell its commercial real estate
located at Route 59, Lots 4 and 5, in Aurora, Ill.
The firm will receive a commission equal to 5 percent of the sales
price.
As disclosed in court filings, Jameson Real Estate Brokerage is
"disinterested" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Jim Miller
Richard Gardella
Jameson Real Estate Brokerage LLC
425 W. North Avenue
Chicago, IL 60610
About Aurora Hospitality Group
Aurora Hospitality Group, LLC is a single asset real estate (as
defined in 11 U.S.C. Sec. 101(51B)). The company is based in
Naperville, Ill.
Aurora Hospitality Group filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill.
Case No. 22-12930) on Nov. 7, 2022, with $1 million to $10 million
in both assets and liabilities. William B. Avellone has been
appointed as Subchapter V Trustee.
Judge Lashonda A. Hunt oversees the case.
The Law Offices of David Freydin PC serves as the Debtor's counsel.
BON WORTH: Case Summary & Six Unsecured Creditors
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Debtor: Bon Worth Holdings, Inc.
32 Court Street, Suite 904-B81
Brooklyn, NY 11201
Case No.: 22-43213
Chapter 11 Petition Date: December 29, 2022
Court: United States Bankruptcy Court
Eastern District of New York
Judge: Hon. Jil Mazer-Marino
Debtor's Counsel: Lawerence F. Morrison, Esq.
MORRISON TENENBAUM PLLC
87 Walker Street, Floor 2
New York
New York, NY 10013
Tel: (212) 620-0938
Email: lmorrison@m-t-law.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Don Young as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/DBBLNFY/Bon_Worth_Holdings_Inc__nyebke-22-43213__0001.0.pdf?mcid=tGE4TAMA
BURKE BRANDS: Case Summary & 20 Largest Unsecured Creditors
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Debtor: Burke Brands LLC
521 N.E. 189th Street
Miami, FL 33179
Case No.: 22-19932
Business Description: The Debtor is a privately owned coffee
company.
Chapter 11 Petition Date: December 29, 2022
Court: United States Bankruptcy Court
Southern District of Florida
Debtor's Counsel: Aaron A. Wernick, Esq.
WERNICK LAW, PLLC
2255 Glades Road Suite 324A
Boca Raton, FL 33431
Tel: 561-961-0922
Email: awernick@wernicklaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Darron Burke as manager.
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/NN5VL5I/Burke_Brands_LLC__flsbke-22-19932__0001.0.pdf?mcid=tGE4TAMA
CAMLEM TRADE: Case Summary & Five Unsecured Creditors
-----------------------------------------------------
Debtor: Camlem Trade, LLC
10300 NW 19th St
Doral, FL 33172
Case No.: 22-19915
Business Description: The Debtor is a wholesale distributor of
hardware and accessories. It provides
wholesale services for customers that
purchase for retail stores, corporate
carrier stores, mall carts and kiosks.
Chapter 11 Petition Date: December 29, 2022
Court: United States Bankruptcy Court
Southern District of Florida
Debtor's Counsel: Susan D Lasky, Esq.
SUE LASKY, PA
320 SE 18 Street
Fort Lauderdale, FL 33316
Tel: 954-400-7474
Email: Jessica@SueLasky.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Marcelo Irigoin, CEO & president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/T2YMHQY/Camlem_Trade_LLC__flsbke-22-19915__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Five Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. American Express Business Credit Card $908,826
World Finacial Center
200 Vesey St
New York, NY 10285
2. American Express Business Credit Card $742,797
3. Chase Auto 2021 Mercedes $218
POB 90176 Benz
Fort Worth, TX
76101-2076
4. Small Business $149,269
Administration
Washington, DC
20416
5. United Community Bank Inc $5,910,807
177 Highway 515 East
Blairsville, GA 30512
CAMMAND MACHINING: Amends Huntington & US Bank Secured Claims Pay
-----------------------------------------------------------------
Cammand Machining, LLC, submitted a First Amended Subchapter V Plan
of Reorganization dated December 22, 2022.
The Debtor proposes this plan of reorganization for the resolution
of outstanding claims against and interest in the Debtor.
The Debtor continues to manage and operate its business as
debtor-in-possession.
Class I consists of the secured claim of The Huntington National
Bank. The Subchapter V Trustee, Counsel for Debtor, and The
Huntington National Bank ("Huntington") had extensive negotiations
regarding the treatment of Huntington's Claim prior to the filing
of this Plan. The treatment has been preliminarily approved by
Huntington. At the time of filing the plans, Huntington is seeking
final approval.
This Class shall receive payments and treats the allowed secured
claim of The Huntington National Bank ("Huntington") in the amount
of $1,686,511.56 ("Secured Amount"). Debtor entered into several
commercial loan transactions with Huntington including, but not
limited to the following:
* The Secured Amount, plus interest, costs, and attorneys' fees
incurred after December 9, 2022, will be paid in the following
manner:
-- Payment of the Secured Amount owed to Huntington, plus
interest, costs, and attorneys' fees incurred after December 9,
2022. The full Secured Amount, plus interest, costs, and attorneys'
fees incurred after December 9, 2022, is due within 3 years of the
Effective date of the Plan. A balloon payment of all principal,
interest, costs, and attorneys' fees owed to Huntington is due at
the end of year 3 (i.e., the date that is 3 years after the
Effective Date).
-- From the Effective Date until the date that is 3 years
after the Effective Date (i.e., when the balloon payment is due),
payment of the Secured Amount, plus interest, costs, and attorneys'
fees incurred after December 9, 2022.
-- Payments due on the 5th of the month for Note 2 and Note 3
and payments due on the 20th of the month for Note 1.
-- Interest on the Secured Amount to accrue at the rate of
7.5% for Note 1, at the rate of 7.75% for Note 2, and at the rate
of 6.0% for Note 3.
-- All payments to Huntington shall be allocated first to
interest, next to principal, and finally to fees and costs.
* Huntington's security interest in the Debtor's assets shall
remain in full force and effect until the Secured Amount, plus
interest, costs, and attorneys' fees incurred after December 9,
2022, is paid in full.
Class III shall consist of the purchase money security interest of
US Bank. This Class shall receive payments and treats the allowed
secured claim US Bank in the amount of $96,626.68 plus interest,
costs, late charges, and attorney fees ("US Bank Secured Amount")
in full with 36 monthly payments remitted by Debtor, with the first
payment commencing on the Effective Date and continuing on the 25th
day of each month thereafter.
In the event (i) US Bank does not timely receive a Monthly Payment
or any other obligation under the Equipment Finance Agreement or
Personal Guaranty of Clarence A. Meltzer Jr., then, US Bank shall
serve upon the Debtor by First Class Mail and by email a Notice of
NonCompliance that permits 10 days from the date of service of the
Notice of Non-Compliance in which to cure the alleged noncompliance
(the "Cure Period"). The failure of Debtor to cure the
non-compliance within the Cure Period is an event of default (a
"Default").
In the event the Default is not cured, then US Bank has the
immediate right to exercise its state law rights under the
Equipment Finance Agreement and the Personal Guaranty of Clarence
A. Meltzer, Jr. including US Bank's right to immediate possession
of its collateral and to liquidate the collateral and apply the net
sales proceeds of said liquidation to the outstanding balance owed
to US Bank. In the event of Default, the Debtor and Guarantor shall
cooperate in the turnover of the collateral to U.S. Bank. US Bank
shall retain its lien until the US Bank Secured Claim is paid in
full.
Like in the prior iteration of the Plan, Debtor shall pay Allowed
Unsecured Claims $1,000.00 per year for 5 years as set forth in
Plan Projections.
On the Effective Date, all of the Debtor's rights, titles, and
interests in and to all Assets shall re-vest in the Debtor to be
operated and distributed by the Debtor pursuant to the provisions
of this Plan.
A full-text copy of the First Amended Plan dated December 22, 2022,
is available at https://bit.ly/3IdBckO from PacerMonitor.com at no
charge.
Counsel for Debtor:
Scott M. Kwiatkowski, Esq.
Goldstein, Bershad & Fried, P.C.
4000 Town Center, Suite 1200
Telephone: (248) 355-5300
Email: scott@bk-lawyer.net
About Cammand Machining
Cammand Machining, LLC, specializes in CNC machining, gun drilling,
and surfacing and design. It is based in Romeo, Mich.
Cammand Machining sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 22-46398) on Aug. 16,
2022, with up to $50,000 in assets and up to $10 million in
liabilities. Clarence Meltzer, managing member, signed the
petition.
Judge Mark A. Randon oversees the case.
Scott M. Kwiatkowski, Esq., at Goldstein Bershad & Fried PC, is the
Debtor's counsel.
CANNABAMA LLC: Taps Barry A. Friedman & Associates as Legal Counsel
-------------------------------------------------------------------
CannaBama, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Alabama to hire Barry A. Friedman &
Associates, PC to handle its Chapter 11 case.
The firm's services include:
(a) taking appropriate action with respect to secured and
priority creditors;
(b) taking appropriate action with respect to possible
voidable preferences and transfers;
(c) preparing legal papers;
(d) investigating the Debtor's accounts and financial
transactions; and
(e) other legal services.
The firm will charge an hourly fee of $250, plus expenses.
Barry Friedman, Esq., at Barry A. Friedman & Associates 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:
Barry A. Friedman, Esq.
Barry A. Friedman & Associates, PC
P.O. Box 2394
Mobile, AL 36652
Telephone: (251) 439-7400
Facsimile: (251) 432-2665
Email: bky@bafmobile.com
About CannaBama LLC
CannaBama, LLC sought protection for relief under Chapter11 of the
Bankruptcy Code (Bankr. S.D. Ala. Case No. 22-12479) on Dec. 5,
2022, with up to $50,000 in assets and $100,001 to $500,000 in
liabilities. Judge Callaway oversees the case.
Barry A. Friedman, Esq., at Barry A. Friedman & Associates, PC
represents the Debtor as counsel.
CDP HOLDINGS: Seeks to Hire Auction Advisors as Auctioneer
----------------------------------------------------------
CDP Holdings Group, LLC, and its affiliates seek approval from the
U.S. Bankruptcy Court for the Eastern District of New York to hire
Auction Advisors as their auctioneer.
The firm's services include:
a. preparing an auction catalogue by plotting, photographing
and describing each of the Debtors' assets individually;
b. creating a detailed full-color brochure and executive
summary with information about the assets, the auction and the
terms of sale;
c. collating and reviewing any relevant due diligence
materials;
d. preparing other marketing materials, including a
promotional video of the assets;
e. creating a webpage;
f. gathering a list of all owners of industry professionals
and competitive businesses who might be targets for solicitation;
g. reaching out to targeted prospects with the intention of
soliciting a stalking horse; and
h. launching a sales and marketing campaign, conducting the
live auction event, and preparing a report of the sale.
The firm will be paid as follows:
a. Reimbursement of up to $7,500 for actual out-of-pocket
expenses incurred by the auctioneer in connection with the sale and
marketing of the assets; and
b. A 10 percent commission on gross proceeds from the sale
(whether it be a bulk sale or a per-lot sale), plus a 15 percent
"buyers premium" with respect to proceeds from a per-lot sale. The
minimum auctioneer fee is $15,000.
Joshua Olshin, managing partner at Auction Advisors, 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:
Joshua Olshin
Auction Advisors
1350 Avenue of Americas, 2nd Floor
New York, NY 10019
Telephone: (800) 862-4348
About CDP Holdings Group
CDP Holdings Group, LLC is a management service organization or
"MSO" that provides administrative and operational non-medical
services at various diagnostic imaging locations.
CDP Holdings Group and its affiliates, Neighborhood Radiology
Management Services, LLC and Neighborhood Radiology Services, P.C.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D.N.Y. Lead Case No. 22-41392) on June 16, 2022.
In the petition filed by Daniel DiPeitro, as sole member, CP
Holdings listed up to $50,000 in assets and $1 million to $10
million in liabilities. The petition states funds will be available
to unsecured creditors.
Judge Elizabeth S. Stong oversees the cases.
Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP is the Debtors'
legal counsel.
DEALER PRODUCTS: Seeks Approval to Hire Miranda CPA as Accountant
-----------------------------------------------------------------
Dealer Products, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Miranda CPA, PLLC as
its accountant.
The firm will assist the Debtor with the accounting services it
needs to close out its fiscal year and prepare its income tax
return to fulfill its obligations in this Chapter 11 case. The firm
will also assist the Debtor with its ongoing accounting needs.
William Miranda, CPA, the primary accountant who will represent the
Debtor, will charge $200 per hour for his services.
As disclosed in court filings, Miranda CPA is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
William Miranda, CPA
Miranda CPA, LLC
100 N Central Expressway, #912
Richardson, TX 75080
Phone: 972-235-7005
Fax: 972-235-3779
Email: bill@billmirandacpa.com
About Dealer Products
Dealer Products Inc. -- https://www.dealpro.com -- is a distributor
of motor vehicle supplies and accessories in Texas.
Dealer Products sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 22-41970) on Aug. 29,
2022, with between $1 million and $10 million in both assets and
liabilities. Susan H. Fischer, vice president, signed the
petition.
Judge Edward L. Morris oversees the case.
The Debtor tapped M. Jermaine Watson, Esq., at Cantey Hanger, LLP
as legal counsel and Seaton Hill Partners, LP as financial advisor.
DIEBOLD NIXDORF: Closes Transactions to Support Debt Refinancing
----------------------------------------------------------------
Diebold Nixdorf, a world leader in automating, digitizing and
transforming the way people bank and shop, on Dec. 29 disclosed
that the company has completed the previously announced
transactions with certain key financial stakeholders to refinance
certain debt with near-term maturities and provide the company with
$400 million in new capital. These transactions include the
completion of its previously announced exchange offer and consent
solicitation with respect to its outstanding 8.50% Senior Notes due
2024 and the completion of its previously announced exchange offers
and consent solicitations with respect to its outstanding 9.375%
Senior Secured Notes due 2025 and Diebold Nixdorf Dutch Holding
B.V.'s 9.000% Senior Secured Notes due 2025. Additional information
about the transactions can be found in the current reports on Form
8-K previously filed by the company with the SEC and available on
Diebold Nixdorf's Investor Relations website.
Octavio Marquez, Diebold Nixdorf president and chief executive
officer, said: "Our company is excited to move into 2023 having
reached this important milestone, which provides us with the
capital to help normalize our operations, meet supplier
commitments, execute on our operating model and make strategic
investments in the business to further strengthen our global market
position. We are grateful for the support we've received from our
lenders and noteholders throughout this process, which we believe
confirms the financial community's confidence in our business. We
are operating with a leaner, more agile company that remains fully
focused on helping our banking and retail customers gain
efficiencies in their operations while creating positive consumer
experiences."
Evercore Group L.L.C. is serving as financial advisor to Diebold
Nixdorf on the debt refinancing, and Sullivan & Cromwell LLP is
serving as legal counsel to Diebold Nixdorf.
About Diebold Nixdorf
Diebold Nixdorf, Incorporated (NYSE: DBD) -- www.DieboldNixdorf.com
-- automates, digitizes and transforms the way people bank and
shop. As a partner to the majority of the world's top 100 financial
institutions and top 25 global retailers, the Company's integrated
solutions connect digital and physical channels conveniently,
securely and efficiently for millions of consumers each day. The
Company has a presence in more than 100 countries with
approximately 22,000 employees worldwide.
Diebold Nixdorf reported a net loss of $78.1 million for the year
ended Dec. 31, 2021, a net loss of $267.8 million for the year
ended Dec. 31, 2020, and a net loss of $344.6 million for the year
ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had $2.91
billion in total assets, $3.90 billion in total current
liabilities, $89.3 million in pensions, post-retirement and other
benefits, $114.8 million in deferred income taxes, $120.1 million
in other liabilities, and a total deficit of $1.32 billion.
* * *
As reported by the TCR on May 25, 2022, Moody's Investors Service
downgraded Diebold Nixdorf, Inc.'s Corporate Family Rating to Caa2
from B2. Moody's said Diebold's operating performance has been
impacted by pandemic-related supply chain challenges, which were
unexpectedly exacerbated in Q1 2022 by social distancing measures
in China and the Russia-Ukraine military conflict.
In October 2022, S&P Global Ratings lowered its issuer credit
rating on Diebold Nixdorf Inc. to 'CC' from 'CCC+'. The downgrade
follows Diebold's announcement that it has entered into an
Transaction Support Agreement (TSA) with certain lenders to
restructure its debt profile, provide it with additional liquidity,
and extend its maturity runway.
DIV005 LLC: Seeks to Hire Merbaum & Becker as Special Counsel
-------------------------------------------------------------
Div005, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Georgia to hire Merbaum & Becker, P.C. as its
special counsel.
The Debtor needs the firm's legal assistance in negotiations with
contractors and creditors under existing contracts.
Merbaum & Becker will bill $350 per hour for its services.
As disclosed in court filings, Merbaum & Becker is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Andrew J. Becker
Merbaum & Becker, P.C.
5755 North Point Parkway, Suite 284
Alpharetta, GA 30022
Phone: 678-393-8232
Fax: 678-393-0410
Email: abecker@mbpclaw.com
About Div005 LLC
Div005, LLC is primarily engaged in manufacturing iron and steel
pipe and tube, drawing steel wire, and rolling steel shapes, from
purchased steel. The company is based in Winder, Ga.
Div005 sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ga. Case No. 22-21202) on November 23, 2022. In
the petition signed by its manager, Harold Lerner, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Judge James R. Sacca oversees the case.
Cameron M. McCord, Esq., at Jones & Walden, LLC and Merbaum &
Becker, P.C. serve as the Debtor's bankruptcy counsel and special
counsel, respectively.
DURAN TRANSFER: Unsecureds Will Get 30% of Claims in 4 Years
------------------------------------------------------------
Duran Transfer, Inc., and McClellan Trucking, Inc., filed with the
U.S. Bankruptcy Court for the Western District of Pennsylvania a
Small Business Joint Chapter 11 Plan of Reorganization dated
December 22, 2022.
The Debtors operate a trucking company that provides contracted
trucking services to the United States Postal Service ("LISPS") and
other private companies. The Debtor Duran Transfer has office
personnel that run the business and on-site mechanics that service
the vehicles.
The events leading to these Chapter 11 filings included t11e rising
cost of fuel and truck parts, the labor drought generally and the
inefficiencies associated with operating one business enterprise
through two legal entities. The timing of the filings was the
result of a judgment entered in the Erie County, Pennsylvania Court
of Common Pleas by American Express far unpaid charges.
The Debtors have addressed these problems by obtaining rate
adjustments for fuel costs under the LISPS contracts; by hiring
more stable employees; by simplifying the business; and, by
engaging certified public accountants to prepare tax returns, to
prepare financial statements and to assist in preparing reasonable
projections.
The Debtors have worked towards simplifying the business to reflect
the practical everyday management of the companies. All employees
are now employed by Duran Transfer, Inc. and paid in the same
payroll cycle. The Debtors retained Schaffner, Knight, Minnaugh, &
Co. not only to remedy its outstanding financial reporting
obligations but to provide training to current office staff. Duran
Transfer is also planning to outsource its payroll processing.
The Plan proposes to pay the Debtors' creditors from cash flow from
the ongoing operations of the Debtors' trucking business.
The Plan proposes to pay secured, administrative and priority
claims in full and 30% to the general unsecured claims,
The Plan proposes consolidation of the Debtors into one legal
entity, Duran Transfer, Inc. The Plan visa provides for Duran
Transfer to assume the obligations of McClellan Trucking; and, for
McClellan Trucking to assume and assign its executory contracts
with the United States Post Office to Duran Transfer. Separate
motions have been, or wi11 be, filed with the Bankruptcy Court in
conjunction with this Joint Plan for (1) substantive consolidation
and for (2) assumption and assignment of the executory contracts.
Class 5 consists of General Unsecured Claims in the total amount of
$389,212.26. The general unsecured creditors will receive 30% of
their Allowed Claims without interest. The general unsecured
creditors will receive quarterly payments for four years beginning
on the first anniversary of the Effective Date. This Class is
impaired.
Class 7 consists of Equity Interest Holder Blaine Duran. There will
be no distribution to the equity owner other than the retention of
his equity security interests. This Class is impaired.
The ability of Duran Transfer to make the payments required by the
Plan is based upon the assumption and assignment of the LISPS
contracts. The LISPS contracts and proceeds are reliable,
consistent, predictable and timely, and amount to approximately
$16$,000 per month, received on or about the last day of each
month. The proceeds received post-Petition were sufficient to pay
the post-Petition operating expenses and to pay the amounts needed
on the Effective Date by virtue of the fact that many of the
pre-Petition debts for the same periods of time were included in
the Plan. The find Plan payment is expected to be paid on the fifth
anniversary of the Plan confirmation, on or around April 1, 2028.
A full-text copy of the Joint Plan dated December 22, 2022, is
available at https://bit.ly/3vpR6kE from PacerMonitor.com at no
charge.
Attorneys for Debtors:
Guy C. Fustine, Esq.
Knox McLaughlin Gornall & Sennett, PC
120 West Tenth Street
Erie, PA 16501-1461
Telephone: (814) 459-2800
Email: gfustine@kmgslaw.com
About Duran Transfer
Duran Transfer, Inc., filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-10431) on
Sept. 23, 2022, with up to $500,000 in both assets and liabilities.
William G. Krieger has been appointed as Subchapter V trustee.
Judg: Jeffery A. Deller oversees the case.
Guy C. Fustine, Esq., at Knox McLaughlin Gornall & Sennett, PC and
Schaffner, Knight, Minnaugh, Co. serve as the Debtor's legal
counsel and accountant, respectively.
EL MONTE NATURE: Has Until Feb. 8 to Solicit Plan Votes
-------------------------------------------------------
El Monte Nature Preserve, LLC received approval from the U.S.
Bankruptcy Court for the Southern District of California to solicit
votes on its proposed plan to exit Chapter 11 protection until Feb.
8 next year.
The company's Chapter 11 plan of reorganization proposes to pay
claims of unsecured creditors in full, with interest, at 5% from
and after the effective date until paid in full.
The plan provides for the reorganization of the company and the
full payment of all allowed claims principally through its efforts
to obtain entitlement and applicable permits to (i) mine and sell
sand and other aggregate products for cash; (ii) sell rights to
deposit fill material upon its property following such mining
activities; and (iii) arrange for and obtain secured financing to
accomplish these obligations.
The hearing on confirmation of the plan is scheduled for Jan. 23.
About El Monte Nature Preserve
El Monte Nature Preserve, LLC filed for Chapter 11 protection
(Bankr. S.D. Calif. Case No. 22-00971) on April 12, 2022, with as
much as $50 million in both assets and liabilities. William B.
Adams, manager, signed the petition.
Judge Christopher B. Latham oversees the case.
Michael D. Breslauer, Esq., at Solomon Ward Seidenwurm & Smith, LLP
and Thorsnes Bartolotta McGuire, LLP serve as the Debtor's
bankruptcy counsel and special counsel, respectively.
The Debtor filed its proposed Chapter 11 plan of reorganization on
July 11, 2022.
EMPIRE PRIME: Amends T Bank Secured Claims Pay Details
------------------------------------------------------
Empire Prime Capital Investments Inc. submitted a Second Amended
Plan of Reorganization under Subchapter V dated December 22, 2022.
Under this Plan, all Secured Creditors and Unsecured Creditors will
receive payment of 100% of their Allowed Claims. Therefore,
pursuant to the above liquidation analysis all Creditors will
receive at least as much under this Plan as they would in a Chapter
7 liquidation.
Class 6 consists of the Allowed Secured Claims of T Bank, N.A.
Debtor shall have a period of 90 days October 7, 2022 to market and
sell the real property commonly known as 4816 Tamanaco Ct.,
Arlington, Texas 76017 ("Real Property"). T Bank has a first
priority lien in the Real Property that shall be retained
post-Confirmation. The sale amount must exceed $250,000.00 in order
to ensure the sales proceeds are sufficient to pay off T Bank’s
first priority lien in the Real Property.
During the 90-day marketing period, Debtor shall tender monthly
payments to T Bank in certified funds in the amount of $1,500.00 as
adequate protection on or before October 15th and the 15th day of
each month thereafter until such time as the sale of the Real
Property closes and T Bank is paid in full. If Debtor fails to
timely tender an adequate protection payment, then the automatic
stay shall immediately lift without further order or court
proceeding, and T Bank may proceed under applicable non-bankruptcy
law to enforce its rights and remedies with respect to the
repossession, transfer, foreclosure, and/or disposition of the Real
Property.
If the Real Property is sold by Debtor during the 90-day period, T
Bank shall have an automatically perfected first priority lien on
such sales proceeds, and Debtor shall directly pay to T Bank such
sales proceeds from the closing of the Real Property to fully
satisfy the indebtedness owed to T Bank, inclusive of all accrued
interest, fees, and attorneys' fees incurred to the date of
payoff.
If Debtor fails to sell the Real Property for an amount that
exceeds $250,000.00 within 90 days from October 7, 2022, the
automatic stay shall immediately lift on the 91st day thereafter
without further order or court proceeding, and T Bank may proceed
under applicable non-bankruptcy law to enforce its rights and
remedies with respect to the repossession, transfer, foreclosure,
and/or disposition of the Real Property. This Claim is Impaired.
Like in the prior iteration of the Plan, Class 8 Unsecured
Claimants shall be paid 100% of their Claims over 36 months from
the Effective Date, without interest.
The Debtor intends to make all payments required under the Plan
from available cash and income from the business operations of the
Debtor.
A full-text copy of the Second Amended Plan dated December 22,
2022, is available at https://bit.ly/3WUOEhP from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Joyce W. Lindauer, Esq.
Joyce W. Lindauer Attorney, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
Email: joyce@joycelindauer.com
About Empire Prime Capital Investments
Empire Prime Capital Investments Inc. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.
22-31121) on June 27, 2022. In the petition filed by Juan D.
Favela, president, the Debtor estimated assets of $1 million to $10
million and liabilities less than $1 million.
Judge Michelle V. Larson oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC serves
as the Debtor's counsel.
ENDO INTERNATIONAL: Paul Weiss 2nd Update on Cross-Holder Group
---------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP
submitted a second amended verified statement to disclose an
updated list of Ad Hoc Cross-Holder Group that it is representing
in the Chapter 11 cases of Endo International PLC, et al.
The Ad Hoc Cross–Holder Group of certain unaffiliated holders of
loans, notes, or other indebtedness issued under (i) that certain
Credit Agreement, dated as of April 27, 2017, by and among Endo
International plc, Endo Luxembourg Finance Company I S.à r.l., and
Endo LLC, as borrowers, JPMorgan Chase Bank, N.A., as
administrative agent, and the lenders party thereto from time to
time; (b) that certain Indenture, dated as of March 25, 2021, by
and among Lux Borrower and Endo U.S. Inc., as issuers,
Computershare Trust Company, National Association, as trustee, and
the guarantors party thereto; (c) that certain Indenture, dated
March 28, 2019, by and among Par Pharmaceuticals, Inc., as issuer,
Computershare, as trustee, and the guarantors party thereto; (d)
that certain Indenture, dated as of April 27, 2017, by and among
Endo Designated Activity Company, Endo Finance LLC and Endo Finco
Inc., as issuers, Computershare, as trustee, and the guarantors
party thereto; (e) that certain Indenture, dated as of June 16,
2020, by and among Endo DAC, Endo Finance, and Endo Finco, as
issuers, Wilmington Savings Fund Society, FSB, as trustee, and the
guarantors party thereto; (f) that certain Indenture, dated as of
January 27, 2015, by and among Endo DAC, Endo Finance, and Endo
Finco, as issuers, UMB Bank, National Association, as trustee, and
the guarantors party thereto; (g) that certain Indenture, dated as
of July 9, 2015, by and among Endo DAC, Endo Finance, and Endo
Finco, as issuers, UMB Bank, as trustee, and the guarantors party
thereto; and (h) that certain Indenture, dated as of June 16, 2020,
by and among Endo DAC, Endo Finance, and Endo Finco, as issuers,
U.S. Bank Trust Company, National Association, as trustee, and the
guarantors party thereto hereby submits this second amended
verified statement and in support thereof state as follows:
In April 2021, certain members of the Ad Hoc Cross–Holder Group
retained Paul, Weiss, Rifkind, Wharton & Garrison LLP to represent
them in connection with a potential restructuring involving the
above–captioned debtors and debtors-in-possession. From time to
time thereafter, certain additional holders of Obligations joined
the Ad Hoc Cross–Holder Group.
On August 18, 2022, Paul, Weiss filed the Verified Statement of the
Ad Hoc Cross–Holder Group Pursuant to Bankruptcy Rule 2019 [ECF
No. 72]. On October 18, 2022, Paul, Weiss filed the Amended
Verified Statement of the Ad Hoc Cross–Holder Group Pursuant to
Bankruptcy Rule 2019 [ECF No. 492]. On October 19, 2022, Paul,
Weiss filed the Revised Amended Verified Statement of the Ad Hoc
Cross–Holder Group Pursuant to Bankruptcy Rule 2019 [ECF No.
498]. Since then, Members of the Ad Hoc Cross–Holder Group and
the disclosable economic interests in relation to the Debtors that
such Members hold or manage have changed. Accordingly, pursuant to
Bankruptcy Rule 2019, Paul, Weiss submits this Second Amended
Statement.
As of Dec. 9, 2022, members of the Ad Hoc Cross-Holder Group and
their disclosable economic interests are:
Bank of America, N.A.
900 W Trade St.
NC1-026-05-41
Charlotte, NC 28255
* Term Loan Obligations: $5,332,929.20
BofA Securities, Inc
900 W Trade St.
NC1-026-05-41
Charlotte, NC 28255
* 6.125% Notes Obligations: ($8,042,000.00)
* 7.500% Notes Obligations: $15,280,000.00
* 5.875% Notes Obligations: $6,786,000
* 2L Notes Obligations: $88,186,000.00
* 2028 6.000% Obligations: $124,283,000.00
Banc of America Credit Products, Inc.
900 W Trade St.
NC1-026-05-41
Charlotte, NC 28255
* Revolving Credit Facility Obligations: $9,230,681.96
* Term Loan Obligations: $2,326,882.28
Brigade Capital Management, LP
399 Park Avenue, 16th Floor
New York, NY 10022
* Term Loan Obligations: $8,673,520.35
* 6.125% Notes Obligations: 13,535,000
* 7.500% Notes Obligations: $23,842,000.00
* 5.875% Notes Obligations: $6,090,000
* 2L Notes Obligations: $40,708,000.00
* 2028 6.000% Obligations: $40,621,000
Canyon Capital Advisors LLC
2728 N. Harwood Street, 2nd Floor
Dallas, TX 75201
* Revolving Credit Facility Obligations: $11,692,197
* Term Loan Obligations: $139,622,732.96
* 6.125% Notes Obligations: $105,305,000
* 7.500% Notes Obligations: $42,797,000
* 2L Notes Obligations: $162,545,000
* 2028 6.000% Obligations: $99,851,000
Capital Research and Management Company
333 South Hope St., 55th Floor
Los Angeles, CA 90071
* 6.125% Notes Obligations: $23,380,000
* 7.500% Notes Obligations: $179,961,000
* 5.875% Notes Obligations: $11,744,000
* 2L Notes Obligations: $6,560,000
* 2028 6.000% Obligations: $53,676,000
Deutsche Bank Securities Inc.
One Columbus Circle, 7th Floor
New York, NY 10019
* Term Loan Obligations: $15,770,440.18
* 5.875% Notes Obligations: $3,975,000
* 2L Notes Obligations: $11,037,000
* 2028 6.000% Obligations: $15,506,000
* 2023 5.375% Notes Obligations: $101,000
Ellington Management Group
53 Forest Ave.
3rd Floor
Old Greenwich, CT 06870
* Term Loan Obligations: $6,370,000.00
* 7.500% Notes Obligations: $1,900,000.00
* 2L Notes Obligations: $27,500,000
* 2028 6.000% Obligations: $11,740,000.00
Franklin Advisers Inc.
1 Franklin Pkwy.
San Mateo, CA 94403
* 6.125% Notes Obligations: $72,980,000
* 7.500% Notes Obligations: $234,251,000
* 5.875% Notes Obligations: $62,516,000
* 2L Notes Obligations: $105,757,000
* 2028 6.000% Obligations: $6,393,000
Glenview Capital Management, LLC
767 Fifth Avenue, 44th Floor
New York, NY 10153
* 6.125% Notes Obligations: $56,586,000
* 7.500% Notes Obligations: $11,455,000
* 5.875% Notes Obligations: $23,995,000
* 2L Notes Obligations: $10,977,000
Invictus Global Management, LLC
310 Comal Street
Building A, Suite 229
Austin, Texas 78702
* Term Loan Obligations: $5,000,000
* 2L Notes Obligations: $13,000,000
* 2025 6.000% Obligations: $135,000
* 2028 6.000% Obligations: $12,500,000
J.P. Morgan Investment Management Inc.
1 East Ohio Street, 6th Floor
Indianapolis, IN 46204
* Term Loan Obligations: $3,652,879.05
* 6.125% Notes Obligations: $32,615,000
* 7.500% Notes Obligations: $101,452,000
* 5.875% Notes Obligations: $13,957,000
* 2L Notes Obligations: $32,808,000
* 2028 6.000% Obligations: $ 22,882,000
Livello Capital Management
1 World Trade Center, 85th Floor
New York, NY 10007
* Term Loan Obligations: $4,338,995.00
* 2028 6.000% Obligations: $6,000,000
Marathon Asset Management LP
One Bryant Park, 38th Floor
New York, NY 10036
* Term Loan Obligations: $86,381,928
* 6.125% Notes Obligations: $87,514,000
* 7.500% Notes Obligations: $54,979,000
* 2L Notes Obligations: $164,400,000
* 2028 6.000% Obligations: $133,041,000
Nomura Corporate Research and Asset Management
309 W 49th St. 9th Floor
New York, NY 10019
* 6.125% Notes Obligations: $14,868,000
* 7.500% Notes Obligations: $37,156,000
* 5.875% Notes Obligations: $1,250,000
* 2L Notes Obligations: $30,774,000
* 2025 6.000% Obligations: $2,000
* 2028 6.000% Obligations: $35,820,000
Oaktree Capital Management, L.P.
333 South Grand Ave, 28th Floor
Los Angeles, CA 90071
* Term Loan Obligations: $124,255,876.06
* 7.500% Notes Obligations: $134,432,000
* 2L Notes Obligations: $81,585,000
* 2028 6.000% Obligations: $108,489,000
O'Brien Staley Partners
3948 W. 49 1/2
Street Box 24794
Edina, MN 55424
* 7.500% Notes Obligations: $11,000,000
* 2L Notes Obligations: $10,000,000
Western Asset Management Company, LLC
385 East Colorado
Boulevard Pasadena, CA 91101
* 6.125% Notes Obligations: $550,000
* 7.500% Notes Obligations: $15,320,000
Whitebox Advisors LLC
3033 Excelsior Blvd., Suite 500
Minneapolis, MN 54416
* Term Loan Obligations: $3,465,250
* 6.125% Notes Obligations: $11,352,000
* 7.500% Notes Obligations: $35,680,000
* 2023 6.000% Obligations: $1,000,000
* 2028 6.000% Obligations: $10,000,000
Counsel for the Ad Hoc Cross-Holder Group can be reached at:
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
Andrew N. Rosenberg, Esq.
Alice Belisle Eaton, Esq.
Andrew M. Parlen, Esq.
Alexander Woolverton, Esq.
1285 Avenue of the Americas
New York, NY 10019-6064
E-mail: arosenberg@paulweiss.com
aeaton@paulweiss.com
aparlen@paulweiss.com
awoolverton@paulweiss.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3WP94sl
About Endo International
Endo International plc -- http://www.endo.com/-- is a generics and
branded pharmaceutical company. It develops, manufactures, and
sells branded and generic products to customers in a wide range of
medical fields, including endocrinology, orthopedics, urology,
oncology, neurology, and other specialty areas.
On August 16, 2022, Endo International and certain of its
subsidiaries initiated voluntary prearranged Chapter 11 proceedings
(Bankr. S.D.N.Y. Lead Case No. 22-22549). The Company's cases are
pending before the Honorable James L. Garrity, Jr. The Company has
put up a Web site dedicated to its restructuring:
http://www.endotomorrow.com/
The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as
legal counsel; PJT Partners LP as investment banker; and Alvarez &
Marsal as financial advisor. Kroll is the claims agent.
Roger Frankel, the legal representative for future claimants in the
Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway
Stargatt & Taylor, LLP as counsel and Ducera Partners LLC as
investment banker.
EW CAPITAL: Seeks to Hire Rothbloom Law Firm as Bankruptcy Counsel
------------------------------------------------------------------
EW Capital Management, LLC received approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to hire The
Rothbloom Law Firm as its bankruptcy counsel.
The firm's services include:
(a) drafting and filing schedules and applications;
(b) conducting examinations;
(c) advising the Debtor of its rights, duties and obligations;
(d) consulting with the Debtor with respect to the preparation
of a plan of reorganization and disclosure statement;
(e) representing the Debtor in contested matters and adversary
proceedings; and
(f) other necessary legal services related to the Debtor's
Chapter 11 case.
Rothbloom Law Firm will be paid at these rates:
Howard D. Rothbloom, Esq. $400 per hour
Paralegal $175 per hour
The firm received a retainer in the amount of $7,500, plus $1,738
filing fee.
As disclosed in court filings, Rothbloom Law Firm does not
represent interests adverse to the Debtor in the matters upon which
it is to be engaged.
The firm can be reached through:
Howard D. Rothbloom, Esq.
The Rothbloom Law Firm
309 East Paces Ferry Rd NE
Atlanta, GA 30305
Phone: 770-792-3636
Email: howard@rothbloom.com
About EW Capital Management
EW Capital Management, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
22-59906) on Dec. 5, 2022, with up to $50,000 in both assets and
liabilities. Howard D. Rothbloom, Esq., at The Rothbloom Law Firm
represents the Debtor as counsel.
FELIX BRACE: Seeks to Hire Whitehall as Financial Advisor
---------------------------------------------------------
Felix Brace & Limb Co. seeks approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to employ Whitehall
Advisors, LLC as its financial advisor.
The Debtor requires a financial advisor to:
(a) assist with recordkeeping and preparation of financial
statements;
(b) review financial information, including, but not limited
to, analyses of invoices, cash receipts, disbursements, and
financial statement items;
(c) prepare filings including, but not limited to, schedules
of assets and liabilities, statements of financial affairs and
monthly operating reports;
(d) provide financial advisory services, including the
preparation of a liquidation analysis and a monthly analysis of
financial information;
(e) assist in the preparation of business plan and financial
projections;
(f) assist in preparing or reviewing documents necessary for
confirmation of a Chapter 11 plan;
(g) assist with claims resolution procedures, including, but
not limited to, analyses of creditors' claims by type and entity;
and
(h) other financial advisory services.
Patrick Lacour, managing director at Whitehall, will bill $185 per
hour for his services.
As disclosed in court filings, Whitehall neither holds nor
represents an interest adverse to the Debtor's estate with respect
to the matters on which it is to be retained.
The firm can be reached through:
Patrick Lacour, CIA, CVA
Whitehall Advisors, LLC
3820 Bayou Rapides Rd
Alexandria, LA 71303
Phone: 318-769-9711
Email: patrick@whitehalladvisors.net
About Felix Brace & Limb Co.
Felix Brace & Limb Co. filed a Chapter 11 bankruptcy petition
(Bankr. W.D. La. Case No. 22-80585) on Nov. 16, 2022, with as much
as $1 million in both assets and liabilities. Judge Stephen D.
Wheelis oversees the case.
Bradley L. Drell, Esq., at Gold Weems Bruser Sues & Rundell, APLC
and Whitehall Advisors, LLC serve as the Debtor's bankruptcy
counsel and financial advisor, respectively.
FTX TRADING: Moonstone Bank Issues Statement on Liquidators' Motion
-------------------------------------------------------------------
Farmington State Bank, d/b/a Moonstone Bank, has a legal duty to
protect from public disclosure the privacy of account holders,
regardless of who they are.
The Bank said, "However, in light of the Bahamian Joint Provisional
Liquidator motion filed on December 23, 2022, with the Delaware
Bankruptcy Court, which makes public the existence of a certain FTX
account held by the Bank, we wish to re-assert that we have
followed safe and sound banking practices and kept our balance
sheet highly liquid.
"The FTX deposit at issue is safe and it is clear from our last
published Call Report that there is more than sufficient liquidity,
in Fed Funds sold, to cover the deposit.
"As soon as negative news surrounding FTX began to circulate in
early November, the Bank took immediate action to place a hold on
the account, in light of competing claims and an attempt by
potentially unauthorized persons to withdraw the funds. We also
have been in contact with both the FTX debtor-in-possession and the
Bahamian Joint Provisional Liquidator.
"We look forward to an order from the Delaware Bankruptcy Court,
which should tell us exactly where to transfer the FTX deposit. Our
sole concern has been to have a clear direction on who, the FTX
debtor-in-possession or the Bahamian Joint Provisional Liquidator,
is entitled to the deposit, because we cannot be put in a position
to pay the deposit back twice. We intend to file a motion with the
Delaware Bankruptcy Court asking for clear direction."
About FBH
Moonstone Bank(TM) is a Washington State bank that specializes in
catering to Small and Medium Enterprises (SMEs) and consumers with
technology-driven solutions for consumer and commercial banking.
Moonstone was founded on the principle that existing banking
services today do not meet the evolving needs of bank customers,
nor do they anticipate the needs for where banking will be
tomorrow.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to
sell itself to its giant rival Binance, but Binance walked away
from the deal the next day amid reports on FTX regarding
mishandled customer funds and alleged US agency investigations.
At approximately 4:30 a.m. on Nov. 11, Bankman-Fried ultimately
agreed to step aside, and restructuring vet John J. Ray III was
quickly named new CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
A total of 102 entities related to FTX have filed for Chapter 11
protection.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, CEO
Bankman-Fried shared a document with investors on Nov. 10 showing
FTX had $13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
Andrew G. Dietderich, James L. Bromley, Brian D. Glueckstein and
Alexa J. Kranzley at Sullivan & Cromwell LLP in New York, serve as
the Debtors' counsel.
Adam G. Landis, Kimberly A. Brown and Matthew R. Pierce at LANDIS
RATH & COBB LLP in Wilmington serve as local bankruptcy counsel to
FTX Group.
Alvarez & Marsal North America, LLC, is the Debtors' financial
advisor.
Kroll is the claims agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index
Lawyers at Paul Weiss represented SBF but later renounced
representing the entrepreneur due to a conflict of interest.
GILBERT BARBEE: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Gilbert, Barbee, Moore & McIlvoy, P.S.C.
d/b/a Graves-Gilbert Clinic
201 Park Street
Bowling Green KY 42102
Case No.: 22-10763
Business Description: The Debtor is a clinic that houses more than
200 providers, representing 30 medical
specialties, who continue to lead the way in
medical innovation and technology, and serve
South Central Kentucky areas.
Chapter 11 Petition Date: December 29, 2022
Court: United States Bankruptcy Court
Western District of Kentucky
Judge: Hon. Joan A. Lloyd
Debtor's Counsel: Brian R. Pollock, Esq.
STITES & HARBISON PLLC
400 W. Market Street, Suite 1800
Luisville, KY 40202
Tel: 502-681-0542
Email: bpollock@stites.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Steven K. Sinclair as chief financial
officer.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/UQN5COI/Gilbert_Barbee_Moore__McIlvoy__kywbke-22-10763__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Alice Duff Tort Judgment $13,310,887
c/o Gardner Law
5920 Timber Ridge Drive, Prospect,
Kentucky 40059
Chad Gardner
Tel: 502-583-2423
Email: chad@teamgardnerlaw.com
2. Lloyd Dean Duff Tort Judgment $8,000,000
c/o Gardner Law
5920 Timber Ridge Drive, Prospect,
Kentucky 40059
Chad Gardner
Tel: 502-583-2423
Email: chad@teamgardnerlaw.com
3. McKesson Specialty Trade Debt $3,147,833
15212 Collections Center Dr
Chicago, IL 60693
4. Fisher Healthcare Trade Debt $784,603
13551 Collections Ctr Dr
Chicago, IL 60693
5. Besse Medical Trade Debt $767,944
PO Box 978526
Dallas, TX 75397-8526
6. Roche Diagnostics Corp Trade Debt $185,566
P.O. Box 71209
Charlotte, NC 28272
7. Glaxosmithkline Pharmaceutical Trade Debt $160,771
PO Box 740415
Atlanta, GA 30374-0415
8. Pfizer, Inc Trade Debt $160,047
P.O. Box 100539
Atlanta, GA 30384-0539
9. McKesson Medical Surgical Trade Debt $146,637
P.O. Box 933027
Atlanta, GA 31193-3027
10. Merck Sharp and Dohme Corp Trade Debt $143,180
P.O. Box 5254
Carol Stream, IL 60197-5254
11. Allscripts, LLC Trade Debt $141,780
24630 Network Place
Chicago, IL 60673-1246
12. Bayer Healthcare Trade Debt $119,340
PO Box 10435
Palatine, IL 60055-0435
13. Cepheid Trade Debt $82,205
P.O. Box 74007537
Chicago, IL 60674-7537
14. Holiday Inn Plaza Trade Debt $77,656
1021 Wilkinson Trace
Bowling Green, KY 42103
15. Henry Schein Trade Debt $63,691
Dept CH 10241
Palatine, IL 60055-0241
16. Frantz Building Services, Inc. Services $61,931
P.O. Box 2001
Owensboro, KY 42302
17. Allegan USA, Inc. Trade Debt $51,562
12975 Collections Center Dr
Chicago, IL 60693-0129
18. J&J Healthcare Systems, Inc. Trade Debt $49,055
P.O. Box 406663
Atlanta, GA 30384-6663
19. Paramount Dental Services $44,188
PO Box 58
Evansville, IN 47701
20. Sanofi Pasteur, Inc. Trade Debt
$40,447
12458 Collections Center Dr
Chicago, IL 60693
HEARTBRAND HOLDINGS: Twinwood Seeks to Terminate Exclusive Period
-----------------------------------------------------------------
Twinwood Cattle Company, Inc. asked the U.S. Bankruptcy Court for
the Southern District of Texas to terminate the period during which
HeartBrand Holdings, Inc. and American Akaushi Association, Inc.
can keep exclusive control of their Chapter 11 cases.
HeartBrand and American Akaushi Association requested late last
month to extend the exclusive period to file their own bankruptcy
plan to May 30, 2023, and solicit votes on the plan to July 31,
2023. The companies cited the appeal pending in the Texas Court of
Appeals which, they said, constitutes a "significant contingent
liability" that warrants extension of the exclusive period.
The companies appealed the $27.5 million judgment issued by a trial
court in September 2021 in favor of Twinwood.
Twinwood's attorney, William Wood, Esq., at Pillsbury Winthrop Shaw
Pittman, LLP, said the appeal "is not sufficient, stand-alone
ground to grant the request for extension."
"The ongoing state court appeal, which is generally uncomplex
itself, cannot serve as cause under Section 1121," Mr. Wood said,
referring to a provision of the Bankruptcy Code, which vests
debtors with the exclusive right to propose a bankruptcy plan for
the first 120 days of a Chapter 11 case.
"Even if the appeal were a permissible contingency, it is unclear
whether it is capable of resolution within the maximum statutory
exclusivity period," the attorney further said.
Mr. Wood said the state court appeal is unlikely to be resolved in
less than a year and could stretch for two years or longer, adding
that litigation will likely end after November 20 next year
assuming the parties present their arguments to the Texas Court of
Appeal on June 1 next year.
Twinwood can be reached through:
William D. Wood, Esq.
Hugh M. Ray, III, Esq.
L. James Dickinson, Esq.
Pillsbury Winthrop Shaw Pittman, LLP
909 Fannin, Suite 2000
Houston, TX 77010-1028
Telephone: 713-276-7600
Facsimile: 713-276-7673
Email: william.wood@pillsburylaw.com
hugh.ray@pillsburylaw.com
james.dickinson@pillsburylaw.com
-- and --
Justin P. Tschoepe, Esq.
Yetter Coleman, LLP
811 Main Street, Suite 4100
Houston, TX 77002-6125
Telephone: 713-632-8000
Facsimile: 713-632-8002
Email: jtschoepe@yettercoleman.com
-- and --
William J. Boyce, Esq.
Alexander Dubose & Jefferson, LLP
1844 Harvard Street
Houston, TX 77008-4342
Telephone: 713-523-2358
Facsimile: 713-522-4553
Email: bboyce@adjtlaw.com
About HeartBrand and American Akaushi Assoc.
HeartBrand Holdings Inc. -- https://www.heartbrandbeef.com -- is a
beef company in Texas. It is a leading producer of Akaushi beef, a
type of red Wagyu Japanese cattle known for its high-quality meat.
HeartBrand Holdings and American Akaushi Association, Inc. sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Texas Lead Case No. 22-90127) on Aug. 2, 2022. In the petition
filed by Ronald Beeman as chairman of the Board of Directors,
HeartBrand reported assets between $50 million and $100 million and
liabilities between $10 million and $50 million while American
Akaushi Association reported assets between $100,001 and $500,000
and liabilities between $10 million and $50 million.
Judge David R. Jones oversees the cases.
The Debtors tapped Vinson & Elkins as counsel and ADKF, PC as tax
and accounting services provider. Omni Agent Solutions is the
claims agent.
HIGHTOWER HOLDING: Moody's Affirms B3 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed Hightower Holding, LLC's B3
corporate family rating, B2 senior secured bank credit facility
rating and Caa2 senior unsecured notes rating. The rating action
follows Hightower's issuance of a $175 million add-on to its
existing term loan B due April 2028 and $50 million upsize of its
revolving credit facility. Hightower's outlook remains stable.
Affirmations:
Issuer: Hightower Holding, LLC
Corporate Family Rating, Affirmed B3
Senior Secured Bank Credit Facility, Affirmed B2
Senior Unsecured Regular Bond/Debenture, Affirmed Caa2
Outlook Actions:
Issuer: Hightower Holding, LLC
Outlook, Remains Stable
RATINGS RATIONALE
Moody's said that Hightower's $175 million add-on to its existing
first lien term loan was completed alongside a $50 million upsize
of its revolving credit facility and a $50 million equity raise
from an entity affiliated with its private equity owner Thomas H.
Lee Partners (THL). Hightower plans to use the net proceeds from
the transactions to fund signed acquisitions, outstanding earnouts
from prior acquisitions and pay-down a portion of its partially
drawn revolver.
Moody's said the ratings' affirmation reflects the credit benefits
from Hightower's recurring revenue model, offset by the negative
effects of lower financial market levels (that affect its revenue)
and higher interest rates on its financial profile. Lower asset
valuations in 2022 drove a modest decline in billable assets under
management to $106 billion at September 30, 2022 compared to $111
billion at the end of 2021. Despite this decline, Hightower's
performance has been adequate at its rating level, said Moody's.
Moody's said Hightower has grown through its strategy of acquiring
Registered Investment Advisors (RIAs), businesses that have
reliable cash flows and flexible cost structures. However,
Hightower has had a number of debt raises to help execute and fund
this strategy. The $175 million debt increase is the first upsize
since the firm raised $585 million of additional debt in 2021 and
will result in a total debt balance of about $1.5 billion. On a
proforma basis that includes the debt transaction and earnings from
closed acquisitions and future acquisitions currently under letters
of intent, Moody's expects Hightower's Debt/EBITDA (Moody's
adjusted) leverage ratio to be 8.2x for the year ended December 31,
2022.
Moody's expects Hightower's leverage to remain near its current
level, given the company's growth strategy. This strategy is
dependent on periodic acquisitions which may necessitate
incremental debt issuances. Due to the company's solid track record
of identifying and integrating profitable targets, Moody's believes
that the maintenance of the firms existing debt leverage level for
this purpose is consistent with its B3 rating level and stable
outlook.
Hightower is sensitive to interest rates due to its substantial
portion of floating rate debt. Moody's expects that the additional
debt and higher interest rates will lead to a decline in
Hightower's interest coverage over the next 12-18 months. However,
Moody's says that the company's liquidity position and cash flow is
adequate, and expects its interest coverage to remain above 1.5x.
Moody's said Hightower retains a consistent cash balance, and the
upsized revolving credit facility will provide additional liquid
resources. Hightower will also have access to an additional equity
commitment from THL, which has a track record of providing equity
capital to Hightower to fund its growth.
Hightower's stable outlook reflects Moody's expectation that the
firm's cash flow and liquidity will remain adequate to service its
debt and that the firm's record of successful M&A transactions and
organic growth will provide additional support. The stable outlook
also reflects Moody's expectation that Hightower's debt leverage
will not sustainably increase above its current level.
The affirmation of Hightower's B2-rated senior secured first lien
term loan, delayed draw term loan and revolving credit facility is
a above Hightower's B3 CFR, reflective of these instruments'
priority ranking in Hightower's capital structure. Similarly,
Hightower's Caa2-rated $300 million senior unsecured notes is two
notches below Hightower's CFR, reflective of the notes' lower
ranking in Hightower's capital structure.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade include:
-- An improvement in profitability and debt reduction that results
in Moody's-adjusted debt leverage being below 6.5x on a sustained
basis.
Factors that could lead to a downgrade include:
-- Maintaining debt leverage above 8.5x on a sustained basis
because of increasing debt to fund acquisitions that outpaces the
related acquisitions' earnings benefit
-- Revenue deterioration due to a slowdown in organic growth,
rising competition and fee compression, underperformance or
sustained declines in broad financial markets resulting in lower
levels of client assets
-- Deterioration in the firm's free cash flow generation and
liquidity because of weaker performance or integration issues
following an acquisition transaction
-- Deterioration in interest coverage through a reduction in cash
flow and EBITDA resulting in interest coverage ratio below 1.5x
The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.
IRONNET INC: Receives NYSE Non-Compliance Notification Letter
-------------------------------------------------------------
IronNet, Inc. ("IronNet") on Dec. 28 disclosed that it received a
notice from the New York Stock Exchange (the "NYSE") indicating
that IronNet is not in compliance with Section 802.01E of the NYSE
Listed Company Manual as a result of its failure to timely file its
Quarterly Report on Form 10-Q for the quarter ended October 31,
2022 (the "Form 10-Q") with the Securities and Exchange Commission
(the "SEC").
As previously reported by IronNet in its Notification of Late
Filing on Form 12b-25, filed with the SEC on December 16, 2022,
IronNet was unable to file the Form 10-Q within the prescribed
period due to its inability to complete its quarterly financial
statements and related disclosures pending a planned investigation
by the audit committee of the board of directors in response to
allegations by a former employee. The allegations do not relate to
IronNet's financial statements for the quarter ended October 31,
2022.
The notice has no immediate effect on the listing of IronNet's
securities on the NYSE. The NYSE informed IronNet that, under NYSE
rules, IronNet will have six months from December 20, 2022, or
until June 20, 2023, to file the Form 10-Q with the SEC. IronNet
can regain compliance with the NYSE listing standards at any time
prior to that date by filing Form 10-Q. If IronNet fails to file
the Form 10-Q before the NYSE's compliance deadline, the NYSE may
grant, at its sole discretion, an extension of up to six additional
months for IronNet to regain compliance, depending on the specific
circumstances.
About IronNet
Founded in 2014 by GEN (Ret.) Keith Alexander, IronNet, Inc. (NYSE:
"IRNT") -- http://www.ironnet.com-- is a global cybersecurity
leader that is transforming how organizations secure their networks
by delivering the first-ever Collective Defense platform operating
at scale. Employing a number of former NSA cybersecurity operators
with offensive and defensive cyber experience, IronNet integrates
deep tradecraft knowledge into its industry-leading products to
solve the most challenging cyber problems facing the world today.
JNF INVESTMENTS: Fine-Tunes Plan Documents
------------------------------------------
JNF Investments, LLC, submitted an Amended Plan of Reorganization
for Small Business.
This Plan of Reorganization proposes to pay creditors of the Debtor
from Capital infusion from Jaymet Alvarez, sole managing member.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 0 cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.
The Amended Plan added this paragraph: "Section 1146 Exemption.
Pursuant to Bankruptcy Code Section 1146(c), any transfers of
property pursuant hereto will not be subject to any document,
recording tax, conveyance fee, intangibles or similar tax, mortgage
tax, stamp tax, real estate transfer tax, mortgage recording tax or
other similar tax or governmental assessment in the United States,
and the Confirmation Order will direct the appropriate state or
local governmental officials or agents to forgo the collection of
any such tax or governmental assessment and to accept for filing
and recordation any of the foregoing instruments or other documents
without the payment of any such tax or governmental assessment.
The Debtor's asset consist of a single family property in which
there is sufficient equity to pay all of the secured creditors. The
sole managing member, Jaymet Alvarez will make capital infusions to
the fund the plan while the property is being listed for sale. The
payments are to be considered adequate protection payments and are
being provided until the sale of the property. The payments will be
used to offset any concerns of equity erosion from the secured
creditors.
A full-text copy of the Amended Plan dated December 22, 2022, is
available at https://bit.ly/3Gpy2ck from PacerMonitor.com at no
charge.
Debtor's Counsel:
Kathy L. Houston, Esq.
The Houston Law Firm, PA
15321 S. Dixie Hwy., Ste. 205
Miami, FL 33157-1814
Telephone: (305) 420-6609
Facsimile: (786) 441-4416
Email: mail@houstonlawfl.com
About JNF Investments
JNF Investments, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14005) on May 22,
2022, listing up to $1 million in both assets and liabilities.
Jaymet Alvarez, manager, signed the petition.
Judge Laurel M. Isicoff oversees the case.
Kathy L. Houston, Esq., at The Houston Law Firm, PA serves as the
Debtor's counsel.
KANE CORPORATION: Feb. 16, 2023 Plan & Disclosure Hearing Set
-------------------------------------------------------------
On December 7, 2022, Peter Kane, a creditor and the sole equity
security holder of Debtor Kane Corporation, filed with the U.S.
Bankruptcy Court for the Northern District of California a Combined
Plan and Disclosure Statement.
On December 22, 2022, Judge Hannah L. Blumenstiel tentatively
approved the Disclosure Statement and ordered that:
* January 25, 2023 is the last day for submitting written
ballots accepting or rejecting the Plan.
* January 25, 2023 is the last day for filing and serving
written objections to final approval of Mr. Kane's disclosures
and/or to confirmation of Mr. Kane's plan.
* February 16, 2023 at 10:00 a.m., is the hearing to consider
final approval of Mr. Kane's disclosures and confirmation of Mr.
Kane's plan.
A copy of the order dated December 22, 2022, is available at
https://bit.ly/3Qfuugp from PacerMonitor.com at no charge.
Attorneys for the Debtor:
Merle C. Meyers, Esq.
MEYERS LAW GROUP, P.C.
100 Shoreline Highway, Suite B160
Mill Valley, CA 94941
E-mail: mmeyers@meyerslawgroup.com
About Kane Corporation
Kane Corporation, the Debtor, is a California corporation in the
business of real estate consulting and management, and has operated
since 1984 (other than during the preceding chapter 7 case. Peter
Kane is its President, C.E.O. and sole shareholder, and the company
employs Mr. Kane's son and daughter, Jason Kane and Christina Kane.
The Debtor's revenues have varied over the years. In years 2019,
2020 and 2021 (partial), the company's revenues have been reported
as $53,956, $82,098 and $35,924, respectively. The debtor is
represented by MEYERS LAW GROUP, P.C.
KHORA HEALTH: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Two affiliates of Medly Health, Inc., that filed bankruptcy
petitions seeking relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
Khora Health Solutions Inc. 22-11361
7088 Winchester Circle
Suite 100
Boulder, CO 80301
RPH Innovations LLC 22-11362
7088 Winchester Circle
Suite 100
Boulder, CO 80301
Business Description: Khora is a corporation that focuses on
creating access to specialty care for
underserved and remote patient populations.
Khora's solution increases access to
specialty physicians for rural and urban
patient populations by leveraging technology
to enhance clinical outcomes through its
unique integrated delivery model. RPH
provides 340B program management, audit
and processing services. The Debtors seek
joint administration of their Chapter 11
cases under the bankruptcy cases of Medly
Health Inc., et al. (Bankr. D. Del. Lead
Case No. 11257).
Chapter 11 Petition Date: December 28, 2022
Court: United States Bankruptcy Court
District of Delaware
Judge: Hon. Karen B. Owens
Debtors' Counsel: Laura Davis Jones, Esq.
David M. Bertenthal, Esq.
Timothy P. Cairns, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, Delaware 19899-8705 (Courier 19801)
Tel: 302-652-4100
Fax: 302-652-4400
Email: ljones@pszjlaw.com
dbertenthal@pszjlaw.com
tcairns@pszjlaw.com
Debtors'
Claims &
Noticing
Agent: EPIQ CORPORATE RESTRUCTURING, LLC
Khora's Estimated Assets: $500,000 to $1 million
Khora's Estimated Liabilities: $100 million to $500 million
RPH's Estimated Assets: $500,000 to $1 million
RPH's Estimated Liabilities: $100 million to $500 million
The petitions were signed by Richard S. Willis as chief executive
officer.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/RJOXCLA/Khora_Health_Solutions_Inc__debke-22-11361__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/R6P3TII/RPH_Innovations_LLC__debke-22-11362__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Cardinal Health Trade Debt $9,999,983
7000 Cardinal Place
Dublin, OH 43017
Tel. (614) 757-5000
Email: GMB-FSSW-PD-
Vendor_M@cardinalhealth.com
2. Anda Inc Trade Debt $1,225,240
420 Montgomery Street
San Francisco, CA 94104
David Swanson
Email: David.Swanson@andanet.com
3. Morgan Lewis & Bockius LLP Professional $1,063,361
One Federal Street Fees
Boston, MA 2110
Tatiana Savin
Email: tatiana.savin@morganlewis.com
4. JA Carpentry Inc. Leasehold $1,059,991
150 English Street Improvements
Hackensack, NJ 7601
Jim Agresta
Email: jim@jacbuild.com
5. Workday Inc. Saas $891,897
PO Box 886106 Subscription
Los Angeles, CA 90088
Seslie Sisneros
Email: seslie.sisneros@workday.com
6. Seqirus Trade Debt $830,292
PO Box 745986
Atlanta, GA 30374
Sara Flubacher
Email: sara.flubacher@seqirus.com
7. New York City Health and 340B $661,369
Hospital (2220) Reimbursement
c/o RxStrategies
1900 Glades Road,
Boca Raton, FL 33431
Casey McLennan
Email: cmclennan@rxstrategies.com
8. ZS Associates, Inc. Professional $562,000
1560 Sherman Avenue Fees
Evanston, IL 60201
Peter Manoogian
Email: peter.manoogian@zs.com
9. Natural Factors Trade Debt $520,835
14224 167th Ave. SE
Monroe, WA 98272-2810
Estela Alcaraz
Email: ealcaraz@factorsgroup.com
10. Uniweb Inc. Furniture & $506,112
222 S Promenade Ave Fixtures
Corona, CA 92879
Marie Dare
Email: mdare@uniwebinc.com
11. Garden of Life Trade Debt $426,852
4200 Northcorp Parkway,
Ste 200
Palm Beach Gardens, FL 33410
Gertrude Morrow
Email: gmorrow@gardenoflife.com
12. New Chapter Trade Debt $419,042
PO Box 6055
Brattleboro, VT 05302-6055
Joanne Scott
Email: jscott@new-chapter.com
13. Nordic Naturals Trade Debt $404,295
P.O. Box 45845
San Francisco, CA 94145-0845
Jeannie Durksen
Email: jdurksen@nordic.com
14. Impact Tech, Inc. Professional $402,981
223 E. De La Guerra Street Fees
Santa Barbara, CA 93101
Erik Jacobsen
Email: erik.jacobsen@impact.com
15. Hudson River Healthcare 340B $356,406
248 West 35th Street Reimbursement
New York, NY 10001
Dora Badics
Email: dbadics@rxstrategies.com
16. Zendesk, Inc Saas $346,975
989 Market St Subscription
San Francisco, CA 94103
Belen Martinez
Email: belen.martinez@zendesk.com
17. Pure Encapsulation Trade Debt $323,414
112 Technology Drive
Pittsburgh, PA 15275
Jessica Colbert
Email: jcolbert@atrium-innovations.com
18. Brightpoint Health 340B $308,293
71 W 23rd Street Reimbursement
New York, NY 10001
Dora Badics
Email: dbadics@rxstrategies.com
19. Jarrow Formulas Trade Debt $294,808
PO Box 51916
Los Angeles, CA 90051-6216
Email: monira@vytalogy.com
20. CuraScript SD Trade Debt $282,121
PO Box 978510
Dallas, TX 75397
Luisa Olan
Email: lolan2@curascript.com
21. LinkedIn Professional $280,084
GF 11, Park Avenue, Parimal Fees
Gardens Cross Road, Ellisbridge
Ahmedabad, Gujarat 380006
Francis Valderama
Email: fvalderama@linkedin.com
22. Sun River Health 340B $276,038
1037 Main St. Reimbursement
Peekskill, NY 10566
Dora Badics
Email: dbadics@rxstrategies.com
23. Dr. Hauschka Skin Care Trade Debt $270,160
79 Main Street
Hartfield, MA 01038
Kate Martin
Email: KateM@drhauschka.com
24. Gaia Herbs Inc. Trade Debt $269,260
P.O. Box 639306
Cincinnati, OH 45263-930
Misty A. Worley
Email: maw@gaiaherbs.com
25. Anro Inc. Storage Fees $248,690
931 S. Matlack Street
West Chester, PA 19382
Jeanne Detwiler
Email: jeanne.detwiler@anro.com
26. Fungi Perfecti, LLC Trade Debt $248,686
P.O. Box 7634
Olympia, WA 98507
Kay Briggs
Email: kay.b@fungi.com
27. Mintz, Levin, Professional $233,200
Cohn, Ferris, Fees
Glovsky & Popeo P.C.
PO Box 4539
Boston, MA 02212
Samuel Effron
Email: LMMoldawer@mintz.com
28. Avtex Solutions LLC Utilities $229,866
PO Box 85660
Minneapolis, MN 55485
Michelle Doy
Email: lweierke@Avtex.com
29. Thorne Research Inc. Trade Debt $222,552
620 Omni Industrial Blvd
Summerville, SC 29486
Shelli Vaughn
Email: SVaughn@thorne.com
30. Zufall Health Center Inc. 340B $220,836
18 W Blackwell St Reimbursement
Dover, NJ 7801
Tel: (973) 328-9100
Fax: (973) 328-9101
KLAUSNER HOLDING: Taps Mickler & Mickler as Bankruptcy Counsel
--------------------------------------------------------------
Klausner Holding USA, Inc. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire the Law Offices of
Mickler & Mickler, LLP to handle its Chapter 11 case.
The firm will be paid at hourly rates ranging from $250 to $350 and
will be reimbursed for out-of-pocket expenses incurred.
Bryan Mickler, Esq., at the Law Offices of Mickler & Mickler,
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:
Bryan K. Mickler, Esq.
Law Offices of Mickler & Mickler, LLP
5452 Arlington Expy.
Jacksonville, FL 32211
Tel: (904) 725-0822
Email: bkmickler@planlaw.com
About Klausner Holding USA
Klausner Holding USA, Inc., a company in Live Oak, Fla., filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 22-02444) on Dec. 5, 2022, with up
to $50,000 in assets and $1 million to $10 million in liabilities.
Leopold Stephan, chief executive officer of Klausner Holding USA,
signed the petition.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP represents the Debtor as counsel.
KTS SOLUTIONS: Seeks to Hire McNamee Hosea as Bankruptcy Counsel
----------------------------------------------------------------
KTS Solutions, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to hire McNamee Hosea, P.A. as
its legal counsel.
The firm's services include:
(a) providing the Debtor with legal advice regarding its
powers and duties in the operation of its business and management
of its property;
(b) preparing legal papers and appearing in proceedings
instituted by or against the Debtor;
(c) assisting the Debtor in the process of confirmation of a
Chapter 11 plan and approval of a disclosure statement;
(d) assisting the Debtor in other legal matters; and
(e) other necessary legal services related to the Debtor's
Chapter 11 case.
The hourly rates for the primary attorneys handling the case are as
follows:
Stephen L. Goldberg $375 per hour ($450 per hour after Jan.
1, 2023)
Justin P. Fasano: $375 per hour ($400 per hour after Jan. 1,
2023)
McNamee Hosea received a $25,000 retainer.
As disclosed in court filings, McNamee Hosea is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Janet M. Nesse, Esq.
Justin P. Fasano, Esq.
McNamee Hosea, P.A.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Phone: 301-441-2420
Email: jnesse@mhlawyers.com
jfasano@mhlawyers.com
About KTS Solutions
KTS Solutions, Inc. is a Virginia corporation, which provides
transportation services for disabled veterans, to and from medical
appointments under a series of contracts with the United States
Department of Veterans Affairs.
KTS Solutions sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11694) on Dec. 9,
2022. In the petition signed by its chief executive officer, Kelvin
Smith, the Debtor disclosed up to $10 million in both assets and
liabilities.
Justin P. Fasano, Esq., at McNamee Hosea P.A. is the Debtor's legal
counsel.
MCCLAIN INVESTMENTS: Seeks to Hire Village Real Estate as Broker
----------------------------------------------------------------
McClain Investments TN, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Tennessee to employ Village Real
Estate & Parks as its real estate broker.
The Debtor requires a broker to sell its real property located at
937 South Douglas Ave., Nashville, Tenn.
The broker is entitled to a commission of 6 percent on any procured
sale of the property.
As disclosed in court filings, Village Real Estate & Parks is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Mary Beth Thomas
Village Real Estate & Parks
2206 21st Ave South
Nashville, TN 37212
Phone: 615-714-7163
Email: MB#marybeththomas.com
About McClain Investments TN
Tennessee-based McClain Investments TN, LLC is in the business of
owning and contracting for the development of residential real
estate in Nashville and the immediate surrounding area.
McClain Investments TN filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
3:22-bk-03142) on Sept. 29, 2022, with $1 million to $10 million in
both assets and liabilities. Courtney Hunter Gilmer has been
appointed as Subchapter V trustee.
Judge Randal S. Mashburn oversees the case.
The Debtor is represented by R. Alex Payne of Dunham Hildebrand,
PLLC.
MONTANA TUNNELS: Gets OK to Hire Crowley Fleck as Special Counsel
-----------------------------------------------------------------
Montana Tunnels Mining, Inc. received approval from the U.S.
Bankruptcy Court for the District of Montana to employ Crowley
Fleck, PLLP as its special counsel.
The firm will represent the Debtor in matters before the Department
of Environmental Quality of the State of Montana.
The firm will bill $410 per hour for its services.
As disclosed in court filings, Crowley Fleck is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Mark L. Stermitz, Esq.
Crowley Fleck, PLLP
305 S 4th St E
Missoula, MT 59801
Phone: (406) 523-3600
Email: mstermitz@crowleyfleck.com
About Montana Tunnels Mining
Montana Tunnels Mining, Inc., a company in Jefferson City, Mont.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Mont. Case No. 22-20132) on Dec. 2, 2022. In the
petition signed by its chief executive officer, Patrick Imeson, the
Debtor disclosed $10 million to $50 million in assets and $50
million to $100 million in liabilities.
Judge Benjamin P. Hursh oversees the case.
Patten, Peterman, Bekkedahl & Green, PLLC and Crowley Fleck, PLLP
serve as the Debtor's bankruptcy counsel and special counsel,
respectively.
MP ZEBULON: Asset Sale Proceeds to Fund Plan Payments
-----------------------------------------------------
MP Zebulon, LLC and its Debtor Affiliates filed with the U.S.
Bankruptcy Court for the Middle District of Georgia a Joint Chapter
11 Plan of Liquidation under Subchapter V dated December 22, 2022.
The Debtors are affiliated entities which own and operate 6 Marco's
Pizza restaurants under franchise agreements with Marco's
Franchising, LLC.
Prior to the Petition Date, a number of significant disputes,
including the management and operation of the Debtors' restaurants,
arose between the DJ Patel Parties and the Vipul Patel Parties,
both of whom are members of Kahuna LLC, a non-debtor, which owns
more than 50% of each Debtor except for MP Perry. When the parties
were unable to resolve all issues between them through mediation,
they agreed to submit remaining issues for resolution through
binding arbitration before the Honorable John J. Goger, a judge
with the Fulton County Superior Court (the "Arbitration
Proceeding").
The Debtors believe that the principal purpose of the subsequent
lawsuit was to thwart the Debtors' ability to sell their business
operations. The cost of litigation in combination with the
effective inability to sell their assets as a result of the
litigation led the Debtors to seek relief under Chapter 11.
The Debtors anticipate filing with the Court a motion seeking
authority to sell substantially all of their assets relating the
operation of the Businesses on or before December 31, 2022. The
Debtors anticipate that the sale will be approved and a closing
will occur in January, 2023. The sale proceeds will be used, in
part, to fund this Plan.
Class 3 consists of General Unsecured Claims. Class 3 is divided
into the following subclasses:
* Class 3A consists of all general, unsecured Claims asserted
against MP Zebulon, LLC. Following the payment in full of all
Distributions required to Holders of Allowed Administrative Expense
Claims, Allowed Priority Tax Claims, and Allowed Claims in Classes
1A and 2A of this Plan, the Disbursing Agent shall make pro-rata
Distributions on each Distribution Date or as soon thereafter as is
reasonably practicable, to the Holders of Allowed Class 3A Claims
of any available Liquidation Proceeds less the Plan Funding Reserve
from the Estate of MP Zebulon, LLC, until the date on which all
Allowed Class 3A Claims have been paid in full.
* Class 3B consists of all general, unsecured Claims asserted
against KLMG Food, LLC. Following the payment in full of all
Distributions required to Holders of Allowed Administrative Expense
Claims, Allowed Priority Tax Claims, and Allowed Claims in Classes
1B and 2B of this Plan, the Disbursing Agent shall make pro-rata
Distributions on each Distribution Date or as soon thereafter as is
reasonably practicable, to the Holders of Allowed Class 3B Claims
of any available Liquidation Proceeds less the Plan Funding Reserve
from the Estate of KLMG Food, LLC, until the date on which all
Allowed Class 3B Claims have been paid in full.
* Class 3C consists of all general, unsecured Claims asserted
against MP Byron, LLC. Following the payment in full of all
Distributions required to Holders of Allowed Administrative Expense
Claims, Allowed Priority Tax Claims, and Allowed Claims in Classes
1C and 2C of this Plan, the Disbursing Agent shall make pro-rata
Distributions on each Distribution Date or as soon thereafter as is
reasonably practicable, to the Holders of Allowed Class 3C Claims
of any available Liquidation Proceeds less the Plan Funding Reserve
from the Estate of MP Byron, LLC, until the date on which all
Allowed Class 3C Claims have been paid in full.
* Class 3D consists of all general, unsecured Claims asserted
against MP Dublin, LLC. Following the payment in full of all
Distributions required to Holders of Allowed Administrative Expense
Claims, Allowed Priority Tax Claims, and Allowed Claims in Classes
1D and 2D of this Plan, the Disbursing Agent shall make pro-rata
Distributions on each Distribution Date or as soon thereafter as is
reasonably practicable, to the Holders of Allowed Class 3D Claims
of any available Liquidation Proceeds less the Plan Funding Reserve
from the Estate of MP Dublin, LLC, until the date on which all
Allowed Class 3D Claims have been paid in full.
* Class 3E consists of all general, unsecured Claims asserted
against MP Heritage Place, LLC. Following the payment in full of
all Distributions required to Holders of Allowed Administrative
Expense Claims, Allowed Priority Tax Claims, and Allowed Claims in
Classes 1E and 2E of this Plan, the Disbursing Agent shall make
pro-rata Distributions on each Distribution Date or as soon
thereafter as is reasonably practicable, to the Holders of Allowed
Class 3E Claims of any available Liquidation Proceeds less the Plan
Funding Reserve from the Estate of MP Heritage Place, LLC, until
the date on which all Allowed Class 3E Claims have been paid in
full.
* Class 3F consists of all general, unsecured Claims asserted
against MP Perry, LLC. Following the payment in full of all
Distributions required to Holders of Allowed Administrative Expense
Claims, Allowed Priority Tax Claims, and Allowed Claims in Classes
1F and 2F of this Plan, the Disbursing Agent shall make pro-rata
Distributions on each Distribution Date or as soon thereafter as is
reasonably practicable, to the Holders of Allowed Class 3F Claims
of any available Liquidation Proceeds less the Plan Funding Reserve
from the Estate of MP Perry, LLC, until the date on which all
Allowed Class 3F Claims have been paid in full.
Following the Effective Date, the Debtors shall continue as legal
entities charged with administration of the Estate and
implementation of the provisions of the Plan. The Debtors will be
authorized and empowered take such actions as are required to
effectuate the Plan, including the prosecution and enforcement of
Retained Actions, except to the extent waived or released in the
Plan or the Confirmation Order.
Except as otherwise provided in this Plan or the Confirmation
Order, all Cash necessary for Distributions pursuant to this Plan
may be obtained from (a) existing Cash balances, (b) proceeds made
available by sale or other liquidation of the Debtors' Property,
and (c) any net proceeds realized from any Retained Actions.
A full-text copy of the Liquidating Plan dated December 22, 2022,
is available at https://bit.ly/3Wo6aLn from PacerMonitor.com at no
charge.
Counsel for Debtors:
J. Robert Williamson, Esq.
Ashley Reynolds Ray, Esq.
Scroggins & Williamson, P.C.
4401 Northside Parkway, Suite 450
Atlanta, GA 30327
Tel: 404-893-3880
Fax: 404-893-3886
Email: rwilliamson@swlawfirm.com
aray@swlawfirm.com
About MP Zebulon
MP Zebulon, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Ga. Case No. 22-51106) on Sept.
23, 2022, with up to $500,000 in both assets and liabilities. Judge
Austin E. Carter oversees the case.
The Debtor tapped J. Robert Williamson, Esq., at Scroggins &
Williamson P.C. as legal counsel, and GGG Partners, LLC as
restructuring advisor. Richard Gaudet, a partner at GGG, serves as
the Debtor's chief restructuring officer.
NANDA INC: Gets OK to Hire Richard B. Rosenblatt as Legal Counsel
-----------------------------------------------------------------
Nanda, Inc. received approval from the U.S. Bankruptcy Court for
the District of Maryland to hire the Law Offices of Richard B.
Rosenblatt, PC as its legal counsel.
The firm's services include:
a. giving the Debtor legal advice with respect to its powers
and duties.
b. preparing legal papers;
c. preparing a disclosure statement and plan of
reorganization; and
d. other necessary legal services related to the Debtor's
Chapter 11 case.
The Law Offices of Richard B. Rosenblatt will charge these hourly
fees:
Richard B. Rosenblatt, Esq. $400 per hour
Linda M. Dorney, Esq. $400 per hour
Attorneys $350 per hour
Paralegal $150 per hour
The firm received a retainer in the amount of $5,000.
As disclosed in court filings, the Law Offices of Richard B.
Rosenblatt is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Richard B. Rosenblatt, Esq.
Linda M. Dorney, Esq.
Law Offices of Richard B. Rosenblatt
30 Courthouse Sq Suite 302
Rockville, MD 20850
Phone: 301-838-0098
Email: rrosenblatt@rosenblattlaw.com
About Nanda Inc.
Nanda, Inc. sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 22-16882) on Dec. 9, 2022,
with up to $50,000 in assets and $100,001 to $500,000 in
liabilities. Judge Lori S. Simpson oversees the case.
Richard B. Rosenblatt, Esq. at The Law Offices of Richard B.
Rosenblatt represents the Debtor as counsel.
NASSAU PHARMACY: Unsecureds to Get 0% in Subchapter V Plan
----------------------------------------------------------
Nassau Pharmacy, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of New York a Liquidating Small Business
Subchapter V Plan dated December 22, 2022.
The Debtor is a single-location pharmacy located in Rensselaer
County, New York. The Debtor is operated and managed by its
soleowner, Ms. Cathy Grossman.
Due to the value of debtor's secured debt load compared to the
relative value Debtor and its assets, Debtor is unable to
successfully complete a sale of same without secured creditor
consent or Bankruptcy Court intervention. Given the relative size
of Debtor's operations coupled with its limited resources, Debtor
determined that Bankruptcy protection would most effectively allow
it to consolidate its efforts in moving to avoid undersecured liens
in order to provide marketable title of its assets to a buyer.
At the time of filing, Debtor's assets include pharmaceutical
inventory in the amount of approximately $40,000.00,
non-pharmaceutical inventory in the approximate amount of
$10,000.00, Cash and cash equivalents in the approximate amount of
$121,000.00.
At the time of filing, Debtor owed secured debts (without
accounting for bifurcation) in the amount of approximately
$360,000.000 arising from various UCC filings by multiple
creditors. It also has approximately $50,000.00 in general
unsecured debts.
Debtor's goal in this reorganization is to avoid undersecured liens
is to maximize its liquidation value through a sale of its assets
in order to maximize returns to the Debtor's creditors and to wind
down Debtor's business.
The Plan shall be funded from two sources: (i) an Estate Carve Out
from the Net Sale Proceeds in order to pay for administrative costs
associated with this Bankruptcy, and (ii) any remaining cash on
hand after payment to secured creditors (currently estimated at
$00.00). The final Plan payment is expected to be paid 3-months
from date of Confirmation.
Non-priority unsecured creditors holding allowed claims will
receive distributions of no less than 0%. This Plan provides for
full payment of administrative expenses and priority claims.
Class 1 consists of the secured claim of Kinray Inc. This Class
shall receive payment in full upon sale of Debtor's assets.
Class 2 consists of Allowed Priority Tax Claims. This Class shall
receive pro rata payment after payment of the Administrative
Expenses from the Plan Distribution Fund on the Plan Distribution
Date. Class 2 is impaired pursuant to Section 1124 of the
Bankruptcy Code.
Class 3 General Unsecured Claims are not secured by property of the
estate and are not entitled to priority under Section 507(a) of the
Bankruptcy Code. General Unsecured Claims shall not receive any
distribution under the Plan and are Impaired.
Class 4 consists of Equity Interest holder Cathy Grossman (100%
owner). Equity Interest holders shall retain 100% of the
shareholder interests in the reorganized Debtor.
A full-text copy of the Subchapter V Plan dated Dec. 22, 2022, is
available at https://bit.ly/3YSOY2e from PacerMonitor.com at no
charge.
Attorneys for the Debtor:
Michael L. Boyle, Esq.
Boyle Legal, LLC
64 2nd Street
Troy NY 12180
Telephone: 518-407-3121
E-mail: mike@boylebankruptcy.com
About Nassau Pharmacy
Nassau Pharmacy Inc. is a single-location pharmacy located in
Rensselaer County, New York. The Debtor filed a Chapter 11 petition
(Bankr. N.D.N.Y. Case No. 22-11188) on December 22, 2022. At the
time of filing, the Debtor disclosed $100,001 to $500,000 in assets
and liabilities.
O'MY FOODS: Seeks to Hire Tavenner & Beran as Bankruptcy Counsel
----------------------------------------------------------------
O'MY Foods, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Virginia to employ Tavenner & Beran, PLC as
its bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor of its rights, powers, and duties in the
continued operation and management of its affairs;
(b) prepare all necessary legal documents;
(c) advise the Debtor concerning, and prepare responses to,
legal papers;
(d) advise the Debtor with respect to, and assist in the
negotiation and documentation of, financing agreements, debt and
cash collateral orders, and related transactions;
(e) review the nature and validity of any liens asserted
against the Debtor's property and advise the Debtor concerning the
enforceability of such liens;
(f) advise the Debtor regarding its ability to initiate
actions to collect and recover property for the benefit of its
estate;
(g) counsel the Debtor in connection with the formulation,
negotiation, and promulgation of a plan of reorganization and
related documents;
(h) advise and assist the Debtor in connection with any
potential property dispositions;
(i) advise the Debtor concerning executory contract and
unexpired lease assumptions, assignments, and rejections and lease
restructurings and recharacterizations;
(j) assist the Debtor in reviewing, estimating, and resolving
claims asserted against its estate;
(k) commence and conduct any and all litigation necessary or
appropriate to assert rights held by the Debtor, protect assets of
the Debtor's Chapter 11 estate, or otherwise further the goal of
completing the Debtor's successful reorganization;
(l) provide general litigation and other non-bankruptcy
services as requested by the Debtor; and
(m) perform all other necessary or appropriate legal services
in connection with the Debtor's Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Lynn L. Tavenner $495
Paula S. Beran $480
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer of $7,500
from the Debtor.
Paula Beran, Esq., a partner at Tavenner & Beran, 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:
Lynn L. Tavenner, Esq.
Paula S. Beran, Esq.
Tavenner & Beran, PLC
20 North 8th Street
Richmond, VA 23219
Telephone: (804) 783-8300
Facsimile: (804) 783-0178
Email: ltavenner@tb-lawfirm.com
pberan@tb-lawfirm.com
About O'MY Foods
O'MY Foods LLC -- https://www.omygelato.com/ -- is a frozen dessert
supplier in Richmond, Va.
O'MY Foods filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Va. Case No. 22-33509) on Dec. 12,
2022, with $500,000 to $1 million in assets and $1 million to $10
million in liabilities. Peter J. Barrett, Esq., has been appointed
as Subchapter V trustee.
Lynn L. Tavenner, Esq., and Paula S. Beran, Esq., at Tavenner &
Beran, PLC serve as the Debtor's bankruptcy attorneys.
OLD MAJESTIC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Old Majestic Brewing Company, LLC
656 Saint Louis St
Mobile, Al 36602-1823
Case No.: 22-12666
Business Description: The Debtor is a craft beer distribution
brewery.
Chapter 11 Petition Date: December 28, 2022
Court: United States Bankruptcy Court
Southern District of Alabama
Debtor's Counsel: Marion E. Wynne, Jr., Esq.
WILKINS, BANKESTER, BILES & WYNNE, PA
PO Box 1367
Fairhope, AL 36533-1367
Tel: (251) 928-1915
Email: twynne@wbbwlaw.com
Total Assets: $108,817
Total Liabilities: $1,170,543
The petition was signed by Chad Marchand as member/manager.
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/7DWBTNA/Old_Majestic_Brewing_Company_LLC__alsbke-22-12666__0001.0.pdf?mcid=tGE4TAMA
OPULENT AMERICAS: Case Summary & Six Unsecured Creditors
--------------------------------------------------------
Debtor: Opulent Americas, Inc.
FKA Arch7, Inc
807 Spring Forest Road, Suite 900
Raleigh, NC 27609
Case No.: 22-02997
Business Description: Opulent Americas develops products for the
LED lighting, automation, and IoT
industries.
Chapter 11 Petition Date: December 29, 2022
Court: United States Bankruptcy Court
Eastern District of North Carolina
Judge: Hon. David M. Warren
Debtor's Counsel: John A. Northen, Esq.
NORTHEN BLUE, LLP
PO Box 2208
Chapel Hill, NC 27515
Tel: 919-968-4441
Fax: 919-942-6603
Total Assets: $583,105
Total Liabilities: $3,450,384
The petition was signed by Russell Shaver as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/HUHT47I/Opulent_Americas_Inc__ncebke-22-02997__0001.0.pdf?mcid=tGE4TAMA
PIPELINE HEALTH: Ross Represents Focus Staff, Allscripts
--------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Ross & Smith, PC submitted a verified statement to
disclose that it is representing Focus Staff Services LP and
Allscripts Healthcare Solutions, Inc. in the Chapter 11 cases of
Pipeline Health Systems, LLC, et al.
The names and addresses of the Creditors represented by the Firm
are:
a. Focus Staff Services LP
Attn: Kyle Rhodes
10440 E. Northwest Highway
Dallas, TX 75238
b. Allscripts Healthcare Solutions, Inc.
Attn: Catherine Spector
24630 Network Place
Chicago, IL 60673
The nature and amount of claims of the Creditors are as follows:
a. Focus Staff has a general unsecured claim in the amount of
$65,235.94 relating to pre-petition staffing services provided by
Focus Staff to certain of the Debtors. Focus Staff has filed proofs
of claim in the amount of $65,235.94 in the following debtor cases:
Pipeline Health System, LLC and Pipeline East Dallas, LLC.
b. Allscripts is an executory contract counterparty with
certain of the Debtors. Debtor Gardena Hospital, L.P. has scheduled
Allscripts with a general unsecured claim in the amount of
$763,759.67. Such claim was not listed as contingent, unliquidated,
or disputed. Allscripts' claim arises from pre-petition services
provided to the Debtors by Allscripts under certain executory
contracts including, without limitation, a master software
agreement.
The Firm does not own, nor has it ever owned, any equity securities
of the Debtors. The Firm is not a creditor of the Debtors.
The Firm was employed by each Creditor in the Bankruptcy case and
has no conflict of interest in such representations.
The Firm has fully advised its clients with respect to this
representation.
The Firm reserves the right to supplement this Verified Statement
as necessary.
Counsel for Allscripts Healthcare Solutions, Inc. and Focus Staff
Services LP can be reached at:
ROSS & SMITH, PC
Jason Binford, Esq.
Ross & Smith, PC
2003 N. Lamar Blvd., Suite 100
Austin, TX 78705
Telephone: 512-351-4778
Facsimile: 214-437-6650
E-mail: jason.binford@judithwross.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3GozBrd
About Pipeline Health System
Pipeline Health Systems, LLC is an independent, community-focused
healthcare network that offers a wide range of medical services to
the communities it serves, including maternity care, cancer
treatment, behavioral health, rehabilitation, general surgery, and
hospice care. Headquartered in El Segundo, California, Pipeline's
operations include seven safety net hospitals across California,
Texas, and Illinois, with approximately 310 physicians and over
1,150 beds to serve patients, and a company-wide workforce of over
4,200.
Pipeline Health Systems and its affiliates sought Chapter 11
protection (S.D. Texas Lead Case No. 22-90291) on Oct. 2, 2022. In
the petition signed by Andrei Soran, authorized signatory, Pipeline
Health Systems disclosed $500 million to $1 billion in assets and
liabilities.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Jackson Walker, LLP as local bankruptcy counsel; Ankura
Consulting Group, LLC as restructuring advisor; and Jefferies, LLC,
as financial advisor and investment banker. Epiq Corporate
Restructuring, LLC, is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' bankruptcy cases. The committee
tapped Akin Gump Strauss Hauer & Feld, LLP as legal counsel and FTI
Consulting, Inc. as financial advisor.
Susan Nielsen Goodman, the patient care ombudsman appointed in the
Debtors' cases, is represented by Crowe & Dunlevy, P.C.
PRODUCE DEPOT: Unsecured Creditors Will Get 4% Dividend in Plan
---------------------------------------------------------------
Produce Depot USA LLC filed with the U.S. Bankruptcy Court for the
District of New Jersey a Small Business Disclosure Statement and
Chapter 11 Plan of Reorganization dated December 22, 2022.
The Debtor is a corporation located at 52 Center Market Street,
Brooklyn, NY 11236.
The circumstances leading to Debtor's filing under Chapter 11 were
as follows: the business was managed by one of the shareholders
Michael Felix, who, upon information and belief, violated his
fiduciary duties and allegedly diverted business, made unauthorize
loans and investments involving company funds. This resulted in a
progressive negative cash flow, failure to cope with daily
financial obligations and eventually forced the closure of the
business.
Class I shall consist of secured claim of the creditor, Green Light
Go. Inc. in the amount of $83,747.90. The Debtor's position is that
claim of Green Light is not a secured claim but is simply unsecured
claim that was reduced to judgement and never recorded against any
collateral, and therefore the claim objection curing secured status
will be filed accordingly. In the event the Debtor's claim
objection is sustained, Green Light's claim will be afforded
treatment identical to that of all other unsecured, non-priority
claims under the Plan and described in Class III.
Class II shall consist of the PACA Trust Claim of Prometo Produce
Corp. in the amount of $203,757.11 and substantially withdrawn on
October 13, 2022. The claim was settled pursuant to the terms of
Amended Stipulation Resolving PACA Trust Claims of Prometo Produce
Corp. and C.H. Robinson Worldwide, Inc, that was approved by the
Bankruptcy Court order dated September 15, 2022. According to the
said Stipulation, the claim of Prometo Produce Corp. shall be
compromised, reduced, allowed and paid in the amount of $100,000.00
from Produce Depot USA, LLC. The payment under the Stipulation was
made in full.
Class III shall consist of general unsecured claim of creditors in
total amount of $742,221.05. This Class shall receive 4% dividend
in lump sum payment on the effective date of the Plan.
The bar date to file a claim expired on May 31, 2022. It is the
Debtor's position that A to Z Produce, ADP Totalsource Inc.,
Atlantic Fresh Produce Inc., Avocado House Inc., Chase Inc., David
S Friedkin CPA, Edward Produce, First Law Group, GRIFFITH, Guerrero
Avocados, Horizon Marketing Inc., Izguerra Produce Inc., McLean
Produce & Ice Co, Natural Produce LLC, Queen Funding LLC and Stein
& Stein LLP are now barred from filing claim in the Debtor's case
and are thus not afforded treatment.
The PACA Trust Claims of Prometo Corp. and C.H. Robinson Worldwide,
Inc was settled and paid in full pursuant to terms of the
Stipulation. The Stipulation has been funded by Produce Depot USA
LLC, the Debtor, and by Luis A. Ruelas.
All remaining administrative fee and non-priority, undisputed,
unsecured creditors, will be paid from funds accumulated in the
Debtor's DIP account from the date of the petition and from the
personal contribution of Luis A. Ruelas. Luis A. Ruelas will make a
supplemental contribution from personal funds of $50,000.00 to the
Chapter 11 Plan of Reorganization payments without the expectation
of repayment. The contribution is nor a repayment of debt or any
other obligations.
A full-text copy of the Disclosure Statement dated December 22,
2022, is available at https://bit.ly/3YX8k6s from PacerMonitor.com
at no charge.
Attorney for Debtor:
Alla Kachan, Esq.
Law Offices of Alla Kachan, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-3156
Email: alla@kachanlaw.com
About Produce Depot USA
Produce Depot, LLC, is a merchant wholesaler of grocery and related
products in Brooklyn, N.Y.
Produce Depot sought Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 22-40412) on March 2, 2022, listing zero asset
and $1,660,488 in liabilities. On June 9, 2022, the case was
transferred to the U.S. Bankruptcy Court for the District of New
Jersey.
Alla Kachan, Esq., at the Law Offices of Alla Kachan, P.C. is the
Debtor's counsel.
PROPERTY HOLDERS: Taps Tom Riley Law Firm as General Civil Counsel
------------------------------------------------------------------
Property Holders, LTD seeks approval from the U.S. Bankruptcy Court
for the Northern District of Iowa to employ Tom Riley Law Firm, PLC
as its general civil counsel.
The firm will render these services:
(a) handle general legal matters for the Debtor including
defense of the Green State Credit Union foreclosures, evictions
proceedings, legal disputes with the City of Cedar Rapids regarding
the Debtor's property, Civil Rights Commission investigations and
other proceedings, and Real Estate matters; and
(b) assist the Debtor's bankruptcy counsel in any motions or
adversary proceedings involving litigation matters of which it has
prior knowledge and experience.
The hourly rates of the firm's counsel are as follows:
Peter Riley $275
Patrick Riley $175
In addition, the firm will seek reimbursement for expenses
incurred.
Peter Riley, Esq., and Patrick Riley, Esq., attorneys at Tom Riley
Law Firm, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Peter Riley, Esq.
Patrick Riley, Esq.
Tom Riley Law Firm, PLC
4040 1st Avenue NE
Cedar Rapids, IA 52402
Telephone: (319) 363-4040
Email: info@trlf.com
About Property Holders
Property Holders, LTD filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Iowa Case No. 22-00744) on Nov.
21, 2022. In the petition filed by Charles A. Davisson, president,
the Debtor reported $2,771,431 in assets and $2,861,618 in
liabilities as of Sept. 30, 2022.
The Debtor tapped Rush M. Shortley, Esq., as bankruptcy counsel and
Tom Riley Law Firm, PLC as general civil counsel.
PURRY & SON: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Purry & Son Trucking Corp.
About Purry & Son Trucking Corp
Purry & Son Trucking Corp. filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 22-19096) on Nov. 29, 2022, with as much
as $1 million in both assets and liabilities. Judge Robert A. Mark
oversees the case.
The Debtor is represented by Ariel Sagre, Esq., at Sagre Law Firm,
P.A.
RB SIGMA: Unsecureds to Get 100 Cents on Dollar in 5 Years
----------------------------------------------------------
RB Sigma, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Ohio a Plan of Reorganization under Subchapter
V dated December 26, 2022.
The Debtor is an Ohio limited liability company wholly owned by
Justin Bloyd. The Debtor was formed in April 2016 as an
organizational training company providing Lean Six Sigma
methodologies, supply chain management, and project management
services.
In 2022, there was a sudden and significant drop in COVID-19
pandemic-related demand for PPE which had a severe negative impact
on the Debtor's ability to meet its debt service obligations. The
Debtor successfully negotiated settlements of several lawsuits
filed by unsecured creditors, but as revenue continued to decline
it was not able to make timely payments on those agreements and
meet its other obligations.
Additionally, one unsecured creditor obtained and executed upon a
judgment lien which resulted in the Debtor's operating account
being garnished which in turn made it difficult to operate as
normal and issue timely payments under the settlement agreements.
The Debtor's financial projections show that the Debtor will have
total projected disposable income for the 5-year period of
$3,005,186.00 (the "Projected Disposable Income").
This Plan of Reorganization under chapter 11 of the Bankruptcy Code
proposes to pay creditors of the Debtor from operations in the
ordinary course of business by the Reorganized Debtor.
Creditors holding Allowed Unsecured Claims in Class 4 will receive
distributions which the Debtor has estimated to be 100 cents on the
dollar. This Plan also provides for full payment of administrative
expenses and priority claims.
Class 2 consists of the Allowed Secured Claim of Franco Teriaco.
Franco Teriaco is owed a secured claim of $140,000.00 resulting
from a lawsuit settlement in which the Debtor transferred to Mr.
Teriaco a security interest in the Debtor's inventory. At the time
of filing, the Debtor estimated the value of its finished goods
inventory at $145,695.90 and of its inventory for resale at
$103,427.30. Accordingly, Mr. Teriaco's claim is fully secured and
will be paid in interest in deferred quarterly payments with
interest at the rate of 9.5 percent per annum over the 60 month
term of the plan.
Class 3 consists of the general unsecured claims held by insiders,
specifically the claims of Justin Bloyd and Cynthia Bloyd. These
claims will be paid without interest in deferred quarterly payments
over the life of the plan from the Debtor's net disposable income
only if the Debtor's net disposable income at the end of any
quarter is adequate to pay the deferred quarterly payments on all
other claims in full. If the Debtor's net disposable income is not
adequate to pay the deferred quarterly payments on all other claims
in full, then the balance remaining after all other deferred
quarterly payments are paid in full shall be prorated and paid to
the holders of claims in this class and the unpaid balance of the
deferred quarterly payments owed on these claims will be added to
the balance owed the following quarter.
Class 4 consists of General Unsecured Claims other those in Classes
1, 2, or 3. The Debtor estimates that there is $801,459.37 in
claims in this class as of the Petition Date. In addition, the
Debtor will reject the leases with Ferguson Enterprises [7710 Tyler
Blvd., Mentor, Ohio] and a portion of the lease with Saint Paul
Properties Fund [6111 Heisley Rd., Mentor, Ohio] which may result
in claims for unpaid rent under the lease agreements. These claims
will be paid without interest in deferred quarterly payments over
the life of the plan from the Debtor's net disposable income.
Class 5 consists of the membership interests in by the Debtor, all
of which are owned by Justin Bloyd. Upon the Effective Date Mr.
Bloyd will retain his membership interest in the Debtor.
The Plan will be implemented and funded through the future business
operations of the Reorganized Debtor. As a part of its
reorganization, the Debtor does not contemplate the sale of any
assets, however assets may be sold to the extent that it is later
determined they are no longer of value to the Reorganized Debtor's
business operation or their useful life for the Reorganized Debtor
has expired.
A full-text copy of the Plan of Reorganization dated December 26,
2022, is available at https://bit.ly/3i0KN3U from PacerMonitor.com
at no charge.
About RB Sigma LLC
RB Sigma, LLC -- https://www.rbsigma.com – supplies
mission-critical PPE products, provide six sigma training, and
consult and set up supply chains. It conducts business under the
name RB Medical Supply, LLC.
RB Sigma filed a petition for relief under Subchapter V of Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 22-12913) on
Sept. 28, 2022, with between $500,000 and $1 million in assets and
between $1 million and $10 million in liabilities. Frederic P.
Schwieg has been appointed as Subchapter V trustee.
Judge Jessica E. Price Smith oversees the case.
The Debtor is represented by Richard H. Nemeth, Esq., at Nemeth &
Associates, LLC.
RE-BUILD SEVILLE: Unsecureds to Get Share of Income for 5 Years
---------------------------------------------------------------
Re-Build Seville, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Mississippi a Disclosure Statement for the
Plan of Reorganization dated December 27, 2022.
The Debtor owns the Real Property, which is operated as an
apartment complex. In June 2021, the Real Property had a full
market appraised value of $2,650,000.00.
The Debtor purchased the Real Property in reliance upon the
representations made in the payoff statement showing a First Deed
of Trust position of $1,412,355.79 due to Community Loan Servicing
("CLS"). Beginning in October 2021, and continuing through early
April 2022, the Debtor caused monthly payments in the amount of
$15,972.53 representing interest, and principal along with escrow
fees for taxes and insurance (each a "Contractual Payment" and,
jointly and collectively, the "Contractual Payments") to Fairview
Investment Fund V, LP, who was assigned the lien upon the Real
Property by CLS.
In December 2021, unbeknownst to the Debtor, Fairview declared the
loan due and in default, all while continuing to accept the
Contractual Payment from the Debtor's attorney. During this same
period, the Debtor obtained a duplicate policy of insurance on the
Real Property and invested heavily in its improvement. The Debtor
believes Fairview's actions were a bad faith attempt to dilute the
substantial equity in the property by charging an egregious default
rate of interest.
On September 28, 2022, the Debtor had no alternative than to file
its voluntary petition for reorganizational relief under Chapter 11
of the Bankruptcy Code.
The Plan provides for the continued operation of the Debtor and
distributions over time to the Holders of Allowed Claims from: (i)
the refinancing of that certain real property and improvements
thereon located at 333 Mctyre Ave, Jackson Mississippi 39202 and
1505 N West Street, Jackson Mississippi 39202 (the "Real
Property"); and (ii) the revenues generated by the Debtor.
Class 3 consists of all the Debtor's allowed general unsecured
creditors. Class 3 is impaired by the Plan. Within 60 Days after
the Effective Date, the Debtor shall cause quarterly payments, each
totaling the Debtor's Disposable Income for the preceding quarter,
to be made to holders of allowed Class 3 Claims on a pro rata
basis. For the purposes of this Plan, Disposable Income shall be
income that is received by the Debtor and that is not reasonably
necessary to be expended for the maintenance or support of the
Debtor, or for the payment of expenditures necessary for the
continuation, preservation, or operation of the business of the
debtor.
For the avoidance of doubt, Disposable Income shall not include
payments made to Class 1 Claims, nor payments for fees or upon
claims. Holders of allowed Class 3 claims shall be paid until their
allowed claim is paid in full, or the 5th year anniversary of the
Effective Date, whichever is earlier. The Debtor shall not be
penalized for making payments prior to such payments' respective
due dates.
Class 4 consists of the Debtor's equity security holders. Unless
otherwise ordered by the Court, Equity security holders will retain
ownership in the Debtor post-confirmation. No distributions will be
made to equity or on insider claims until such time as the Class 3
claimants have been paid in full, or all required payments to Class
3 claimants are otherwise made under the Plan.
The Plan will be funded by refinancing the Real Property, as well
as the Debtor's operating income. The Debtor proposes a reasonable
Plan which is in good faith and not by any means forbidden by law.
A full-text copy of the Disclosure Statement dated December 27,
2022, is available at https://bit.ly/3G6dZOM from PacerMonitor.com
at no charge.
Counsel for Debtor:
Michael R. Dal Lago, Esq.
Christian Garrett Haman, Esq.
Dal Lago Law
999 Vanderbilt Beach Road, Suite 200
Naples, FL 34108
Telephone: (239) 571-6877
Email: mike@dallagolaw.com
chaman@dallagolaw.com
About Re-Build Seville
Re-Build Seville, LLC, a company in Jackson, Miss., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Miss. Case No. 22-01976) on Sept. 28, 2022. In the petition
filed by its manager, J. Stephen Tracy, the Debtor reported between
$1 million and $10 million in both assets and liabilities.
Judge Jamie A. Wilson oversees the case.
The Debtor is represented by the law firms of McRaney & McRaney and
Dal Lago Law.
REVERSE MORTGAGE: CSG, Cozen Advise on Hartford Fire, Platte River
------------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Chiesa Shahinian & Giantomasi PC and Cozen O'Connor
submitted a verified statement to disclose that they are
representing Hartford Fire Insurance Company and Platte River
Insurance Company in the Chapter 11 cases of Reverse Mortgage
Investment Trust Inc., et al.
Hartford Fire Insurance Company, which, as of the Petition Date,
issued approximately $2.275 million in surety bonds, with respect
to which certain Debtors are principals and/or indemnitors.
Platte River Insurance Company, which, as of the Petition Date,
issued approximately $5.842 million in surety bonds, with respect
to which certain Debtors are principals and/or indemnitors.
Neither Hartford nor Platte River has any "disclosable economic
interests" other than as disclosed in the preceding paragraph.
Other than as disclosed herein, neither CSG nor Cozen represents or
claims to represent any entity with respect to the Debtors' cases,
and do not hold any claim against or interest in the Debtors or
their estates.
Counsel for Hartford Fire Insurance Company and Platte River
Insurance Company can be reached at:
Thomas J. Francella, Jr., Esq.
COZEN O'CONNOR
1201 North Market Street, Suite 1001
Wilmington, DE 19801
Tel: (302) 295-2023
Fax: (302) 250-4495
E-mail: tfrancella@cozen.com
- and -
Scott A. Zuber, Esq.
Jonathan Bondy, Esq.
Emily E. Mastrocola, Esq.
CHIESA SHAHINIAN & GIANTOMASI PC
One Boland Drive
West Orange, NJ 07052
Tel: (973) 530-2046
Fax: (973) 530-2246
E-mail: szuber@csglaw.com
jbondy@csglaw.com
emastrocola@csglaw.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3hY7SUE
About Reverse Mortgage Investment Trust
Reverse Mortgage Investment Trust Inc. is an originator and
servicer of reverse mortgage loans.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-11225) on November
30, 2022.
In the petition signed by Craig Corn, chief executive officer, the
Debtors disclosed up to $50 billion in both assets and
liabilities.
Judge Mary F. Walrath oversees the case.
The Debtors tapped Sidley Austin LLP as general bankruptcy counsel,
Benesch, Friedlander, Coplan, and Aronoff LLO as local bankruptcy
counsel, FTI Consulting Inc. as financial advisor, and Kroll
Restructuring Administration LLC as noticing and claims agent.
Leadenhall Capital Partners LLP, as agent to the post-petition
secured lenders, is advised by Latham & Watkins LLP and Young,
Conaway Stargatt & Taylor LLP, as counsel; BRG, as financial
advisor; and Moelis as investment banker.
Texas Capital Bank retained Paul, Weiss, Rifkind, Wharton &
Garrison LLP as counsel.
Longbridge Financial, LLC retained Weil, Gotshal & Manges LLP,
Lowenstein Sandler LLP, and Richards, Layton & Finger as counsel;
and Houlihan Lokey, Inc., as financial advisor.
RUBY PIPELINE: Jan. 13, 2023 Plan & Disclosure Hearing Set
----------------------------------------------------------
Ruby Pipeline, L.L.C., filed with the U.S. Bankruptcy Court for the
District of Delaware a motion for entry of an order conditionally
approving the Disclosure Statement.
On December 20, 2022, Judge Craig T. Goldblatt granted the motion
and ordered that:
* The Disclosure Statement contains adequate information in
accordance with section 1125 of the Bankruptcy Code and is
conditionally approved.
* January 13, 2023 at 10:00 a.m. is the Combined Hearing.
* January 9, 2023 at 4:00 p.m. is the deadline to object to
final approval of the Disclosure Statement and confirmation of the
Plan.
* January 12, 2023 is the deadline for the Debtor to file and
serve replies or an omnibus reply to any such objections along with
its brief in support of final approval of the Disclosure Statement
and confirmation of the Plan.
Attorneys for the Debtor:
Ray C. Schrock, Esq.
Sunny Singh, Esq.
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, NY 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
- and -
Kevin Gross, Esq.
Daniel J. DeFranceschi, Esq.
John H. Knight, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 N. King Street
Wilmington, DE 19801
Telephone: (302) 651-7700
Facsimile: (302) 651-7701
About Ruby Pipeline
Ruby Pipeline, LLC, a Houston-based natural gas pipeline company,
sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No.
22-10278) on March 31, 2022. In the petition filed by Will W.
Brown, as commercial vice-president, Ruby Pipeline listed $500
million to $1 billion in both assets and liabilities.
Judge Craig T. Goldblatt oversees the case.
Richards, Layton & Finger, P.A., and Weil Gotshal & Manges, LLP are
the Debtor's bankruptcy counsels while PJT Partners, LP, is the
investment banker. Kroll Restructuring Administration, LLC,
formerly known as Prime Clerk, LLC, is the claims and noticing
agent and administrative advisor.
Counsel to the Ad Hoc Group and Special Counsel to the Indenture
Trustee are Morris, Nichols, Arsht & Tunnell LLP, and Davis Polk &
Wardwell LLP.
The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on April 19, 2022. Brown Rudnick, LLP and
Benesch, Friedlander, Coplan & Aronoff LLP serve as the committee's
bankruptcy counsel and Delaware counsel, respectively.
SAMEH H. AKNOUK: Seeks Approval to Hire Kirby Aisner as Counsel
---------------------------------------------------------------
Sameh H. Aknouk, Dental Services, P.C. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Kirby Aisner & Curley, LLP as its legal counsel.
The firm's services include:
a. advising the Debtor with respect to its powers and duties
and the continued management of its property and affairs;
b. negotiating with creditors of the Debtor and working out a
plan of reorganization, and taking the necessary legal steps in
order to effectuate such a plan;
c. preparing legal papers;
d. appearing before the bankruptcy court;
e. attending meetings and negotiating with representatives of
creditors and other parties in interest;
f. advising the Debtor in connection with any potential
refinancing of secured debt;
g. representing the Debtor in connection with obtaining
post-petition financing, if necessary;
h. taking any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization;
i. other necessary legal services.
The firm will be paid at these rates:
Partners $450 to $550 per hour
Associates $295 per hour
Paraprofessionals $150 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer payment in the amount of $5,055.
Erica Aisner, Esq., an attorney at Kirby Aisner & Curley, 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:
Erica R. Aisner, Esq.
Kirby Aisner & Curley, LLP
700 Post Road, Suite 237
Scarsdale, NY 10583
Phone: (914) 401-9502
Email: eaisner@kacllp.com
About Sameh H. Aknouk, Dental Services
Sameh H. Aknouk, Dental Services, P.C. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No.
22-11651-mg) on Dec. 8, 2022, with up to $50,000 in assets and up
to $1 million in liabilities. Sameh H. Aknouk, president, signed
the petition.
Judge Martin Glenn oversees the case.
Erica Aisner, Esq., at Kirby Aisner & Curley LLP is the Debtor's
legal counsel.
SAN LUIS & RIO: Unsecured Creditors to Get 0% in Trustee's Plan
---------------------------------------------------------------
William A. Brandt, the chapter 11 trustee (the "Trustee") of the
San Luis & Rio Grande Railroad, Inc, ("Debtor" or "SLRG") submitted
a Disclosure Statement for Second Plan of Liquidation dated
December 22, 2022.
The purpose of the Plan is to effectuate a sale of the Debtor's
rail lines in the San Luis Valley. The Code contains special
provisions for railroad bankruptcy cases which prioritize the
public interest which is defined as the preservation of the
debtor's rail service.
The Plan provides that the real property, personal property, and
any other assets of the Debtor on the Effective Date will be
transferred to the Reorganized Debtor pursuant to and in accordance
with the Plan. The Plan will be implemented by the appointment of a
Plan Administrator of the Reorganized Debtor, who shall be the sole
director of the Reorganized Debtor and the sole officer, serving as
the President, Treasurer, Vice-President, Secretary, and any other
officer of the Reorganized Debtor with delegated authority to carry
out the Plan.
The Plan Administrator will effectuate the sale process initiated
by the Trustee's filing of the Motion For Entry Of Order (A)
Authorizing And Approving The Sale Of Substantially All Of The
Assets Of The San Luis & Rio Grande Railroad, Inc. Free And Clear
Of All Liens, Claims And Encumbrances; And (B) Waiving The 14-Day
Stay Of Fed. R. Bankr. P. 6004(h) And 6006(d) filed on October 12,
2022 (the "Sale"). Funds from the Sale and any remaining assets of
the Estate will be distributed to creditors with Allowed Claims.
On December 30, 2019, William A. Brandt, Jr. (the "Trustee") was
appointed as Chapter 11 trustee for SLRG. Upon his appointment, the
Trustee immediately began evaluating SLRG's operations and the
assets and liabilities of the SLRG Estate operations and quickly
discovered that the putative debt secured by SLRG assets, which was
the basis for the Receiver's appointment, had more than doubled
during the receivership.
The Trustee's investigation revealed that, first, the Receiver was
party to a sweetheart agreement with the IRS and Big Shoulders
pursuant to which the Debtor was on the hook for Iowa Pacific's
more than $13 million tax obligation, secured by a lien on all of
the Debtor's assets, despite the Debtor owing the only the IRS
$429,644.92, all of which was unsecured. Second, the Receiver
borrowed over $2 million during his four-month tenure,
significantly increasing the principal amount of the debt the
Debtor owed to Big Shoulders.
Finally, the Trustee learned that the Receiver was funding the
receivership with operating cash from Debtor's wholly owned
subsidiary Massachusetts Coastal Railway, LLC ("Mass Coastal") even
though Big Shoulders did not have a security interest in any Mass
Coastal assets. Concerned that the results of these actions would
be greatly detrimental of the creditors of SLRG and to a potential
purchaser's ability to continue railroad operations, the Trustee
took aggressive steps to take immediate control of SLRG from the
Receiver and to place the Debtor under the control of the Court.
On November 17, 2022, the Trustee conducted an auction in which the
OmniTrax offer was the base line or stalking horse bid. After a
spirited auction with sixty-one rounds of bidding, KCVN, LLC
("KCVN") proffered the highest and best bid for the estate's
assets, agreeing to purchase substantially all of the Debtor's
assets and to continue freight service in the San Luis Valley at a
purchase price of $10.4 million, constituting $10,700,00.00 in cash
less $323,736.00 as a credit for the value of the Estate's 2022 45G
tax credits. On November 29, 2022, the Court entered its Order
Authorizing and Approving the Sale of Substantially All of the
Assets of the Debtor Free and Clear of Liens, Claims and
Encumbrances and Waiving the 14 day Stay of Fed.R.Bankr.P. 6004(h),
approving the sale to KCVN pursuant to its Asset Purchase Agreement
with the Trustee.
Importantly and critically, the Asset Purchase Agreement
anticipates KCVN's assumption of the Debtor's common carrier status
as an operating railroad. Such common carrier status in conjunction
with subsequent authorization by the Surface Transportation Board
will permit KCVN to provide public passenger and/or freight service
across the Debtor's 150 miles of track.
The Plan proposes to pay creditors of the Debtor from cash held by
the Estate and the net proceeds of the sale of the Debtor's assets
and operations. The Reorganized Debtor will retain causes of action
but at this time, the Debtor has not identified actionable causes
of action. The Trustee anticipates that the Estate will have some
cash following the close of the sale to KCVN. The amount of cash
that will be available to pay creditors is dependent upon, among
other things, the Debtor's ability to close on the sale with KCVN
before February 15, 2023.
Specifically, until the sale closes, the Debtor is responsible for
the continued operation of the railroad, which is losing money.
Barring unforeseen circumstances, the Trustee has sufficient cash
to continue operating the railroad through mid-February. However,
closing the sale is dependent upon the Surface Transportation Board
approving KCVN's application to purchase the railroad and assume
the common carrier obligation. If the ability to close the sale is
delayed, the Trustee may run out of funds needed to continue
operations. In that case, the Trustee will have to borrow funds
from KCVN to maintain operations, which amounts would reduce the
ultimate sale proceeds. If, however, the Surface Board
Transportation approves the sale before the end of January, the
Trustee anticipates approximately $100,000.00 to $300,000.00 being
available for distributions under the Plan.
The Trustee does not anticipate a distribution being made on
account of unsecured Claims. For a distribution to occur, both the
amount of Allowed Unsecured Claims would have to be significantly
lower than the Trustee has estimated and the amount of available
cash following the closing of the sale would have to be much
greater than the amount the Trustee has anticipated.
Class 7 consists of General Unsecured Claims. Each holder of a
General Unsecured Claim shall be treated as a Class 7 Claim and
shall receive its Pro Rata share of all cash available for
distribution by the Plan Administrator up to the full amount of
each Allowed Class 7 Claim after satisfaction in full of the
Liquidation Expenses, all Allowed Administrative Expenses, all
Allowed Priority Tax Claims, all Allowed Class 1, 2 and 6 Claims
and the BSC Initial Distribution. Distributions on Allowed General
Unsecured Claims falling within Class 3 shall be made at such time
and in such amounts as the Plan Administrator shall determine in
his sole discretion. Class 7 is Impaired. The allowed unsecured
claims total $11,000,000.00. This Class will receive a distribution
of 0% of their allowed claims.
The holders of Allowed Class 8 Interests shall receive no
distribution of any kind. Interests held in the Debtor shall be
deemed extinguished and cancelled. Class 8 is Impaired.
Generally, the Plan provides that the real property, personal
property, and all other assets of the Debtor on the Effective Date
will be transferred to the Reorganized Debtor. The Plan will be
implemented by the appointment of the Plan Administrator, who will
be charged with the orderly liquidation of all assets of the Debtor
vested in the Reorganized Debtor and distributing the proceeds of
those assets to creditors of the Debtor based on the amounts of
their respective Allowed Claims.
A full-text copy of the Disclosure Statement dated December 22,
2022, is available at https://bit.ly/3jzwzHE from PacerMonitor.com
at no charge.
The Trustee is represented by:
Jennifer Salisbury, Esq.
Markus Williams Young & Hunsicker LLC
1700 Lincoln Street, Suite 4550
Denver, CO 80203
Telephone: (303) 830-0800
Facsimile: (303) 830-0809
E-mail: jsalisbury@markuswilliams.com
About San Luis & Rio Grande Railroad
San Luis & Rio Grande Railroad, Inc., operates the San Luis & Rio
Grande Railroad.
On Oct. 16, 2019, an involuntary Chapter 11 petition was filed
against San Luis & Rio Grande Railroad by creditors, Ralco LLC,
South Middle Creek Road Association and The San Luis Central
Railroad Co. (Bankr. D. Colo. Case No. 19-18905). The petitioning
creditors are represented by Brownstein Hyatt Farber Schrec and
Graves Dougherty Hearon & Moody.
Judge Thomas B. McNamara oversees the case.
Williams A. Brandt Jr. was appointed as Chapter 11 trustee for San
Luis & Rio Grande Railroad.
The trustee tapped Markus Williams Young & Hunsicker LLC as
bankruptcy counsel, and Fletcher & Sippel LLC and Hall & Evans P.C.
as special counsel. Development Specialists, Inc. and D'Almeida
Consulting, LLC serve as the trustee's accountant and financial
consultant, respectively.
SEARS AUTHORIZED: Liquidation Sales Underway at 115 Stores
----------------------------------------------------------
Liquidation sales are underway at 115 Sears Hometown stores across
36 states and Puerto Rico -- an opportunity for shoppers to find
discounts on name-brand home appliances, tools, lawn and garden
items and other inventory worth approximately $40 million.
Joint-venture partners Tiger Capital Group, SB360 Capital Partners
and B. Riley Retail Solutions (a division of B. Riley Financial)
are professionally managing the wind-down sales, working
hand-in-hand with Sears Hometown dealers and associates across the
country.
Hoffman Estates, IL-based Sears Authorized Hometown Stores, LLC,
and affiliated debtor Sears Hometown, Inc., filed for Chapter 11
bankruptcy protection on December 12 in the U.S. Bankruptcy Court
for the District of Delaware.
"This truly is an extraordinary buying opportunity for communities
across America," noted Arnold L. Jacobs, Executive Managing
Director, Tiger Capital Group. "These 8,000 to 10,000 square-foot
stores are filled with in-demand tools and home appliances. It's
everything from Craftsman socket sets, Workpro power tools and
Kenmore washing machines, to Honda riding lawnmowers, Eureka vacuum
cleaners and DieHard tool cabinets. As compared to the original
price, the discounts are as high as 40 percent. That can go even
higher in the case of floor models and scratch-and-dent items."
"Shoppers who acquire higher-ticket items such as riding lawn
mowers or home appliances will still be able to protect those
investments by purchasing an additional, third-party warranty,"
said Billy Nichols, Senior Vice President and Director of
Merchandising for B. Riley Retail Solutions. "While the joint
venture partners are managing the sales, local Sears Hometown
dealers and associates will be on hand to provide advice and answer
any questions consumers might have."
"These sales also come at a time of high inflation and continuing
supply-chain disruptions, making them all the more relevant for
American consumers," added Siegfried A. Schaffer, Chief Operating
Officer of SB360. "The home appliances, tools and other products
sold by Sears Hometown are everyday necessities for most
households, and with today's economic environment, every bit
helps."
Gift cards will continue to be honored during the store-closing
sales, which will be conducted during regular business hours at all
115 stores.
The sales are underway in Alabama (6 stores), Arkansas (12),
Arizona (1), California (6), Colorado (2), Delaware (1), Florida
(4), Georgia (5), Iowa (3), Idaho (2), Illinois (4), Indiana (2),
Kansas (5), Kentucky (5), Louisiana (2), Maryland (1), Maine (2),
Michigan (1), Minnesota (1), Missouri (3), Mississippi (5), Montana
(1), North Carolina (3), Nebraska (4), New Mexico (3), New York
(3), Ohio (1), Oklahoma (2), Oregon (4), Pennsylvania (3), Puerto
Rico (1), Tennessee (1), Texas (8), Vermont (2), Washington (1),
Wisconsin (4) Wyoming (1).
The full list of stores is available here:
https://www.searshometownstores.com/store-list
About Sears Authorized
Sears Authorized Hometown Stores, LLC distributes products through
approximately 121 "Sears Hometown Stores," which are locally owned
and operated businesses that offer a selection of the trusted names
in home appliances, lawn and garden equipment, and tools.
Sears Authorized Hometown Stores, LLC and Sears Hometown Stores,
Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Lead Case No. 22-11303) on December 12, 2022.
In the petition signed by Elissa Robertson, CEO, Sears Authorized
Hometown disclosed up to $50 million in assets and up to $100
million in liabilities.
Judge Laurie Selber Silverstein oversees the cases.
Saul Ewing LLP is the Debtors' legal counsel. The Debtors tapped
Gray & Company, LLC as financial advisor and Stretto as claims and
noticing agent.
STODGHILL AND SONS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Stodghill and Sons Mining
5705 W. Table Mesa Rd.
New River, AZ 85075
Case No.: 22-08528
Chapter 11 Petition Date: December 28, 2022
Court: United States Bankruptcy Court
District of Arizona
Debtor's Counsel: Bert L. Roos, Esq.
BERT L. ROOS
5045 N. 12th Street, #B
Phoenix, AZ 85014
Tel: 602-242-7869
Fax: 602-242-5975
Email: blrpc85015@msn.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by David M. Stodghill as managing member.
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/LDN45MI/STODGHILL_AND_SONS_MINING_LLC__azbke-22-08528__0001.0.pdf?mcid=tGE4TAMA
SUN BORICUA: Unsecureds to Recover 100% with Interest in 5 Years
----------------------------------------------------------------
Sun Boricua Pa'l Mundo, Inc., filed with the U.S. Bankruptcy Court
for the District of Puerto Rico a Plan of Reorganization for Small
Business dated December 26, 2022.
The Debtor is a corporation which operates a business of preparing
and selling wholesale frozen foods. The company also operates a
store in its factory located at Rd. 486, Km. 01 in Quebrada Ward in
Camuy Puerto Rico.
Debtor income is sufficient to comply with all payments under the
Plan. The Debtor expects its income to increase because new
equipment (Rehor Machine, meat grinder and others) allow to
increase production. The final Plan payment is expected to be paid
on 60 months from the Effective Date of the Plan.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 1 consists of the Secured Claim of Commercial Equipment
Finance Inc (also known as CEFI). The parties agree that all of
debtor's outstanding loan obligations with CEFI shall be
consolidated into one (1) loan obligation. The amount owed -
$494,080.83 - shall be paid via 60 payments of $10,559.16 each
commencing on January 1, 2023 to CEFI, or its successor in
interest. CEFI will retain unaltered its security rights over the
collateral until the full payment of its allowed secured claim.
CEFI will be paid pursuant to the exact terms of the Stipulation.
Class 2 consists of the Secured Claim of Banco Popular de Puerto
Rico (BPPR). Set off over the $75,000 Certificate of Deposit.
Remaining balance to be paid in 57 monthly payments of $1,161.96.
Months 58 and 59 will be paid $580.98 and one balloon payment on
month 60 of $4,026.70. BPPR will retain unaltered its security
rights over the collateral until the full payment of its allowed
secured claim. BPPR will be paid pursuant to the exact terms of the
Stipulation.
Class 3 consists of the Secured Claim of B2B Factoring Investments
LLC. This Class shall receive 6 monthly payments of $7,000 each;
months 7 - 18, monthly payments of $10,000 each; month 19 – 36
monthly payments of $15,000 each. Balloon at the end of month 36.
Within 15 days of the Debtors receiving approval and disbursement
of the Employee Retention Credit under the CARES Act, the Debtors
will make a $50,000.00 payment to B2B Investments. B2B will retain
unaltered its security rights over the collateral until the full
payment of its allowed secured claim. B2B will be paid pursuant to
the exact terms of the Stipulation.
Class 4 consists of the Secured Claim of Popular Auto. The Debtor
will retain the cars which are in its possession and being used.
Debtor will pay and maintain current all loan installments that
will become due after the date of the filing of the petition under
the original terms and conditions of the underlying loan documents.
The arrears claimed in claims 1, 2 and 3 will be paid within 12
months of the effective date of the Plan.
Class 5 consists of General Unsecured Creditors. The allowed
unsecured claims total $170,260.94. This Class will receive 100% of
their claims or listed amount plus 5% interest. Will be paid every
6 months after the effective date of the Plan the amount of
$21,283. This amount will be paid 10 times (twice a year for 5
years). The payment already includes interest
Class 6 consists of Equity Security Holders. The 2 stockholders are
Hector Rullan and Celeste Diaz. They are married and currently
operate the Debtor. Stockholders will receive no distribution under
the Plan.
The Debtor will continue to operate the business of selling whole
sale frozen foods. The Debtor has a significant share of this
market with its own brand and in addition it also makes various
private label items for Goya. The Debtor proposes to pay the funds
for this Chapter 11 Plan with the monthly income it generates in
the factory located in Rd. 486 km. 1 in Quebrada Ward in Camuy PR.
The monthly income generated allows for the Debtor to be able to
make the monthly payments. The Debtor is also exploring other
financing options that could allow the Debtor to comply with all
plan payments in a one time or lump sum payment. The Debtor is
exploring such option with the SBA or by other financing means.
A full-text copy of the Plan of Reorganization dated December 26,
2022, is available at https://bit.ly/3WT2EbO from PacerMonitor.com
at no charge.
Attorney for the Plan Proponent:
Homel A. Mercado-Justiniano, Esq.
Homel Mercado Justiniano
Calle Ramirez Silva #8
Ensanche Martinez
Mayaguez, PR 00680-4714
Tel: (787) 831-2577/808-2945
Email: hmjlaw2@gmail.com
About Sun Boricua Pa'l Mundo
Sun Boricua Pa'l Mundo, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 22 02809)
on Sept. 27, 2022, with up to $50,000 in assets and $$100,000 to
$500,000 in liabilities. Judge Maria de los Angeles Gonzalez
oversees the case.
Homel A. Mercado-Justiniano, Esq. represents the Debtor.
TAMPA SMOKE: Seeks Approval to Hire AccounTax Pro as Accountant
---------------------------------------------------------------
Tampa Smoke Shop, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to hire AccounTax Pro as its
accountant.
The Debtor requires an accountant to:
a. prepare and file tax returns and conduct tax research,
including contacting the Internal Revenue Service;
b. perform normal accounting and other accounting services as
required by the Debtor;
c. prepare and file monthly sales tax returns for the
Debtor’s three locations;
d. responding to Internal Revenue Service and Florida
Department of Revenue notices; and
e. prepare or assist the Debtor in preparing court-ordered
reports, including the United States Trustee Reports and any
documents necessary for the Debtor's plan of reorganization or
disclosure statement.
The firm will bill a monthly fee of $600.
As disclosed in court filings, AccounTax Pro neither represents nor
holds any interest adverse to the Debtor, its estate and creditors
in the matters upon which it is to be engaged.
The firm can reached through:
Mehtab Bangash, E.A.
AccounTax Pro
7402 N. 56 Street, Suite 825
Tampa, FL 33617
Tel: 813-999-4979
Phone: 813-999-4979
Fax: 813-567-1925
Email: mb@accountaxpro.co
About Tampa Smoke Shop
Tampa Smoke Shop, LLC, doing business as A1 Smoke Shop, is a
limited liability company in Florida.
Tampa Smoke Shop sought protection under Subchapter V of Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-02105) on May
25, 2022, with up to $500,000 in assets and up to $1 million in
liabilities. Michael C Markham has been appointed as Subchapter V
trustee.
Judge Caryl E. Delano oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. and AccounTax Pro serve
as the Debtor's legal counsel and accountant, respectively.
TIMES SQUARE JV: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Four affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
Times Square JV LLC (Lead Case) 22-11715
1605 Broadway
New York NY 10019
CPTS Hotel Lessee LLC 22-11716
1601 Broadway Holding LLC 22-11717
1601 Broadway Owner LLC 22-11718
Business Description: Certain of the Debtors own and operate a
building located at 1605 Broadway, New York,
NY 10019 in central Times Square (between
West 48th and 49th Streets). The Premises
is a mixed-use real estate asset consisting,
among other things, of certain hotel space
on the 15th through 46th floors, currently
branded as the Crowne Plaza Times Square
Manhattan Hotel; 196,300 square feet of
commercial office space, portions of which
are currently leased to three third-party
tenants; 17,800 square feet of ground floor
retail space; certain billboard
spaces; and a parking garage.
Chapter 11 Petition Date: December 28, 2022
Court: United States Bankruptcy Court
Southern District of New York
Judge: Hon. John P. Mastando III
Debtors'
Bankruptcy
Counsel: John R. Ashmead, Esq.
Robert J. Gayda, Esq.
Catherine V. LoTempio, Esq.
Andrew J. Matott, Esq.
SEWARD & KISSEL LLP
One Battery Park Plaza
New York, New York 10004
Tel: (212) 574-1200
Fax: (212) 480-8421
Email: ashmead@sewkis.com
gayda@sewkis.com
lotempio@sewkis.com
matott@sewkis.com
Debtors'
Financial
Advisor: EMERALD CAPITAL ADVISORS CORP.
Debtors'
Real Estate
Advisor: EASTDIL SECURED, L.L.C.
Debtors'
Notice,
Claims &
Balloting
Agent: STRETTO, INC.
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Richard J. Shinder as president,
treasurer, and sole direct.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/74IJF7Y/Times_Square_JV_LLC__nysbke-22-11715__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/MMIX25A/CPTS_Hotel_Lessee_LLC__nysbke-22-11716__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/74JI4GA/1601_Broadway_Holding_LLC__nysbke-22-11717__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/73JKTBI/1601_Broadway_Owner_LLC__nysbke-22-11718__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Intercontinental Hotels Group License $630,623
PO Box 101074 Agreement
Atlanta, GA 30392
2. Con Edison Utilities $603,898
PO Box 1702
New York, NY 10116
Erik Abrahamsen
Email: abrahamsene@coned.com
3. NYC Water Board Utilities $366,533
PO Box 11863
Newark, NJ 07101
4. Audio Visual Management Trade Payable $307,279
Solutions, Inc.
814 Sixth Ave South
Seattle, WA 98134
Frank Roberts
Email: froberts@c2cresources.com
5. Constellation New Energy- Utilities $240,939
Gas Division, LLC
PO Box 4640
Carol Stream, IL 60197
6. USI Southwest, Inc. Insurance $201,850
P.O. Box 61187
Virginia Beach, VA 23466
7. Transel Elevator & Electric Trade Payable $142,081
d/b/a TEI Group
30-30 47th Ave Suite 610
Long Island City, NY 11101
8. Building Maintenance Trade Payable $127,848
Service LLC
210 Route 4 East
Paramus, NJ 07652
Maria Pellegrini
Email: mpellegrini@bmsllc.com
9. Seven C's Restoration LLC Trade Payable $114,802
PO Box 316
Mount Laurel, NJ 08054
Laci Deluca
Email: laci.deluca@7csonline.com
10. Highgate Hotels LP Management $84,893
545 E. John Carpenter Freeway Agreement
Irving, TX 75062
Jeremiah Galvin
Email: jgalvin@highgate.com
11. Hotel Revup LLC Trade Payable $74,966
545 E. John Carpenter Freeway
Irving, TX 75062
Jeremiah Galvin
Email: jgalvin@highgate.com
12. United Elevator Inspection & Trade Payable $73,258
Consulting Co., Inc.
One Penn Plaza, Suite 4507
New York, NY 10119
Yackjaira Estevez
Email: yestevez@uec-nyc.com
13. The American Laundry Corp Trade Payable $71,389
421 E 16th St
Paterson, NJ 07514
Julissa Rivera
Email: rivera.j@starlaundry.com
14. New York State Bar Deposit $65,603
Association
One Elk Street
Albany, NY 12207
Cindy M. O'Brien
Email: cobrien@nysba.org
15. CVent Inc. Trade Payable $64,836
PO Box 822699
Philadelphia, PA 18182
Michael Miller
Email: michael.miller@levitonlawfirm.com
16. Lyter Group Inc. Trade Payable $57,417
100 Motor Parway, Suite 107
Hauppage, NY 11788
Richard J Yopp Jr.
Email: ryoppjr@lytergroup.us
17. US Olympic & Paralympic Deposit $52,893
Committee
27 S Tejon St.
Colorado Springs, CO 80903
Kristin Woodward
Email: kristin.woodward@usopc.org
18. American Hotel Register Co Trade Payable $50,861
PO Box 206720
Dallas, TX 75320
19. Daniel Paul Chairs LLC Trade Payable $49,651
2052 South Economy Rd
Morristown, TN 37813
John Taylor
Email: jta@jtaylorinc.com
20. Centre for Financial Deposit $45,000
Professionals
Unit 68, The Maltings
Roydon Road
Stanstead Abbotts
Hertfordshire, SG12 8HG
United Kingdom
Andreas Simou
Email: andreas.simou@cefpro.com
21. Fifth Avenue Foods Trade Payable $36,703
55-50 44th Street
Maspeth, NY 11378
David Zigler
Email: david@fifthavenuefoods.com
22. HD Supply Facilities Trade Payable $35,940
Maintenance Ltd
PO Box 509058
San Diego, CA 92150
Christine J. Hansen, Esq.
Email: chansen@borgeslawllc.com
23. Asahi Kasei Bioprocess Trade Payable $33,750
America, Inc.
1855 Elmdale Ave
Glenview, IL 60026
Lena Liu
Email: lena.liu@ak-bio.com
24. PSI Plumbing Inc. Trade Payable $33,223
11 Speilman Rd
Fairfield, NJ 07004
25. Charter Communications Utilities $30,051
PO Box 223085
Pittsburg, PA 15251
26. American Management Trade Payable $29,604
Association, Int
PO Box 785161
Philadelphia, PA 19178
27. Wyndham Jade LLC Trade Payable $28,253
PO Box 840907
Dallas, TX 75284
28. Atlas Network Deposit $25,000
Liberty Forum 2020
2000 North 14th Street, Ste 550
Arlington, VA 22201
Allegra Herburt-Hewell
Email: allegra@hewellevents.com
29. Direct Energy Business Utilities $24,837
PO Box 32179
New York, NY 10087
30. Edward Don & Company Trade Payable $24,169
2562 Paysphere Circle
Chicago, IL 60674
TK CLEANING: Gets OK to Tap Moore Bradley Myers Law Firm as Counsel
-------------------------------------------------------------------
TK Cleaning and Lawn Services, LLC received approval from the U.S.
Bankruptcy Court for the District of South Carolina to employ Moore
Bradley Myers Law Firm, PA to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Jane H. Downey $495
Other Attorneys $300
Assistants/Law Clerks $275
Jane Downey, Esq., an attorney at Moore Bradley Myers Law Firm,
disclosed in a court filing that her firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jane H. Downey, Esq.
Moore Bradley Myers Law Firm, PA
Post Office Box 5709
1700 Sunset Boulevard
West Columbia, SC 29171
Telephone: (803) 454-1983
Email: Jane@mbmlawsc.com
About TK Cleaning and Lawn Services
TK Cleaning and Lawn Services, LLC offers land clearing, screened
topsoil, mulch, snow removal, tree removal, lawn maintenance,
hardscaping, storm cleanup, and other landscape services.
TK Cleaning and Lawn Services filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No.
22-03485) on Dec. 19, 2022. In the petition signed by Troy Kelley,
owner, the Debtor disclosed $1 million to $10 million in both
assets and liabilities.
Jane H. Downey, Esq., at Moore Bradley Myers Law Firm, PA serves as
the Debtor's counsel.
TOP PERFORMANCE: Taps Damani Ingram of Ingram Firm as Legal Counsel
-------------------------------------------------------------------
Top Performance Gear Corporation seeks approval from the U.S.
Bankruptcy Court for the District of Maryland to employ Damani
Ingram, Esq., an attorney at The Ingram Firm, LLC, as its counsel.
Mr. Ingram will render these services:
(a) advise the Debtor with respect to its powers and duties in
its continued and future financial affairs;
(b) represent the Debtor in the prosecution or defense of any
proceeding instituted to reclaim property or to obtain relief from
the stay of Section 362(a) of the Bankruptcy Code;
(c) prepare legal papers;
(d) assist the Debtor in the preparation of any amendments to
schedules, statement of affairs, statement of executory contracts,
and any amendments thereto which the Debtor is required to file in
its Chapter 11 proceedings; and
(e) represent the Debtor in its dealings with creditors.
Mr. Ingram will be billed at his hourly rate of $400.
Prior to the petition date, the attorney received an initial
retainer of $15,000 from the Debtor.
Mr. Ingram disclosed in a court filing that he is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The attorney can be reached at:
Damani K. Ingram, Esq.
The Ingram Firm, LLC
5457 Twin Knolls Road, Suite 301
Columbia, MD 21045
Telephone: (410) 992-6603
Facsimile: (410) 992-6671
Email: ingramlawfirm@gmail.com
About Top Performance Gear Corporation
Top Performance Gear Corporation is engaged in activities related
to real estate. The Debtor owns five properties located in
Baltimore, Md., having a total current value of $492,600.
Top Performance Gear Corporation filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No.
22-16981) on Dec. 14, 2022, with $492,605 in total assets and
$1,199,583 in total liabilities. Lawrence A. Katz has been
appointed as Subchapter V trustee.
Damani K. Ingram, Esq., at The Ingram Firm, LLC serves as the
Debtor's counsel.
TSS ACQUISITION: Seeks to Hire Coolidge Wall Co. as Legal Counsel
-----------------------------------------------------------------
TSS Acquisition Company seeks approval from the U.S. Bankruptcy
Court for the Southern District of Ohio to employ Coolidge Wall
Co., LPA as its bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued management and operation of its business;
(b) attend meeting and negotiate with representatives of
creditors and other parties of interest;
(c) take all necessary action to protect and preserve the
Debtor's estate;
(d) prepare legal papers;
(e) prepare a plan of reorganization, disclosure statement and
all related agreements or documents, and take any necessary action
to obtain confirmation of such plan;
(f) advise the Debtor in connection with any potential sale of
its assets;
(g) appear before the bankruptcy court, any appellate courts,
and the United States Trustee;
(h) consult with the Debtor regarding tax matters; and
(i) perform all necessary legal services for the Debtor in
connection with its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Patricia J. Friesinger, Esq. $340
Attorney $215 - $500
Paralegal $150 - $240
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $35,000 from the Debtor on Oct. 19
for pre-bankruptcy and post-petition services and expenses. The
retainer was supplemented with an additional $15,000 on Nov. 16 and
with a further additional $10,000 on Dec. 12.
Patricia Friesinger, Esq., an attorney at Coolidge Wall Co.,
disclosed in a court filing that her firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Patricia J. Friesinger, Esq.
Coolidge Wall Co., LPA
33 West First Street, Suite 600
Dayton, OH 45402
Telephone: (937) 223-8177
Facsimile: (937) 223-6705
Email: friesinger@coollaw.com
About TSS Acquisition Company
TSS Acquisition Company is a manufacturing company with locations
in West Chester, Ohio; and in Carlsbad and Oakland, Calif.
TSS Acquisition sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 22-12154) on Dec. 19,
2022. In the petition signed by its chief restructuring officer,
Sumner M. Saeks, the Debtor disclosed up to $10 million in assets
and up to $50 million in liabilities.
Judge Beth A. Buchanan oversees the case.
Patricia J. Friesinger, Esq., at Coolidge Wall Co., L.P.A., is the
Debtor's legal counsel.
TSS ACQUISITION: Taps Sumner Saeks of New Growth Advisors as CRO
----------------------------------------------------------------
TSS Acquisition Company seeks approval from the U.S. Bankruptcy
Court for the Southern District of Ohio to employ Sumner Saeks,
president of New Growth Advisors, as its chief restructuring
officer.
The Debtor needs a CRO to assist in navigating through the
reorganization by utilizing stringent cash management; providing
messaging to employees, vendors, and customers; and negotiating the
sale of divisions of the Debtor to permit its reorganization in the
most efficient means possible.
The CRO was engaged on Oct. 8 at the rate of $30,000 per month for
October and November, which was based on an hourly rate of $275 for
principals of New Growth Advisors and the anticipated monthly time
commitment of the CRO.
Mr. Saeks disclosed in a court filing that he and the firm are
"disinterested persons" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Sumner M. Saeks
New Growth Advisors
P.O. Box 62609
Cincinnati, OH 45262
Email: ssaeks@newgrowthadvisors.com
About TSS Acquisition Company
TSS Acquisition Company is a manufacturing company with locations
in West Chester, Ohio; and in Carlsbad and Oakland, Calif.
TSS Acquisition sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 22-12154) on Dec. 19,
2022. In the petition signed by its chief restructuring officer,
Sumner M. Saeks, the Debtor disclosed up to $10 million in assets
and up to $50 million in liabilities.
Judge Beth A. Buchanan oversees the case.
Patricia J. Friesinger, Esq., at Coolidge Wall Co., L.P.A., is the
Debtor's legal counsel.
VERIPAC LLC: Gets Interim OK to Hire Carmody MacDonald as Counsel
-----------------------------------------------------------------
Veripac, LLC received interim approval from the U.S. Bankruptcy
Court for the Eastern District of Missouri to hire Carmody
MacDonald P.C. as its bankruptcy counsel.
The firm will render these legal services:
(a) advise the Debtor with respect to its rights, power, and
duties in this Chapter 11 case;
(b) assist and advise the Debtor in its consultations with any
appointed committee related to the administration of the case;
(c) assist the Debtor in analyzing the claims of creditors and
negotiating with such creditors;
(d) assist the Debtor in investigating its assets,
liabilities, and financial condition and reorganizing its business
to maximize the value of its assets;
(e) advise the Debtor in connection with the sale of assets or
business;
(f) assist the Debtor in its analysis of and negotiation with
any appointed committee or any third-party concerning matters
related to, among other things, the terms of a plan of
reorganization;
(g) assist and advise the Debtor with respect to any
communications with the general creditor body regarding significant
matters in this Chapter 11 case;
(h) commence and prosecute necessary and appropriate actions
or proceedings on behalf of the Debtor;
(i) review, analyze or prepare legal documents;
(j) represent the Debtor at all hearings and other
proceedings;
(k) confer with other professional advisors retained by the
Debtor;
(l) advise the Debtor regarding pending arbitration and
litigation matters in which it may be involved; and
(m) perform all other necessary legal services in this Chapter
11 case as may be requested by the Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Partners $305 - $475
Associates $225 - $295
Paralegals/Law clerks $150 - $195
In addition, the firm will seek reimbursement for expenses
incurred.
The firm holds a retainer in the amount of $15,718.50.
Robert Eggmann, Esq., a partner at Carmody MacDonald, 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:
Robert E. Eggmann, Esq.
Thomas H. Riske, Esq.
Carmody MacDonald, PC
120 South Central Avenue, Suite 1800
St. Louis, MO 63105
Telephone: (314) 854-8600
Facsimile: (314) 854-8660
Email: ree@carmodymacdonald.com
thr@carmodymacdonald.com
About Veripac LLC
Veripac, LLC is a company in Bridgeton, Mo., which operates a
plastics product manufacturing business.
Veripac sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Mo. Case No. 22-43839) on Dec. 9, 2022, with up
to $10 million in both assets and liabilities. Veripac President
Carey Edwards signed the petition.
Judge Bonnie L. Clair oversees the case.
Robert E. Eggmann, Esq., at Carmody MacDonald P.C. is the Debtor's
legal counsel.
VITAL PHARMACEUTICALS: Court Denies Bid for Second Committee
------------------------------------------------------------
A bankruptcy judge denied the motion filed by non-trade creditors
of Vital Pharmaceuticals, Inc. to form a separate committee for
creditors with non-trade claims against the company.
In his Dec. 27 order, Judge Peter Russin of the U.S. Bankruptcy
Court for the Southern District of Florida said trade creditors are
already "fairly represented" in Vital Pharmaceuticals' Chapter 11
case by having been offered five out of 11 seats on the official
unsecured creditors' committee.
"The fact that two of the creditors resigned because they could not
control the committee suggests that rather than seek a result that
was in the best interest of the unsecured creditor constituents,
the intention was to force their will upon the committee -- the
very fear they have of the trade creditor members," Judge Russin
said.
The bankruptcy judge was referring to non-trade creditors, Warner
Music Group Corp. and The American Bottling Co., Inc., which
declined their appointment after the U.S. trustee overseeing the
company's bankruptcy case reconstituted the unsecured creditors'
committee.
"The U.S. trustee is free to replace those who resigned with other
litigation creditors and perhaps she will consider doing so.
Regardless, the court cannot countenance appointing a second
committee as the cure for this self-inflicted wound," the
bankruptcy judge said.
The non-trade creditors also "presented no evidence that the
members with the supposed divergent interests will vote as a block"
in breach of their fiduciary duty, according to Judge Russin.
"Without evidence, movants' argument is premised on the mere
supposition that the trade creditors will always act in their
self-interest, which in turn necessarily assumes that self-interest
conflicts with their fiduciary duty. The court cannot rely upon
supposition," the bankruptcy judge said.
American Bottling Co. and four other creditors on Nov. 27 sought
the appointment of a separate committee, saying creditors holding
non-trade claims are not "adequately" represented given the
composition of the unsecured creditors' committee, which consists
mostly of trade creditors. They expressed concern committee members
holding trade claims would outvote the non-trade creditors in
violation of their fiduciary duty.
About Vital Pharmaceuticals
Since 1993, Florida-based Vital Pharmaceuticals, Inc., doing
business as Bang Energy and as VPX Sports, has developed
performance beverages, supplements, and workout products to fuel
high-energy lifestyles. VPX Sports is the maker of Bang energy
drinks, among other consumer products.
Vital Pharmaceuticals, Inc., along with certain of its domestic
subsidiaries and affiliates, filed voluntary petitions for
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Fla. Lead Case No. 22-17842) on Oct. 10, 2022.
VPX estimated $500 million to $1 billion in assets and liabilities
as of the bankruptcy filing.
The Hon. Scott M. Grossman is the case judge.
The Debtors tapped Latham & Watkins, LLP as general bankruptcy
counsel; Berger Singerman, LLP as local counsel; Huron Consulting
Group, Inc. as CTO services provider; and Rothschild & Co US, Inc.
as investment banker. Stretto, Inc. is the notice, claims and
solicitation agent.
The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Nov. 1, 2022. The committee tapped
Lowenstein Sandler, LLP as general bankruptcy counsel; Sequor Law,
P.A. as local counsel; Lincoln Partners Advisors, LLC as financial
advisor; and Miller Buckfire & Co., LLC as investment banker.
VOLEL PROFESSIONAL: Case Summary & 11 Unsecured Creditors
---------------------------------------------------------
Debtor: Volel Professional Pharmacist Association, P.A.
DBA PharmacyOnePro Specialty Care Pharmacy
DBA PharmacyOnePro
65 3rd Street NW, Suite 59
Winter Haven, FL 33881
Case No.: 22-05123
Business Description: The Debtor operates a pharmacy in Pharmacy
in Winter Haven, Florida.
Chapter 11 Petition Date: December 29, 2022
Court: United States Bankruptcy Court
Middle District of Florida
Debtor's Counsel: Buddy D. Ford, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel: (813) 877-4669
Fax: (813) 877-5543
Email: All@tampaesq.com
Total Assets: $504,659
Total Liabilities: $5,945,305
The petition was signed by Paul Volel, Jr. as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 11 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/XCDGG7I/Volel_Professional_Pharmacist__flmbke-22-05123__0001.0.pdf?mcid=tGE4TAMA
VOYAGER DIGITAL: TopCo Unsecureds Will Get 66% of Claims in Plan
----------------------------------------------------------------
Voyager Digital Holdings, Inc., et al., submitted a Second Amended
Disclosure Statement relating to the Third Amended Joint Plan dated
December 22, 2022.
The Debtors filed these Chapter 11 Cases in response to a short
term "run on the bank" caused by a downturn in the cryptocurrency
industry generally and the default of a significant loan made to a
third party.
Following a two-week competitive auction process, the Debtors
selected the bid submitted by West Realm Shires Inc. ("FTX US," and
along with its parent entity and affiliates, "FTX") as the winning
bid (the transaction contemplated thereby, the "FTX Transaction").
Had it been effectuated, the FTX Transaction would have provided
for substantial in-kind recoveries to Holders of Account Holder
Claims, the transfer of substantially all of the customer accounts
on the Voyager platform to the FTX platform, and the orderly wind
down of the Debtors' estates. But after a series of events, FTX,
and with it the FTX Transaction, collapsed. While the Debtors were
shocked and dismayed by FTX's cataclysmic collapse, the Debtors
swiftly reengaged in negotiations with numerous other potential
counterparties to evaluate potential third-party transactions that
would maximize value for the Debtors and their creditors.
Following good-faith, arm's length negotiations with several such
alternative transaction parties, the Debtors elected to accept the
bid submitted by BAM Trading Services Inc. ("Binance US" or the
"Purchaser"). The Debtors value Binance US's offer at approximately
$1.022 billion, comprising (i) the fair market value of
Cryptocurrency on the Voyager platform as of a date to be
determined, which, as of December 19, 2022, is estimated to be
$1.002 billion, plus (ii) additional consideration equal to $20
million of incremental value. Importantly, the Binance US bid can
be effectuated quickly, provides a meaningful recovery to
creditors, and allows the Debtors to facilitate an efficient
resolution of these chapter 11 cases, after which Binance US's
market-leading, secured trading platform will enable customers to
trade and store cryptocurrency.
Under the Asset Purchase Agreement, Binance US will purchase all or
substantially all Cryptocurrency on the Voyager platform in
exchange for Purchaser's payment obligations set forth in the Asset
Purchase Agreement and distribution of Acquired Coins pursuant the
Asset Purchase Agreement. Additionally, Purchaser shall submit VGX
for its standard listing review process in an effort to allow VGX
to be traded on the Binance US Platform. The Debtors will
effectuate the transition of Account Holders to the Binance US
Platform as described in this Disclosure Statement. It is currently
anticipated that all Account Holders and Holders of OpCo General
Unsecured Claims will transition to Binance US subject to their
successful completion of Binance US's "Know Your Customer" process
and other procedural requirements.
The Plan contemplates among other things, (a) if the Sale
Transaction is consummated by the Outside Date, effectuate the
Debtors will (i) transfer all Acquired Coins to Binance US Platform
for distribution in accordance with the Asset Purchase Agreement,
(ii) distribute recoveries to Holders of HoldCo General Unsecured
Claims and TopCo Unsecured Claims, (iii) transfer all Claims,
Interests, and assets to the Wind-Down Reserve, and (iv) liquidate
the Debtors' business and remaining assets under chapter 11 of the
Bankruptcy Code; or (b) if the Sale Transaction is not consummated
by the Outside Date, (i) distribute substantially all of the
Cryptocurrency on the Debtors platform to Account Holders and
distribute Cash at each Debtor entity to Holders of Claims, (ii)
transfer all Claims, Interests, and assets to the Wind-Down
Reserve, and (iii) liquidate the Debtors' business and remaining
assets.
Class 3 consists of Account Holder Claims. This Class will receive
a distribution of 50% under Sale Transaction and 45% under the
Liquidation Transaction. Each Holder of an Allowed Account Holder
Claim will receive in exchange for such Allowed Account Holder
Claim:
* If the Sale Transaction is consummated by the Outside Date:
-- for Account Holders in Supported Jurisdictions, its Net
Owed Coins, as provided in and subject to the requirements of the
Asset Purchase Agreement;
-- for Account Holders in Unsupported Jurisdictions, value in
Cash at which such Net Owned Coins allocable to such Account Holder
are liquidated; provided that to the extent that the Purchaser
obtains the Unsupported Jurisdiction Approval for the jurisdiction
in which such Account Holder resides and the Debtors and/or
Wind-Down Entity has not made such Cash distribution to such
Account Holder, then such Account Holder shall receive the
treatment in Article III.C.3(c)(i)(A);
-- its Pro Rata share of any Additional Bankruptcy
Distributions, in Cryptocurrency or Cash as provided in and subject
to the requirements of the Asset Purchase Agreement;
-- to effectuate distributions from the Wind-Down Entity, its
Pro Rata share of the Wind-Down Entity Assets or Wind-Down Trust
Units on account of any recovery of Wind-Down Trust Assets
attributable to OpCo; provided that any distributions on account of
the Wind-Down Entity Assets or Wind-Down Trust Units shall only be
made following payment in full of, or reserve for, Allowed
Administrative Claims, Allowed Priority Tax Claims, Allowed Secured
Tax Claims, and Allowed Other Priority Claims;
* If the he Outside Date or the Asset Purchase Agreement is
terminated:
-- its Pro Rata share of Distributable Cryptocurrency, which
such Account Holder shall be able to withdraw in kind, alternative
Cryptocurrency, and/or Cash for a period of 30 days after the
Effective Date through the Voyager platform or, if elected by
Seller pursuant to the Asset Purchase Agreement, through the
Binance.US Platform; and
-- to effectuate distributions from Wind-Down Entity, its Pro
Rata share of the Wind-Down Entity Assets or Wind-Down Trust Units
on account of any recovery of Wind-Down Trust Assets attributable
to OpCo; provided that any distributions on account of Wind-Down
Entity Assets or Wind-Down Trust Units shall only be made following
payment in full of, or reserve for, Allowed Administrative Claims,
Allowed Priority Tax Claims, Allowed Secured Tax Claims, and
Allowed Other Priority Claims.
Class 4A consists of OpCo General Unsecured Claims. This Class will
receive a distribution of 50% under Sale Transaction and 45% under
the Liquidation Transaction. Each Holder of an Allowed OpCo General
Unsecured Claim will receive in exchange for such Allowed OpCo
General Unsecured
* If the Sale Transaction is consummated by the Outside Date:
-- its Pro Rata share of Distributable Cryptocurrency in
Cash;
-- its Pro Rata share of Additional Bankruptcy Distributions,
in Cryptocurrency or Cash as provided in and subject to the
requirements of the Asset Purchase Agreement; and
-- to effectuate distributions from the Wind-Down Entity, its
Pro Rata share of the Wind-Down Entity Assets or Wind-Down Trust
Units on account of any recovery of Wind-Down Trust Assets
attributable to OpCo;
* If the Sale Transaction is not consummated by the Outside Date
or the Asset Purchase Agreement is terminated:
-- its Pro Rata share of Distributable Cryptocurrency in Cash;
-- to effectuate distributions from the Wind-Down Entity, its
Pro Rata share of the Wind-Down Entity Assets or Wind-Down Trust
Units on account of any recovery of Wind-Down Trust Assets
attributable to OpCo.
Class 4B consists of HoldCo General Unsecured Claims. This Class
will receive a distribution of 1% under Sale Transaction and 1%
under the Liquidation Transaction. Each Holder of an Allowed HoldCo
General Unsecured Claim will receive in exchange for such Allowed
HoldCo General Unsecured Claim:
* its Pro Rata share of Distributable HoldCo Cash; and
* to effectuate distributions from the Wind-Down Entity, its
Pro Rata share of the Wind-Down Entity Assets or Wind-Down Trust
Units on account of any recovery of Wind-Down Trust Assets (if
applicable) attributable to HoldCo; provided that any distributions
on account of the Wind-Down Entity Assets or Wind-Down Trust Units
shall only be made following payment in full of, or reserve for,
Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed
Secured Tax Claims, and Allowed Other Priority Claims.
Class 4C consists of TopCo General Unsecured Claims. This Class
will receive a distribution of 66% under Sale Transaction and 66%
under the Liquidation Transaction. Each Holder of an Allowed TopCo
General Unsecured Claim will receive in exchange for such Allowed
TopCo General Unsecured Claim:
* its Pro Rata share of Distributable TopCo Cash; and
* to effectuate distributions from the Wind-Down Entity, its
Pro Rata share of the Wind-Down Entity Assets or Wind-Down Trust
Units on account of any recovery of the Wind-Down Trust Assets
attributable to TopCo; provided that any distributions on account
of the Wind-Down Entity Assets or the Wind-Down Trust Units shall
only be made following payment in full of, or reserve for, Allowed
Administrative Claims, Allowed Priority Tax Claims, Allowed Secured
Tax Claims, and Allowed Other Priority Claims.
Class 5 consists of Alameda Loan Facility Claims. Each Holder of an
Allowed Alameda Loan Facility Claim will receive in exchange for
such Allowed Alameda Loan Facility Claim to effectuate
distributions from the Wind-Down Entity, its Pro Rata share of the
Wind-Down Trust Units on account of any recovery of Wind-Down Trust
Assets; provided that any distributions on account of Wind-Down
Trust Units shall only be made following payment in full of, or
reserve for, all Allowed Claims at OpCo, HoldCo, and TopCo,
including, but not limited to, all Allowed Administrative Claims,
Allowed Priority Tax Claims, Allowed Secured Tax Claims, Allowed
Other Priority Claims, Allowed Account Holder Claims, Allowed OpCo
General Unsecured Claims, Allowed HoldCo General Unsecured Claims,
and Allowed TopCo General Unsecured Claims.
The toggle feature of the Plan provides that, if the Sale
Transaction is not consummated by Outside Date or the Asset
Purchase Agreement is terminated, the Debtors can pivot to a
standalone plan whereby the Debtors will distribute their assets to
creditors. The toggle allows the Debtors to abandon the Sale
Transaction and to initiate distributions to Holders of Claims
without the need to restart the Disclosure Statement and Plan
solicitation process. As a result, Holders of Claims will receive
recoveries under the Plan on a much quicker timeline than if the
Debtors have to recommence the solicitation process on the
standalone plan.
Distributions under the Plan shall be funded by (i) the proceeds of
Purchaser's payment obligations under the Asset Purchase Agreement
and distributions of Acquired Coins pursuant to the Asset Purchase
Agreement, (ii) the Wind-Down Entity or Wind-Down Trust from the
Wind-Down Entity Assets or Wind-Down Trust Assets (as applicable);
provided, however, that Allowed Professional Fee Claims shall be
paid from the Professional Fee Escrow Account in the first
instance. The Wind-Down Trust Entity Assets or Wind-Down Trust
Assets shall be used to pay the Wind-Down Trust Entity Expenses
(including the compensation of the Wind-Down Trustee and any
professionals retained by the Wind-Down Trust), and to satisfy
payment of Allowed Claims and Interests as set forth in the Plan.
A full-text copy of the Second Amended Disclosure Statement dated
December 22, 2022, is available at https://bit.ly/3Q0T9ov from
Stretto, Inc., claims agent.
Counsel to the Debtors:
Joshua A. Sussberg, Esq.
Christopher Marcus, Esq.
Christine A. Okike, Esq.
Allyson B. Smith, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, NY 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
About Voyager Digital Holdings
Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through its
subsidiary Coinify ApS, Voyager provides crypto payment solutions
for both consumers and merchants around the globe.
Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.
Michael E. Wiles oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; and Consello Group as strategic
financial advisor. Stretto, Inc. is the claims agent.
On July 19, 2022, the U.S. Trustee for the Southern District of New
York appointed an official committee of unsecured creditors. The
Committee tapped McDermott Will & Emery as counsel, and FTI
Consulting as financial advisor. Epiq Corporate Restructuring,
LLC, is the Commitee's noticing and information agent.
W.A. LYNCH: Seeks to Hire Kroger Gardis & Regas as Legal Counsel
----------------------------------------------------------------
W.A. Lynch Construction, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Indiana to hire
Kroger Gardis & Regas, LLP as its legal counsel.
The firm's services include:
(a) providing the Debtor with legal advice with respect to its
powers and duties and the management of its property;
(b) taking necessary action to avoid the attachment of any
lien against the Debtor's property threatened by secured creditors
holding liens;
(c) preparing legal papers; and
(d) other legal services related to the Debtor's Chapter 11
case.
The firm received an initial retainer in the sum of $15,000.
As disclosed in court filings, Kroger, Gardis & Regas does not
represent interests adverse to the Debtor or the estate in the
matters upon which it is to be engaged.
The firm can be reached through:
Harley K Means, Esq.
Kroger Gardis & Regas, LLP
111 Monument Cir # 900
Indianapolis, IN 46204
Phone: 317-777-7439
Email: hkm@kgrlaw.com
About W.A. Lynch Construction
W.A. Lynch Construction, LLC is an Indianapolis-based company,
which operates in the construction industry.
W.A. Lynch Construction sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-04836) on Dec.
1, 2022, with up to $50,000 in assets and up to $10 million in
liabilities. William A. Lynch, president of W.A. Lynch
Construction, signed the petition.
Judge Jeffrey J. Graham oversees the case.
Harley K. Means, Esq., at Kroger, Gardis & Regas, LLP represents
the Debtor as legal counsel.
WJA ASSET: Court Approves Prosper's Disclosure Statement
--------------------------------------------------------
Judge Scott C. Clarkson has entered an order approving the
Disclosure Statement Describing Chapter 11 Plan of Liquidation
proposed by Prosper Managed Fund, LLC, the debtor.
The hearing to consider confirmation of the Chapter 11 Plan of
Liquidation of Prosper Managed Fund, LLC is scheduled for March 1,
2023, at 1:30 p.m., with a status report due by the Debtor 14 days
in advance of the hearing.
Ballots accepting or rejecting the Plan must be received by January
31, 2023, at 5:00 p.m. Pacific time.
The Debtor must file and serve its memorandum of points and
authorities in support of confirmation of the Plan, together with
any supporting declarations and a ballot tabulation summary, on or
before Feb. 8, 2023.
Any objection to confirmation of the Plan must be filed with the
Court and served on counsel for the Debtor on or before Feb. 15,
2023.
Replies to any objection to confirmation of the Plan must be filed
and served on or before Feb. 22, 2023.
Attorneys for the Debtor:
Philip E. Strok
Kyra E. Andrassy
Robert S. Marticello
Michael L. Simon
SMILEY WANG-EKVALL, LLP
3200 Park Center Drive, Suite 250
Costa Mesa, CA 92626
Telephone: 714-445-1000
Facsimile: 714-445-1002
E-mail: pstrok@swelawfirm.com
kandrassy@swelawfirm.com
rmarticello@swelawfirm.com
msimon@swelawfirm.com
About WJA Asset Management
Luxury Asset Purchasing International, LLC, et al., are part of a
network of entities or "Funds" formed to offer a range of
investment opportunities to individuals. Many of the existing funds
are performing and some Funds had substantial gains. However,
certain Funds, i.e., those invested in private trust deeds secured
by real estate, suffered losses.
William Jordan Investments, Inc. ("Advisor"), is a registered
investment advisor. Laguna Hills, California-based WJA Asset
Management, LLC ("Manager"), is the managing member of Luxury, et
al. William Jordan was the president and sole owner of Advisor and
was the sole member and manager of Manager.
On May 18, 2017, Luxury and its affiliates filed voluntary
petitions under Chapter 11 of the United States Bankruptcy Code. On
May 25, 2017, four other affiliated filed voluntary Chapter 11
petitions. On June 6, 2017, CA Real Estate Opportunity Fund III
filed its Chapter 11 petition. The Debtors' cases are jointly
administered under Bankr. C.D. Cal. Lead Case No. 17-11996, and the
Debtors continue to operate their businesses and manage their
affairs as DIP.
Pursuant to court orders, Howard Grobstein is now serving as the
chief restructuring officer of the Debtors and Mr. Jordan no longer
has any ongoing role in the Debtors' operations.
At the time of the filing, WJA estimated assets of less than
$500,000 and liabilities of $1 million to $10 million.
Judge Scott C. Clarkson presides over the cases.
Lei Lei Wang Ekvall, Esq., Philip E. Strok, Esq., Robert S.
Marticello, Esq., and Michael L. Simon, Esq., at Smiley
Wang-Ekvall, LLP, serve as counsel to the Debtors. Ann Moore of
Norton Moore Adams has been tapped as special counsel. Elite
Properties Realty is the broker.
[^] BOOK REVIEW: The Luckiest Guy in the World
----------------------------------------------
Author: Boone Pickens
Publisher: Beard Books
Paperback: US$34.95
Review by Gail Owens Hoelscher
Buy a copy for yourself and one for a colleague on-line at:
http://www.beardbooks.com/beardbooks/the_luckiest_guy_in_the_world.html
"This is the story of a man who turned a $2,500 investment into
America's largest independent oil company in thirty years and along
the way discovered that something is terribly wrong with corporate
America. Mesa Petroleum is the company, and I'm the man." Thus
begins the autobiography of Boone Pickens, who prefers to be
referred to without his first initial, "T."
Mr. Pickens' autobiography was originally published in 1987, at the
end of the rollercoaster years when he was one of the most famous
(or infamous, depending on your point of view) and most-feared
corporate raiders during a decade known for corporate raiding. For
the 2000 Beard Books edition, Pickens wrote an additional five
chapters about the subsequent, equally tumultuous, 13 years, during
which time he suffered corporate raiders of his own, recapitalized,
and retired, only to see his beloved company merge with Pioneer.
One of his few laments is being remembered mainly for the
high-profile years, rather than for the company he built from
virtually nothing.
Of the takeover attempts, he says:
"I saw undervalued assets in the public marketplace. My game plan
with Gul, Phillips, and Unocal wasn't to take on Big Oil. Hell,
that wasn't my role. My role was to make money for the stockholders
of Mesa. I just saw that Big Oil's management had done a lousy job
for their stockholders."
He would prefer to be known as a champion of the shareholder rights
movement, which prompted big corporations to become more responsive
to the needs and demands of their stockholders. He founded the
United Shareholders Association, a group that successfully lobbied
for changes in corporate governance. In a memorable interview in
the May/June 1986 Harvard Business Review, Pickens said, "Chief
executives, who themselves own few shares of their companies, have
no more feeling for the average stockholder than they do for
baboons in Africa."
Boone Pickens was born in 1928 in Holdenville, Oklahoma. His
grandfather was Methodist missionary to the Indians there; his
father was a lawyer and small player in the oil business. People in
Holdenville worked hard and used such expressions as "Root hog or
die," meaning "Get in and compete or fail."
The family later moved to Amarillo, Texas, where Pickens went to
Texas A&M for one year, but graduated from Oklahoma State
University in 1951 with a degree in geology. He worked at Phillips
Petroleum for three years, and then, despite growing family
obligations, struck out on his own. His wife's uncle told him,
"Boone, you don't have a chance. You don't know anything."
This book is a wonderful read. Pickens pulls no punches, and is as
hard on himself as anyone else. He talks about proxy fights,
Texas-Oklahoma football games, his three marriages, poker, takeover
strategies, and unfair duck hunting practices, all in the same easy
tone. You feel like he's sitting right there in the room with
you.
Pickens ends the introduction to this story with this:
"How I got from a little town in Eastern Oklahoma to the towers of
Wall Street is an exciting, unlikely, sometimes painful story.
And, if you're young and restless, I'm hoping you'll make a journey
similar to mine."
Root hog or die!
Thomas Boone Pickens Jr. — https://boonepickens.com/ — was an
American business magnate and financier. Among his lengthy
accolades, Time magazine has identified him one of it 100 most
influential people, Financial World named him CEO of the Decade in
1989 and Oil and Gas Investor identified him as one of the "100
Most Influential People of the Petroleum Century." He was born in
May 1928. He died September 11, 2019.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
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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
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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
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Monthly Operating Reports are summarized in every Saturday edition
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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
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***