/raid1/www/Hosts/bankrupt/TCR_Public/240726.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Friday, July 26, 2024, Vol. 28, No. 207
Headlines
ALLIED CORP: Incurs $891K Net Loss in Third Quarter
AMYRIS INC: Settles Derivative Suit With Shareholder
AOG TRUCKING: Aaron Cohen Named Subchapter V Trustee
ARTIFICIAL INTELLIGENCE: Signs New Equity Financing Agreement
BAUSCH HEALTH: Strengthens Leadership With Two New Executives
BERENSON ACQUISITION: Amir Hegazy Quits as Chief Financial Officer
BIOXCEL THERAPEUTICS: Inks Amendment 1 to ARx Commercial Agreement
BLOCKFI INC: Secures Full Customer Recovery With FTX Claims Sale
CALICO LLC: Alexandra Garrett Named Subchapter V Trustee
CBDMD INC: Has 3.76MM Shares, $1.08MM in Notes as of July 19
CELSIUS NETWORK: Sues Ex-Leaders for Fiduciary Breach, Fraud
CHICKEN SOUP: Court Orders Liquidation for Alleged Mismanagement
CLYDESDALE ACQUISITION: S&P Rates New $500MM Sr. Secured Notes 'B'
COMPACT BRICK: Kathleen DiSanto Named Subchapter V Trustee
DANIEL SMART MANUFACTURING: Starts Subchapter V Bankruptcy Process
DARE BIOSCIENCE: Regains Compliance With Nasdaq Bid Price Rule
DELCATH SYSTEMS: Inks New Employment Agreements With Key Executives
DERMTECH INC: Securities Delisted from Nasdaq Effective July 29
DIDAJI INVESTMENTS: Amy Denton Mayer Named Subchapter V Trustee
ENDRA LIFE: Appeals Nasdaq's Delisting Determination
EVOFEM BIOSCIENCES: Acquires Lupin's U.S. Women's Health Business
FRANCHISE GROUP: S&P Downgrades ICR to 'CCC+', Outlook Negative
GOTHAM RESTAURANTS: Case Summary & 20 Largest Unsecured Creditors
GREENWAVE TECHNOLOGY: All 3 Proposals Approved at Special Meeting
GREENWAVE TECHNOLOGY: Registers 27.6MM Shares for Possible Resale
HEIR'S MEN'S SHOP: Kicks Off Subchapter V Bankruptcy Process
HERITAGE HOTELS: Case Summary & 19 Unsecured Creditors
IDAHO COPPER: CEO & President Rudofsky Quits; Replacement Named
INDY NATIONAL: Gets Court Nod to Sell Equipment for $52,000
INTRUSION INC: Registers 1.5MM Shares for Sale Under SEPA
INVITAE CORP: Court Denies Refinancing Deal Lawsuit
IRIDIUM COMMUNICATIONS: S&P Affirms 'BB-' ICR, Outlook Stable
JACKSON HOSPITAL: S&P Cuts ICR to 'CCC+' on Financial Uncertainty
JPK NEWCO: Involuntary Chapter 11 Case Summary
KERLEY SIGNS: Case Summary & 20 Largest Unsecured Creditors
KRONOS WORLDWIDE: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
LAG SR ENTERPRISES: Unsecureds to Get Share of Income for 5 Years
LCM CORPORATION: Paula Beran Named Subchapter V Trustee
LECLAIRRYAN PLLC: Trustee Proposes 2 Ch. 7 Deals w/ Ex-Lawyers
LIBERTY COMMUNICATIONS: S&P Affirms 'B+' ICR, Outlook Negative ----
LIFEBACK LAW: Updates Unsecured Claims Pay Details
LIVEONE INC: Expects Revenue of $33.1 Million for Q1 FY2025
LLT MANAGEMENT: Attorneys Urge Rejection of J&J's Bankruptcy Plan
LLT MANAGEMENT: Purdue Ruling Affects J&J Next Chapter 11
MAWSON INFRASTRUCTURE: Releases Operational Update for June 2024
MEIER'S WINE: Case Summary & 30 Largest Unsecured Creditors
MEXCALITO TACO-BAR: Unsecureds to Split $15K over 3 Years
MIDLAND PLATINUM II: Hits Chapter 11 Bankruptcy in Tennessee
MMA LAW: Bid to Hire Walker & Patterson as Counsel Granted
MOBILEUM INC: Case Summary & 30 Largest Unsecured Creditors
MOD PIZZA: Elite Buys Co. as Co. Seeks to Stop Ch. 11 Filing
MR. KNICKERBOCKER: Kicks Off Subchapter V Bankruptcy
MURDOCH FINANCE: Case Summary & 20 Largest Unsecured Creditors
NATURALSHRIMP INC: Incurs $15.6M Net Loss in FY Ended March 31
NEVER FORGET BRANDS: Seeks Chapter 11 Bankruptcy
NEXTTRIP INC: Gets Nasdaq Notification Regarding Late 10-Q Filing
NGUYEN RAINBOW: Unsecureds to Get $2,500 per Month for 60 Months
NORTHRIVER MECHANICAL: Commences Subchapter V Bankruptcy Proceeding
NOVO INTEGRATED: Incurs $13.74 Million Net Loss in Third Quarter
OAK MOUNTAIN: Rita Hullett Named Subchapter V Trustee
OCEANVIEW BEACH: Seeks Chapter 11 Bankruptcy Protection
OLYMPUS WATER: S&P Withdraws 'B-' Issuer Credit Rating
PDK LLC: Timothy Stone Named Subchapter V Trustee
PERASO INC: Expects Second Quarter Revenue of $4.2 Million
PLAY DAY CAFE: Frederic Schwieg Named Subchapter V Trustee
POET TECHNOLOGIES: Closes US$10 Million Registered Direct Offering
POSEIDON CHARTERS: Linda Leali Named Subchapter V Trustee
PROFESSIONAL DIVERSITY: Appoints Katherine Lauderdale to Board
PUERTO RICO: Reaches $188.4M Settlement With Cobra Acquisitions
PULMATRIX INC: Hires Peter Ludlum as Interim CEO to Replace T. Raad
PURDUE PHARMA: S.C. Bankruptcy Ruling Sidesteps Ch. 15 Implications
REKOR SYSTEMS: Registers 4.4M Shares for Resale by Stockholders
RITE AID: Settles Unlawful Addictive Opioids Dispensing Claims
SCHULTE INC: Claims to be Paid From Disposable Income
SCOTTY'S RV PARTS: Donald Brady Named Subchapter V Trustee
SENESTECH INC: All Four Proposals Passed at Annual Meeting
SHINECO INC: Closes $2 Million Underwritten Public Offering
SILVER LAKE: Unsecureds Will Get 60% of Claims over 36 Months
SIYATA MOBILE: Adds Former FirstNet President to Its Advisory Board
SIYATA MOBILE: Gets $4.5M+ New Orders From U.S. Wireless Carriers
SKY DEVELOPMENT: Unsecureds Will Get 100% of Claims over 5 Years
STITCH ACQUISITION: S&P Lowers Issuer Credit Rating to 'SD'
SUSHI ZUSHI: Case Summary & 20 Largest Unsecured Creditors
SYRACUSE DIOCESE:Finds Way to Get Creditors' Ch.11 Releases Consent
T-SHACK INC: Seeks to Sell Las Vegas Property for $140,000
TAKEOFF TECHNOLOGIES: Reaches Sale, DIP Deal With Creditors
TBOTG DEVELOPMENT: Gets OK to Sell Comal Cty. Property for $895,000
TERRAFORM LABS: Asks Court to Have Chapter 11 Wind-Down Head Start
TERRAFORM LABS: Initiates Strategic Assets Sale Amid Chapter 11
TJJ TRANSPORT: Kicks Off Chapter 11 Bankruptcy Protection
TOURA #5: Voluntary Chapter 11 Case Summary
TURNING POINTS: Gets Court Approval to Sell Motor Vehicles
VERICAST CORP: R.R. Donnelley Wants to Buy Print & Digital Biz
VIDEO DISPLAY: Incurs $184K Net Loss in First Quarter
VITAL PHARMACEUTICALS: Former CEO Wants Ch. 11 Judge Disqualified
WITH PURPOSE: Files for Ch. 7 Bankruptcy Amid Conspiracy Lawsuit
WYTHE BERRY: Serves as Adviser on $115 Million Hotel Buy to EOS
YELLOW CORP: Court Sets $6 Bil. Pension Fund Row Hearing on August
[*] Puerto Rico June 2024 Bankruptcies Keep Upward Trend
[*] Winston & Strawn Welcomes Tax Expert Katherine Erbeznik
[] 31st Distressed Investing Conference: Sponsors Announced
[^] BOOK REVIEW: PANIC ON WALL STREET
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
ALLIED CORP: Incurs $891K Net Loss in Third Quarter
---------------------------------------------------
Allied Corp. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q reporting a net loss of $891,423 on
$77,141 of sales revenues for the three months ended May 31, 2024,
compared to a net loss of $2.17 million on $0 of sales revenues for
the three months ended May 31, 2023.
For the nine months ended May 31, 2024, the Company reported a net
loss of $2.59 million on $96,180 of sales revenues, compared to a
net loss of $5.54 million on $69,625 of sales revenues for the nine
months ended May 31, 2023.
As of May 31, 2024, the Company had $2.21 million in total assets,
$9.89 million in total liabilities, and a total stockholders'
deficit of $7.68 million.
Allied Corp said, "The Company incurred a net loss for the nine
months ended May 31, 2024 of $2,593,922, has generated minimal
revenue and as at May 31, 2024 has a working capital deficit of
$9,083,174. These factors raise substantial doubt regarding the
Company's ability to continue as a going concern. The Company's
ability to continue as a going concern is dependent upon the
Company's ability to raise sufficient financing to acquire or
develop a profitable business. Management intends on financing its
operations and future development activities largely from the sale
of equity securities with some additional funding from other
traditional financing sources, including related party loans until
such time that funds provided by future planned operations are
sufficient to fund working capital requirements."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1575295/000147793224004279/alid_10q.htm
About Allied Corp
Headquartered in Kelowna, BC Canada, Allied Corp. . is an
international cannabis company with its main production center in
Colombia and is one of the few companies that has exported from
Colombia internationally and was the first company to export
commercial cannabis flower from Colombia. By leveraging the
Colombian advantages and its Canadian cannabis cultivation
expertise, Allied offers consistent supply of premium cannabis
product at scale and attractive prices, while meeting high quality
standards, thus significantly de-risking its partners supply chain.
AMYRIS INC: Settles Derivative Suit With Shareholder
----------------------------------------------------
Martina Barash of Bloomberg aw reports that an Amyris Inc.
shareholder has dropped his derivative suit over alleged
short-swing trading by a board member’s investment fund because
the parties have reached a settlement, according to a court
filing.
The voluntary dismissal in the US District Court for the Northern
District of California leaves unresolved an issue that the US Court
of Appeals for the Ninth Circuit sent back to the lower court last
year: whether the Amyris board's exemption for the trades extended
to the fund, which wasn't a director, as well as covering the
fund's indirect owner.
About Amyris Inc.
Amyris (Nasdaq: AMRS) -- http://www.amyris.com/-- is a leading
synthetic biotechnology company, transitioning the Clean Health &
Beauty and Flavors & Fragrances markets to sustainable ingredients
through fermentation and the company's proprietary
Lab-to-Market(TM) technology platform. This Amyris platform
leverages state-of-the-art machine learning, robotics and
artificial intelligence, enabling the company to rapidly bring new
innovation to market at commercial scale. Amyris ingredients are
included in over 20,000 products from the worldps top brands,
reaching more than 300 million consumers. Amyris also owns and
operates a family of consumer brands that is constantly evolving to
meet the growing demand for sustainable, effective and accessible
products.
Amyris, Inc, et al., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11131) on Aug. 9,
2023. The petitions were signed by Han Kieftenbeld as interim chief
executive officer & chief financial officer.
In the petition, Amyris disclosed $679,679,000 in assets and
$1,327,747,000 in liabilities.
Pachulski Stang Ziehl & Jones LLP serves as the Debtors' bankruptcy
counsel. Fenwick & West, LLP is the Debtorps corporate counsel. The
Debtors tapped PricewaterhouseCoopers LLP as their financial
advisor, while Intrepid Investment Bankers LLC serves as the
Debtors' investment banker. Stretto, Inc., is the Debtors' claims,
noticing, solicitation agent and administrative adviser.
AOG TRUCKING: Aaron Cohen Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a
practicing attorney in Jacksonville, Fla., as Subchapter V trustee
for AOG Trucking, Inc.
Mr. Cohen will be paid an hourly fee of $315 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Cohen declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Aaron R. Cohen, Esq.
P.O. Box 4218
Jacksonville, FL 32201
Tel: (904) 389-7277
Email: aaron@arcohenlaw.com
About AOG Trucking
AOG Trucking, Inc. is a transportation and trucking company
specializing in the aviation & aerospace sectors. Its services
include transporting large commercial airline engines and major
flight structures, but its expertise extends beyond flight
equipment to include Ground Support Equipment (GSE), and
encompassing over-dimensional loads.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02050) on July 17,
2024, with $1 million to $10 million in assets and liabilities. R.
Brian Butler, president, signed the petition.
Judge Jason A. Burgess presides over the case.
Thomas Adam, Esq. at ADAM LAW GROUP, PA represents the Debtor as
legal counsel.
ARTIFICIAL INTELLIGENCE: Signs New Equity Financing Agreement
-------------------------------------------------------------
Artificial Intelligence Technology Solutions, Inc. announced July
19 that a new equity financing agreement is expected to be in
effect the week of July 22, 2024.
The Company estimates that the new agreement will increase the
amount of money it receives per share sold to its institutional
investor by between 25-35%. This is a substantial improvement that
gives the Company and its investors maximum ability to fund
operations and growth with less share dilution than under prior
circumstances.
Under the new agreement the purchase price is 95% of the lowest
Volume Weighted Average Price (VWAP) for the five trading days two
trading days following the Purchase Notice in comparison with the
previous agreement which was 80% of the lowest traded price in the
9 previous trading days before the Purchase Notice. As the
Company's stock has some volatility, it is not possible to estimate
the exact difference in lowest VWAP vs lowest traded price although
on some days it was 40% or more below VWAP.
Based on recent history, the lowest VWAP is usually at minimum 10%
to 20% higher than lowest traded prices, giving an overall increase
in net cash on each share purchase of 25% to 35%. This savings is
due both to the lower discount and higher purchase price.
"We are extremely pleased with the terms of this new equity
financing agreement," said Steve Reinharz, CEO/CTO of AITX.
"Negotiating this agreement at a lower cost and reduced share
dilution compared to previous financings is a significant
achievement for us and a testament to the community that is
supporting our mission of bringing AI-enabled security and safety
solutions to the world. This will immediately and directly enhance
our financial flexibility, improving our ability to continue
funding for the acceleration of growth and innovation. It's a
win-win situation that benefits both our company and our
shareholders."
About Artificial Intelligence Technology
Headquartered in Ferndale, Mich., Artificial Intelligence
Technology Solutions Inc. is an innovator in the delivery of
artificial intelligence-based solutions that empower organizations
to gain new insight, solve complex challenges and fuel new business
ideas. Through its next-generation robotic product offerings,
AITX's RAD, RAD-R, RAD-M and RAD-G companies help organizations
streamline operations, increase ROI, and strengthen business. AITX
technology improves the simplicity and economics of patrolling and
guard services and allows experienced personnel to focus on more
strategic tasks. Customers augment the capabilities of existing
staff and gain higher levels of situational awareness, all at
drastically reduced cost. AITX solutions are well suited for use in
multiple industries such as enterprises, government,
transportation, critical infrastructure, education, and
healthcare.
Deer Park, Illinois-based L J Soldinger Associates, LLC, the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated May 9, 2024, citing that the
Company had a net loss of approximately $20.7 million, an
accumulated deficit of approximately $133.0 million and
stockholders' deficit of approximately $40.2 million as of and for
the year ended ended Feb. 29, 2024, which raises substantial doubt
about its ability to continue as a going concern."
BAUSCH HEALTH: Strengthens Leadership With Two New Executives
-------------------------------------------------------------
Bausch Health Companies Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Board of
Directors of the Company appointed Jean-Jacques Charhon as the
Company's Executive Vice President and Chief Financial Officer,
effective as of August 19, 2024. John S. Barresi, who has served as
the Company's interim Chief Financial Officer since October 2023,
will no longer act in this capacity and will continue in his role
as Senior Vice President, Controller and Chief Accounting Officer.
Prior to joining the Company, Mr. Charhon, age 59, served as
Executive Vice President and Chief Financial Officer at Signant
Health from April 2021 through August 2024. Prior to his service
with Signant Health, he served as Executive Vice President and
Chief Financial Officer for Laureate Education from January 2018
through April 2021. Prior to his service with Laureate Education,
Mr. Charhon held financial leadership roles with public and private
companies such as General Electric, Hewlett Packard, Novartis and
Purdue Pharma. Mr. Charhon graduated from the Universite Libre de
Bruxelles – Solvay Business School in 1988 with a master's degree
in business administration.
In connection with Mr. Charhon's appointment, on July 15, 2024, the
Company entered into an employment agreement with Mr. Charhon,
which provides for an initial three-year term of employment that
automatically renews for successive one-year periods, unless either
the Company or Mr. Charhon provides earlier timely notice not to
renew the employment term. Under the Employment Agreement, Mr.
Charhon will receive an annual base salary of $700,000, will be
eligible to receive an annual cash bonus with a target value of 60%
of his base salary and, for 2025, will be eligible to receive
annual equity grants with a targeted aggregate grant date value of
approximately $3,000,000 (delivered in a mix of awards consistent
with those provided to similarly situated executives of the
Company). In consideration for the compensation Mr. Charhon will
forfeit by leaving his current employer, Mr. Charhon will also
receive a one-time sign-on cash bonus of $300,000 payable within 30
days of his start date and a one-time sign-on equity grant with an
aggregate grant date fair value of $3,500,000 to be delivered 50%
in the form of time-based restricted stock units and 50% in the
form of performance-based restricted stock units, each granted
under the Company's 2014 Omnibus Incentive Plan. If Mr. Charhon
voluntarily resigns without "good reason" or is terminated for
"cause", at any time within the first two years of the commencement
of his employment, Mr. Charhon will be required to repay the
after-tax amount of the Sign-On Bonus to the Company. In the event
Mr. Charhon's employment is terminated by the Company without
"cause" or Mr. Charhon resigns for "good reason" during the term of
his Employment Agreement, then Mr. Charhon will be entitled to
receive:
(i) a lump sum cash severance payment equal to 1x (or (A) 1.5x
if the termination occurs on or before December 31, 2024 or (B) 2x
if the termination occurs in contemplation of a "change in control"
or within 12 months thereafter) the sum of his (x) annual base
salary and (y) Target Bonus,
(ii) payment of a pro-rata annual cash bonus for the year of
termination, subject to actual achievement of the performance goals
(or pro-rata Target Bonus for the year of termination if such
termination occurs in contemplation of a "change in control" or
within 12 months thereafter),
(iii) acceleration of the unvested portion of the Sign-On RSUs,
and
(iv) COBRA continuation benefits through the first anniversary
of his termination date (or the 18-month anniversary of his
termination date if such termination occurs (x) on or before
December 31, 2024 or (y) in contemplation of a "change in control"
or within 12 months thereafter).
The payment of any such severance is subject to Mr. Charhon's
execution and non-revocation of a release of claims. In addition,
pursuant to the Employment Agreement, Mr. Charhon is subject to
non-compete, non-solicit, non-disparagement and confidentiality
restrictions.
Additionally, in a press release dated July 19, 2024, the Company
also annouced the appointment of Aimee Lenar on July 15, as
Executive Vice President, US Pharma. Aimee's new role includes
leadership of Salix Pharmaceuticals, Bausch Health's
gastroenterology (GI) business, as well as Neurology, Generics,
Market Access and Commercial Operations. Aimee brings over 20 years
of experience in the pharmaceutical industry, most recently as Head
of US Prescription Medicine at Galderma.
Ms. Lenar joined the Company from her most recent role as Head of
US Prescription Medicine at Galderma. At Galderma, she was
responsible for sales, marketing, market access, and business
analytics, overseeing both a portfolio of established prescription
products and a new immunology asset. Prior to this role, Ms. Lenar
held leadership roles with AbbVie and Allergan, where she served
most recently as a VP and General Manager of CNS. Prior to this
role, she was VP Gastroenterology at AbbVie for over 5 years. Ms.
Lenar has a proven track record across several roles and brings a
wealth of marketing and sales execution to Bausch Health. She holds
a master's degree in public health from Emory University.
"We are delighted to welcome JJ and Aimee to our ELT. They are both
proven leaders bringing extensive experience and expertise to their
respective roles that will drive our transformation and achieve our
ambition to be a globally integrated and innovative healthcare
company, trusted and valued by patients, HCPs, employees, and
investors." said CEO, Thomas J. Appio. "I want to thank John
Barresi for all his hard work and dedication as he stepped in as
Interim Chief Financial Officer along with his other
responsibilities. I am grateful to have John on the team; he is an
integral part of our Financial Leadership Team."
About Bausch Health Companies Inc.
Bausch Health Companies Inc. develops drugs for unmet medical needs
in central nervous system disorders, eye health and
gastrointestinal diseases, as well as contact lenses, intraocular
lenses, ophthalmic surgical equipment, and aesthetic devices.
As of March 31, 2024, the Company had $26.91 billion in total
assets, $27.09 billion in total liabilities, and $174 million in
total deficit.
* * *
In April 22, 2024, S&P Global Ratings raised its issuer credit
rating on Bausch Health Cos. Inc. to 'CCC+' from 'CCC'. S&P also
raised its issue-level ratings on the senior secured debt to 'B-'
from 'CCC+', and its ratings on the second-lien notes and unsecured
notes to 'CCC' from 'CCC-'.
The negative outlook reflects the risk that Bausch Health could
pursue distressed exchanges as it approaches its sizable debt
maturities.
S&P said, "Our upgrade reflects Bausch Health's recent favorable
outcome in the patent challenge to Xifaxan. On April 11, 2024, the
U.S. Court of Appeals for the Federal Circuit upheld a previous
court decision that bars the Food and Drug Administration from
approving the abbreviated new drug application (ANDA) submitted by
Alvogen Pharma US Inc. subsidiary Norwich Pharmaceuticals. We view
this as significantly credit positive for Bausch because we do not
believe there are sufficient candidates in the development pipeline
to cover the material loss of Xifaxan sales from a near-term
generic launch. Our base-case scenario no longer assumes an at-risk
launch of a generic in 2024 or 2025. However, Xifaxan faces other
patent challenges that could result in a generic launch ahead of
the latest patent expiry in 2029, including a recently submitted
ANDA by Amneal. We believe any new ANDA filings would be subject to
a 30-month stay and that the earliest possible launch of a generic
would be in late 2026."
"Furthermore, we believe that this court decision makes the
separation of subsidiary Bausch + Lomb Corp. (B+L) more likely. The
company appears committed to completing the spin-off as soon as
possible, which we view as a credit negative given our expectation
for a pro forma increase in leverage and reduction in scale and
diversity. We continue to believe Bausch Health could have trouble
refinancing its sizable debt maturities as they come due,
especially if it completes the spin-off. Management has indicated
that Bausch Health will do so once leverage for remaining entities
(remainco) hits 6.7x, which we estimate it will reach and sustain
during 2024. We expect remainco adjusted leverage to remain high at
above 5x through 2027, giving Bausch insufficient flexibility to
rebuild its pipeline ahead of Xifaxan's eventual loss of
exclusivity.
"The decision lowers the likelihood of a below-par debt exchange,
but not entirely removed due to distressed trading levels. The
longer-dated unsecured notes continue to trade at 40-70 cents on
the dollar (yielding 18%-26%), which we view as highly distressed.
We think Bausch Health still could look to capture this significant
discount ahead of its upcoming maturities, especially if the
spin-off is completed. We would likely view any debt repurchases or
exchanges on the distressed debt as tantamount to a default."
Despite its challenges, the company performed well in 2023. All
segments of the consolidated company expanded on a reported and
organic basis in the fourth quarter of 2023. Full-year revenue
growth was approximately 8%, exceeding the high point of
management's previously provided guidance. On a consolidated basis,
adjusted debt to EBITDA was 7.5x as of Dec. 31, 2023, up slightly
from 7.2x in 2022, driven by B+L's debt-funded acquisition of
Xiidra in the third quarter. S&P said, "Excluding B+L, we estimate
adjusted debt to EBITDA of approximately 7.6x. In 2024, we expect
consolidated debt to EBITDA to decline to 6.5x, driven by the
full-year impact of Xiidra and moderate cash accumulation."
S&P said, "Our negative outlook reflects the risk of distressed
exchanges as Bausch Health approaches sizable debt maturities over
the coming years."
BERENSON ACQUISITION: Amir Hegazy Quits as Chief Financial Officer
------------------------------------------------------------------
Berenson Acquisition Corp. I disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on July 16, 2024, Amir
Hegazy tendered his resignation as the chief financial officer of
the Company, effective immediately. The Company said Mr. Hegazy's
resignation is not based on any disagreement with the Company on
any matter relating to the Company's operations, policies or
practice.
In addition, on July 17, 2024, the board of directors of the
Company appointed Alessandro R. Masolo as chief financial officer,
to fill the vacancy created by Mr. Hegazy's resignation, effective
immediately.
Since December 2022, Alessandro R. Masolo, 31, has served as vice
president of Berenson Holdings LLC, a merchant bank founded in 1990
with two principal lines of business: investment banking and
private equity investing, and prior to that served as an associate
from December 2019 and as analyst since 2017. Mr. Masolo has
experience working on a variety of transactions, having closed over
20 deals across Berenson Advisory (restructuring, sell-side and
buy-side M&A assignments) and Berenson Capital (growth equity and
private equity investments). Mr. Masolo has served as a Board
Observer of Collette Health since June 2021. Prior to joining
Berenson, Mr. Masolo served as a propriety equity trader at Chimera
Securities. Mr. Masolo graduated cum laude with a B.A. in
economics from Georgetown University.
About Berenson Acquisition
Headquartered in ew York, NY, Berenson Acquisition Corp. is a blank
check company incorporated on June 1, 2021 as a Delaware
corporation and formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses.
New York, New York-based Grant Thornton LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated May 31, 2024, citing that the Company incurred a net loss of
$20,814,064 during the year ended Dec. 31, 2023, and as of that
date has a net working capital deficiency of $4,004,819. These
conditions, along with other matters, raise substantial doubt about
the Company's ability to continue as a going concern.
BIOXCEL THERAPEUTICS: Inks Amendment 1 to ARx Commercial Agreement
------------------------------------------------------------------
BioXcel Therapeutics, Inc. reported in a Form 8-K filed with the
Securities and Exchange Commission that on July 11, 2024, it
entered into Amendment No. 1 to the Commercial Supply Agreement,
dated as of April 1, 2022, with ARx, LLC. The Amendment reduces
the specified minimum annual payment payable by the Company to ARx
over the next three years starting in 2024 and, thereafter, for a
specified interval, provides for minimum annual payments to the
extent that the Company receives approval of a supplemental new
drug application (sNDA) or a new drug application (NDA) from the
U.S. Food and Drug Administration for enumerated indications.
About BioXcel Therapeutics
Headquartered in New Haven CT, BioXcel Therapeutics, Inc. is a
biopharmaceutical company utilizing artificial intelligence to
develop transformative medicines in neuroscience and, through the
Company's wholly owned subsidiary, OnkosXcel Therapeutics LLC,
immuno-oncology. The Company employs various AI platforms to
reduce therapeutic development costs and potentially accelerate
development timelines.
Stamford, Connecticut-based Ernst & Young LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated March 22, 2024, citing that the Company has suffered
recurring losses from operations, has used significant cash in
operations and has stated that substantial doubt exists about the
Company's ability to continue as a going concern.
BLOCKFI INC: Secures Full Customer Recovery With FTX Claims Sale
----------------------------------------------------------------
Mohsin Y. Meghji, Plan Administrator of BlockFi Inc. and Managing
Partner of M3 Partners, filed a report to the United States
Bankruptcy Court for the District of New Jersey announcing the
closing of a significant transaction that monetizes all claims
against FTX at a substantial premium to their face value and
enables a near-term final distribution of 100% by the Plan
Administrator on all allowed customer and general unsecured
creditor claims.
"This transaction marks a final chapter in the wind-down and is the
best possible outcome for customers of BlockFi," Meghji said.
"These recoveries on customer claims, and the timeline those
recoveries will be distributed on, were unimaginable when these
cases were filed in November 2022. These results, achieved through
tireless efforts by various parties, are remarkable. We intend to
commence the Final Customer Distribution as quickly as reasonably
practicable," Meghji concluded.
Following the settlement with FTX in March 2024 that allowed
BlockFi to receive $874.5 million in claims against FTX and FTX
affiliate Alameda Research, the Plan Administrator began planning
for subsequent distributions to BlockFi customers based on
anticipated FTX distributions. An important feature of the FTX
Settlement was that the Plan Administrator would have the option to
monetize the FTX Claims through a sale of the FTX Claims to a third
party.
In June 2024, the Plan Administrator determined that a sale at a
level sufficient to maximize customer returns, generate significant
recoveries for subordinated creditors, and eliminate timing and
execution risks to the BlockFi estates with respect to their FTX
Claims was possible. The Plan Administrator then launched a sale
process that began on June 24, 2024, and closed on July 10, 2024
after the highest and best bid was determined. The purchase price
was a substantial premium to the face value of the FTX Claims.
BlockFi's platform is no longer active and any "in-kind"
distributions will be available only through the Plan
Administrator's partnership with Coinbase. Distributions to BlockFi
International creditors, in particular, may require additional
identify verification and "Know Your Customer" diligence in
compliance with international standards.
The Plan Administrator is represented by Brown Rudnick LLP, Genova
Burns LLC, and Haynes Boone LLP, and is advised by M3 Partners as
the Plan Administrator's financial advisor. A full report has been
submitted to the Court.
About BlockFi Inc.
BlockFi Inc. says it's building a bridge between digital assets and
traditional financial and wealth management products to advance the
overall digital asset ecosystem for individual and institutional
investors.
BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others. BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.
BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.
BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.
BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer. BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded
byBankman-Fried.
BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year. Kirkland & Ellis is also advising Celsius and
Voyager in their separate Chapter 11 cases.
BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC, as strategic and
communications advisor. Kroll Restructuring Administration, LLC,
is the notice and claims agent.
CALICO LLC: Alexandra Garrett Named Subchapter V Trustee
--------------------------------------------------------
Mark Zimlich, the U.S. Bankruptcy Administrator for the Southern
District of Alabama, appointed Alexandra K. Garrett as Subchapter V
trustee for Calico, LLC.
About Calico LLC
Calico, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ala. Case No. 24-11730) on July 16,
2024, with $500,001 to $1 million in assets and $100,001 to
$500,000 in liabilities.
Judge Henry A. Callaway presides over the case.
Barry A. Friedman, Esq. at Barry A Friedman & Associates, PC
represents the Debtor as legal counsel.
CBDMD INC: Has 3.76MM Shares, $1.08MM in Notes as of July 19
------------------------------------------------------------
cbdMD, Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that following the
reconciliation of partial conversions of the Company's series of 8%
Senior Secured Original Issue 20% Discount Convertible Promissory
Notes, the number of issued and outstanding shares of cbdMD, Inc.
common stock is 3,763,433 as of July 19, 2024. The aggregate
principal balance of the Notes outstanding as of July 19, 2024 is
$1,076,963.
About cbdMD, Inc.
Headquartered in Charlotte, NC, cbdMD, Inc. -- www.cbdmd.com --
owns and operates the nationally recognized CBD (cannabidiol)
brands cbdMD, Paw CBD and cbdMD Botanicals. Its mission is to
enhance its customer's overall quality of life while bringing CBD
education, awareness and accessibility of high quality and
effective products to all. The Company sources cannabinoids,
including CBD, which are extracted from non-GMO hemp grown on farms
in the United States.
Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated Dec. 22, 2023, citing that the Company has
historically incurred losses, including a net loss of approximately
[$23 million] in the current year, resulting in an accumulated
deficit of approximately $174 million as of Sept. 30, 2023. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
While the Company is taking strong action, believes in the
viability of its strategy and path to profitability, and in its
ability to raise additional funds, there can be no assurances to
that effect. The Company's working capital position may not be
sufficient to support the Company's daily operations for the twelve
months subsequent to the issuance of these annual financial
statements. The Company's ability to continue as a going concern
is dependent upon its ability to improve profitability and the
ability to acquire additional funding. These and other factors
raise substantial doubt about the Company's ability to continue as
a going concern within 12 months after the date that the annual
financial statements are issued, the Company said in its Quarterly
Report for the period ended March 31, 2024.
CELSIUS NETWORK: Sues Ex-Leaders for Fiduciary Breach, Fraud
------------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that former Celsius Network
leaders including co-founder Alex Mashinsky are being sued in
federal bankruptcy court for fraud and breach of fiduciary duty as
part of an effort to recover funds for former customers.
A complaint filed Wednesday, July 10, 2024, in the US Bankruptcy
Court for the Southern District of New York seeks monetary damages
and to undo withdrawals that Mashinsky and other leaders made from
Celsius before it declared bankruptcy in 2022.
The allegations, brought on behalf of Celsius' post-bankruptcy
company, stem from the early days of Celsius' existence. Celsius
recklessly transferred and invested customer funds without due
diligence and artificially inflated.
About Celsius Network
Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.
Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.
New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.
The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.
Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.
The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel;
Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as
investment banker; and Alvarez & Marsal North America, LLC, as
financial advisor. Stretto is the claims agent and administrative
advisor.
On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP, as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.
Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP, and Huron Consulting
Services, LLC, serve as the examiner's legal counsel and financial
advisor, respectively.
CHICKEN SOUP: Court Orders Liquidation for Alleged Mismanagement
----------------------------------------------------------------
Jonathan Randles of Bloomberg News reports that the bankrupt owner
of Redbox Entertainment Inc. will be liquidated, a judge ruled
Wednesday, July 10, 2024, after lawyers for the company and lenders
accused its former chief executive officer of mismanaging the
business and failing to pay workers or fund their health benefits.
Judge Thomas Horan said during a Delaware court hearing that
Redbox's publicly traded owner, Chicken Soup for the Soul
Entertainment Inc., will be shut down by an independent trustee
after an earlier effort by the company to borrow fresh funds to pay
employees failed. About 1,000 workers will be laid off.
About Chicken Soup
Chicken Soup for the Soul Entertainment Inc. provides premium
content to value-conscious consumers. The Company is one of the
largest advertising supported video-on-demand (AVOD) companies in
the United States, with three flagship AVOD streaming services:
Redbox, Crackle, and Chicken Soup for the Soul.
Chicken Soup for the Soul Entertainment and about 20 of its
affiliates sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del., Lead Case No. 24-11442) on June
28, 2024.
In the petition signed by Bart M. Schwartz, chief executive
officer, Chicken Soup disclosed total consolidated assets of
$414,075,844 and total consolidated liabilities of $970,002,065.
Ashby & Geddes, P.A., represents the Debtors as general bankruptcy
counsel and Reed Smith LLP serves as counsel too. Solomon Partners
acts as investment banker to the Debtor. Kroll Restructuring
Administration LLC serves as claims and noticing agent to the
Debtor.
CLYDESDALE ACQUISITION: S&P Rates New $500MM Sr. Secured Notes 'B'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to Clydesdale Acquisition Holdings Inc.'s proposed
$500 million senior secured notes. The '3' recovery rating
indicates its expectation for meaningful (50%-70%; rounded
estimate: 55%) recovery in the event of a payment default.
The company intends to use the proceeds from the secured debt to
partially repay its existing first-lien term loan. In addition, the
company will look to reprice the first-lien term loan. All of our
existing ratings on the company, including S&P's 'B' issuer credit
rating and its 'CCC+' issue-level rating with '6' recovery rating
on its senior unsecured notes, remain unchanged.
COMPACT BRICK: Kathleen DiSanto Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at
Bush Ross, P.A., as Subchapter V trustee for Compact Brick Pavers
Inc.
Ms. DiSanto will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. DiSanto declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Kathleen L. DiSanto, Esq.
Bush Ross, P.A.
P.O. Box 3913
Tampa, FL 33601-3913
Phone: (813) 224-9255
Fax: (813) 223-9620
Email: disanto.trustee@bushross.com
About Compact Brick Pavers
Compact Brick Pavers Inc. is a family owned and operated company
offering commercial and residential construction services. Its
services include pool remodeling, flooring, brick paver
installation, countertop installation & fabrication, exterior &
interior painting, commercial renovations, cabinetry and house
cleaning/construction cleaning.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-04042) on July 17,
2024, with $147,469 in assets and $2,571,452 in liabilities. Taylor
Santos, secretary, signed the petition.
Judge Catherine Peek Mcewen presides over the case.
Buddy D. Ford, Esq. at BUDDY D. FORD, P.A. represents the Debtor as
legal counsel.
DANIEL SMART MANUFACTURING: Starts Subchapter V Bankruptcy Process
------------------------------------------------------------------
Daniel Smart Manufacturing Inc. filed Chapter 11 protection in the
District of Maryland. According to court documents, the Debtor
reports between $1 million and $10 million in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
August 1, 2024 at 10:00 a.m. in Room Telephonically on telephone
conference line: 1-866-626-4103. participant access code:
2560365#.
About Daniel Smart Manufacturing Inc.
Daniel Smart Manufacturing Inc., doing business as Daniel Smart
Leather, has been making and distributing motorcycle gear,
accessories and fashion leather apparel since 1992.
Daniel Smart Manufacturing Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.
24-15658) on July 5, 2024. In the petition signed by Hassan Tariq,
president/owner, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Honorable Bankruptcy Judge Michelle M. Harner oversees the
case.
The Debtor is represented by:
Janet M. Nesse, Esq.
MCNAMEE HOSEA, P.A.
6404 Ivy Lane, Suite 820
Greenbelt, MD 20770
Tel: (301) 441-2420
Fax: (301) 982-9450
E-mail: jnesse@mhlawyers.com
DARE BIOSCIENCE: Regains Compliance With Nasdaq Bid Price Rule
--------------------------------------------------------------
Dare Bioscience, Inc., announced July 19 that it was notified by
the Nasdaq Office of General Counsel that the Company regained
compliance with the minimum bid price requirement in Nasdaq Listing
Rule 5550(a)(2) as a result of the closing bid price of the
Company's common stock being $1.00 per share or greater for 10
consecutive trading sessions and that the matter is closed.
"We are thrilled to announce that we have regained compliance with
the Nasdaq minimum bid price rule," said Sabrina Martucci Johnson,
president and CEO of Dare Bioscience. "This strengthens our
position in the market and enhances our ability to drive our vision
forward. We look forward to the opportunity to accelerate our
development efforts on key programs in our portfolio and to
ultimately provide great therapeutic options for women."
"We continue to enroll participants in our pivotal Phase 3 study of
Ovaprene, our potentially first-in-category hormone-free monthly
intravaginal contraceptive candidate, at sites across the U.S.,"
Johnson continued. "We are also continuing activities to support
progressing toward a Phase 3 trial of Sildenafil Cream, 3.6% in
female sexual arousal disorder, for which there are currently no
FDA-approved treatments. We continue to execute on our mission to
accelerate development of and bring to market innovative treatments
that women want and need by advancing our late-stage candidates -
all of which represent a first-in-category opportunity - as we seek
to deliver value for all Dare stakeholders."
About Dare Bioscience
Dare Bioscience is a biopharmaceutical company committed to
advancing innovative products for women's health. The Company's
mission is to identify, develop and bring to market a diverse
portfolio of differentiated therapies that prioritize women's
health and well-being, expand treatment options, and improve
outcomes, primarily in the areas of contraception, vaginal health,
reproductive health, menopause, sexual health and fertility.
Irvine, California-based Haskell & White LLP, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 28, 2024, citing that the Company has recurring losses
from operations, negative cash flow from operations and is
dependent on additional financing to fund operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
DELCATH SYSTEMS: Inks New Employment Agreements With Key Executives
-------------------------------------------------------------------
Delcath Systems, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company entered
into Employment Agreements with Gerard Michel, the Company's
current Chief Executive Officer; Sandra Pennell, current Senior
Vice President of Finance; and Kevin Muir, current General Manager
of Interventional Oncology.
Employment Agreement with Gerard Michel
On July 16, 2024, the Company entered into a new Employment
Agreement (the "CEO Employment Agreement") with Gerard Michel. This
CEO Employment Agreement supersedes and replaces the existing
Employment Agreement, dated August 31, 2020, by and between the
Company and Mr. Michel. Mr. Michel will continue to serve as the
Company's Chief Executive Officer pursuant to the terms and
conditions of the CEO Employment Agreement.
Under the terms of the CEO Employment Agreement, Mr. Michel is
eligible to participate in the Company's annual incentive plan. For
each fiscal year of Mr. Michel's employment, he will be considered
for an annual incentive bonus at the current annual target bonus
opportunity equal to the current percentage of Mr. Michel's then
current CEO Base Salary. The award, if any, will be determined
based on the Company's performance and Mr. Michel's performance,
and will be determined at the discretion of the Company's Board of
Directors or Compensation Committee.
Mr. Michel also continues to be eligible to participate in the
Company's 2020 Omnibus Equity Incentive Plan or any successor plan,
subject to the terms, conditions and vesting provisions of the Plan
and any applicable award agreement to the extent determined by the
Compensation Committee or the Board in its sole discretion. Mr.
Michel is entitled to participate in or receive benefits under
employee benefit plans, health plans, vacation/sick leave plans, or
arrangements, if any, made available from time to time by the
Company to its employees to the extent Mr. Michel meets the
eligibility requirements to receive such benefits and is entitled
to receive certain other perquisites, as set forth in the CEO
Employment Agreement.
If the CEO Employment Agreement is terminated due to the death of
Mr. Michel, a physical or mental disability to such an extent that
Mr. Michel is unable to perform the essential functions of his
position with or without reasonable accommodation or the insolvency
or bankruptcy of the Company, by Mr. Michel without Good Reason, or
by the Company with Cause, Mr. Michel will only be entitled to any
compensation the then-current CEO Base Salary earned through his
last day of employment.
If Mr. Michel is involuntarily terminated by the Company without
Cause or Mr. Michel resigns with Good Reason and Mr. Michel
executes a separation agreement in a form supplied by the Company,
then the Company will (i) pay Mr. Michel an amount equal to fifteen
months of Mr. Michel's then-current CEO Base Salary and a pro-rated
portion of any earned annual bonus, as determined by the Company at
its discretion, subject to required and authorized deductions and
withholdings and (ii) if Mr. Michel timely and properly elects
health plan continuation coverage under COBRA, the Company will
reimburse Mr. Michel in an amount equal to the difference between
the monthly COBRA premium paid by Mr. Michel for himself and his
dependents, for a period of fifteen months or until Mr. Michel
becomes eligible to receive substantially similar coverage from
another employer.
In the event Mr. Michel is terminated without Cause or resigns with
Good Reason within the three month period immediately preceding a
change in control or within the one year period immediately
following the effective date of the change in control, the Company
will pay Mr. Michel: (i) eighteen months of Mr. Michel's
then-current CEO Base Salary and a pro-rated portion of any earned
annual bonus, to be determined at the Company's discretion and (ii)
the Company will reimburse Mr. Michel for continuing his health
plan coverage under COBRA, if applicable, for a period of eighteen
months or until Mr. Michel becomes eligible to receive
substantially similar coverage from another employer. Additionally,
all then-outstanding unvested stock options granted to Mr. Michel
during his employment will become fully vested and exercisable upon
termination.
The CEO Employment Agreement also contains customary
non-disparagement, non-solicitation and confidentiality
provisions.
Employment Agreement with Sandra Pennell
On July 17, 2024, the Company entered into an Employment Agreement
(the "SVP Finance Employment Agreement") with Sandra Pennell, the
Company's current Senior Vice President of Finance.
Ms. Pennell will continue to serve as the Company's Senior Vice
President of Finance, a role she began on June 1, 2023, pursuant to
the terms and conditions of the SVP Finance Employment Agreement.
Under the terms of the SVP Finance Employment Agreement, Ms.
Pennell is eligible to participate in the AIP. For each fiscal year
of Ms. Pennell's employment, she will be considered for an annual
incentive bonus at the current annual target bonus opportunity
equal to the current percentage of Ms. Pennell's then current SVP
Finance Base Salary. The award, if any, will be determined based on
the Company's performance and Ms. Pennell's performance, and will
be determined at the discretion of the Board or Compensation
Committee.
Ms. Pennell also continues to be eligible to participate in the
Plan or any successor plan, subject to the terms, conditions and
vesting provisions of the Plan and any applicable award agreement
to the extent determined by the Compensation Committee or the Board
in its sole discretion. Under the SVP Finance Employment Agreement,
Ms. Pennell is entitled to participate in or receive benefits under
employee benefit plans, health plans, vacation/sick leave plans, or
arrangements, if any, made available from time to time by the
Company to its employees to the extent Ms. Pennell meets the
eligibility requirements to receive such benefits and she is
entitled to receive certain other perquisites, as set forth in the
SVP Finance Employment Agreement.
If the SVP Finance Employment Agreement is terminated due to the
death of Ms. Pennell, a physical or mental disability to such an
extent that Ms. Pennell is unable to perform the essential
functions of her position with or without reasonable accommodation
or the insolvency or bankruptcy of the Company, by Ms. Pennell
without Good Reason, or by the Company with Cause (as defined in
the SVP Finance Employment Agreement), Ms. Pennell will only be
entitled to any compensation the then-current SVP Finance Base
Salary earned through her last day of employment.
If Ms. Pennell is involuntarily terminated by the Company without
cause or Ms. Pennell resigns with Good Reason and Ms. Pennell
executes a separation agreement in a form supplied by the Company,
then the Company will (i) pay Ms. Pennell an amount equal to twelve
months of Ms. Pennell's then-current SVP Finance Base Salary and a
pro-rated portion of any earned annual bonus, as determined by the
Company at its discretion, subject to required and authorized
deductions and withholdings and (ii) if Ms. Pennell timely and
properly elects health plan continuation coverage under COBRA, the
Company will reimburse Ms. Pennell in an amount equal to the
difference between the monthly COBRA premium paid by Ms. Pennell
for herself and her dependents, for a period of twelve months or
until Ms. Pennell becomes eligible to receive substantially similar
coverage from another employer.
In the event Ms. Pennell is terminated without cause or resigns
with Good Reason within the three month period immediately
preceding a change in control or within the one year period
immediately following the effective date of the change in control,
the Company will pay Ms. Pennell (i) an amount equal to twelve
months of Ms. Pennell's then-current SVP Finance Base Salary and a
pro-rated portion of any earned annual bonus, as determined by the
Company at its discretion, subject to required and authorized
deductions and withholdings and (ii) the Company will reimburse Ms.
Pennell for continuing her health plan coverage under COBRA, if
applicable, for a period of twelve months or until Ms. Pennell
becomes eligible to receive substantially similar coverage from
another employer. Additionally, all then-outstanding unvested stock
options granted to Ms. Pennell during her employment will become
fully vested and exercisable upon termination.
The SVP Finance Employment Agreement also contains customary
non-disparagement, non-solicitation and confidentiality
provisions.
Employment Agreement with Kevin Muir
On July 17, 2024, the Company entered into an Employment Agreement
(the "GM Oncology Employment Agreement") with Kevin Muir, the
Company's current General Manager of Interventional Oncology.
Mr. Muir will continue to serve as the Company's General Manager of
Interventional Oncology, a role he began on December 7, 2020,
pursuant to the terms and conditions of the GM Oncology Employment
Agreement.
Under the terms of the GM Oncology Employment Agreement, Mr. Muir
is eligible to participate in the AIP. For each fiscal year of Mr.
Muir's employment, he will be considered for an annual incentive
bonus at the current annual target bonus opportunity equal to the
current percentage of Mr. Muir's then current GM Oncology Base
Salary. The award, if any, will be determined based on the
Company's performance and Mr. Muir's performance, and will be
determined at the discretion of the Board or Compensation
Committee.
Mr. Muir also continues to be eligible to participate in the Plan
or any successor plan, subject to the terms, conditions and vesting
provisions of the Plan and any applicable award agreement to the
extent determined by the Compensation Committee or the Board in its
sole discretion. Under the GM Oncology Employment Agreement, Mr.
Muir is entitled to participate in or receive benefits under
employee benefit plans, health plans, vacation/sick leave plans, or
arrangements, if any, made available from time to time by the
Company to its employees to the extent Mr. Muir meets the
eligibility requirements to receive such benefits and he is
entitled to receive certain other perquisites, as set forth in the
GM Oncology Employment Agreement.
If the GM Oncology Employment Agreement is terminated due to the
death of Mr. Muir, a physical or mental disability to such an
extent that Mr. Muir is unable to perform the essential functions
of his position with or without reasonable accommodation or the
insolvency or bankruptcy of the Company, by Mr. Muir without Good
Reason (as defined in the GM Oncology Employment Agreement), or by
the Company with Cause (as defined in the GM Oncology Employment
Agreement), Mr. Muir will only be entitled to any compensation the
then-current GM Oncology Base Salary earned through his last day of
employment.
If Mr. Muir is involuntarily terminated by the Company without
cause or Mr. Muir resigns with Good Reason and Mr. Muir executes a
separation agreement in a form supplied by the Company, then the
Company will (i) pay Mr. Muir an amount equal to twelve months of
Mr. Muir's then-current GM Oncology Base Salary and a pro-rated
portion of any earned annual bonus, as determined by the Company at
its discretion, subject to required and authorized deductions and
withholdings and (ii) if Mr. Muir timely and properly elects health
plan continuation coverage under COBRA, the Company will reimburse
Mr. Muir in an amount equal to the difference between the monthly
COBRA premium paid by Mr. Muir for himself and his dependents, for
a period of twelve months or until Mr. Muir becomes eligible to
receive substantially similar coverage from another employer.
In the event Mr. Muir is terminated without cause or resigns with
Good Reason within the three month period immediately preceding a
change in control or within the one year period immediately
following the effective date of the change in control, the Company
will pay Mr. Muir (i) an amount equal to twelve months of Mr.
Muir's then-current GM Oncology Base Salary and a pro-rated portion
of any earned annual bonus, as determined by the Company at its
discretion, subject to required and authorized deductions and
withholdings and (ii) the Company will reimburse Mr. Muir for
continuing his health plan coverage under COBRA, if applicable, for
a period of twelve months or until Mr. Muir becomes eligible to
receive substantially similar coverage from another employer.
Additionally, all then-outstanding unvested stock options granted
to Mr. Muir during his employment will become fully vested and
exercisable upon termination.
The GM Oncology Employment Agreement also contains customary
non-disparagement, non-solicitation and confidentiality
provisions.
About Delcath Systems
Headquartered in New York, N.Y., Delcath Systems, Inc. --
http://www.delcath.com-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The company's proprietary products, HEPZATO KIT (Hepzato
(melphalan) for Injection/Hepatic Delivery System) and CHEMOSAT
Hepatic Delivery System for Melphalan percutaneous hepatic
perfusion (PHP) are designed to administer high-dose chemotherapy
to the liver while controlling systemic exposure and associated
side effects during a PHP procedure.
As of March 31, 2024, the Company had $36.1 million in total
assets, $21.5 million in total liabilities, and a total
stockholders' equity of $14.6 million.
New York, N.Y.-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
26, 2024, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
DERMTECH INC: Securities Delisted from Nasdaq Effective July 29
---------------------------------------------------------------
The Nasdaq Stock Market, LLC, disclosed in a 25-NSE Report filed
with the U.S. Securities and Exchange Commission that it has
determined to remove from listing the securities of DermTech, Inc.,
effective at the opening of the trading session on July 29, 2024.
Based on review of information provided by the Company, Nasdaq
Staff determined that the Company no longer qualified for listing
on the Exchange pursuant to Listing Rules 5101, 5110(b), IM-5101-1,
and 5450(b)(1)(A).
The Company was notified of the Staff determination on June 18,
2024. The Company did not appeal the Staff determination to the
Hearings Panel. The Company securities were suspended on June 27,
2024. The Staff determination to delist the Company securities
became final on June 27, 2024.
About DermTech
San Diego, Calif.-based DermTech, Inc. is a molecular diagnostic
company developing and marketing novel non-invasive genomics tests
to aid in the diagnosis and management of melanoma.
DermTech, Inc. and DermTech Operations filed Chapter 11 petitions
(Bankr. D. Del. Lead Case No. 24-11378) on June 18, 2024. At the
time of the filing, both Debtors reported $50 million to $100
million in both assets and liabilities.
Judge John T. Dorsey oversees the cases.
The Debtors tapped Wilson Sonsini Goodrich & Rosati, P.C. as
bankruptcy counsel; AlixPartners, LLC as financial advisor; and TD
Cowen as investment banker. Stretto, Inc. serves as the Debtors'
claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
DIDAJI INVESTMENTS: Amy Denton Mayer Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Amy Denton Mayer of
Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for
Didaji Investments, LLC.
Ms. Mayer will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Mayer declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Amy Denton Mayer
Stichter Riedel Blain & Postler P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602
Phone: (813)229-0144
Email: amayer@subvtrustee.com
About Didaji Investments
Didaji Investments, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03994) on July
15, 2024, with $500,001 to $1 million in assets and $100,001 to
$500,000 in liabilities.
Judge Roberta A. Colton presides over the case.
Timothy W. Gensmer, Esq., at Timothy W. Gensmer, PA represents the
Debtor as legal counsel.
ENDRA LIFE: Appeals Nasdaq's Delisting Determination
----------------------------------------------------
ENDRA Life Sciences Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on July 15, 2024, the
Company received notice from the Staff of The Nasdaq Stock Market
LLC indicating that the bid price for the Company's common stock
had closed below $0.10 per share for the 10-consecutive trading day
period ended July 12, 2024 and, accordingly, the Company is subject
to the provisions contemplated under Nasdaq Listing Rule
5810(c)(3)(A)(iii). As a result, the Staff determined to delist
the Company's common stock from The Nasdaq Capital Market.
On July 16, 2024, the Company timely requested a hearing before a
Nasdaq Hearings Panel to appeal the Delisting Determination. The
hearing request automatically stays any suspension or delisting
action pending the hearing and the expiration of any compliance
period granted by the Panel following the hearing.
Notwithstanding the Company's request for a hearing, there can be
no assurance that the Panel will grant the Company any compliance
period or that the Company will ultimately regain compliance with
all applicable requirements for continued listing on The Nasdaq
Capital Market. The Company said it is monitoring the closing bid
price of its common stock and will consider options to regain
compliance with the Minimum Bid Price Requirement, including
holding the previously disclosed annual meeting of stockholders on
Aug. 6, 2024. At the Annual Meeting, the Company will seek
stockholder approval for the implementation of a reverse stock
split of the Company's common stock at a ratio between 1-for-20 and
1-for-50, inclusive, with the ultimate ratio to be determined by
the Company's board of directors in its sole discretion.
As previously disclosed, Nasdaq notified ENDRA Life on May 3, 2024
that the bid price of the Company's common stock had closed at less
than $1.00 per share for 30 consecutive business days and, as a
result, did not comply with Nasdaq Listing Rule 5550(a)(2).
Therefore, in accordance with Listing Rule 5810(c)(3)(A), the
Company was provided 180 calendar days, or until Oct. 30, 2024, to
regain compliance with the Minimum Bid Price Requirement.
About ENDRA Life
Headquartered in Ann Arbor, Mich., ENDRA Life Sciences Inc. --
http://www.endrainc.com-- is the pioneer of Thermo Acoustic
Enhanced UltraSound (TAEUS), a ground-breaking technology that
characterizes tissue similar to an MRI, but at 1/40th the cost and
at the point of patient care. TAEUS is designed to work in concert
with the more than 700,000 ultrasound systems in use globally
today. TAEUS is initially focused on the non-invasive assessment of
fatty tissue in the liver. Steatotic liver disease (SLD, formerly
known as NAFLD-NASH) is a chronic liver disease spectrum that
affects over two billion people globally, and for which there are
no practical diagnostic tools. Beyond the liver, ENDRA is
exploring several other clinical applications of TAEUS, including
non-invasive visualization of tissue temperature during
energy-based surgical procedures.
New York, N.Y.-based RBSM LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated March
28, 2024, citing that the Company has suffered recurring losses
from operations, generated negative cash flows from operating
activities, has an accumulated deficit and has stated that
substantial doubt exists about Company's ability to continue as a
going concern.
EVOFEM BIOSCIENCES: Acquires Lupin's U.S. Women's Health Business
-----------------------------------------------------------------
Evofem Biosciences, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission on July 18 that the Company
entered into an asset purchase agreement with Lupin Inc. Pursuant
to the Asset Agreement, which closed on July 14, 2024, Lupin sold
to Evofem its U.S. Commercial Women's Health Specialty Business.
Lupin's Commercial Women's Health Specialty Business is primarily
focused on commercializing SOLOSEC (secnidazole) 2g oral granules.
This FDA-approved single-dose antimicrobial agent provides a
complete course of therapy for the treatment of bacterial vaginosis
(BV) and trichomoniasis, two common sexual health infections.
Under the terms of the deal, Lupin can receive a potential total
consideration of up to US$84 million based on future contingent
milestones.
In a press release dated July 15, 2024, Dr. Fabrice Egros,
president - Global Corporate Development, Lupin said, "We are very
pleased to divest our U.S. Commercial Women's Health Specialty
business, including SOLOSEC, to Evofem. This divestment is another
step in aligning our U.S. specialty business with our strategic
plan to build our specialty business in therapeutic areas where we
have building blocks of synergy. These include respiratory and
neurological diseases."
"The acquisition of this commercial business aligns with and
advances our mission to improve access to innovative and
differentiated options that impact women's daily lives. SOLOSEC is
a commercially attractive, single-dose oral antibiotic that
addresses two pervasive sexual health infections. We can now fully
leverage our commercial infrastructure, maximize our strong
physician relationships, and re-launch an asset with tremendous
growth potential," said Saundra Pelletier, chief executive officer,
Evofem.
Lupin is a transnational pharmaceutical company headquartered in
Mumbai, India. The Company develops and commercializes a wide
range of branded and generic formulations, biotechnology products,
and APIs in over 100 markets in the U.S., India, South Africa, and
across the Asia Pacific (APAC), Latin America (LATAM), Europe, and
Middle East regions.
About Evofem
Evofem Biosciences, Inc. is a San Diego-based commercial-stage
biopharmaceutical company with a strong focus on innovation in
women's sexual and reproductive health. The Company's first
commercial product, Phexxi, was approved by the FDA on May 22,
2020. Phexxi is the first and only FDA-approved, hormone-free
prescription contraceptive vaginal gel. It comes in a box of 12
pre-filled applicators and is applied 0-60 minutes before each act
of sex.
Walnut Creek, Calif.-based BPM, LLP, the Company's auditor since
2023, issued a "going concern" qualification in its report dated
March 26, 2024, citing that the Company has suffered recurring
losses from operations; negative cash flows from operations since
inception; has received a notice of default for its convertible
notes, and does not have sufficient capital to repay such
obligations (which are now currently due); and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.
FRANCHISE GROUP: S&P Downgrades ICR to 'CCC+', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its rating on Franchise Group Inc. (FRG)
to 'CCC+' from 'B-'.
S&P said, "We lowered our issue-level rating on the company's
first-lien term loan to 'B-' from 'B'. Our recovery rating remains
'2', indicating our expectation of meaningful (70%-90%; rounded
estimate: 70%) recovery in the event of a default.
"We also lowered our issue-level rating on the company's
second-lien term loan to 'CCC-' from 'CCC'. Our recovery rating
remains '6', indicating our expectation of negligible (0%-10%;
rounded estimate: 0%) recovery in the event of a default.
"The negative outlook reflects our view that FRG's capital
structure appears to be unsustainable, with elevated risk of a
covenant breach absent an equity cure or amendment given the Conn's
bankruptcy announcement.
"It is our view that FRG's thin covenant cushion and Conn's Inc.
(not rated) filing for bankruptcy could result in a covenant
breach. FRG's company defined covenant leverage was 3.68x in the
first quarter ended March 30, 2024, reflecting a 1.9% EBITDA
cushion relative to its 3.75x covenant. Following FRG's sale of W.S
Badcock LLC (Badcock) to Conn's Inc. in December 2023, Conn's
issued one million preferred shares (49.9% of outstanding common
stock) to FRG. As a result, FRG has added contribution from Conn's
EBITDA to its covenant calculated EBITDA. As of the first quarter,
this adjustment represented approximately 7% of FRG's covenant
EBITDA for the quarter. Conn's bankruptcy prevents FRG from taking
Conn's add back into the covenant and could result in a covenant
breach given the already thin cushion.
"The downgrade reflects our expectation for negative free cash flow
and elevated leverage. FRG reported a 12% decline in total revenues
in the first quarter, reflected by a revenue decline of 13.4% at
Vitamin Shoppe, a 28% decline at American Freight, and a 7% decline
at Buddy's compared to the first quarter of 2023. Low customer
traffic, and ongoing pressure from weaker consumer spending on
discretionary items continue to weigh on demand.
"Pet Supplies Plus revenues grew 2.4% in the first quarter
primarily from higher store count, but despite this, increasing
operating expenses from higher merchandise costs, product mix, and
rent resulted in operating income margin at the segment declining
55%. We expect that macroeconomic pressures will persist and
forecast revenue declining in the mid-single-digit percent area in
2024. We expect increasing operating expenses from higher
merchandise costs and forecast S&P Global ratings-adjusted EBITDA
margin declining to the high-9% area in 2024 from mid-10% in 2023.
We also forecast S&P Global Ratings-adjusted EBITDA interest
coverage will remain thin in the mid-1x area over the next two
years. We expect that weakening profitability will continue to
challenge FRG's ability to generate positive free operating cash
flow (FOCF) within the next two years.
"We expect FRG's S&P Global Ratings-adjusted leverage to be above
8x in 2024. Adjusted leverage increased to 8.8x at the end of the
first quarter of 2024 on a trailing 12-month basis. This reflects a
significant increase compared to 5.3x on a last-12-months (LTM)
basis at the end of first quarter of 2023. The increase is driven
by additional debt ($475 million) held at the parent company
following the take-private transaction, as well as weaker
profitability. We believe the company will be limited in its
ability to pay down debt and will require potential asset sales to
drive deleveraging in the coming year.
"We see potential refinancing risk as debt maturities approach. At
fiscal year-end 2023, FRG had $278 million outstanding on its $400
million asset-based lending (ABL) facility, which matures in March
2026. The company's first-lien term loan ($1.1 billion outstanding)
and second-lien term loan ($125 million) mature in March and
September 2026 respectively. Given the elevated leverage, we
believe there could be potential refinancing risk if credit metrics
do not improve before the debt becomes current.
"The negative outlook reflects our view that FRG's capital
structure appears to be unsustainable, with elevated risk of a
covenant breach absent an equity cure or amendment."
S&P could lower its rating if it:
-- Envisions a specific default scenario within the next 12
months, including the possibility of a near-term liquidity crisis
or violation of its financial covenant; or
-- Believes the company is unable to refinance its debt maturities
at par.
S&P could revise the outlook to stable or raise its rating if:
-- Operating performance improves significantly, leading to lower
leverage and consistently positive FOCF;
-- S&P expects the company to maintain adequate headroom under its
financial maintenance covenant over the next 12 months.
S&P believes the company can successfully extend or refinance its
debt facilities at par.
GOTHAM RESTAURANTS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Gotham Restaurants LLC
12 East 12th Street
New York NY 10003
Business Description: Gotham Restaurants LLC is an operator of
Gotham Restaurant, better known by its
former name of Gotham Bar and Grill.
Chapter 11 Petition Date: July 24, 2024
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 24-11276
Judge: Hon. Philip Bentley
Debtor's Counsel: Gabriel Del Virginia, Esq.
LAW OFFICE OF GABRIEL DEL VIRGINIA
30 Wall Street 12th Floor
New York NY 10005
Tel: 212-371-5478
Email: gabriel.delvirginia@verizon.net
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Bret Csencsitz as managing partner.
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/4AYMDCI/Gotham_Restaurants_LLC__nysbke-24-11276__0001.0.pdf?mcid=tGE4TAMA
GREENWAVE TECHNOLOGY: All 3 Proposals Approved at Special Meeting
-----------------------------------------------------------------
Greenwave Technology Solutions, Inc. disclosed in a Form 8-K filed
with the Securities and Exchange Commission that it held a special
meeting of stockholders on July 19, 2024, at which the
stockholders:
(1) approved the adoption of an amendment to the Company's
Amended and Restated By-laws to decrease the number of shares of
Common Stock needed to establish a quorum for meetings of
stockholders;
(2) approved an amendment to the Company's 2024 Equity Incentive
Plan to increase the number of shares of the Company's Common Stock
available and reserved for issuance thereunder to 3,000,000,
subject to certain conditions; and
(3) approved the issuance of warrants to purchase up to an
aggregate of 3,104,382 shares of Common Stock, and the issuance of
the shares of Common Stock issuable upon the exercise of such
warrants, in accordance with Nasdaq Listing Rule 5635(d).
The proposal to approve an adjournment of the Special Meeting, if
necessary or advisable, to solicit additional proxies if there were
not sufficient votes in favor of the foregoing proposals was
withdrawn because the Company's stockholders approved and adopted
each of the foregoing proposals.
About Greenwave
Headquartered in Chesapeake, VA, Greenwave Technology Solutions,
Inc. -- https://www.greenwavetechnologysolutions.com -- is an
operator of 13 metal recycling facilities in Virginia, North
Carolina, and Ohio. The Company's recycling facilities collect,
classify, and process raw scrap metal (ferrous and nonferrous).
The Company provides metal recycling services to a wide range of
suppliers, including large corporations, industrial manufacturers,
retail customers, and government organizations.
New York, NY-based RBSM LLP, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated April
16, 2024, citing that the Company has net loss, has generated
negative cash flows from operating activities, has an accumulated
deficit and has stated that substantial doubt exists about the
Company's ability to continue as a going concern.
GREENWAVE TECHNOLOGY: Registers 27.6MM Shares for Possible Resale
-----------------------------------------------------------------
Greenwave Technology Solutions, Inc. filed a preliminary prospectus
on Form S-3 with the U.S. Securities and Exchange Commission
relating to the resale, from time to time, by the selling
stockholders of up to 27,612,612 shares of our common stock, par
value $0.001 per share, consisting of:
(i) up to an aggregate of 1,894,280 shares of Greenwave's
common stock issuable upon exercise of certain outstanding warrants
(the "Inducement Warrants") issued in connection with an inducement
to exercise then-existing warrants;
(ii) up to an aggregate of 4,556,903 shares of Greenwave's
common stock issuable upon exercise of certain outstanding warrants
issued in a private placement conducted on April 22, 2024
concurrently with a registered direct offering (the "April RD
Warrants");
(iii) up to an aggregate of 14,178,680 shares of Greenwave's
common stock issuable upon exercise of certain outstanding warrants
issued in a private placement conducted on May 16, 2024
concurrently with a registered direct offering (the "May RD
Warrants");
(iv) up to an aggregate of 5,044,885 shares of Greenwave's
common stock issuable upon exercise of certain outstanding warrants
issued in a private placement conducted on June 10, 2024
concurrently with a registered direct offering (the "June RD
Warrants");
(v) up to 232,100 shares of Greenwave's common stock issuable
upon exercise of warrants issued to the financial advisor in
connection with the Inducement Warrants (the "March FA Warrants"),
up to 477,573 shares of our common stock issuable upon exercise of
warrants issued to the financial advisor in connection with the
April RD Warrants (the "April FA Warrants") and 311,342 shares of
Greenwave's common stock issuable exercise of warrants issued to
the financial advisor in connection with the May RD Warrants (the
"May FA Warrants");
(vi) up to an aggregate of 504,489 shares of Greenwave's common
stock issuable exercise of warrants issued to the financial advisor
in connection with the June RD Warrants (the "June FA Warrants" and
together with the March FA Warrants, the April FA Warrants, the May
FA Warrants, the Inducement Warrants, the April RD Warrants, the
May RD Warrants, and the June RD Warrants, the "Warrants"); and
(vii) 412,360 shares of Greenwave's common stock issued to an
entity controlled by its Chief Executive Officer in connection with
an exchange agreement dated April 22, 2024. All share numbers
herein are adjusted for the one-for-one hundred fifty = reverse
stock split of its common stock that the Company effectuated with
an effective time of 11:59 p.m. Eastern Time on May 31, 2024.
Greenwave's common stock began trading on Nasdaq on a
split-adjusted basis beginning at the open of the market on June 3,
2024.
Greenwave stated, "We are not selling any securities under this
prospectus and we will not receive proceeds from the sale of the
shares of our common stock by the Selling Stockholders. However, we
may receive proceeds from the cash exercise of the Warrants, which,
if exercised in cash at the current applicable exercise price, with
respect to all of the 27,200,252 shares of common stock, would
result in gross proceeds to us of approximately $79,521,010."
"We will pay the expenses of registering the shares of common stock
offered by this prospectus, but all selling and other expenses
incurred by the Selling Stockholders will be paid by the Selling
Stockholders. The Selling Stockholders may sell our shares of
common stock offered by this prospectus from time to time on terms
to be determined at the time of sale through ordinary brokerage
transactions or through any other means described in this
prospectus under "Plan of Distribution." The prices at which the
Selling Stockholders may sell shares will be determined by the
prevailing market price for our common stock or in negotiated
transactions."
"Our common stock is listed on the Nasdaq Capital Market under the
trading symbol "GWAV." On July 18, 2024, the last reported sale
price of our common stock was $1.64 per share. There is no
established public trading market for the Warrants, and we do not
expect a market to develop. In addition, we do not intend to list
the Warrants on Nasdaq, any other national securities exchange or
any other nationally recognized trading system."
A full-text copy of the preliminary prospectus is available at:
https://tinyurl.com/mrbfts5s
About Greenwave
Headquartered in Chesapeake, Va., Greenwave Technology Solutions,
Inc. -- https://www.greenwavetechnologysolutions.com -- is an
operator of 13 metal recycling facilities in Virginia, North
Carolina, and Ohio. The Company's recycling facilities collect,
classify, and process raw scrap metal (ferrous and nonferrous). The
Company provides metal recycling services to a wide range of
suppliers, including large corporations, industrial manufacturers,
retail customers, and government organizations.
Greenwave reported a net loss of $26.94 million for the year ended
Dec. 31, 2023, compared to a net loss of $35.04 million for the
year ended Dec. 31, 2022. The Company had $45.29 million in total
assets, $39.68 million in total liabilities, and total
stockholders' equity of $5.61 million as of March 31, 2024.
New York, N.Y.-based RBSM LLP, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated April
16, 2024, citing that the Company has net loss, has generated
negative cash flows from operating activities, has an accumulated
deficit and has stated that substantial doubt exists about the
Company's ability to continue as a going concern.
HEIR'S MEN'S SHOP: Kicks Off Subchapter V Bankruptcy Process
------------------------------------------------------------
Heir's Men's Shop Inc. filed Chapter 11 protection in the District
of New Jersey. According to court documents, the Debtor reports
$2,076,066 in debt owed to 1 and 49 creditors. The petition states
funds will be available to unsecured creditors.
About Heir's Men's Shop Inc.
Heir's Men's Shop Inc. sells a variety of clothing and footwear
products.
Heir's Men's Shop Inc. sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-16734) on
July 3, 2024. In the petition filed by Jeffrey Heir, as president,
the Debtor reports total assets of $88,801 and total liabilities o
$2,076,066.
The Honorable Bankruptcy Judge John K. Sherwood oversees the case.
The Debtor is represented by:
Brian G. Hannon, Esq.
NORGAARD OBOYLE HANNON
184 Grand Avenue
Englewood, NJ 07631
Tel: (201) 871-1333
Fax: (201) 871-3161
Email: bhannon@norgaardfirm.com
HERITAGE HOTELS: Case Summary & 19 Unsecured Creditors
------------------------------------------------------
Debtor: Heritage Hotels Rockport LLC
708 1st Street
Marble Falls, TX 78654
Business Description: Heritage Hotels is part of the traveler
accommodation industry.
Chapter 11 Petition Date: July 24, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 24-20201
Debtor's Counsel: Vincent Slusher, Esq.
LAW OFFICE OF VINCENT SLUSHER
PMB 663, 6333 E. Mockingbird Lane, Suite 147
Dallas, TX 75214
Tel: (214) 478-5926
Email: vince.slusher@outlook.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by James R. Reese as manager.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/X2UNU7I/Heritage_Hotels_Rockport_LLC__txsbke-24-20201__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 19 Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. ACE Hardware Trade $953
2631 Hwy. 35 N.
Rockport TX
2. Ben E. Keith Trade $10,524
San Antonio
PO Box 1570
Ft. Worth TX 76101
3. Charter Communications Trade $2,152
PO Box 60074
City of Industry CA 91716
4. Chemmark of SA Inc. Trade $315
4750 Center Park Blvd.
San Antonio TX 78218
5. Coca Cola Enterprises Trade $423
PO Box 744010
Atlanta GA 30384
6. Consolidated Hospitality Trade $1,110
PO Box 677130
Dallas TX 75267
7. Corpus Christie Produce Trade $834
238 N. Port Ave.
Corpus Christi TX 78408
8. Ecolab, Inc. Trade $2,311
PO Box 70343
Chicago IL 60673
9. Ernest R. Rogers Trade $1,600
17 Flamingo Rd.
Rockport TX 78382
10. Guest Supply Trade $1,032
PO BOX 6771
Somerset NJ 08875
11. HD Supply Trade $1,032
PO BOX 509058
San Diego CA 92150
12. Archer Air Trade $4,726
4402 Coventry Lane
Corpus Christie TX
13. John C. Takata Corp RMC Trade $2,800,000
1732 Minters Chapel
Suite 100
Grapevine TX 76051
14. BCBS Texas Premium $3,981
PO BOX 650615
Dallas TX 75265
15. Terminix Pest Control Trade $515
PO 802155
Chicago IL 60680
16. Travelnet Holding LLC Trade $2,080
PO BOX 847696
Boston MA 02284
17. UNIFIRST Holdings nc. Trade $576
PO BOX 650481
Dallas TX 75265
18. Vistar Trade $375
PO BOX 951080
Dallas TX 75395
19. Texas Windstorm Insurance Premium $9,821
4801 Southwest Pkwy.
Building One Suite 200
Austin TX 78735
IDAHO COPPER: CEO & President Rudofsky Quits; Replacement Named
---------------------------------------------------------------
Idaho Copper Corporation disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on July 15, 2024, Steven
Rudofsky notified the Company of his resignation from his position
as chief executive officer and president of the Company, effective
immediately. In connection with his resignation, Mr. Rudofsky was
removed as "Principal Executive Officer" of the Company for SEC
reporting purposes. The Company said Mr. Rudofsky's resignation
does not arise from any disagreement with the Company on any matter
relating to its operations, policies, or practices. Mr. Rudofsky
remains a member of the Board of Directors of Idaho Copper.
Appointment of Andrew Brodkey as CEO
Effective July 15, 2024, Andrew Brodkey, the Company's chief
operating officer and secretary, was appointed as chief executive
officer and president of the Company, by unanimous written consent
of the members of the Board, to serve until his successor has been
duly appointed, unless he resigns, is removed from office, or is
otherwise disqualified from serving as an officer of the Company.
In connection with his appointment as chief executive officer and
president, Mr. Brodkey was designated as the Company's "Principal
Executive Officer" for SEC reporting purposes.
The Company stated there are no arrangements or understandings
between Mr. Brodkey and any other person pursuant to which he was
appointed as the chief executive officer. In addition, there are
no family relationships between Mr. Brodkey and any of the
Company's other officers or directors. Further, there are no
transactions since the beginning of the Company's last fiscal year,
or any currently proposed transaction, in which the Company is a
participant, the amount involved exceeds $120,000, and in which Mr.
Brodkey had, or will have, a direct or indirect material interest.
About Idaho Copper
Headquartered in Boise, ID, Idaho Copper Corporation --
www.idaho-copper.com -- is in the process of exploring its mineral
rights interests in the United States and at May 31, 2024, has not
yet determined whether any of its mineral properties contain
economically recoverable mineral reserves. Accordingly, the
carrying amount of mineral right interests represents cumulative
expenditures incurred to date and does not necessarily reflect
present or future values.
Idaho Copper said in its Quarterly Report for the period ended
April 30, 2024, that, "We have incurred recurring losses since
inception and expect to continue to incur losses as a result of
legal and professional fees and our corporate general and
administrative expenses. On April 30, 2024, we had $1,005,010 in
cash. Our net loss incurred for the three months ended April 30,
2024, was $1,044,266 and the working capital deficit was $440,301
on April 30, 2024. As a result, there is substantial doubt about
our ability to continue as a going concern. In the event that we
are unable to generate sufficient cash from our operating
activities or raise additional funds, we may be required to delay,
reduce or severely curtail our operations or otherwise impede our
on-going business efforts, which could have a material adverse
effect on our business, operating results, financial condition and
long-term prospects. The Company expects to seek to obtain
additional funding through increased revenues and future financing.
There can be no assurance as to the availability or terms upon
which such financing and capital might be available."
Los Angeles, California-based GreenGrowth CPAs, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated May 15, 2024, citing that the Company has suffered
recurring losses from operations and has not yet generated any
revenues. This raises substantial doubt about the Company's
ability to continue as a going concern.
INDY NATIONAL: Gets Court Nod to Sell Equipment for $52,000
-----------------------------------------------------------
Indy National Leasing, LLC got the green light from a U.S.
bankruptcy judge to sell its equipment in a private deal.
Judge Robert Grant of the U.S. Bankruptcy Court for the Northern
District of Indiana approved the sale of the equipment to Annabelle
Sinclair for $52,000.
The property is being sold "free and clear" of any interest, lien
claim or encumbrance in or on the equipment including, but not
limited to, any interest that may have been asserted by TAB
Bank or TBK Bank, SSB.
Indy will use the proceeds from the sale to pay TAB Bank in partial
satisfaction of its claims secured by the lien on the equipment.
About Indy National Leasing
Indy National Leasing, LLC, an Indiana-based trucking company,
filed Chapter 11 petition (Bankr. N.D. Ind. Case No. 24-40138) on
May 31, 2024, with up to $50,000 in assets and up to $10 million in
liabilities. Stefan Trifan, sole member, signed the petition.
Judge Robert E. Grant oversees the case.
The Debtor is represented by Weston Erick Overturf, Esq., at Kroger
Gardis & Regas, LLP.
INTRUSION INC: Registers 1.5MM Shares for Sale Under SEPA
---------------------------------------------------------
Intrusion Inc. filed a preliminary prospectus on Form S-1 with the
U.S. Securities and Exchange Commission relating to the offer and
sale, from time to time, by the selling security holder --
Streeterville Capital,
LLC -- or their permitted transferees, of up to 1,505,179 shares of
Intrusion's common stock, par value $0.01 per share, including:
(i) up to 1,195,666 shares of common stock that the Company
may, at its discretion, elect to issue and sell to Streeterville
Capital, LLC from time to time after the date of the prospectus,
pursuant to the Standby Equity Purchase Agreement, dated as of July
3, 2024, entered into by and between Intrusion, and Streeterville
(the "SEPA"),
(ii) 92,592 shares of common stock issued to Streeterville upon
the effective date of the SEPA as consideration for its irrevocable
commitment to purchase shares of common stock at our direction,
from time to time after the date of this prospectus, and
(iii) 216,921 shares of common stock issued to Streeterville for
the purchase price of $0.01 per share upon the effective date of
the SEPA as further consideration for its irrevocable commitment to
purchase shares of common stock at our direction, from time to time
after the date of this prospectus, upon the terms and subject to
the conditions set forth in the SEPA.
Under the SEPA, the Company agreed to issue and sell to
Streeterville, from time to time, and Streeterville agreed to
purchase from the Company, up to $10 million of the Company's
shares of common stock. The Company shall not affect any sales
under the SEPA and Streeterville shall not have any obligation to
purchase shares of common stock under the SEPA to the extent that
after giving effect to such purchase and sale the aggregate number
of shares of common stock issued under the SEPA together with any
shares of common stock issued in connection with any other related
transactions that may be considered part of the same series of
transactions, where the average price of such sales would be less
than $1.08 and the number of shares issued would exceed 19.99% of
the outstanding voting common stock as of July 2, 2024. Thus, the
Company may not have access to the right to sell the full $10
million of shares of common stock to Streeterville. In connection
with the SEPA, we are registering herein 1,505,179 shares of common
stock, which represents the maximum amount of shares issuable under
the SEPA assuming without obtaining approval of shareholders in
accordance with Nasdaq's "minimum price rule", and assuming
beneficial ownership limitations under the SEPA, and is comprised
of (i) 92,592 Streeterville Commitment Shares, (ii) 216,921
Pre-Delivery Shares, and (ii) 1,195,666 shares of common stock
issuable pursuant to the SEPA. If the Company desires to issue more
than 1,208,001 shares of common stock at an average price per share
that does not equal or exceed $1.08 (which represents the lower of
(i) the Nasdaq Official Closing Price (as reflected on Nasdaq.com)
immediately preceding the date of the SEPA; or (ii) the average
Nasdaq Official Closing Price for the five trading days immediately
precedent the date of the SEPA), it would be required to obtain
shareholder approval under the Nasdaq listing rules.
As of July 15, 2024, there were 6,040,009 shares of common stock
outstanding, of which 4,515,539 shares were held by non-affiliates.
Assuming a (i) Market Price of $1.08, (ii) no beneficial ownership
limitations, and (iii) the receipt of stockholder approval to
exceed the Exchange Cap, if all of the 1,505,179 shares offered for
resale by the Selling Holders under the registration statement of
which this prospectus forms a part were issued and outstanding as
of July 18, 2024, such shares would represent approximately 19.95%
of the total number of shares of our common stock outstanding and
approximately 25.00% of the total number of outstanding shares of
common stock held by non-affiliates after giving effect to such
issuances.
The shares may be issued and sold to Streeterville at the election
of the Company. The Company will sell the shares of common stock to
Streeterville at 95% of the Market Price for any three consecutive
trading days commencing on the advance notice date.
A full-text copy of the preliminary prospectus is available at:
https://tinyurl.com/y9y88scx
About Intrusion
Headquartered in Plano, Texas, Intrusion Inc. offers businesses of
all sizes and industries products and services that leverage the
Company's exclusive threat intelligence database of over 8.5
billion IP addresses and domain names. After many years of
gathering intelligence and providing its INTRUSION TraceCop and
Savant solutions exclusively to government entities, the Company
released its first commercial product in 2021, the INTRUSION
Shield. INTRUSION Shield was designed to allow businesses to
incorporate a Zero Trust, reputation-based security solution into
their existing infrastructure to observe traffic flow and instantly
block known malicious or unknown connections from both entering or
exiting a network, making it an ideal solution for protecting from
Zero-Day and ransomware attacks.
Intrusion reported a net loss of $1.7 million for the three months
ended March 31, 2024, compared to a net loss of $4.7 million for
the three months ended March 31, 2023. As of December 31, 2023, the
Company had $6.25 million in total assets, $15.8 million in total
liabilities, and $9.56 million in total stockholders' deficit.
Dallas, Texas-based Whitley Penn LLP, the Company's auditor since
2009, issued a "going concern" qualification in its report dated
April 1, 2024, citing that the Company has suffered recurring
losses from operations, negative cash flows from operations, and
has a net working capital deficiency that raise substantial doubt
about its ability to continue as a going concern.
INVITAE CORP: Court Denies Refinancing Deal Lawsuit
---------------------------------------------------
Rick Archer of Law360 reports that the a Delaware bankruptcy judge
on Friday, July 12, 2024, told the unsecured creditors of Invitae
that they had not shown it was worthwhile to allow them to
challenge the bankrupt genetic testing company's 2023 debt
refinancing.
About Invitae Corp.
Invitae Corporation is a medical genetics company that is in the
business of delivering genetic testing services, digital health
solutions, and health data services that support a lifetime of
patient care and improved outcomes.
Invitae Corp. and five of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No.
24-11362) on Feb. 13, 2024. In the petition filed by Ana Schrank,
chief financial officer, disclosed $535,115,000 in assets against
$1,618,519,000 in debt.
Judge Michael B. Kaplan oversees the case.
Kirkland & Ellis LLP and Kirkland & Ellis International LLP are the
Debtors' bankruptcy counsel and Cole Schotz, P.C. is the Debtors'
co-bankruptcy counsel. Moelis & Company LLC is the Debtors'
investment banker. FTI Consulting Inc is the Debtors' restructuring
advisor. Kurtzman Carson Consultants LLC is the Debtors's notice
and claims agent. Deloitte Touche Tohmatsu Limited serves as the
Debtors' tax advisor.
IRIDIUM COMMUNICATIONS: S&P Affirms 'BB-' ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed the 'BB-' issuer credit rating on
Iridium Communications Inc. At the same time, S&P's expectation for
recovery on the company's term loan in a default scenario has
decreased, and it lowered the issue-level rating on the company's
debt to 'BB-' from 'BB'. The recovery rating on this debt is '3'.
The stable outlook reflects S&P's expectation that despite
incremental debt Iridium will maintain S&P Global Ratings-adjusted
leverage of below 4x in 2024.
Iridium announced a $200 million add-on to its existing term loan,
with proceeds going toward share repurchases.
S&P expects pro forma S&P Global Ratings-adjusted gross leverage of
about 3.9x and that the company will continue to grow EBITDA over
the next 12 months.
S&P said, "We expect leverage to remain below 4x over the next 12
months. S&P Global Ratings-adjusted gross leverage will be 3.9x pro
forma for the transaction, an increase of about 0.7x from the end
of 2023. We forecast EBITDA for 2024 to remain roughly flat
compared to 2023 before growing around 5% in 2025. While Iridium
has added $325 million of additional debt over the last five
months, we expect the company will begin to reduce leverage to meet
its longer-term net leverage target of 2.0x by the end of 2030. In
addition to our expectations for leverage, we believe the company
will continue to generate healthy free operating cash flow (FOCF),
with projected FOCF to debt comfortably over 10% in 2024 and
beyond.
"We have lowered our recovery expectations for the company's
secured debt. The latest add-on to Iridium's term loan results in
our rounded recovery estimate falling to 65%, below the 70%
threshold for a '2' recovery rating. As a result, we revised the
recovery rating on the company's secured debt to a '3' and lowered
the issue-level rating to 'BB-' from 'BB'. We expect the company
will use proceeds from the add-on to fund share repurchases over
the next 12 months. The company also tacked on $125 million to its
term loan in March, which resulted in our rounded recovery estimate
falling to 70% from 75%, reflecting a higher debt balance under our
hypothetical default scenario. This reduction did not result in a
change to the '2' recovery rating or 'BB' issue-level rating on the
company's secured debt.
"The stable outlook reflects our expectation that despite
incremental debt Iridium will maintain S&P Global Ratings-adjusted
leverage of below 4x in 2024. The outlook also reflects our
expectation that the company will continue to grow high-margin
service revenue by increasing its subscriber base."
S&P could lower its rating on Iridium if it expects leverage to
increase and remain above 4x on a sustained basis. This could occur
if:
-- The company adds additional debt to fund shareholder returns or
acquisitions that are not immediately accretive; or
-- Iridium cannot continue to grow its service revenue due to
competition from other satellite operators.
S&P could raise the rating if Iridium reduced debt to EBITDA to
below 3x on a sustained basis, including share repurchases and
dividends. Under this scenario, an upgrade would be contingent on
the company maintaining a financial policy that allows it to
sustain leverage comfortably below 3x.
JACKSON HOSPITAL: S&P Cuts ICR to 'CCC+' on Financial Uncertainty
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating four notches to
'CCC+' from 'BB-' on The Medical Clinic Board of the City of
Montgomery, Ala.'s series 2015 bonds issued for Jackson Hospital &
Clinic (Jackson). The rating remains on CreditWatch where it was
placed with negative implications June 11, 2024.
"The downgrade reflects our understanding, based on the limited and
unaudited financial data made available to us, that Jackson's
liquidity is very thin," said S&P Global Ratings credit analyst
Marc Arcas, "and in our view, the lack of timely and audited
financial data creates uncertainty regarding Jackson's ability to
honor its debt obligations."
The CreditWatch reflects S&P's view that there is a one-in-two
likelihood of a further downgrade within the next 90 days or
withdrawal of the rating, depending on the resolution of a
technical event of default that occurred in June and the receipt of
timely financial information and other data requests from S&P
Global. The technical event of default resulted from Jackson's
failure to make monthly bond-related payments to the bond trustee
as mandated per the series 2015 lease agreement.
The vast majority of Jackson's long-term debt consists of the
series 2015 bonds, which are secured by revenue and mortgage
pledges on a number of properties from the obligated group.
Jackson's obligated group consists solely of the hospital.
S&P notes that no payments to bondholders have been missed as of
July 2024. The next interest payment of approximately $3 million is
due Sept. 1, 2024.
Environmental, social, and governance (ESG) credit factors for this
change in credit rating and CreditWatch status:
-- Governance -- risk management, culture, and oversight
-- Governance – transparency and reporting
JPK NEWCO: Involuntary Chapter 11 Case Summary
----------------------------------------------
Alleged Debtor: JPK NewCo LLC
8401 Greensboro Drive
Suite 960
McLean VA 22102-0000
Involuntary Chapter
11 Petition Date: July 23, 2024
Court: United States Bankruptcy Court
District of Columbia
Case No.: 24-00262
Petitioner's Counsel: Kristen E. Burgers, Esq.
HIRSCHLER FLEISCHER PC
1676 International Drive
Suite 1350
Tysons VA 22102-0000
Tel: 703-584-8364
Email: kburgers@hirschlerlaw.com
A full-text copy of the Involuntary Petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/DOHLBVA/JPK_NewCo_LLC__dcbke-24-00262__0001.0.pdf?mcid=tGE4TAMA
Alleged creditor who signed the petition:
Petitioner Nature of Claim Claim Amount
Shaheen Sariri Money Owed $51,443
8305 Greensboro Drive
Unit 2319
McLean VA 22102-0000
KERLEY SIGNS: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Kerley Signs, Inc.
7650 Preston Drive
Hyattsville MD 20785
Business Description: Kerley Signs manufactures and installs signs
including electric LED, electronic and
custom neon signs, and programmable
electronic message centers.
Chapter 11 Petition Date: July 23, 2024
Court: United States Bankruptcy Court
District of Maryland
Case No.: 24-16143
Debtor's Counsel: Daniel Staeven, Esq.
FROST LAW
839 Bestgate Drive Suite 400
Annapolis MD 21401
Tel: 410-497-5947
Email: daniel.staeven@frosttaxlaw.com
Total Assets: $591,301
Total Liabilities: $2,164,172
The petition was signed by Thomas Kerley as president.
https://www.pacermonitor.com/view/CRBWKLI/Kerley_Signs_Inc__mdbke-24-16143__0001.0.pdf?mcid=tGE4TAMA
KRONOS WORLDWIDE: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Kronos Worldwide, Inc. (Kronos) and its
wholly-owned subsidiary, Kronos International, Inc.'s Long-Term
Issuer Default Rating (IDRs) at 'B+'. Fitch has also affirmed the
issue ratings of Kronos International Inc.'s senior secured notes
and Kronos Worldwide, Inc.'s ABL at 'BB+'/'RR1'. The Rating Outlook
remains Stable.
The rating actions reflect Kronos' announcement that it will
purchase its remaining 50% joint venture stake in Louisiana Pigment
Company LP (LPC) for $185 million. Fitch believes the acquisition
will moderately benefit the company's operational scale and cost
position, while retaining strong financial flexibility.
The ratings reflect Kronos' strong pro forma liquidity position,
conservative financial policy and low capex requirements. The
company's full exposure to the cyclical titanium dioxide (TiO2)
industry will continue to present cash flow variability. Fitch
expects the recent TiO2 market recovery to drive an improving trend
of positive FCF for Kronos through the forecast horizon.
The Stable Outlook reflects Fitch's expectations for EBITDA
Leverage to improve towards 3.0x in the near term, driven by strong
recoveries in EBITDA generation and the company's light pro forma
capital structure.
KEY RATING DRIVERS
Accretive Acquisition: The LPC assets are located in Lake Charles,
LA, and will increase Kronos' TiO2 production capacity by about 14%
and improve its competitive footprint in North America. These
benefits stem from access to low-cost energy feedstocks at the
plant and existing chloride process proprietary technology that can
modestly broaden Kronos' TiO2 product capabilities and customer
portfolio. Upon attaining full control of LPC, Kronos is likely to
realize overhead synergies and expand output from the plant over
time.
Kronos' initial cash contribution for the acquisition is expected
to be funded with existing cash and utilization under the currently
undrawn ABL facility. Kronos' pro forma financial flexibility
remains strong, evidenced by a comfortable pro forma liquidity
position and EBITDA leverage of around 3.0x.
Strong TiO2 Recovery: After realizing negative Fitch-defined EBITDA
of $4 million in YE23, Kronos' EBITDA generation is forecasted to
strongly recovery towards the $200 million range by 2024. This
follows an earlier-than-anticipated rebound in global TiO2 demand
beginning in 4Q23 and persisting through 2Q24, after an extended
period of customer destocking through most of 2023.
Fitch forecasts Kronos' sales volumes to increase by around 35% in
2024 on improving demand and acquisition impacts, while pricing is
also expected to remain resilient. Fitch also anticipates declining
energy and raw materials costs and improved fixed cost absorption
stemming from higher operating rates to drive EBITDA margins toward
10%.
Dividend Reduction Supports FCF: Kronos' announcement that it
intends to reduce its quarterly dividend in-line with the LPC
acquisition reinforces its strong financial flexibility while
demonstrating a credit-conscious financial policy from its majority
owners. The lower dividend supports the company's positive FCF
generation and liquidity through the forecast, particularly as it
faces increased debt service costs, a build-up of working capital,
and future investment opportunities at LPC. The resulting strong
liquidity position also gives Kronos optionality to fully retire
the upcoming EUR75 million notes maturity in 2025 while retaining
comfortable liquidity.
Fitch forecasts Kronos will return to positive FCF generation in
2024 and for the FCF margin to average around 2% through the
forecast period, supported by solid EBITDA generation, the reduced
dividend and manageable capex requirements.
Modest Debt Load: Fitch views Kronos' pro forma debt load as modest
compared with Fitch's view of a normalized EBITDA for the company.
Fitch expects EBITDA leverage to recover to around 3.0x in 2024 on
a moderate recovery in EBITDA, followed by a trend towards Kronos'
typical ranges of around 2.0x-3.0x thereafter.
Limited Diversification: Kronos is a pure-play pigment producer
that has no other business segments to act as a buffer in periods
of volatility in the TiO2 industry. Fitch believes this exposure
adds cash flow risk to the company's credit profile, as its
financial results are highly dependent on the health of the pigment
market.
This exposure is partially offset by Fitch's expectation that
Kronos maintains solid liquidity throughout the forecast. Kronos
believes it has leading market positions in both Europe and North
America; however, Fitch views the company as having limited ability
to affect global market dynamics. Fitch estimates Kronos' EBITDA
generation at its European plants was severely limited during the
2015-2016 downturn in TiO2 prices, despite management's indication
it is the largest TiO2 producer in Europe.
DERIVATION SUMMARY
Kronos' ratings reflect its relatively small size and limited
diversification compared with peers in the TiO2 segment, while also
reflecting its typically healthy 2.0x-3.0x leverage and generally
neutral-to-positive cash flow profile. Compared with industry
leaders The Chemours Co. and Tronox Ltd. (both unrated), Kronos has
limited ability to influence TiO2 supply dynamics and, as a
pure-play pigment producer. Tronox also benefits from a relatively
greater degree of vertical integration, resulting in a stronger
EBITDA margin profile than Kronos.
Fitch believes Kronos' asset profile compares favorably to Venator
Materials PLC (unrated), which emerged from a chapter 11
restructuring process in 2023, due to increased production capacity
of chloride-process TiO2 assets. Chloride-process TiO2 is
considered a preferred product for most high-end applications and
is produced at lower conversion costs.
KEY ASSUMPTIONS
- Sales volumes strongly improve by around 35% in 2024, driven by
recoveries in demand across all geographies and acquisition
impacts, while TiO2 pricing remains resilient. Volumes continue to
grow at around 5% annually thereafter;
- EBITDA margins recover to 10% by 2024 on improved fixed cost
absorption stemming from near full practical capacity utilization,
coupled with lower ore and energy costs. EBITDA margins remain
around the 10% range thereafter;
- Capex of around $70 million annually by 2025, with increases
attributed to new LPC maintenance capex;
- Dividends of around $23 million annually.
RECOVERY ANALYSIS
Key Recovery Rating Assumptions:
The recovery analysis assumes Kronos would be reorganized as a
going-concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.
Fitch assumes Kronos draws approximately $255 million under its
ABL, representing about 85% of the full $300 million amount. This
is due to the likelihood the ABL borrowing base will be lessened in
a distressed scenario as the TiO2 pricing environment declines over
time, which would gradually reduce the borrowing base.
Going-Concern (GC) Approach:
Fitch used a going-concern EBITDA of $162 million to reflect a
mid-cycle amount in a post-bankruptcy scenario, which would likely
be around 2014/2016 levels. The GC EBITDA is increased by $30
million from the previous update, accounting for the acquired LPC
assets.
The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which it bases the enterprise
valuation. Specifically, the GC EBITDA depicts a sustained economic
contraction in North America and EMEA, resulting in an extended
period of severe volume headwinds, which leads to a material
decline in EBITDA and cash generation.
An enterprise value multiple of 5.5x EBITDA is applied to the GC
EBITDA to calculate a post-reorganization enterprise value. The
5.5x multiple acknowledges the commoditized nature of Kronos' TiO2
products and its lack of diversification. The choice of this
multiple considered historical bankruptcy case study exit multiples
for peer companies, including Tronox Incorporated (2011) and
Venator Materials PLC (2023).
Under the pro forma scenario, Kronos' ABL and senior secured note
recoveries both correspond to an 'RR1'.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Increases in size, scale, or diversification leading to improved
mid-cycle EBITDA size or cost position;
- Maintenance of current financial policies, leading to mid-cycle
EBITDA Leverage sustained below 3.0x and continued robust financial
flexibility;
- A structurally improved sector outlook that results in EBITDA
margin resiliency and reduced FCF variability.
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Mid-cycle EBITDA leverage sustained above 4.0x, potentially
stemming from material debt-funded acquisition activity;
- EBITDA interest coverage sustained below 3.5x, or sustained high
utilization under the ABL, signaling deteriorating liquidity;
- Expectations of sustained negative FCF generation, potentially
stemming from continued maintenance of dividend payments under
persistently weak operating conditions, or a structural
deterioration in the TiO2 market.
LIQUIDITY AND DEBT STRUCTURE
Comfortable Liquidity: Pro forma for the transactions, Kronos is
expected to retain around $100 million of cash and cash equivalents
on its balance sheet, and around 80% availability under its upsized
global ABL revolver. In an extended period of stress, the company
has the ability to cut its dividend payment, and paired with modest
capex requirements and a light maturity schedule, Fitch believes
the company will maintain sufficient liquidity throughout the
forecast period.
Kronos has low exposure to an elevated interest rate environment
over the medium term, because around 75% of its pro forma total
debt is fixed rate.
Manageable Maturities: Fitch views Kronos' upcoming EUR75 million
notes maturity in 2025 as manageable based on its strong forecasted
liquidity position and demonstrated market access. Fitch believes
the company retains the optionality to fully retire the notes prior
to maturity with existing cash, while retaining comfortable
liquidity. With the ABL's maturity being extended, Kronos has no
other debt maturing until the senior secured notes in 2029.
ISSUER PROFILE
Kronos Worldwide, Inc. is a pure-play TiO2 producer and the fifth
largest producer of TiO2 in the world.
ESG CONSIDERATIONS
Kronos Worldwide, Inc. has an ESG Relevance Score of '4' for
Governance Structure due to significant "key man risk" presented by
its dominant shareholder. Approximately 81% of Kronos' common stock
is indirectly owned by a family trust. Fitch expects the family
trust to continue to be supportive of Kronos' conservative capital
allocation policy and current operating strategy. This factor has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Kronos International Inc. LT IDR B+ Affirmed B+
senior secured LT BB+ Affirmed RR1 BB+
Kronos Worldwide, Inc. LT IDR B+ Affirmed B+
senior secured LT BB+ Affirmed RR1 BB+
LAG SR ENTERPRISES: Unsecureds to Get Share of Income for 5 Years
-----------------------------------------------------------------
Lag SR Enterprises, Inc. d/b/a La Fuente Bar and Restaurant, filed
with the U.S. Bankruptcy Court for the Middle District of Florida a
Subchapter V Plan of Reorganization dated July 8, 2024.
The Debtor is a casual, Latin-accented bar and restaurant with DJs,
dancing, karaoke, TV sports & cocktails, that also provides carry
out orders in Kissimmee, Florida.
The Covid pandemic had a huge impact on the level and methods of
business in the area. The Debtor was required to close in-person
dining for a while and survived with take-out services only.
Nevertheless, the Debtor pulled through.
The Debtor's primary issue was the magnitude of the down-payment
and monthly payments required by the Florida Department of Revenue
to remedy the past-due sales tax obligation. The Debtor's
principals made several attempts to negotiate a settlement that
would allow the business to remain viable while also satisfying the
tax obligation. Those negotiations failed. The only solution allow
the business to remain a going concern and satisfy the Department
of Revenue past due payment that has presented itself is to file a
Subchapter V Chapter 11, to stop the collection activity and allow
payment through a confirmed plan of reorganization.
The Debtor projects having approximately $8,000.00 in Cash in the
Debtor's DIP accounts on the Effective Date. On the Effective Date,
the Debtor will have sufficient Cash to pay the following amounts
due on the Effective Date: (i) Claim 5 of the Department of
Revenue; (2) Any amounts due to the Chapter 11, Subchapter V
Trustee; and (3) The First payments toward the plan payments. The
total Projected Disposable Income of the Debtor over the life of
the Plan is $99,596.30.
The Plan provides for the orderly payment of Allowed Claims with
the Debtor's projected disposable income over the life of the Plan.
The Debtor will pay in full all Allowed Administrative Claims on
the Effective Date, unless otherwise agreed to by the holder of any
such claim. Creditors will receive more than they would have
received in a Chapter 7 liquidation.
Class 1 consists of the General Unsecured Claims. Class 1 is
Impaired under the Plan. Subject to the requirements of the Plan,
the Bankruptcy Code, or a Final Order, Holders of General Unsecured
Claims shall receive approximately a Pro Rata Share of the net sum
of the Projected Disposable Income over a five-year period
beginning on the Effective Date, after making payment in full of
Allowed Administrative Expense to the SubChapter V Trustee Fee
Claims, and the Allowed Priority Tax Claim Number 5 of the Florida
Department of Revenue.
The allowed unsecured claims total $404,071.91.
Class 4 consists of the equity interests in the Debtor. On and
after the Effective Date, Luis A. Garcia nd Maria M. Garcia shall
retain their interests in the Debtor.
The Plan contemplates that the Reorganized Debtor will continue to
operate the business of the Debtor. The Reorganized Debtor believes
that the continued earnings through the operation of the Debtor
will be sufficient to fund the payments required to be made under
the Plan.
Prior to the Effective Date, and subject to the Bankruptcy Code,
Final Orders of the Bankruptcy Court, and other applicable law, the
Debtor shall use funds generated during the pendency of the
bankruptcy case to pay amounts due in the ordinary course and to
fund payments due under the Plan on and after the Effective Date.
Except as explicitly required by the Plan, the Reorganized Debtor
shall have the sole and absolute discretion to use funds generated
after the Effective Date without further notice or approval.
A full-text copy of the Subchapter V Plan dated July 8, 2024 is
available at https://urlcurt.com/u?l=v28t5n from PacerMonitor.com
at no charge.
Proposed Counsel for the Debtor:
Cynthia E. Lewis, Esq.
Nardella & Nardella, PLLC
135 W. Central Blvd., Suite 300
Orlando, FL 32801
Phone: (407) 966-2680
Facsimile (407) 966-2681
About Lag SR Enterprises
Lag SR Enterprises, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-01509) on March 27, 2024, with $100,001 to $500,000 in assets
and $500,001 to $1 million in liabilities.
Judge Lori V. Vaughan presides over the case.
Cynthia E. Lewis, Esq., at Nardella & Nardella, PLLC represents the
Debtor as legal counsel.
LCM CORPORATION: Paula Beran Named Subchapter V Trustee
-------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Paula Beran, Esq.,
at Tavenner & Beran, PLC as Subchapter V trustee for LCM
Corporation.
Ms. Beran will be paid an hourly fee of $480 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Beran declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Paula S. Beran, Esq.
Tavenner & Beran, PLC
20 North 8th Street
Richmond, Virginia 23219
Phone: (804) 783-8300
Email: Beran@TB-LawFirm.com
About LCM Corporation
LCM Corporation offers remediation and other waste management
services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Va. Case No. 24-70494) on July 11,
2024, with $1 million to $10 million in assets and liabilities.
Lawrence C. Musgrove, III, president, signed the petition.
The Debtor tapped Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN
LASKY & SAYERS, P.C. as counsel and WOLTZ & ASSOCIATES, INC. as
auctioneer.
LECLAIRRYAN PLLC: Trustee Proposes 2 Ch. 7 Deals w/ Ex-Lawyers
--------------------------------------------------------------
Alex Wittenberg of Law360 Bankruptcy Authority reports that the
liquidating trustee of shuttered law firm LeClairRyan PLLC on
Tuesday, July 9, 2024, proposed two settlements with former
attorneys to resolve their roughly $2.1 million in claims for $1.4
million by granting them unsecured interests as part of the
bankruptcy case in Virginia federal court.
About LeClairRyan PLLC
Founded in 1988, LeClairRyan PLLC is a national law firm with 385
attorneys, including 160 shareholders, at its peak. The firm
represented thousands of clients, including individuals and local,
regional, and global businesses.
Following massive defections by its attorneys LeClairRyan, members
of the firm in July 2019 voted to effect a wind-down of the
Debtor's operations.
LeClairRyan PLLC sought Chapter 11 protection (Bankr. E.D. Va. Case
No. 19-bk-34574) on Sept. 3, 2019, to effect the wind-down of its
affairs.
In its Chapter 11 petition, the firm listed a range of 200-999
creditors owed between $10 million and $50 million. The firm
claims assets of $10 million to $50 million.
The Hon. Kevin R Huennekens is the case judge.
Richmond attorneys Tyler Brown and Jason Harbour of Hunton Andrews
Kurth represented LeClairRyan in the case.
Protiviti was the Debtor's financial adviser for the liquidation.
The bankruptcy case was converted to a Chapter 7 liquidation on
Oct. 24, 20219. Lynn L. Tavenner was named a Chapter 7 trustee,and
then Benjamin C. Ackerly, a successor trustee.
Benjamin C. Ackerly retained Tyler P. Brown, Hunton Andrews Kurth
LLP, as counsel for Chapter 7 trustee.
LIBERTY COMMUNICATIONS: S&P Affirms 'B+' ICR, Outlook Negative ----
-------------------------------------------------------------------
S&P Global Ratings revised the outlook on cable and mobile provider
Liberty Communications of Puerto Rico LLC (LCPR) to negative from
stable and affirmed its ratings on the company, including the 'B+'
issuer credit rating.
The negative outlook reflects the potential that adjusted leverage
could remain above 6x over the next 12 months if the company is
unable to significantly reduce integration expenses and expand
earnings.
Weak mobile segment results have pressured earnings. An 8% decline
in residential mobile service revenue contributed to its
weaker-than-expected results as mobile postpaid subscribers
decreased by about 5% on the expiration of Emergency Connectivity
Fund (ECF), intensified competition from T-Mobile, and the mobile
migration, as the company's wireless workforce focused its efforts
on assisting current customers. S&P said, "These factors combined
with ongoing losses in mobile prepaid, which we believe account for
roughly 10% of total residential mobile service revenue, caused
LCPR's first quarter earnings to be significantly lower than we
assumed in our previous base-case forecast. As a result, debt to
annualized EBITDA was 10.5x in the first quarter of 2024 causing
LTM debt to EBITDA to rise to 6.7x from 5.7x for the LTM ended Dec.
31, 2023."
S&P said, "We believe that second quarter earnings will be soft,
but noticeably better than first quarter performance on fewer
integration costs associated with the mobile migration, which was
completed in early April. Still, we do not expect a return to
positive free operating cash flow (FOCF) until the back-half of
2024 on improved earnings driven by fewer headwinds from ECF and
expenses related to the integration of the AT&T wireless assets.
"We believe that intensifying competition from T-Mobile will
continue to pressure LCPR's mobile subscriber metrics this year.
Excluding subscriber losses related to ECF (which we believe will
be minimal after the second quarter of 2024), we expect the
company's mobile postpaid subscriber base will contract 4%-5% in
2024, modestly higher than the pace of subscriber losses in 2023 on
heightened competition from T-Mobile. T-Mobile has had a spectrum
advantage on the island since the acquisition of Sprint in 2020,
which we believe has translated to a better 5G customer experience,
limiting postpaid subscriber additions at LCPR. Still, we believe
the acquisition of Dish's spectrum assets in Puerto Rico and the
U.S. Virgin Islands (USVI) will strengthen LCPR's 5G mobile network
and allow it to compete more effectively with T-Mobile, reducing
net postpaid subscriber losses in 2025 and beyond. The acquisition
(which we expect to close later this year), includes roughly
120,000 of Boost mobile subscribers, which will increase LCPR's
scale in the prepaid market. This partially offsets prepaid
declines, in part, driven by certain sales restrictions governed by
an AT&T transitional services agreement that expired on June 30,
2024.
"We believe residential broadband services revenue will increase by
3%-4% annually through 2025. We expect broadband average revenue
per user (ARPU) growth of 0%-2% and annual subscriber growth of
about 2% through 2025, modestly lower than our previous estimate of
about 2.5%, driven by the negative impact from the expiration of
ACP. We believe that LCPR has been more active in the program than
most small- midsize cable operators given the lower-income
demographics of the island. However, we recognize that unlike peers
in the contiguous U.S., LCPR's competitive position in broadband
over the past two years has been less affected by fixed wireless
access (FWA) and fiber-to-the-home (FTTH) competition, which we
believe could prevent significant customer churn with the
expiration of ACP as there are fewer options available. In
addition, LCPR is the only quadruple-play provider in Puerto Rico
with a dominant broadband position on the island, which we believe
limits customer churn.
"FWA could pressure cable subscriber growth over the next couple of
years. The technology works well and is being offered at low prices
throughout most of the U.S. We expect FWA will continue gaining
market share with discounted service relative to cable, appealing
to more price-sensitive customers that may be willing to compromise
on speed compared with a wired cable connection. We believe many of
these households subscribe to copper-based services and
historically converted to cable when copper networks failed to meet
their data requirements. FWA fills the gap between cable and
copper, typically offering better speeds than copper at prices that
are typically lower than cable. Given the lower-income demographic
in Puerto Rico, we believe there would likely be a strong demand
for this product on the island and T-Mobile is likely the best
positioned competitor to offer the service, which it launched
earlier this year. However, T-Mobile's initial $50 a month offering
appears less competitive than what is being marketed in the
contiguous U.S. and is modestly higher than LCPR's broadband ARPU
of about $48. In addition, the service is limited to qualifying
voice line subscribers, which we believe likely reflects limited
network capacity for any large-scale deployment, which could limit
broadband subscriber churn at LCPR.
"The issuer credit rating incorporates a notch of support from the
group because we believe LLA would support LCPR during periods of
temporary stress. The company is 100% owned by Liberty Latin
America Ltd. (LLA; not rated), which also owns Cable & Wireless
Communications Ltd. (BB-/Stable/B) and Liberty Costa Rica
(B+/Stable/--) While our group credit profile on LLA is 'bb-', we
do not equalize our ratings on the companies because LCPR only
accounts for about 30% of the group's total earnings, and there are
no contractual obligations to provide incentive for support, such
as cross-default provisions among the different credit pools.
Furthermore, there is minimal operational overlap between the group
members. Still, we consider the company to be moderately strategic
to its group.
"The negative outlook reflects that we could lower our rating on
LCPR within the next six to 12-months if there is not a significant
improvement in credit metrics in the second half of 2024 following
the absence of integration expenses.
"We could lower our rating on LCPR if its EBITDA underperforms our
expectations, causing debt to EBITDA to remain above 6x over the
next 12 months. We could also lower our rating if its senior
secured maximum net leverage covenant exceeds 5.5x and we believe
this covenant will be tested within the next 12-months.
"We could revise our outlook on LCPR to stable within the next 12
months if it successfully completes the mobile migration and
expands its EBITDA such that we expect its leverage will approach
the mid-5x area and FOCF to debt approaches 5% on a sustained
basis."
LIFEBACK LAW: Updates Unsecured Claims Pay Details
--------------------------------------------------
LifeBack Law Firm, P.A., submitted a First Modified Plan of
Reorganization under Subchapter V dated July 8, 2024.
This chapter 11 plan of reorganization proposes to pay creditors of
the Debtor with all of the projected disposable income of the
Debtor for a 36-month period. The Plan has a total of 1 secured
class, 1 unsecured class, and 1 class for equity interests.
The Debtor's projections generate sufficient cash flow to fund the
payments due under the Plan and provide payments to unsecured
creditors in the total amount of $30,000 per month, pro-rata, over
the next 36 months.
Class 2 consists of Allowed General Unsecured Claims. As of the
date hereof, the Debtor estimates the total pool of allowed general
unsecured claims to be approximately $980,000. On the Debtor's
schedules, a secured claim for Mr. Scott was listed in the amount
of $293,375.15 and an unsecured claim was scheduled in the amount
of $278,696.17, for a total claim of $572,071.32. However, Mr.
Scott agrees to have an unsecured claim, and waives any arguments
as to a secured claim, in the compromised amount of $393,000. Any
balance of his claim is subject to discharge.
Class 2 also includes a compromised claim of William Kain, Margaret
Henehan, and Kain + Henehan in the amount of $300,000.00. Class 2
includes a claim of Hoglund & Mrozik, P.L.L.C in the approximate
amount of $242,738.
In full satisfaction of such unsecured claims, each Holder of a
Class 2 claim shall receive its pro rata share of $30,000.00 per
month on the Effective Date, for a term of 36 months or more, but
not to exceed 60 months, until all allowed unsecured claims are
paid in full.
Class 3 consists of Equity Interests. Equity interest holders are
parties who hold an ownership interest in the Debtor. The members
of Class 3 are Wesley Scott (60%), William Kain (30%), and Margaret
Henehan (10%). Mr. Scott shall retain his equity interests in the
Debtor on the Effective Date. In order to retire Mr. Kain and Ms.
Henehan's equity interest in LifeBack Law Firm, P.A. and its
affiliate Thirteen-Seventh, LLP, the Debtor will pay a total of
$100,000 ($99,999.00) allocated to the LifeBack Law Firm, P.A.'s
shares, and $1.00 to Thirteen-Seventh, LLP's interest) on the
Effective Date for the retirement of these equity interests.
On the Effective Date, all of the Debtor's respective rights,
title, and interest in and to all assets shall vest in the
reorganized Debtor, and in accordance with section 1141 of the
Bankruptcy Code.
A full-text copy of the First Modified Plan dated July 8, 2024 is
available at https://urlcurt.com/u?l=eMXnEp from PacerMonitor.com
at no charge.
The Debtor's Counsel:
John D. Lamey III, Esq.
LAMEY LAW FIRM, P.A.
980 Inwood Ave N
Oakdale, MN 55128-7094
Tel: 651-209-3550
Email: jlamey@lameylaw.com
About LifeBack Law Firm, P.A.
LifeBack Law Firm, P.A., practices within Minnesota providing legal
counsel for Chapter 7 & 13 bankruptcy.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Minn. Case No. 24-60191) on April 28,
2024.
In the petition signed by Wesley W. Scott, president, the Debtor
disclosed $1,181,944 in assets and $1,789,537 in liabilities.
Judge Michael E. Ridgway oversees the case.
John D. Lamey III, Esq., at LAMEY LAW FIRM, P.A., is the Debtor's
legal counsel.
LIVEONE INC: Expects Revenue of $33.1 Million for Q1 FY2025
-----------------------------------------------------------
LiveOne, Inc., issued a press release July 18 announcing certain
preliminary financial results for its fiscal quarter ended June 30,
2024.
* Expected Record Revenue of $33.1M for Q1 FY2025, up 20% from
Q1
FY2024
* Expected Adjusted EBITDA* of $2.9M, up 31% over Q1 FY2024
* Guides positive cash flow from core operating business of
$17.5M for fiscal year ending March 31, 2025
* Realized annualized cost savings of approximately $5M for Q1
FY2025 and ended Q1 FY2025 with over $10M cash position
* Company expands share repurchase program from $10M to $12M
"We're thrilled to announce our anticipated record-breaking Q1
FY2025 results, driven by strong revenue growth and cost savings
initiatives," said LiveOne CEO and Chairman Robert Ellin. "With a
solid cash position and expanded share buyback program, we're
poised for continued success."
The select anticipated financial results discussed in this press
release are based on management's preliminary unaudited analysis of
financial results for Q1 FY2025. As of July 18, 2024 (the date of
this press release), LiveOne has not completed its financial
statement reporting process for Q1 FY2025, and LiveOne's
independent registered accounting firm has not reviewed the
preliminary financial results discussed in this press release.
During the course of LiveOne's quarter-end closing procedures and
review process, LiveOne may identify items that would require it to
make adjustments, which may be material, to the information
presented above. The estimated preliminary unaudited financial
results contained in this press release are based only on currently
available information as of the date hereof. As a result, the
estimates above constitute forward-looking information and are
subject to risks and uncertainties, including possible adjustments
to preliminary financial results, and are not guarantees of future
performance and may differ from actual results.
About LiveOne
Headquartered in Los Angeles, Calif., LiveOne, Inc. (NASDAQ: LVO)
(formerly known as LiveXLive Media, Inc.) is a creator-first,
music, entertainment, and technology platform focused on delivering
premium experiences and content worldwide through memberships and
live and virtual events. LiveOne's wholly-owned subsidiaries
include Slacker Radio, PodcastOne (Nasdaq: PODC), PPVOne, CPS,
LiveXLive, DayOne Music Publishing, Drumify and Splitmind. LiveOne
is available on iOS, Android, Roku, Apple TV, Spotify, Samsung,
Amazon Fire, Android TV, and through STIRR's OTT applications. For
more investor information, please visit ir.liveone.com.
Los Angeles, Calif.-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated July 1, 2024, citing that the
Company has suffered recurring losses from operations, negative
cash flows from operating activities and has a net capital
deficiency. These matters raise substantial doubt about the
Company's ability to continue as a going concern.
LLT MANAGEMENT: Attorneys Urge Rejection of J&J's Bankruptcy Plan
-----------------------------------------------------------------
Thousands of individuals who are being told they may be eligible
for quick and significant compensation from a proposed $6.5 billion
bankruptcy settlement offered by Johnson & Johnson (NYSE:JNJ) are
being misled, according to other attorneys who represent ovarian
cancer victims.
"We believe there is an ongoing effort to attract approvals for
J&J's third attempt at bankruptcy from those without a documented
and diagnosed claim of ovarian cancer," says Andy Birchfield of the
Beasley Allen Law Firm.
"While individuals may have a gynecological illness or other
medical condition, we don't believe those votes should be used as
part of a bankruptcy effort to coercively resolve ovarian cancer
claims linked to Johnson & Johnson's baby powder. Other claims may
involve a serious condition, but we fear they are only being used
to stuff the ballot box."
Under a pre-packaged bankruptcy, 75% of the plaintiffs or creditors
must approve the proposed plan before it can be filed. Two previous
bankruptcy plans filed by J&J and its affiliates have been denied
by the courts because they were filed in bad faith.
Birchfield and attorneys from more than 50 law firms opposing J&J's
voting scheme believe that the solicitation for "yes" votes is
being used to create a false basis for a bankruptcy that could
reduce payments to their clients, who have incurred individual
losses and expenses of $500,000 or more in battling the disease.
"J&J is aware that the thousands of fantasy cases they are
submitting to bankruptcy make it almost impossible for actual
injured clients to recover," says Mike Papantonio of Levin
Papantonio.
Employing an at-times desperate strategy, J&J has attacked its
former customers who have filed lawsuits, labeling them "nameless"
and "faceless." "This is a profoundly insulting statement to make
about the very customers who trusted the company," says Birchfield.
"Thousands of women -- mothers, sisters, daughters, aunts &
cousins, whose lives have been upended by ovarian cancer linked to
J&J's talc products."
Scores of women have described their pain in videos as they have
battled ovarian cancer and opposed the bankruptcy plan on
principle.
"These are real people who have suffered solely because of the
deceit of Johnson & Johnson," says Richard Golomb of Golomb Legal.
"Under J&J's plan, there is no basis to know how much a client
would be paid or when, but it's logical that accepting an
extraordinarily large number of claims would reduce the benefit
available to all.
"A few thousand dollars is not justifiable for an individual with a
legitimate and longstanding medical diagnosis of ovarian cancer,
but that's what the math of this proposal demonstrates."
The deadline for voting to approve or decline the bankruptcy
proposal is 5 p.m. ET on July 26, 2024.
Attorneys opposing the J&J plan also note that approval would take
away all rights to a jury trial for current and future ovarian
cancer victims. Since 2016, juries have awarded collectively more
than $5.4 billion in compensatory and punitive damages to ovarian
cancer claimants. Although that total has been subsequently reduced
by courts at the trial and appellate level, those reductions have
not been based on the merits of the underlying cases.
"We welcome any individuals and their attorneys to file claims,
with the required medical records and pathology reports, in the
ongoing multidistrict litigation for ovarian cancer cases," says
Michelle Parfitt, co-lead counsel of the plaintiffs' committee over
more than 50,000 plaintiffs whose claims were previously
consolidated in multidistrict litigation (MDL) in federal court.
"The MDL, and civil courts in general, still provide the most fair
and efficient means of trying and resolving these cases, with the
first bellwether trial scheduled for December."
"Those trials have been delayed solely due to J&J's gamesmanship,
desire to avoid trials, and repeated and unsuccessful attempts to
claim bankruptcy for a company valued at nearly $400 billion, says
Leigh O'Dell, co-lead counsel of the plaintiffs' committee in the
MDL litigation. "It's a scheme with direct parallels to that
attempted by Purdue Pharmaceuticals, which the U.S. Supreme Court
recently overturned."
About LLT Management
LLT Management, LLC, (formerly known as LTL Management LLC), is a
subsidiary of Johnson & Johnson (J&J), which was formed to manage
and defend thousands of talc-related claims and oversee the
operations of Royalty A&M. Royalty A&M owns a portfolio of royalty
revenue streams, including royalty revenue streams based on
third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE
products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP, as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee
for Regions 3 and 9 reconstituted the talc claimants' committee and
appointed two separate committees: (i) the official committee of
talc claimants I, which represents ovarian cancer claimants, and
(ii) the official committee of talc claimants II, which represents
mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing the Court to dismiss the 2021 Chapter 11 case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the same day,
issued its mandate directing the Bankruptcy Court to dismiss the
2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed, ending J&J's second attempt to use bankruptcy to resolve
thousands of lawsuits alleging that its talc products sometimes
contained asbestos and caused mesothelioma and ovarian cancer.
LLT MANAGEMENT: Purdue Ruling Affects J&J Next Chapter 11
---------------------------------------------------------
Jef Feeley of Bloomberg News reports that the US Supreme Court has
dealt a potential blow to Johnson & Johnson's plans for settling
long-standing claims that its talc-based baby powders caused
cancer, according to legal experts.
The high court's move to void Purdue Pharma's $6 billion opioid
settlement last month may spill over into J&J's push to end more
than 60,000 lawsuits with the help of Chapter 11 bankruptcy. That
would be a costly development for J&J, which has worked for years
to rid itself of talc lawsuit liabilities and has already spent
billions on the effort.
About LLT Management
LLT Management, LLC, (formerly known as LTL Management LLC), is a
subsidiary of Johnson & Johnson (J&J), which was formed to manage
and defend thousands of talc-related claims and oversee the
operations of Royalty A&M. Royalty A&M owns a portfolio of royalty
revenue streams, including royalty revenue streams based on
third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE
products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP, as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee
for Regions 3 and 9 reconstituted the talc claimants' committee and
appointed two separate committees: (i) the official committee of
talc claimants I, which represents ovarian cancer claimants, and
(ii) the official committee of talc claimants II, which represents
mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing the Court to dismiss the 2021 Chapter 11 case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the same day,
issued its mandate directing the Bankruptcy Court to dismiss the
2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed, ending J&J's second attempt to use bankruptcy to resolve
thousands of lawsuits alleging that its talc products sometimes
contained asbestos and caused mesothelioma and ovarian cancer.
MAWSON INFRASTRUCTURE: Releases Operational Update for June 2024
----------------------------------------------------------------
Mawson Infrastructure Group Inc. announced July 18 its unaudited
business and operational update for June 2024.
Rahul Mewawalla, CEO and president, commented, "We are delighted to
provide updates on a number of fronts -- we are pleased with the
growth of our digital platforms with 56% year-over-year revenue
growth of our digital colocation business and 262% year-over-year
revenue growth of our energy management business, compared to June
of last year. We are also excited to announce the expansion of our
digital assets and computation expertise and strategic competencies
through the execution of a digital colocation agreement to mine
Kaspa. We are thrilled to accelerate innovation across the broader
ecosystem, including proof-of-work ecosystems as we build upon our
position as a next-generation digital infrastructure company and
help enable the advancement and growth of next-gen compute
resources."
Unaudited June Monthly Operating Results Summary
* Digital Colocation Monthly Business Revenue increased 56% Y/Y
to
$2.48 million.
* Energy Management Monthly Business Revenue increased 262% Y/Y
to
$0.74 million.
* Self-Mining Monthly Business Revenue of $0.59 million and
Overall Monthly Revenue of about $3.81 million and the
equivalent of about 58 BTC.
* Completed expansion of the Midland Pennsylvania facility,
strategically located near Pittsburgh, increasing the
Company's
capacity at that facility by 20 MW and to approximately a total
of 129 MW and about 41,530 miners across all facilities.
* Executed new colocation services agreement for about 5,880
IceRiver KAS KS3M to mine Kaspa (KAS). Kaspa (KAS) is a proof-
of-work (PoW) digital asset and currently is the fifth largest
proof-of-work digital asset by market capitalization. The
circulating supply of Kaspa is approximately 24.2 billion KAS
with a current block reward of 98.00 KAS, and the terminal
supply is capped at 28.7 billion KAS.
* Similar to Bitcoin, Kaspa is an open-source, decentralized, and
fully scalable Layer-1 protocol that uses proof-of-work as its
consensus mechanism. However, different from Bitcoin's
blockchain, which is linear and processes one block every ten
minutes, Kaspa utilizes a BlockDAG (Directed Acyclic Graph)
that
enables multiple blocks to be produced simultaneously. The
Kaspa
network currently processes one block every second, allowing
for
faster transactions and providing Kaspa miners with the
opportunity to potentially earn more block rewards in a given
time frame. Executing a Kaspa digital colocation business
services agreement enables Mawson to expand its expertise
across
a broader set of digital assets compute, including digital
assets such as Bitcoin and Kaspa and other emerging high-
performance computing solutions.
Conferences and Events Update
Mawson has planned for its CEO and President, Rahul Mewawalla to
join the following upcoming conferences and events. Please contact
IR@Mawsoninc.com for further information.
* Bitcoin 2024 in July 2024 in Nashville, Tennessee
* Blockchain Futurist in August 2024 in Toronto, Canada
* Gateway Conference in September 2024 in San Francisco,
California
* H.C. Wainwright 26th Annual Global Investment Conference in
September 2024 in New York City, New York
* Token 2049 in September 2024 in Singapore
* Bitcoin Europe in October 2024 in Amsterdam, Netherlands
* World Summit Artificial Intelligence (AI) in October 2024 in
Amsterdam, Netherlands
* Pacific Bitcoin in October 2024 in Los Angeles, California
* Money 20/20 in October 2024 in Las Vegas, Nevada
About Mawson
Headquartered in Midland, Pennsylvania, Mawson Infrastructure Group
Inc. is a 'Digital Infrastructure' Company, which operates (through
its subsidiaries) data centers for the generation of Bitcoin
cryptocurrency in the United States. Because Mawson takes part in
Bitcoin mining, it is often referred to as a Bitcoin miner. The
Company has three primary businesses -- digital currency or Bitcoin
self-mining, customer co-location and related services, and energy
markets.
Boston, Massachusetts-based Wolf & Company, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated March 29, 2024, citing that the Company has incurred
net losses since its inception, and had negative working capital
and will need additional funding to continue operations. This
raises substantial doubt about the Company's ability to continue as
a going concern.
MEIER'S WINE: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Twelve affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Meier's Wine Cellars Acquisition, LLC (Lead) 24-11575
205 Concourse Blvd.
Santa Rosa CA 95403
Girard Winery LLC 24-11576
Mildara Blass Inc. 24-11577
Grove Acquisition, LLC 24-11578
Sabotage Wine Company, LLC 24-11579
Meier's Wine Cellars, Inc. 24-11580
California Cider Co., Inc. 24-11581
Thames America Trading Company Ltd. 24-11582
Vinesse, LLC 24-11583
Vintage Wine Estates, Inc. (CA) 24-11584
Vintage Wine Estates, Inc. (NV) 24-11585
Splinter Group Napa, LLC 24-11587
Business Description: The Debtors comprise a leading vintner in
the United States, producing, bottling and
selling wines and hard ciders through
wholesale, direct-to-consumer and business-
to-business sales. The Debtors' current
portfolio consists of more than 30 brands,
including luxury and lifestyle wines.
The Debtors own and lease approximately
1,850 acres in premium wine-growing regions
of the United States, operating 11 wineries
that support nine tasting rooms.
Chapter 11 Petition Date: July 24, 2024
Court: United States Bankruptcy Court
District of Delaware
Judge: Hon. Mary F. Walrath
Debtors'
Bankruptcy
Counsel: Daniel J. DeFranceschi, Esq.
Michael J. Merchant, Esq.
Zachary I. Shapiro, Esq.
Matthew P. Milana, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 N. King Street
Wilmington, Delaware 19801
Tel: 302.651.7700
Fax: 302.651.7701
Email: defranceschi@rlf.com
merchant@rlf.com
shapiro@rlf.com
milana@rlf.com
- and -
Heather Lennox, Esq.
Carl E. Black, Esq.
JONES DAY
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114
Tel: 216.586.3939
Fax: 216.579.0212
Email: hlennox@jonesday.com
ceblack@jonesday.com
Debtors'
Investment
Banker: GLC ADVISORS & CO., LLC
Debtors'
Financial
Advisor: RIVERON CONSULTING, LLC
Debtors'
Claims/
Noticing
Agent: EPIQ CORPORATE RESTRUCTURING, LLC
Estimated Assets
(on a consolidated basis): $100 million to $500 million
Estimated Liabilities
(on a consolidated basis): $100 million to $500 million
The petitions were signed by Kristina Johnston as secretary and
treasurer.
Full-text copies of four of the Debtors' petitions are available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/Y3LISUY/Meiers_Wine_Cellars_Acquisition__debke-24-11575__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/ZEBGCCY/Girard_Winery_LLC__debke-24-11576__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/ZCG77SI/Mildara_Blass_Inc__debke-24-11577__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/6CQBC3Y/Splinter_Group_Napa_LLC__debke-24-11587__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Withers Road NAPA CA, LP Landlord $1,343,761
Gladstone Land Corporation
1521 Westbranch Drive, Ste 100
McLean, VA 22102
Contact: Matt Jandreau
Phone: 703-287-5893
Email: COMMERCIAL@GLADSTONECOMPANIES.COM
2. Shannon Ranches, Inc. Trade Debt $1,065,136
12601 E Highway 20
Clearlake Oaks, CA 95423
Phone: 916-775-2203
Email: NATALIE@SHANNONRANCHES.COM
3. Federal Express Corp. Trade Debt $1,028,510
3965 Airways Blvd Module G
3rd FL
Memphis, TN 38116-50107
Contact: Kylon Freeman
Phone: 901-252-6173
Email: BANKRUPTCY@FEDEX.COM
4. Fermented Vision Trade Debt $999,813
8958 E Highway 12 Unit 776
Victor, CA 95253-2016
Contact: Adam Mettler
Phone: 209-400-7994
5. Multi-Color Corporation Trade Debt $823,798
c/o WS Packaging Group Inc.
4053 Clough Woods Dr
Batavia, OH 45103
Contact: Kristi P. Nelson,
General Counsel
Email: KRISTI.NELSON@MCCLABEL.COM
6. Distilled Spirits Epicenter Trade Debt $719,095
801 South 8th St
Louisville, KY 40203
Contact: Cindy Allen
Email: CINDYA@FLAVORMAN.COM
7. Ardagh Glass Inc. Trade Debt $620,630
10194 Crosspoint Blvd., Suite 410
Indianapolis, IN 46256
Contact: Tracy Pemberton
Phone: 707-200-9344
Email: TRACY.PEMBERTON@ARDAGHGROUP.COM
8. Oppenheimer & Co. Inc. Trade Debt $600,000
85 Broad St
4th FL
New York, NY 10004
Contact: Albert G Lowenthal
Phone: 212-668-8000
Email: INFO@OPCO.COM
9. Vintners 1904, Inc. Trade Debt $551,854
10815 Minnesota Ave
Penngrove, CA 94951
Contact: Robby Harris
Email: PPETERSON2222@HOTMAIL.COM
10. Saxco International LLC Trade Debt $486,914
1855 Gateway Blvd Suite 400
Concord, CA 94520
Phone: 877-641-4003
Email: CASHAPP@SAXCO.COM
11. MVH, LLC Trade Debt $385,983
5537 Solano Ave
Napa, CA 94558
Contact: Antonio Serrano
Email: ANTONIO@BETTINELLIVINEYARDS.COM
12. Microstar KEG Management LLC Trade Debt $357,500
6400 S Fiddlers Green CIR
Englewood, CO 80111
Contact: Trace La Pierre
Email: ACCOUNTSRECEIVABLE@MIC
ROSTARKEGS.COM
13. Alternative Risk Trade Debt $282,200
Underwriting, LLC
1834 Walden Office Square
Suite 550
Schaumburg, IL 60173
Contact: Melissa Backes
Phone: 847-577-4186
Email: WACHTLER@ARU111.COM
14. Cherry Bekaert LLP Professional $277,167
3800 Glenwood Avenue Services
Suite 200
Raleigh, NC 27612
Contact: Mark Cooter
Phone: 919-782-1040
Fax: 919-783-00976
Email: MCOOTER@CBH.COM
15. Bodega & Vinedos Rio Trade Debt $267,680
Dulce S.A.
Dorrego 4901
Coquimbito, Maipu
Mendoza
Argentina
Contact: Federico Fernandez
Fax: +54 9261 4155977
Email: FEDERICO@DOMICIANO.COM.AR
16. North Andre Juice Trade Debt $259,818
39 Enchanted
Irvine, CA 92620
Phone: 949-888-8692
Fax: 714-386-5353
Email: SALES@NORTHANDRE.COM;
ANDREHK@NORTHANDRE.COM
17. Pricewaterhousecoopers LLP Trade Debt $230,800
PWC US Tax LLP
300 Madison Ave
New York, NY 10017
Contact: Robert Moritz
Phone: 646-471-3000
Fax: 813-286-6000
Email: ROBERT.MORITZ@US.PWC.COM
18. Dirt Farmer and Company Trade Debt $224,360
9725 Los Guilicos Ave
Kenwood, CA 95452-0638
Contact: Stacy Kunde
Phone: 707-833-2054
Email: STACY@DIRTFARMERANDCO.COM
19. Sonoma Brands Partners II, LLC Trade Debt $213,415
117 W. Napa Street, Ste. C
Sonoma, CA 95476
Contact: Shahir Amin
Phone: 707-656-2015
Email: HELLO@SONOMABRANDS.COM
20. Monvera Glass Decor Trade Debt $205,630
1414 Harbour Way South Ste 1400
Richmond, CA 94804
Contact: Narguess Farahi
Phone: 877-792-1150
Fax: (707) 271-6455
Email: INFO@MONVERA.COM;
NARGUESS@MONVERA.COM
21. FruitSmart, Inc. Trade Debt $199,761
500 6th St
PO Box 177
Prosser, WA 99350
Contact: Sara Baudrau,
Director of Finance
Phone: 509-882-9956
Email: INFO@FRUITSMART.COM
22. Bartow Ethanol of Florida LC Trade Debt $196,172
1705 E Mann Rd
Bartow, FL 33830
Contact: Matt Dunbar,
Jessica Ballard
Phone: 863-533-2498
Email: INFO@FRUITSMART.COM
23. G3 Enterprises Inc. Trade Debt $193,022
5174 Sonoma Mountain Road
Santa Rosa, CA 95404
Contact: Ethan Jones
Phone: 805-674-7145
Email: ETHAN.JONES@G3ENTERPRISES.COM
24. SC Warehouses, LLC Trade Debt $187,865
360A Industrial CT
Benicia, CA 94510
Email: HEIDI@EAGLE-REDWOOD.COM
25. Guala Closures North Trade Debt $185,954
America Inc.
2300 S Watney Way Suite A
Fairfield, CA 94533
Email: NEY@GUALACLOSURESNA.COM
26. Cherokee Freight Lines Trade Debt $179,005
3655 Cherokee Rd
Stockton, CA 95205
Phone: 209-931-3570
Fax: (209) 931-1207
Email: SHEREE@GOCFL.COM
27. Ramondin Capsulas Trade Debt $175,386
541 Technology Way
Napa, CA 94558-7589
Contact: Diana McVey
Email: AR.USA@CREALISGROUP.COM
28. Embark Intermediate Trade Debt $174,671
Holdings, LLC
333 1st Ave
Dallas, TX 75226
Phone: 214-225-0148
Email: HELLO@EMBARKWITHUS.COM
29. Gallo Glass Company Trade Debt $170,536
605 S Santa Cruz Ave
Modesto, CA 95354
Phone: 209-341-4527
Email: DSHAFFER@GALLOGLASS.COM
30. Coastal Vineyard Care Trade Debt $170,477
Associates
224 East Highway 245, Suite A
Buellton, CA 93427
Contact: Jeff Newton, Co-Owner
Phone: 805-693-4720
Fax: 805-688-1861
Email: VINEYARD@COASTALVINEYARDCARE.COM
MEXCALITO TACO-BAR: Unsecureds to Split $15K over 3 Years
---------------------------------------------------------
Mexcalito Taco-Bar, Inc., filed with the U.S. Bankruptcy Court for
the District of Massachusetts a Small Business Plan of
Reorganization under Subchapter V dated July 8, 2024.
The Debtor is a duly organized Massachusetts corporation that was
organized on March 16, 2021. The Debtor operates a Mexican
restaurant with a principal place of business at 271 Main Street,
Northampton, MA.
Antonio Marquez Diaz is the President of the Debtor and 51% owner
and Jennifer Albury is the Vice President and 49% owner, and they
continue to operate the Debtor to this day. The Debtor's major
assets include its kitchen equipment, furniture, liquor license and
ongoing daily receipts ("accounts receivables") from credit card
sales.
Starting in the summer of 2023, the Debtor entered into several
Merchant Cash Advance agreements (the "MCAs") and financing through
its point of service provider (credit card sales processing), which
are essentially short-term loans similar to factoring contracts.
Such daily and weekly payments while covering other operating and
business expenses for two locations quickly became unsustainable
for the Debtor. The Debtor closed its Amherst, MA location in late
2023 but was still liable for significant debts that accrued while
attempting to keep both locations open, including state Meals Tax
obligations that accrued in the months leading up to the Debtor's
filing for Chapter 11 protection on April 16, 2024.
The total for filed and scheduled General Unsecured Claims against
the Debtor (including undersecured claims) is $205,653.28.
Class 4 consists of the general unsecured claims. In full and
complete satisfaction, settlement, release and discharge of the
Class 4 Claims, each holder of the Allowed Class 4 Claim shall
receive cash in an amount equal to such Claim's pro rata share of
$15,000. The $15,000 shall be funded in quarterly installments for
the three (3) years after the Effective Date. Class 4 is impaired
under the Plan.
Class 5 consists of holders of Interests in the Debtor. On the
Effective Date, each holder shall retain their Interests in the
Debtor in the same proportions that existed on the Petition Date.
This Plan will be funded from cash on hand, working capital, and
cash from ongoing business operations. The Debtor will continue to
operate in the ordinary course of business. Pursuant to Section
1190(2) of the Code, the Plan provides for the submission of all or
such portion of the future earnings of the Debtor as is necessary
for the execution of the Plan.
A full-text copy of the Plan of Reorganization dated July 8, 2024
is available at https://urlcurt.com/u?l=Bdcl4J from
PacerMonitor.com at no charge.
Counsel for the Debtor:
Gary M. Weiner, Esq.
Robert E. Girvan III, Esq.
Weiner Law Firm, PC
1441 Main Street, Suite 610
Springfield, MA 01103
Tel: (413) 732-6840
Fax: (413) 785-5666
Email: gweiner@weinerlegal.com
rgirvan@weinerlegal.com
About Mexcalito Taco-Bar
Mexcalito Taco-Bar, Inc., operates a Mexican restaurant located at
271 Main Street, Northampton, MA known as Mexcalito Taco Bar, which
is open for lunch and dinner.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 24-30170) on April 16,
2024. In the petition signed by Antonio Marquez Diaz, president,
the Debtor disclosed up to $100,000 in assets and $500,000 in
liabilities.
Judge Elizabeth D. Katz oversees the case.
Robert E. Girvan III, Esq., at Weiner Law Firm, P.C., is the
Debtor's legal counsel.
MIDLAND PLATINUM II: Hits Chapter 11 Bankruptcy in Tennessee
------------------------------------------------------------
Midland Platinum II LLC filed Chapter 11 protection in the Middle
District of Tennessee. According to court documents, the Debtor
reports between $10 million and $50 million in debt owed to 1 and
49 creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
August 2, 2024 at 10:00 a.m. in Room Telephonically on telephone
conference line: 877-934-2472. participant access code: 8613356#.
About Midland Platinum II LLC
Midland Platinum II LLC, doing business as Courtyard Midland, is a
limited liability company.
Midland Platinum II LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-02449) on July 1,
2024. In the petition filed by Mitul Patel, as manager, the Debtor
reports estimated assets up to $50,000 and estimated liabilities
between $10 million and $50 million.
Honorable Bankruptcy Judge Charles M. Walker oversees the case.
The Debtor is represented by:
Henry E. ("Ned") Hildebrand, IV, Esq.
DUNHAM HILDEBRAND PAYNE WALDRON, PLLC
9020 Overlook Blvd., Suite 316
Brentwood, TN 37027
Tel: 615-933-5851
Fax: 615-777-3765
Email: ned@dhnashville.com
MMA LAW: Bid to Hire Walker & Patterson as Counsel Granted
----------------------------------------------------------
Judge Eduardo V. Rodriguez of the United States Bankruptcy Court
for the Southern District of Texas granted the application of MMA
Law Firm, PLLC to employ Walker & Patterson, P.C. as counsel
pursuant to 11 U.S.C. Secs. 327 & 328(a) on both a flat fee and a
contingency fee basis and Sec. 330(a)(1)(B) for reimbursement of
actual and necessary expenses.
Equal Access Justice Fund, L.P. and EAJF ESQ Fund, LP, the United
States Trustee, and the Official Committee of Unsecured Creditors
objected to the request.
Equal Access contends the terms of the Debtor's Application to
Employ are impermissible and that the application should be denied
because:
(1) the Debtor failed to make adequate disclosures as to when
the Flat Fee was paid,
(2) the Debtor failed to disclose what amount, if any, was owed
to Walker Patterson when the Flat Fee was remitted to Walker
Patterson,
(3) generally the Flat Fee is inappropriate,
(4) the Contingency Fee is an "end run” around the cash
collateral rules,
(5) the 40% Contingency Fee would be unconscionable and in
violation of Texas Disciplinary Rule of Professional Conduct
1.04(a),
(6) the Contingency Fee would violate Texas Rule 1.04(f)(1)
because Walker Patterson was not involved in the underlying mass
tort docket,
(7) the "value obtained for the estate” is vague and not
clearly defined,
(8) allowing a contingent fee on a reduction in liability is
impermissible, and
(9) the Contingency Fee makes Walker Patterson not disinterested
as required by Sec. 327(a).
In its objection, the UST asserts that:
(1) because the Flat Fee was paid for post-petition work, there
is no legal or factual basis for approval of the Flat Fee under
Sec. 328(a),
(2) if the Court approves the Flat Fee under Sec. 328(a), it
will deprive the Court of the ability to assess the reasonableness
of the fee later, and
(3) the Contingency Fee is overly broad, excessive, and certain
terms are vague and ill-defined.
On June 13 and 18, 2024, the Court held an evidentiary hearing on
the Application to Employ and all objections. Having weighed all
the factors, all objections are overruled and the Court finds that
the terms of employment in the Application to Employ, and as
modified by stipulations on the record from the Debtor's counsel
that a contingency fee is not sought on a reduction in liability or
any funds received that are subject to a valid security interest,
are reasonable under Sec. 328(a) and the Application to Employ is
granted.
A copy of the Court's decision dated July 18, 2024, is available at
https://urlcurt.com/u?l=WZ9CTd
About MMA Law Firm
MMA Law Firm PLLC is a law firm specializing in insurance claim
management, negotiation, and litigation.
MMA Law Firm PLLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-31596) on April 9,
2024. In the petition signed by Zach Moseley, as managing member,
the Debtor estimated assets between $100 million and $500 million
and estimated liabilities between $10 million and $50 million.
The Honorable Bankruptcy Judge Eduardo V. Rodriguez oversees the
case.
The Debtor is represented by Johnie Patterson, Esq., at Walker &
Patterson, P.C.
MOBILEUM INC: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Mobileum, Inc.
20813 Stevens Creek Boulevard
Suite 200
Cupertino, California 95014
Business Description: The Debtors, together with certain of their
non-debtor affiliates, are providers of
telecom analytics solutions for roaming
and network services, security, fraud
management, revenue and business assurance,
testing, and customer engagement and
experience for global Communication Services
Providers (CSPs). The Debtors' analytics
solutions are provided through a combination
of software, cloud-based products, and third
party hardware as well as maintenance,
subscription, implementation services, and
managed services for those products.
Through this suite of innovative products
and solutions, the Company is able to drive
customer revenues, improve network security,
minimize fraud, and ensure active testing
and network monitoring.
Chapter 11 Petition Date: July 23, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Eleven affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Mobileum, Inc. (Lead Case) 24-90414
Convene Networks LLC 24-90412
Developing Solutions Inc. 24-90413
Matrix Intermediate, Inc. 24-90415
Matrix Holdco, LLC 24-90416
Matrix Parent, Inc. 24-90417
Mobile Acquisition Corp. 24-90418
SIGOS LLC 24-90419
UnwiredSoft Inc. 24-90420
We Do Technologies Americas, Inc. 24-90421
Phase 3 Innovations Holdings, Inc. 24-90422
Judge: TBD
Debtor's
Bankruptcy
Counsel: Gabriel A. Morgan, Esq.
Clifford W. Carlson, Esq.
WEIL, GOTSHAL & MANGES LLP
700 Louisiana Street, Suite 3700
Houston, Texas 77002
Tel: (713) 546-5000
Fax: (713) 224-9511
Email: Gabriel.Morgan@weil.com
Clifford.Carlson@weil.com
- and -
Jeffrey D. Saferstein, Esq.
Alexander W. Welch, Esq.
Daphne Papadatos, Esq.
Eric L. Einhorn, Esq.
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Tel: (212) 310-8000
Fax: (212) 310-8007
Email: Jeffrey.Saferstein@weil.com
Alexander.Welch@weil.com
Daphne.Papadatos@weil.com
Eric.Einhorn@weil.com
Debtors'
Financial
Advisor: FTI CONSULTING INC.
909 3rd Ave, 20th Floor
New York, NY 10022
Debtors'
Investment
Banker: EVERCORE GROUP, L.L.C.
909 3rd Ave, 20th Floor
New York, NY 10022
Debtors'
Claims
Agent: KROLL RESTRUCTURING ADMINISTRATION LLC
55 East 52nd Street
17th Floor
New York, NY 10055
Estimated Assets
(on a consolidated basis): $100 million to $500 million
Estimated Liabilities
(on a consolidated basis): $500 million to $1 billion
The petitions were signed by Mike Salfity as chief executive
officer.
Full-text copies of three of the Debtors' petitions are available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/ZJJ7TMA/Mobileum_Inc__txsbke-24-90414__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/VZSN3FY/Convene_Networks_LLC__txsbke-24-90412__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/GDMDXOA/Developing_Solutions_Inc__txsbke-24-90413__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Jefferies Finance LLC 1L Credit Undetermined
Attn.: Brian Buoye Agreement
520 Madison Avenue
New York, New York 10022
Phone: (212) 284-2300
Email: jfin.admin@jefferies.com
2. Jefferies Finance LLC 2L Credit Undetermined
Attn.: Brian Buoye Agreement
520 Madison Avenue
New York, New York 10022
Phone: (212) 284-2300
Email: jfin.admin@jefferies.com
3. Wilmington Trust, 14% Senior Undetermined
National Association Secured Notes
Attn.: Legal Department
1100 North Market Street-IRW Tax
Wilmington, Delaware 19890
Phone: (716) 635-0210
Email: ldp@mtb.com
4. Integra Micro Systems (P) Ltd. Trade Debt $453,972
Attn.: Nafees Malik
G-5, Swiss Complex, 33 Race Course Road
Bangalore, 560001 India
Phone: +91-80 28565801 (2, 3)
Fax: +91-80-22203928
Email: info@integramicro.com
5. Qualcomm Technologies, Inc. Trade Debt $438,150
Attn.: K Das
5775 Morehouse Drive
San Diego, California 94121-1714
Phone: +852 52903837
Fax: +852 25371188
Email: cvemulap@qti.qualcomm.com
6. Azalio Technologies LLC Trade Debt $288,290
Attn.: Nishu Jindal
8 The Green, Suite A
Dover, Delaware 19901
Phone: +91 98554-44033
Email: nishu.jindal@azalio.io
7. Euratek Odyssey Trading Ltd. Trade Debt $238,185
Attn.: Didi Adil
Allways Centre 16F
468 Jaffe Road, Causeway Bay
Hong Kong
Phone: +852 52903837
Email: didi@euratek.net
8. Sheeltron Digital Systems Pvt. Ltd. Trade Debt $200,138
Attn.: Kokila
No. 10, Seshadripuram Main Road,
Seshadripuram, Bangalore-560 020
Bangalore, Kartnataka 560 020
Phone: (994) 545-2895 Ext. 0000
Email: kokila@sheeltron.com
9. Dialogic Corporation Trade Debt $163,486
Attn.: Echo Yu
216 Route 17 North, Suite 301
Rochelle Park, New Jersey 07662
Phone: (289) 859-7634
Email: ar.dialogic@enghouse.com
10. Integra Datatech Private Limited Trade Debt $153,472
Attn.: Nafees Malik
G-5, Swiss Complex, 33 Race Course Road
Bangalore, 560001 India
Phone: +91-80 28565801 (2, 3)
Fax: +91-80-22203928
Email: info@integramicro.com
11. Cloudera Inc. Trade Debt $149,270
Attn.: Ashley Aherne
5470 Great America Parkway
Santa Clara, California 95054
Phone: (888) 789-1488 Ext. 0008
Email: ar@cloudera.com
12. GSMK Gesellschaft Trade Debt $111,839
fuer Sichere Mobile
Kommunikation mbH
Attn.: GSMK Office Team
Marienstrasse 11
10117 Berlin, Germany
Phone: +49-30-24625000
Fax: +49 030 246 25 00 1
Email: office@cryptophone.de
13. Tech Hat Pvt. Ltd. Trade Debt $111,407
Attn.: Jeevan M R
34/1 Vani Vilas Road
Basavanagudi, Bangalore, 560004 India
Attn.: Jeevan M R
Phone: +919036231767
Email: jeevan.mr@techhat.co.in
14. GSMA Trade Debt $81,020
Attn.: Serena Hayes
100 Abernathy Road, Suite 450
Atlanta, Georgia 30328
Phone: (678) .29-1.00 Ext. 0011
Fax: (678) 281-6601
Email: billing@gsma.com
15. Harkynon Technologies Trade Debt $77,840
Attn.: Temmy Abejide
BLK 4A, PLT 7, Adeleke Adekanmi close
Magodo GRA, Lagos State, Nigeria
Phone: 8060275215
Email: payments@harkynontechnologies.com
16. Simartis Telecom SRL Trade Debt $72,398
Attn.: Ivan Pavlov
Simartis House, Floor 1&2
5 Intrarea Amzei Sector 1
010346, Bucharest, Romania
Phone: +40 21 310 9165
Email: global.info@simartis.com
17. Luminance Technologies Trade Debt $69,940
Attn.: Harry Borovick
6 Duke Street
St. James's, London SW1Y 6BN
United Kingdom
Phone: +44 (0) 204 502 4790
Email: info@luminance.com
18. Indotech Co., Ltd. Trade Debt $67,202
Attn.: Barua Soumendra
Kanda Jimbocho 2 Chome, Building 7F
2-2 Kanda Jimbocho
Chiyoda-Ku, Tokyo, Japan 101-0051
Attn.: Barua Soumendra
Phone: +03-6672-6855
Fax: +03 6674 1269
Email: barua.soumendra@indotech.jp
19. Evernex Hong Kong Ltd. Trade Debt $61,090
Attn.: Joyce Choi
Room 1004, No. 4, Kodak House II,
39 Healthy Street East,
Quarry Bay, Hong Kong, China
Tel: +852-27989877
Fax: +852 2802 4549
Email: jchoi@evernex.com
20. Daemon Enterprise Pte. Ltd. Trade Debt $54,000
Attn.: Kokila Kuk
180 Paya Lebar Road #09-02
Yi Guang Factory Building
Singapore 409032
Tel: +65 6844 7844
Fax: +65 6747 9700
Email: sales.sg@daemon.co.in
21. Thales DIS USA, Inc. Trade Debt $49,464
Attn.: Jana Hlasova
9442 Capital of Texas
Highway North, Suite 400
Austin, Texas 78759
Phone: (703) 838-9685
Fax: (703) 838-9692
Email: corporate.communications@us.thalesgroup.com
22. Aligned Vertical Pvt. Ltd. Trade Debt $42,284
Attn.: Zehra Hayat
2nd Floor, Tower 1 Advant Navis Business Park
Noida, Uttar Pradesh 201301
Phone: (920) 593-6050
Fax: 920-465-3003
Email: account@alignedvertical.com
23. CtrlS Datacenters Limited Trade Debt $40,603
Attn.: Ajay Sarawagi
16, Software Units Layout
Madhapur, (Hitech-City)
Hyderabad, Telangana, 500081
Phone: (871) 261-4578
Email: collections@ctrls.in
24. Crunchy Data Solutions, Inc. Trade Debt $40,140
Attn.: Lauren Hicks
162 Seven Farms Drive, Suite 220
Charleston, South Carolina 29492
Phone: (843) 737-6045
Email: info@crunchydata.co
25. Oracle Belgium Trade Debt $37,202
Attn.: Elena Tudoras
BVBA Medialaan 50,
1800 Vilvoorde Belgium
Phone: +32-80080362
Email: collections_be@oracle.com
26. INFOBRAIN AG Trade Debt $31,890
Attn.: Adrian Kienzi
Im Langhag 5
8307 Effretikon, Switzerland
Phone: +41 523-5532 Ext. 3200
Fax: +41-42/355 32 33
Email: adrian.kienzi@infobrain.com
27. Niveus Solutions Private Limited Trade Debt $31,811
Attn.: Temmy Abejide
4th Floor, Amruth Arcade, above Damro
Showroom, beside Govinda Kalyana Mantapa,
Kinnimulki, Udupi, Karnataka 576101, India
Phone: +91 820 252 0256
Email: biz@niveussolutions.com
28. CISION Portugal Trade Debt $28,800
Attn.: Cali Tran
Dist. de Informacao Geral, S.A
Rua Entre Vinhas,
Edificio Cision, Eiras 3020-171
Phone: (312) 922-2400
Email: finance.uk@cision.com
29. Dbvisit Software Limited Trade Debt $26,725
Attn.: Meloralyn Vandusen
P.O. Box 44223
Point Chevalier, Auckland, New Zealand 1246
Phone: +(64) 9 815 0440 Ext. 3302
Email: sales@dbvisit.com
30. Qosmos Tech SAS Trade Debt $26,706
Attn.: Christian Fieurgand
Immeuble Cardinet 8 Rue
Bernard Buffet, Paris, 75017 France
Phone: +33 140 37 00 02
Fax: + 33 140 37 00 02
Email: christian.fieurgand@enea.com
MOD PIZZA: Elite Buys Co. as Co. Seeks to Stop Ch. 11 Filing
------------------------------------------------------------
MOD Super-Fast Pizza Holdings, LLC (MOD Pizza) announced that Elite
Restaurant Group has acquired 100% of the equity in the company
pursuant to a merger agreement between the company and an affiliate
of Elite.
"MOD has an outstanding culture and passionate, loyal guests and
employees," Michael Nakhleh, president and owner of Elite
Restaurant Group, said in a news release. "We recognize the
inherent value this represents and look forward to helping MOD
write the next chapter in its history."
The deal gives Elite Restaurant Group 100 percent equity in MOD
Pizza. The purchase price was not disclosed.
Prior to the merger and sale Bloomberg reported in early July that
Mod Pizza was preparing a potential bankruptcy filing.
The company has more than 500 locations across the US and got its
start in 2008 in Seattle. Known for its custom personal pizzas and
salads, it received a $150 million investment from Clayton Dubilier
& Rice in 2019. It filed paperwork for an initial public offering
in 2021.
MOD is a build-your-own, fast-casual pizza franchise that charges
one price for unlimited toppings. MOD Pizza, which was founded in
Seattle in 2008, currently has 512 locations in 28 states, with the
most in Texas and Washington. The pizza chain has already closed
44 company-owned restaurants this year.
Elite Restaurant Group is a company based in Southern California.
Elite bought pizza brand Project Pie in 2019 and rebranded it to
Patxi's Pizza, a deep-dish pizza chain Elite bought in 2018.
Elite, led by Michael Nakhleh, also owns Slater's 50/50 and Gigi's
Cupcakes, among others.
MOD hired law firm Latham & Watkins as legal counsel and Miller
Buckfire & Co. as its investment banker.
Latham & Watkins LLP represents MOD Pizza in the transaction with a
corporate deal team led by Century City partner David Zaheer, with
associates Dylan Towns, Mark Goshgarian, Madeleine West, and Grace
Garcea. Advice was also provided on restructuring matters by Los
Angeles partner Ted Dillman and New York partners George Davis and
Anu Yerramalli, with associates Brian Rosen, Nicholas Messana,
Madeleine Parish, Rebekah Presley, Jessmine Lee, Meghana
Vunnamadala, and Beau Parker; on litigation matters by New York
partner Christopher Harris and Boston partner Betsy Marks; on
finance matters by Los Angeles partner Mark Morris and Los Angeles
counsel Jonathan Shih, with associates Rychelle Andersen and
Kendall Ota; on intellectual property matters by Los Angeles
partner Ghaith Mahmood and Orange County counsel David Kuiper, with
associate Nathan Wages; on employment/employee benefits matters by
Bay Area partner Jay Metz and New York counsel Sandra Benjamin,
with associate Karis Stephen; and on tax matters by Chicago partner
Joe Kronsnoble and Houston partner Jim Cole, with associate
Dominick Constantino.
About Mod Pizza
Mod Pizza is a fast-casual restaurant chain.
MR. KNICKERBOCKER: Kicks Off Subchapter V Bankruptcy
----------------------------------------------------
Mr. Knickerbocker Inc. filed Chapter 11 protection in the District
of South Carolina. According to court documents, the Debtor reports
between $1 million and $10 million in debt owed to 100and 199
creditors. The petition states that funds will be available to
unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
August 5, 2024 at 10:30 a.m. in Room Telephonically.
About Mr. Knickerbocker Inc.
Mr. Knickerbocker Inc. is a retailer of apparel and accessories.
Mr. Knickerbocker Inc. sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. S.C. Case No.: 24-02433)
on July 5, 2024. In the petition filed by John A. Yeomans, as vice
president, the Debtor reports estimated assets between $100,000 and
$500,000 and estimated liabilities between $1 million and $10
million.
The Honorable Bankruptcy Judge Helen E. Burris oversees the case.
The Debtor is represented by:
W. Harrison Penn, Esq.
PENN LAW FIRM LLC
1517 Laurel Street
Columbia, SC 29201
Tel: (803) 771-8836
Email: hpenn@pennlawsc.com
MURDOCH FINANCE: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Murdoch Finance Company
383 N. Orchard Street
Boise, ID 83706
Business Description: Murdoch Finance is a provider of car loans
and auto financing in Boise Idaho.
Chapter 11 Petition Date: July 24, 2024
Court: United States Bankruptcy Court
District of Idaho
Case No.: 24-00481
Judge: Hon. Noah G Hillen
Debtor's Counsel: Matthew Christensen, Esq.
JOHNSON MAY
199 N. Capitol Blvd.
Suite 200
Boise, ID 83702
Tel: (208) 384-8588
Email: mtc@johnsonmaylaw.com
Total Assets: $1,744,524
Total Liabilities: $13,987,052
The petition was signed by Richard Bruce Murdoch as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/LQCCWXI/Murdoch_Finance_Company__idbke-24-00481__0001.0.pdf?mcid=tGE4TAMA
NATURALSHRIMP INC: Incurs $15.6M Net Loss in FY Ended March 31
--------------------------------------------------------------
NaturalShrimp Incorporated filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$15.60 million on $320,606 of net revenue for the year ended March
31, 2024, compared to a net loss of $15.99 million on $37,832 of
net revenue for the year ended March 31, 2023.
As of March 31, 2024, the Company had $27.72 million in total
assets, $38.57 million in total liabilities, $1.98 million in
series E redeemable convertible preferred stock, $43.61 million in
series F redeemable convertible preferred stock, $432,000 in series
G redeemable convertible preferred stock, and a total stockholders'
deficit of $56.88 million.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated July 17, 2024, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
NaturalShrimp said, "Our ability to continue as a going concern is
dependent on our ability to raise the required additional capital
or debt financing to meet short and long-term operating
requirements. We may also encounter business endeavors that require
significant cash commitments or unanticipated problems or expenses
that could result in a requirement for additional cash. As we
continue to raise additional funds through the issuance of equity
or convertible debt securities, the percentage ownership of our
current stockholders could be reduced, and such securities might
have rights, preferences, or privileges senior to our common stock.
Additional financing may not be available upon acceptable terms, or
at all. If adequate funds are not available to us or are not
available on acceptable terms, we may not be able to take advantage
of prospective business endeavors or opportunities, which could
significantly and materially restrict our operations. If we are
unable to obtain the necessary capital, we may have to cease
operations."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001465470/000149315224028214/form10-k.htm
About NaturalShrimp
Headquartered in Dallas, Texas, NaturalShrimp, Inc. --
(http://www.naturalshrimp.com-- is an aquaculture technology
company that has developed proprietary, patented platform
technologies to allow for the production of aquatic species in an
ecologically-controlled, high-density, low-cost environment, and in
fully contained and independent production facilities without the
use of antibiotics or toxic chemicals. NaturalShrimp owns and
operates indoor recirculating Pacific White shrimp production
facilities in Texas and Iowa using these technologies.
NEVER FORGET BRANDS: Seeks Chapter 11 Bankruptcy
------------------------------------------------
Kirk O'Neil of The Street reports that popular vodka distiller
Never Forget Brands, which manufactures GameDay Vodka and Spiked
canned vodka cocktails, on July 10, 2024 filed for Chapter 11
bankruptcy facing judgment liens from the National Football
League's Buffalo Bills, owed $560,000, and New England Patriots
affiliate Kraft Sports and Entertainment, owed $450,000.
The debtor, which filed its petition in the U.S. Bankruptcy Court
for the District of South Carolina, also owes unsecured claims to
other NFL teams, including the Denver Bronco's affiliate Stadium
Management Co. ($500,000,) Baltimore Ravens ($150,000,) New Orleans
Saints ($150,000) and Indianapolis Colts ($110,000.) Additionally,
the company faces a judgment lien for $377,678 owed to Revel XP, a
college hospitality, tailgating and ticket package provider.
All litigation involving Never Forget Brands is subject to an
automatic stay while the bankruptcy case proceeds.
The Isle of Palms, S.C., debtor listed $14.8 million in total
assets and $13.7 million in total liabilities in its petition. The
debtor's largest unsecured creditors include glass bottle
manufacturer Pavisa USA, owed $2.1 million; collegiate sports
marketing company Learfield Communications, owed $2.1 million; and
Acceleration Group, a specialty lender for the craft cocktail
industry, owed over $1 million.
The debtor did not state a specific reason for filing bankruptcy in
its petition. GameDay's Facebook and LinkedIn pages did not mention
the Chapter 11 bankruptcy filing.
Never Forget Brands' GameDay in 2022 had become the official vodka
of 14 NFL and NCAA teams after operating for only two years. In
June 2022, the company launched its GameDay Spiked vodka cocktails
with three flavors: fruit punch flavored The Goat, lemon-lime
flavored Cleat Chaser and strawberry lemonade flavored Cinderella
Story. The beverages contain 99 calories and 5% alcohol by volume.
About Never Forget Brands
Never Forget Brands, doing business as GameDay Spirits, is a
popular vodka distiller that manufactures GameDay Vodka and Spiked
canned vodka cocktails.
Never Forget Brands sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.S.C. Case No. 24-02470) on July 10, 2024.
In its petition, the Debtor listed $14.8 million in total assets
and $13.7 million in total liabilities.
The Debtor is represented by:
Christine E Brimm, Esq.
Barton Brimm, PA
2202 Waterway Blvd.
Isle Of Palms, SC 29451
NEXTTRIP INC: Gets Nasdaq Notification Regarding Late 10-Q Filing
-----------------------------------------------------------------
NextTrip, Inc. announced July 19 it received a notice from the
listing qualifications department of the Nasdaq Stock Market LLC on
July 17, 2024 stating the Company remains noncompliant with Nasdaq
Listing Rule 5250(c)(1), as a result of not having timely filed its
Quarterly Report on Form 10-Q for the fiscal quarter ended May 31,
2024. Additionally, the Company has not yet filed its Annual
Report on Form 10-K for the fiscal year ended Feb. 29, 2024.
Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely
file all periodic reports with the Securities and Exchange
Commission.
As previously disclosed, the Company received a notification letter
from Nasdaq on June 17, 2024 due to its failure to timely file its
Annual Report on Form 10-K for the fiscal year ended Feb. 29, 2024
with the SEC.
The Nasdaq notification letters have no immediate effect on the
listing of the Company's common stock on The Nasdaq Capital
Market.
The Nasdaq notification letters provide that the Company has until
Aug. 16, 2024, to either file its delinquent Annual and Quarterly
Reports with the SEC or submit a plan to Nasdaq to regain
compliance with Nasdaq Listing Rule 5250(c)(1). If Nasdaq accepts
the plan, Nasdaq may grant an exception of up to 180 calendar days
from the Annual Report's due date, or until Dec. 10, 2024, for the
Company to regain compliance. If the Company does not regain
compliance within the allotted compliance period, including any
exception period that may be granted by Nasdaq after submission of
a plan to regain compliance, if applicable, Nasdaq will provide
notice that the Company's common stock will be subject to
delisting. The Company would then be entitled to appeal that
determination to a Nasdaq hearings panel under Nasdaq Listing Rule
5815(a).
The Company currently intends to file the delinquent Annual and
Quarterly Reports with the SEC, or, if it is unable to do so,
submit a plan to regain compliance to Nasdaq by the Aug. 16, 2023
deadline.
The Company said there can be no assurance that it will regain
compliance with Nasdaq Listing Rule 5250(c)(1), secure an exception
of 180 calendar days from the Annual Report's due date to regain
compliance, or maintain compliance with other Nasdaq listing
requirements.
About NextTrip Inc.
NextTrip (formerly known as Sigma Additive Solutions, Inc. --
https://investors.nexttrip.com -- is a technology-driven platform
delivering innovative travel booking and travel media solutions.
NextTrip Leisure provides individual and group travelers with
vacations to the most popular and sought-after destinations in
Mexico, the Caribbean and across the world. NextTrip Media
platform - Travel Magazine offers a social media platform for
viewers to explore, educate and share with friends their "bucket
list" travel. Additionally, NextTrip is launching an end-to-end
content ecosystem that uses AI assisted travel planning to capture
advertising, building brand awareness, rewarding loyalty and
driving bookings.
"Due to uncertainties regarding our ability to meet our current and
future operating and capital expenses, there is substantial doubt
about our ability to continue as a going concern for 12 months from
the date of the filing of this Quarterly Report," said Nexttrip in
its Quarterly Report for the period ended Sept. 30, 2023.
NGUYEN RAINBOW: Unsecureds to Get $2,500 per Month for 60 Months
----------------------------------------------------------------
Nguyen Rainbow Inc. and Giao Thuy Nguyen filed with the U.S.
Bankruptcy Court for the Southern District of Texas a Joint Plan of
Reorganization dated July 8, 2024.
The debtor Nguyen Rainbow is a Texas Corporation formed on November
5, 2013 that operates a wholesale restaurant equipment and supply
store in Houston, Texas under its assumed name Arc Restaurant
Equipment Supply.
Nguyen Rainbow is managed and owned by an individual named the
debtor Giao Thuy Nguyen. Ms. Nguyen has served as President of
Nguyen Rainbow since its formation on November 5, 2013 and overseas
the day-to-day operations of Nguyen Rainbow.
Nguyen Rainbow operates a store front which it leases from MMMQ,
LLC (Wu Properties) located at 11736 Bellaire Blvd, Houston, Texas,
77072 where it sells restaurant equipment and restaurant supply
items to local restaurants in Houston, Texas. In addition to
leasing retail space, it owns a commercial building located on 6489
Wilcrest Dr, Houston, Texas 77072 where it currently leases space
part of its space. Nguyen Rainbow employs 4 individuals.
On or about September 30, 2016, Ms. Nguyen entered into a
promissory note financing the purchase of Nguyen Rainbow from
Houston RS Inc. Prior to the pandemic, Nguyen Rainbow and Ms.
Nguyen were current on their obligations under the bill of sale,
however, due to financial strain imposed in restaurants in Houston,
Texas due to labor shortages Nguyen Rainbow suffered dramatic
losses as its existing customers halted or scaled back their
purchases.
Class 3 shall consist of Allowed General Unsecured Claims and the
Deficiency Claim Houston RS Inc. In full satisfaction, holders of
claims in Class 3 shall receive monthly Pro Rata Cash payments of
$2,500.00, reflecting the Debtors' Disposable Income for a period
of 60 months. Payments shall commence the first day of the calendar
month following the Effective Date. Class 3 is impaired and
entitled to vote on the Plan.
In the event of any failure of the Reorganized Debtor(s) to timely
make their required plan payments to Holders of General Unsecured
Claims, which shall constitute an event of default under the plan
as to these Claimants, the Claimants shall send a Notice of Default
to the Reorganized Debtor(s). If Default is not cured within 30
days of the date of such notice, Holders of General Unsecured
Claims may proceed to collect all amounts owed pursuant to state
law without further recourse to the Bankruptcy Court. The Claimants
are only required to send 2 Notices of Default, and upon the third
event of default, the Claimants may proceed to collect all amounts
owed under state law without further notice.
The equity interest holders of this Plan shall retain their
respective equity interests.
The payments contemplated in this Plan shall be funded from income
generated from continued operations of the Debtors. The Debtors
intend on supplementing the joint Plan with a five year forecast on
or before confirmation of the Plan.
A full-text copy of the Joint Plan dated July 8, 2024 is available
at https://urlcurt.com/u?l=P39VGa from PacerMonitor.com at no
charge.
Attorneys for the Debtors:
Susan Tran Adams, Esq.
Brendon Singh, Esq.
Tran Singh LLP
2502 La Branch Street
Houston, TX 77004
Telephone: (832) 975-7300
Facsimile: (832) 975-7301
Email: stran@ts-llp.com
About Nguyen Rainbow
Nguyen Rainbow Inc. operates a restaurant equipment and supply
retail store in the Westchase district of Houston, Texas.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 24-31591) on April 8,
2024, with up to $10 million in both assets and liabilities. Giao
T. Nguyen, president, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.
Susan Tran Adams, Esq., at Tran Singh, LLP, is the Debtor's legal
counsel.
NORTHRIVER MECHANICAL: Commences Subchapter V Bankruptcy Proceeding
-------------------------------------------------------------------
Northriver Mechanical Co. Inc. filed Chapter 11 protection in the
Northern District of Alabama. According to court filing, the Debtor
reports $1,650,575 in debt owed to 50 and 99 creditors. The
petition states funds will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
July 31, 2024 at 10:00 a.m. at 2005 University Blvd Rm 1502
Tuscaloosa.
About Northriver Mechanical
Northriver Mechanical Co. Inc. is in the specialized business of
the fabrication and installation of HVAC piping for commercial and
industrial applications and use.
Northriver Mechanical Co. Inc. sought relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No.
24-70888) on July 3, 2024. In the petition filed by Joshua A.
Guthrie, as president, the Debtor reports total assets of $694,512
and total liabilities of $1,650,575.
The Honorable Bankruptcy Judge Jennifer H. Henderson oversees the
case.
The Debtor is represented by:
Marshall A. Entelisano, Esq.
MARSHALL A. ENTELISANO, P.C.
701 22nd Avenue
Suite 2
Tuscaloosa, AL 35401
Tel: 205-752-1202
Email: marshall@marshall-lawfirm.com
NOVO INTEGRATED: Incurs $13.74 Million Net Loss in Third Quarter
----------------------------------------------------------------
Novo Integrated Sciences, Inc., filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $13.74 million on $3.15 million of revenues for the
three months ended May 31, 2024, compared to a net loss of $1.49
million on $3.29 million of revenues for the three months ended May
31, 2023.
For the nine months ended May 31, 2024, the Company reported a net
loss of $21.14 million on $10.21 million of revenues, compared to a
net loss of $10.07 million on $9.27 million of revenues for the
same period in 2023.
As of May 31, 2024, the Company had $35.33 million in total assets,
$25.66 million in total liabilities, and $9.66 million in total
stockholders' equity.
Novo Integrated stated, "The Company has incurred recurring losses
from operations, has negative cash flows from operating activities,
and has an accumulated deficit as of May 31, 2024. The Company
believes that its cash and other available resources may not be
sufficient to meet its operating needs and the payment of
obligations related to various business acquisitions as they come
due within one year after the date the unaudited condensed
consolidated financial statements are issued.
"In an effort to alleviate these conditions, the Company has
considered equity and/or debt financing and/or asset monetization.
There can be no assurance that funding would be available, or that
the terms of such funding would be on favorable terms if available.
Even if the Company is able to obtain additional financing, it may
contain undue restrictions on our operations, in the case of debt
financing, or cause substantial dilution for our stockholders, in
the case of equity financing. These conditions, along with the
matters noted above, raise substantial doubt about the Company's
ability to continue as a going concern within one year after the
date the unaudited condensed consolidated financial statements are
issued.
"While management has developed and is in process to implement
plans that management believes could alleviate in the future the
substantial doubt that was raised, management concluded at the date
of the issuance of the unaudited condensed consolidated financial
statements that substantial doubt exists as those plans are not
completely within the control of management."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1138978/000149315224028543/form10-q.htm
About Novo Integrated
Novo Integrated Sciences, Inc., headquartered in Bellevue,
Washington, owns Canadian and U.S. subsidiaries which provide, or
intend to provide, essential and differentiated solutions to the
delivery of multidisciplinary primary care and related wellness
products through the integration of medical technology,
interconnectivity, advanced therapeutics, diagnostic solutions,
unique personalized product offerings, and rehabilitative science.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Dec. 14, 2023, citing that the
Company has incurred recurring losses from operations, has negative
cash flows from operating activities, and has an accumulated
deficit as of Aug. 31, 2023. These factors, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.
OAK MOUNTAIN: Rita Hullett Named Subchapter V Trustee
-----------------------------------------------------
The U. S. Bankruptcy Administrator for the Northern District of
Alabama appointed Rita L. Hullett at Rita L. Hullett, LLC as
Subchapter V trustee for Oak Mountain Brewing Company, LLC.
The Subchapter V trustee can be reached at:
Rita L. Hullett
Rita L. Hullett, LLC
217 Country Club Park #512
Birmingham, Alabama 35213
Phone: 205-276-9807
Email: rhullett@rlhllc.org
About Oak Mountain Brewing
Oak Mountain Brewing Company, LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02131)
on July 15, 2024, with as much as $50,000 in both assets and
liabilities.
Judge Tamara O. Mitchell presides over the case.
Gina H. McDonald, Esq., represents the Debtor as legal counsel.
OCEANVIEW BEACH: Seeks Chapter 11 Bankruptcy Protection
-------------------------------------------------------
Oceanview Beach Apartments 2018 L.P. filed Chapter 11 protection in
the Central District of California. According to court documents,
the Debtor reports $2,758,980 in debt owed to 1 and 49 creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
August 8, 2024 at 10:00 a.m. at UST-SVND2, TELEPHONIC MEETING.
CONFERENCE LINE:1-866-820-9498, PARTICIPANT CODE:6468388.
About Oceanview Beach Apartments 2018 L.P.
Oceanview Beach Apartments 2018 L.P. is a Single Asset Real Estate
as defined in 11 U.S.C. Section 101(51B). The Debtor is the fee
simple owner of a real property located at 1273 Belridge Street,
Oceano CA 93445 valued at $4.95 million.
Oceanview Beach Apartments 2018 L.P. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10746) on
July 3, 2024. In the petition signed by James Harris, as Trustee,
Pismo Oceano Management Trust, General Partner, the Debtor reports
total assets of $4,950,117 and total liabilities of $2,758,980.
Honorable Bankruptcy Judge Ronald A. Clifford III oversees the
case.
The Debtor is represented by:
Robert M. Yaspan, Esq.
LAW OFFICES OF ROBERT M. YASPAN
21700 Oxnard Street, Suite 1750
Woodland Hills, CA 91367
Tel: 818-905-7711
Fax: 818-501-7711
E-mail: ryaspan@yaspanlaw.com
OLYMPUS WATER: S&P Withdraws 'B-' Issuer Credit Rating
------------------------------------------------------
S&P Global Ratings withdrew its 'B-' issuer credit rating on
Olympus Water Holdings IV L.P. At the time of the withdrawal, its
outlook on the company was stable.
This action follows Olympus' decision earlier this year to publish
its financials at its current parent, Solenis Holding Ltd.
PDK LLC: Timothy Stone Named Subchapter V Trustee
-------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Timothy Stone of
Newpoint Advisors Corporation as Subchapter V trustee for PDK,
LLC.
Mr. Stone will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Stone declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Timothy Stone
Newpoint Advisors Corporation
750 Old Hickory Blvd, Building Two, Suite 150
Brentwood, TN 37027
Phone: 800-306-1250/615-440-8273
Fax: (702) 543-3881
Email: tstone@newpointadvisors.us
About PDK LLC
PDK, LLC is a locally-owned casual eatery serving a fresh take on
Southern favorites with its signature chicken and waffles, shrimp
and grits, and PDK burger dishes.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tenn. Case No. 24-02652) on July 17,
2024, with $93,040 in assets and $2,283,108 in liabilities. Peter
Demos, managing partner, signed the petition.
Judge Randal S. Mashburn presides over the case.
Henry E. ("Ned") Hildebrand, IV, Esq. at DUNHAM HILDEBRAND PAYNE
WALDRON, PLLC represents the Debtor as legal counsel.
PERASO INC: Expects Second Quarter Revenue of $4.2 Million
----------------------------------------------------------
Peraso Inc. announced July 16 preliminary revenue results for the
second quarter ended June 30, 2024. Total net revenue for the
second quarter is anticipated to be approximately $4.2 million,
exceeding the Company's previous guidance of revenue to range
between $3.7 million and $4.0 million.
"Our stronger than expected preliminary revenue results for the
second quarter represent strong growth of over 50% sequentially and
over 70% year-over-year," stated Ron Glibbery, CEO of Peraso. "The
higher revenue for the quarter was primarily driven by increased
shipments of our end-of life ("EOL") memory IC products, combined
with a new volume production order for our mmWave antenna modules
in support of the initial deployment of our DUNE platform by a
South African service provider. We expect additional incremental
orders from this customer in the coming quarters, together with a
growing number of mmWave customer engagements targeting
gigabit-speed fixed wireless access applications in dense urban
environments."
Glibbery concluded, "The further ramping of our mmWave shipments,
as well as continued fulfillment of our sizable backlog orders of
EOL memory products, gives us increased confidence in the Company's
outlook for continued growth in the second half of 2024."
About Peraso Inc.
Headquartered in San Jose, California, Peraso Inc. --
www.perasoinc.com -- is a fabless semiconductor company focused on
the development and sale of: i) millimeter wavelength wireless
technology, or mmWave, semiconductor devices and antenna modules
based on our proprietary semiconductor devices and ii) performance
of non-recurring engineering, or NRE, services and licensing of
intellectual property, or IP. The Company's primary focus is the
development of mmWave, which is generally described as the
frequency band from 24 Gigahertz, or GHz, to 300 GHz. The
Company's mmWave products enable a range of applications including:
multi-gigabit point-to-point, or PtP, wireless links with a range
of up to 25 kilometers and operating in the 60 GHz frequency band;
multi-gigabit point-to-multi-point, or PtMP, links in the 60 GHz
frequency band used to provide fixed wireless access, or FWA,
services; FWA in the 5G operating bands from 24 GHz to 43 GHz to
provide multi-gigabit capability and low latency connections;
military communications; and consumer applications, such as high
performance wireless video streaming and untethered augmented
reality and virtual reality. The Company also has a line of
memory-denominated integrated circuits, or ICs, for high-speed
cloud networking, communications, security appliance, video,
monitor and test, data center and computing markets that deliver
time-to-market, performance, power, area and economic benefits for
system original equipment manufacturers, or OEMs.
Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 29, 2024, citing that during the year ended Dec.
31, 2023, the Company incurred a net loss and utilized cash in
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
PLAY DAY CAFE: Frederic Schwieg Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Frederic Schwieg,
Esq., at Schwieg Law, as Subchapter V trustee for Play Day Cafe,
LLC.
Mr. Schwieg will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Schwieg declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Frederic P. Schwieg, Esq.
Schwieg Law
2705 Gibson Drive
Rocky River, OH 44116-1815
Phone: (440) 499-4506
Email: fschwieg@schwieglaw.com
About Play Day Café
Play Day Cafe, LLC is a privately held company that owns and
operates a recreational facility featuring a mega-sized playground,
a cafe with healthy eating choices and party rooms to host birthday
parties and other group events.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-51063) on July 16,
2024, with $50,225 in assets and $1,145,222 in liabilities. Barbara
A. Riles, member, signed the petition.
Judge Alan M. Koschik presides over the case.
Steven J. Heimberger, Esq. at RODERICK LINTON BELFANCE LLP
represents the Debtor as legal counsel.
POET TECHNOLOGIES: Closes US$10 Million Registered Direct Offering
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POET Technologies Inc. disclosed in a Form 6-K Report filed with
the U.S. Securities and Exchange Commission that on July 19, 2024,
the Company entered into a securities purchase agreement with MMCAP
International Inc. SPC, pursuant to which the Company agreed to
sell and issue to the Purchaser, in a registered direct offering,
consisting of an aggregate of (i) 3,333,334 common shares, without
par value, and (ii) a warrant or warrants exercisable for an
aggregate of up to 3,333,334 Common Shares. The Common Shares and
the accompanying Warrant in respect of one Common Share, can only
be purchased together in this Offering but will be issued
separately and will be immediately separable upon issuance. The
price for each Common Share and accompanying Warrant in respect of
one Common Share was $3.00. No placement agent is involved in this
Offering.
In a press release dated, July 19, 2024, the Company announced that
it has completed the registered direct offering with a single
institutional investor pursuant to which the Corporation issued
3,333,334 common shares and warrants exercisable to acquire
3,333,334 Common Shares for aggregate gross proceeds of
US$10,000,002. The combined price of one Common Share and
accompanying Warrant in respect of one Common Share was US$3.00 (or
approximately C$4.09). Each Warrant is exercisable to acquire one
Common Share at an exercise price of US$4.00 (or approximately
C$5.45) per Common Share for a period of five years from the date
of issuance.
POET is currently experiencing strong demand for its proprietary
optical engine technology that powers 800G and 1.6T speed optical
modules for AI processing clusters and light sources for advanced
chip-to-chip light-based data communications and high-speed
computing. The Corporation intends to use the net proceeds of the
Offering for working capital and general corporate purposes. No
commission or finder's fee was paid by the Corporation and no
underwriter or sales agent was engaged by the Corporation in
connection with the Offering.
This Offering is being made pursuant to an effective shelf
registration statement on Form F-3 (File No. 333-273853) previously
filed with the U.S. Securities and Exchange Commission on August 9,
2023, and declared effective on August 18, 2023. A prospectus
supplement and accompanying prospectus describing the terms of the
offering was filed with the SEC on July 19, 2024, and is available
on the SEC's website located at www.sec.gov. All Common Shares and
Warrants issued under the Offering were distributed to a purchaser
located outside of Canada in reliance on OSC Rule 72-503 –
Distributions Outside of Canada and, accordingly, all Common Shares
and Warrants issued under the Offering are not subject to a
Canadian statutory hold period in accordance with applicable
Canadian securities laws. The Offering remains subject to the final
acceptance of the TSX Venture Exchange.
About POET Technologies Inc.
POET -- www.poet-technologies.com -- is a design and development
company offering high-speed optical modules, optical engines and
light source products to the artificial intelligence systems market
and to hyperscale data centers. POET's photonic integration
solutions are based on the POET Optical Interposer, a novel,
patented platform that allows the seamless integration of
electronic and photonic devices into a single chip using advanced
wafer-level semiconductor manufacturing techniques. POET's Optical
Interposer-based products are lower cost, consume less power than
comparable products, are smaller in size and are readily scalable
to high production volumes. In addition to providing high-speed
(800G, 1.6T and above) optical engines and optical modules for
AIclusters and hyperscale data centers, POET has designed and
produced novel light source products for chip-to-chip data
communication within and between AI servers, the next frontier for
solving bandwidth and latency problems in AI systems. POET's
Optical Interposer platform also solves device integration
challenges in 5G networks, machine-to-machine communication,
self-contained "Edge" computing applications and sensing
applications, such as LIDAR systems for autonomous vehicles. POET
is headquartered in Toronto, Canada, with operations in Allentown,
PA, Shenzhen, China, and Singapore.
Hartford, Conn.-based Marcum LLP, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated March
15, 2024, citing that the Company has incurred significant losses
over the past few years and needs to raise additional funds to meet
its future obligations and sustain its operations. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
POSEIDON CHARTERS: Linda Leali Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 21 appointed Linda Leali, Esq., as
Subchapter V trustee for Poseidon Charters, Inc.
Ms. Leali will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Leali declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Linda M. Leali
Linda M. Leali, P.A.
2525 Ponce De Leon Blvd., Suite 300
Coral Gables, FL 33134
Telephone: (305) 341-0671, ext. 1
Facsimile: (786) 294-6671
Email: leali@lealilaw.com
About Poseidon Charters
Poseidon Charters, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-17002) on July
12, 2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Warren B. Pettegrow, president, signed the
petition.
Bradley S. Shraiberg, Esq., at Shraiberg Page, PA represents the
Debtor as legal counsel.
PROFESSIONAL DIVERSITY: Appoints Katherine Lauderdale to Board
--------------------------------------------------------------
Professional Diversity Network, Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that
Courtney C. Shea notified the Board of Directors of the Company of
her decision to resign from the Board effective August 1, 2024. The
Company understands that Ms. Shea's decision to resign was not a
result of any disagreement with the Company.
On July 18, 2024, upon the recommendation of the Company's
Nominating and Corporate Governance Committee, the Board of
Directors appointed Ms. Katherine Lauderdale to fill the vacancy
created by Ms. Shea's resignation, effective August 1, 2024.
Ms. Lauderdale has served as Chief Legal Officer and Corporate
Secretary of Public Broadcasting Service (PBS), a 501(c)(3)
not-for-profit organization, since 2016. In this role, she oversees
PBS's Legal, Business Affairs, and Standards & Practices
departments as well as the Corporate Secretary's Office. Prior to
being appointed to this role, she led these teams as Senior Vice
President, General Counsel, and Corporate Secretary at PBS. Ms.
Lauderdale's experience includes oversight of all legal areas
including intellectual property, litigation, regulatory, labor,
corporate, and other matters. She brings experience in board
affairs and other governance matters, contract negotiations,
government relations, and compliance matters.
Upon her appointment to the Company's Board of Directors, Ms.
Lauderdale is expected to join the Compensation Committee of the
Board of Directors as its Chair, and the Nominating and Corporate
Governance Committee of the Board of Directors as a member.
There is no arrangement or understanding between Ms. Lauderdale and
any other person pursuant to which she was selected as a director
of the Company, and there is no family relationship between Ms.
Lauderdale and any of the Company's other directors or executive
officers. Since the beginning of the Company's last fiscal year,
there are no transactions in which the Company was or is to be a
participant and in which Ms. Lauderdale or any member of her
immediate family had or will have any interest that are required to
be reported under Item 404(a) of Regulation S-K. Ms. Lauderdale's
compensation for service as a director will be commensurate with
that for our other outside directors for our 2024 Board service
year, as summarized in the Company's most recent Proxy Statement on
Schedule 14A filed with the Securities and Exchange Commission on
April 29, 2024, pro-rated for the year.
About Professional Diversity
Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com -- is a global developer and
operator of online and in-person networks that provides access to
networking, training, educational and employment opportunities for
diverse professionals. The Company operates subsidiaries in the
United States including National Association of professional Women
(NAPW) and its brand, International Association of Women (IAW),
which is one of the largest, most recognized networking
organizations of professional women in the country, spanning more
than 200 industries and professions. Through an online platform
and its relationship recruitment affinity groups, the Company
provides its employer clients a means to identify and acquire
diverse talent and assist them with their efforts to comply with
the Equal Employment Opportunity Office of Federal Contract
Compliance Program. The Company's mission is to utilize the
collective strength of its affiliate companies, members, partners
and unique proprietary platform to be the standard in business
diversity recruiting, networking and professional development
forwomen, minorities, veterans, LGBTQ+ and disabled persons
globally.
Professional Diversity Network reported a net loss attributable to
the company of $4.31 million for the year ended Dec. 31, 2023,
compared to a net loss attributable to the company for the year
ended Dec. 31, 2022. As of March 31, 2024, the Company had
$5,676,991 in total assets, $3,831,216, and $1,845,775 in total
stockholders' equity.
Oak Brook, Illinois-based Sassetti LLC, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 29, 2024, citing that the Company has incurred recurring
operating losses, has a significant accumulated deficit, and will
need to raise additional funds to meet its obligations and the
costs of its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
PUERTO RICO: Reaches $188.4M Settlement With Cobra Acquisitions
---------------------------------------------------------------
Cobra Acquisitions LLC, a wholly owned subsidiary of Mammoth Energy
Services, Inc., announced that it has entered into a release and
settlement agreement with the Puerto Rico Electric Power Authority
and the Financial Oversight and Management Board for Puerto Rico,
in its capacity as Title III representative for PREPA, to settle
all outstanding matters between Cobra and PREPA.
Arty Straehla, Chief Executive Officer, commented, "We are pleased
to have reached this resolution with PREPA and look forward to
receiving the money for work we concluded over five years ago. We
plan to use a portion of the $188.4 million in settlement proceeds
to pay off our term credit facility, which had a balance of
approximately $49.3 million as of June 30, 2024. The remaining
amount of approximately $139.1 million will be cash on our balance
sheet to be used to invest back into our business and for general
corporate purposes."
Cobra and PREPA previously entered into two agreements to aid in
the restoration and reconstruction of Puerto Rico's power grid in
response to damage caused by Hurricane Maria in 2017. PREPA is
currently subject to bankruptcy proceedings, which were filed in
July 2017 and are currently pending in the United States District
Court for the District of Puerto Rico. As a result, PREPA's ability
to meet its payment obligations under the above-referenced
agreements is largely dependent upon funding from the Federal
Emergency Management Agency or other sources. Since September 30,
2019, Mammoth has been pursuing litigation in the Title III Court
and other dispute resolution efforts seeking recovery of the
amounts owed to Cobra by PREPA for restoration services in Puerto
Rico, which proceedings are discussed in more detail in Mammoth's
filings with the Securities and Exchange Commission. As of June 30,
2024, Cobra had remaining receivables due from PREPA totaling
approximately $359.1 million in relation to these agreements. PREPA
is currently holding approximately $18.4 million in funds received
from FEMA for purported garnishments in this amount asserted by
three Puerto Rican municipalities for certain municipal tax claims
discussed in Mammoth's filings with the SEC and for which Cobra
disputes any valid garnishment.
Under the terms of the Settlement Agreement, Cobra will have an
allowed administrative expense claim against PREPA of $170.0
million (plus the $18.4 million in the Withheld FEMA Funds).
Cobra's allowed claim will be paid through three installments:
(i) $150 million on the later of (A) ten business days following
approval of the Settlement Agreement by the Title III Court and (B)
August 31, 2024;
(ii) $20 million within seven days following the effective date of
PREPA's plan of adjustment; and
(iii) $18.4 million in the Withheld FEMA Funds within either (A)
ten business days after the deadline for appealing the entry of the
settlement order by the Title III Court under the applicable
bankruptcy rules of procedure if no such appeal is filed, or (B) if
the provisions of the settlement order allowing PREPA to release
the Withheld FEMA Funds to Cobra without retaining any liability to
the Specified Municipalities are appealed by the Specified
Municipalities, within ten business days of the filing of the
notice of such appeal.
The Settlement Agreement was approved by the Company's Board of
Directors on July 22, 2024, and was also approved by the PREPA
Board and by the FOMB. The Settlement Agreement remains subject to
approval by the Title III Court, which is expected to hear the
motion relating to the Settlement Agreement at either a non-omnibus
hearing to be held in August of 2024 or at the next omnibus hearing
to be held on September 18, 2024.
As a result of the Settlement Agreement, the Company will record a
non-cash, pre-tax charge of approximately $170.7 million in the
second quarter of 2024 to reduce its accounts receivable balance
from PREPA to the amount expected to be received from the
Settlement Agreement.
About Mammoth Energy Services, Inc.
Mammoth is an integrated, growth-oriented energy services company
focused on the providing products and services to enable the
exploration and development of North American onshore
unconventional oil and natural gas reserves as well as the
construction and repair of the electric grid for private utilities,
public investor-owned utilities and co-operative utilities through
its infrastructure services businesses. Mammoth's suite of services
and products include: well completion services, infrastructure
services, natural sand and proppant services, drilling services and
other energy services. For more information, please visit
www.mammothenergy.com.
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.
In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.
The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.
On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf
On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.
On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.
U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Website:
https://cases.primeclerk.com/puertorico
Jones Day is serving as counsel to certain ERS bondholders. Paul
Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.
PULMATRIX INC: Hires Peter Ludlum as Interim CEO to Replace T. Raad
-------------------------------------------------------------------
Pulmatrix, Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that on July 15, 2024, the Board of
Directors of the Company approved a General Release and Severance
Agreement, by and between the Company and its Chief Executive
Officer Teofilo Raad, dated as of July 19, 2024, and effective as
of the same date. Effective as of the Separation Date, Mr. Raad's
employment with the Company ceased and Mr. Raad relinquished all
positions, offices, and authority with the Company and any
affiliates, including as a member of the Board and all committees
thereto, and the Amended and Restated Employment Agreement by and
between the Company and Mr. Raad, dated as of June 28, 2019, will
be terminated.
Pursuant to the terms of the Raad Severance Agreement, the Company
will provide to Mr. Raad (i) severance pay of $567,294, less all
lawful and authorized withholdings and deductions, (ii) payment of
a pro-rated bonus in the amount of $156,310.85, less all lawful and
authorized withholdings and deductions (equal to a pro-rated
portion of Mr. Raad's target bonus for 2024), and (iii) payment of
a separation bonus in the amount of $283,647, less all lawful and
authorized withholdings and deductions (equal to 100% of Mr. Raad's
target bonus for 2024). The Company will additionally pay to Mr.
Raad $170,000, less all lawful and authorized withholdings and
deductions pursuant to that certain Retention Bonus Opportunity
Letter dated as of Jan. 6, 2024, by and between the Company and Mr.
Raad, and pay the portion of Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended ("COBRA") premiums paid by
Mr. Raad for the continuation of health, dental, and vision
benefits coverage under the Company's group benefit plans, for up
to 12 months and subject to certain exceptions if Mr. Raad timely
elects to receive coverage under COBRA. Any outstanding equity
awards granted to Mr. Raad under the Company's equity compensation
plans and that would have vested during the 12-month period
following the Separation Date will become fully vested as of the
Separation Date.
Pursuant to the Raad Severance Agreement, Mr. Raad has agreed to
waive and release any claims in connection with Mr. Raad's
employment, separation and departure from the Company. The Raad
Severance Agreement also provides for certain customary covenants
regarding confidentiality. Mr. Raad's separation from the Company
was not the result of any disagreement regarding any matter
relating to the Company's operations, policies, or practices.
Appointment of Interim Chief Executive Officer
On July 15, 2024, the Board approved the appointment of Peter
Ludlum as the interim chief executive officer, effective as of July
20, 2024, pursuant to an amendment to the Consulting Agreement, by
and between the Company and Danforth Advisors, LLC, dated as of
Nov. 29, 2021, and amended on April 8, 2022, and Oct. 20, 2022.
Pursuant to the terms of the Ludlum Amendment, Mr. Ludlum will
provide services to the Company under the Consulting Agreement, as
amended, as an independent contractor and employee of Danforth and
serve as the Interim CEO of the Company as of the Effective Date
with Danforth receiving cash compensation at a rate of $700 per
hour for Mr. Ludlum's services, which shall cover both Mr. Ludlum's
roles as Interim CEO and interim chief financial officer of the
Company.
Additionally, pursuant to the terms of a retention letter
agreement, dated as of July 15, 2024, and effective as of July 20,
2024, by and between the Company and Mr. Ludlum, Mr. Ludlum will be
entitled to (i) $30,000, payable within 14 days following the
Effective Date and (ii) $20,000 (provided that Mr. Ludlum provides
services to the Company through the completion of the Company's
annual meeting of stockholders in the fourth quarter of 2024
payable within 14 days following the Retention Date.
Notwithstanding the foregoing, if Mr. Ludlum's service with the
Company is terminated by the Company without Cause (as defined in
the Ludlum Retention agreement) prior to the Retention Date, or due
to death or disability, then the Company shall pay to Mr. Ludlum
the any Retention Bonus not previously paid to Mr. Ludlum, subject
to the receipt of a release of claims by the Company. The Company
shall not be obligated to pay any not previously paid Retention
Bonus if (i) Mr. Ludlum terminates his service with the Company
prior to the Retention Date, (ii) the Company terminates Mr.
Ludlum's service prior to the Retention Date for Cause, or (iii)
Mr. Ludlum's service is terminated due to his death, disability or
by the Company without Cause, and a Release has not been received.
Prior to his appointment as Interim CEO, Mr. Ludlum served as the
Company's Interim CFO, principal accounting officer and principal
financial officer since April 2022, and since December 2021, he has
served as the Company's Strategic Advisor - Finance, both pursuant
to a consulting agreement between the Company and Danforth, dated
as of Nov. 30, 2021. Mr. Ludlum has served as an employee with
Danforth, a provider of strategic and operational finance and
accounting for life science companies, since December 2021. Prior
to Danforth, Mr. Ludlum worked as an independent financial
consultant. Previously, Mr. Ludlum served in several executive
roles at Emmaus Life Sciences, Inc. (n/k/a EMI Holding, Inc.), a
commercial-stage biopharmaceutical company, including Co-President,
Chief Business Officer, Executive Vice President and Chief
Financial Officer, during his tenure from April 2012 until May
2017. Mr. Ludlum previously served as the chief financial officer
of Energy and Power Solutions, Inc., an energy intelligence
company, from April 2008 to December 2011. Mr. Ludlum received a
B.S. in Business and Economics with a major in accounting from
Lehigh University and an MBA with a concentration in Finance from
California State University, Fullerton.
About Pulmatrix
Pulmatrix, Inc. -- http://www.pulmatrix.com-- is a clinical stage
biopharmaceutical company developing innovative inhaled therapies
to address serious pulmonary and non-pulmonary disease using its
patented iSPERSE technology. The Company's proprietary product
pipeline includes treatments for serious lung diseases such as
allergic ronchopulmonary aspergillosis and lung cancer, as well as
neurologic disorders such as acute migraine. Pulmatrix's product
candidates are based on iSPERSE, its proprietary engineered dry
powder delivery platform, which seeks to improve therapeutic
delivery to the lungs by maximizing local concentrations and
reducing systemic side effects to improve patient outcomes.
Pulmatrix reported a net loss of $14.12 million in 2023, a net loss
of $18.84 million in 2022, a net loss of $20.17 million in 2021, a
net loss of $19.31 million in 2020, a net loss of $20.59 million in
2019, and a net loss of $20.56 million for the year ended Dec. 31,
2018.
PURDUE PHARMA: S.C. Bankruptcy Ruling Sidesteps Ch. 15 Implications
-------------------------------------------------------------------
Michelle McGreal, Douglas Deutsch and Robert Johnson of Clifford
Chance present an analysis on how the Purdue Pharma bankruptcy
ruling sidesteps Chapter 15 implications.
The US Supreme Court's ruling striking down nonconsensual
third-party releases in Harrington v. Purdue Pharma will have a
meaningful impact on large Chapter 11 cases as these releases have
become common, if not essential, to larger restructurings.
The ruling also will likely encourage more multinational companies
to file bankruptcy outside the US, as a number of foreign
bankruptcy regimes permit nonconsensual third-party releases.
Once a company files for bankruptcy in one of these countries, the
company could then use another part of the Bankruptcy Code, Chapter
15, to recognize and effectuate the foreign bankruptcy relief in
the US, including with respect to any third-party releases approved
by the foreign court.
This circuitous route to obtaining relief that Purdue now prohibits
under Chapter 11 is possible because the Purdue ruling focuses on
the statutory text of Chapter 11, sidestepping other constitutional
and due process issues that might otherwise have implicated Chapter
15’s public policy exception.
Limitations
Chapter 15 of the Bankruptcy Code governs the process for foreign
debtors to obtain assistance from US courts, including recognition
of foreign insolvency proceedings and domestication and enforcement
of orders entered in those proceedings. Chapter 15 is based on the
Model Law on Cross-Border Insolvency, a product of the UN
Commission on International Trade Law that's been adopted in more
than 60 jurisdictions.
The model law's recognition and enforcement mechanisms operate
largely without regard to differences in substantive insolvency
laws.
Courts in one jurisdiction may—and often do—recognize orders
from another jurisdiction where the laws of the two countries
differ, and where relief in one jurisdiction exceeds (or is less
than) what would be available to the debtor if its insolvency
proceeding was pending in the other—as long as the foreign
proceeding affords parties some level of due process protections.
Despite this permissiveness, the model law doesn't require
recognition and enforcement of all relief granted by a foreign
insolvency court. Instead, the law allows courts to refuse to grant
relief that is "manifestly contrary to the public policy" of their
own jurisdiction.
Accordingly, Chapter 15 allows US courts to refuse to grant relief
in aid of a foreign proceeding that would violate US law or
contradict the US's most fundamental policies. The bar for this
exception is high, and it has been invoked successfully in only a
few cases since Chapter 15 was enacted.
In Purdue, the objectors raised constitutional arguments, namely
that nonconsensual third-party releases violate the Due Process
Clause and the Takings Clause. If the Supreme Court were to
prohibit such releases on these grounds, it could have provided the
basis for a "public policy" objection to Chapter 15 recognition of
a foreign plan that included such a release.
Third-Party Releases
Third-party releases have long been a hot topic in Chapter 11. The
idea is simple: A debtor that files for bankruptcy and confirms a
Chapter 11 plan typically receives a discharge of claims against
it, which are replaced by the restructured obligations set forth in
the plan.
A third-party release (approved by the bankruptcy court) allows
non-debtors—"third parties" to the proceeding—to effectively
obtain a bankruptcy discharge without consent of affected
claimholders, and without having to seek bankruptcy relief or
submit themselves to the rigors of the bankruptcy process. This is
often ostensibly because those parties contributed in some way to
the debtor's restructuring.
As noted by the Purdue majority, the Bankruptcy Code explicitly
authorizes nonconsensual third-party releases where a debtor faces
liability arising from asbestos exposure. Such releases have formed
the linchpin of many mass tort bankruptcies that resulted in
meaningful compensation to victims even outside of the asbestos
context.
In recent years, however, use of these releases has expanded well
beyond the mass tort arena. Debtors of all types now regularly seek
nonconsensual third-party releases of officers and directors,
shareholders, equity sponsors, and even lenders or other creditors
that support a Chapter 11 plan—all on the theory that these
releases contribute to the debtor's reorganization.
While many courts have obliged in granting these releases,
objections to such releases are common and other courts have
refused to approve them on statutory and other grounds, including
due process and other constitutional concerns.
Purdue Pharma sought bankruptcy relief in 2019 and confirmed a
Chapter 11 plan that provided for nonconsensual third-party
releases of its (non-debtor) controlling shareholders in exchange
for more than $6 billion in contributions. While substantial, it
was still far less than those shareholders' total fortunes.
This week, Southern District of New York judge Sean Lane granted
Purdue Pharma two months to negotiate a new agreement with members
of the Sackler family in anticipation of additional civil opioid
lawsuits against the company.
The Supreme Court's 5-4 ruling reversed the lower courts' approval
of the third-party releases in Purdue's plan. Over a vigorous
dissent, the majority focused primarily on what it believed to be
the clear language of the Bankruptcy Code, which it read to provide
no basis for US courts to approve nonconsensual releases. The court
didn't cite any constitutional or due process concerns, avoiding an
issue that could have had far-reaching consequences outside of
Chapter 11.
With respect to Chapter 11 cases, the court expressly declined to
call into question the approval of consensual releases or express a
view on what qualifies as a consensual release.
The case is Harrington v. Purdue Pharma, U.S., 23-124, decided
6/27/24.
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as
legal counsels; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.
Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.
David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.
* * *
U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.
Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.
In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family members
boosting their cash contribution to as much as $6 billion. The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.
REKOR SYSTEMS: Registers 4.4M Shares for Resale by Stockholders
---------------------------------------------------------------
Rekor Systems, Inc. filed a preliminary prospectus on Form S-1 with
the U.S. Securities and Exchange Commission relating to the
proposed resale from time to time by the selling stockholders --
Arctis Global Master Fund Limited, Burton Weintein, Gleneagle
Securities (Aust) Pty Limited, Debbie Berman, Cedarview
Opportunities Master Fund LP, Robert A. Berman, and Avon Road
Partners, L.P., together with any of such stockholders'
transferees, pledgees, donees or successors -- of up to 4,425,000
shares of Rekor's common stock, par value $0.0001 per share,
consisting of (i) 750,000 shares of its common stock issued to the
selling stockholders in connection with its March 4, 2024
redemption of all outstanding senior secured notes, which the
Company refers to as the Redemption Shares, and (ii) 3,675,000
shares of its common stock issued to the selling stockholders in
connection with the cash exercise of outstanding warrants, which
the Company refers to as the Warrant Shares and, together with the
Redemption Shares, the Resale Shares.
Rekor Systems said, "We are registering the Resale Shares on behalf
of the selling stockholders pursuant to the terms of that certain
Warrant Exercise Agreement, dated June 20, 2024, by and between us
and the selling stockholders party thereto, which we refer to as
the Warrant Exercise Agreement."
"We will pay the expenses of registering the Resale Shares,
however, we will not receive any of the proceeds from the sale of
the Resale Shares by the selling stockholders."
"The selling stockholders may offer the Resale Shares from time to
time through public or private transactions at fixed prices, at
prevailing market prices at the time of sale, at prices related to
the prevailing market price, at varying prices determined at the
time of sale, or at negotiated prices. The registration of the
Resale Shares on behalf of the selling stockholders, however, does
not necessarily mean that any of the selling stockholders will
offer or sell their Resale Shares under this registration statement
or at any time in the near future. We cannot predict when, or in
what amounts, the selling stockholders may sell any of the Resale
Shares."
A full-text copy of the preliminary prospectus is available at:
https://tinyurl.com/3ex3vxds
About Rekor Systems
Rekor Systems, Inc., headquartered in Columbia, Md., is working to
revolutionize public safety, urban mobility, and transportation
management using AI-powered solutions designed to meet the distinct
demands of each market it serves. The Company works hand-in-hand
with its customers to deliver mission-critical traffic and
engineering services that assist them in achieving their goals. The
Company's vision is to improve the lives of citizens and the world
around them by enabling safer, smarter, and greener roadways and
communities. The Company works towards this by collecting,
connecting, and organizing mobility data, and making it accessible
and useful to its customers for real-time insights and decisioning
for situational awareness, rapid response, risk mitigation, and
predictive analytics for resource and infrastructure planning and
reporting.
As of December 31, 2023, the Company had $92,151,000 in total
assets, $58,781,000 in total liabilities, and $33,370,000 in total
stockholders' equity.
East Hanover, N.J.-based Marcum LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 25, 2024, citing that the Company has incurred significant
losses and may need to raise additional funds to meet its
obligations and sustain its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
RITE AID: Settles Unlawful Addictive Opioids Dispensing Claims
--------------------------------------------------------------
Bloomberg Law Automation reports that Rite Aid Corp. and 10
subsidiaries and affiliates will pay $7.5 million and allow a claim
of $401.8 million in Rite Aid's bankruptcy case to settle
allegations under the False Claims Act and Controlled Substances
Act, the Justice Department announced Wednesday, July 10, 2024.
During the relevant time period, Rite Aid operated one of the
country's largest retail pharmacy chains with over 2,200 retail
pharmacies in 17 states. The government's complaint alleges that,
from May 2014 through June 2019, Rite Aid knowingly dispensed at
least hundreds of thousands of unlawful prescriptions for
controlled substances that lacked a legitimate medical purpose.
About Rite Aid
Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy
that improves health outcomes. Rite Aid is defining the modern
pharmacy by meeting customer needs with a wide range of vehicles
that offer convenience, including retail and delivery pharmacy, as
well as services offered through our wholly owned subsidiaries,
Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's
pharmacy benefits and services company, consists of accredited
mail
and specialty pharmacies, prescription discount programs and an
industry leading adjudication platform to offer superior member
experience and cost savings. Health Dialog provides healthcare
coaching and disease management services via live online and phone
health services. Regional chain Bartell Drugs has supported the
health and wellness needs in the Seattle area for more than 130
years.
Rite Aid employs more than 6,100 pharmacists and operates more than
2,100 retail pharmacy locations across 17 states.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on October
15, 2023. In the petition signed by Jeffrey S. Stein, chief
executive officer and chief restructuring officer, the Debtor
disclosed $7,650,418,000 in total assets and $8,597,866,000 in
total liabilities.
Judge Michael B. Kaplan oversees the case.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel, Cole Schotz, P.C.
as local bankruptcy counsel, Guggenheim Partners as investment
banker, Alvarez & Marsal North America, LLC as financial, tax and
restructuring advisor, and Kroll Restructuring Administration as
claims and noticing agent.
Kramer Levin Naftalis & Frankel LLP, serves as counsel to the
Official Committee of Unsecured Creditors. Kelley Drye & Warren LLP
serves as co-counsel to the Committee.
A Tort Claimants Committee is represented by Akin Gump Strauss
Hauer & Feld LLP as lead counsel and Sherman, Silverstein, Kohl,
Rose & Podolsky, P.A as local counsel.
The Dann Law Firm, P.C.; Martzell, Bickford & Centola; Creadore Law
Firm PC; and Thompson Barney advise an Ad Hoc Committee comprised
of parents and guardians advocating on behalf of children born with
Neonatal Abstinence Syndrome, and who assert general unsecured
claims on account of the children's fetal opioid exposure.
DLA Piper LLP (US) serves as counsel to Medimpact Healthcare
Systems, Inc., the buyer of the Elixir pharmacy benefits management
business.
Greenberg Traurig, LLP, and Choate Hall & Stewart LLP serve as
co-counsel to Bank of America, N.A., the administrative agent for
the prepetition first lien lenders and the DIP lenders.
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Fox Rothschild LLP
represent the Ad Hoc Group of Secured Noteholders. FTI Consulting
and Evercore is serving or served as financial advisors to the
Bondholders.
SCHULTE INC: Claims to be Paid From Disposable Income
-----------------------------------------------------
Schulte, Inc., filed with the U.S. Bankruptcy Court for the
District of New Hampshire a Plan of Reorganization for Small
Business dated July 8, 2024.
The Debtor is a New Hampshire subchapter S corporation, which has
its principal place of business in Newton, New Hampshire.
Christopher Shulte is the owner of all of the issued and
outstanding equity interests in Debtor.
The Debtor engages in 2 different businesses. The Debtor provides
snow removal and snow removal management services to landowners
during the winter months, which are sometimes referred to as the
Snow Season in this Plan. It provides landscape services to
landowners during the summer months, which are sometimes referred
to as the "Landscape Season." Debtor derives significantly more
revenue from the snow removal management services than it does from
the landscape management services.
The immediate cause of this Bankruptcy Case was the fact that
relatively little snow fell during the winter of 2023. Debtor's
revenues fell dramatically, but its operating costs and expenses
did not. The Debtor had too much expensive equipment in relation to
revenue.
To solve the problem, this Plan (a) contemplates the sale of
certain pieces of equipment that Debtor does not expect to need
going forward, which is sometimes referred to as Excess Equipment,
(b) permits the return of Excess Equipment to secured creditors in
satisfaction of their claims against the Debtor and (c) permits the
Debtor to keep and use the Retained Equipment that the Debtor needs
to operate the Businesses prudently in the future on subject to the
terms of the Allowed Secured Claims as modified by this Plan.
On the Effective Date of this Plan, all of Debtor's creditors will
be divided into Classes of Secured Claims, Priority Claim,
Nonpriority Claims and Equity Interests that recognize and
rationalize their different and conflicting privileges, remedies
and rights under the Bankruptcy Code and applicable nonbankruptcy
law.
Class 6 consists of Nonpriority Unsecured Claims. This is a
Disposable Income Dividend Class, which is junior in preference and
priority with respect to the payment of Dividends to Allowed
Priority Administrative Expense and Tax Creditors, except as
specifically provided for with respect to the Dividend to be paid
on or within 30 days of the Effective Date. No other Dividends
shall be due to Allowed Creditors in this Class unless and until
all Dividends then due to Secured and Priority Classes have been
paid in full or waived by them.
Notwithstanding the priorities of other Classes with respect to
Dividend payments established by this Plan, the Debtor shall pay
each creditor holding an Allowed Claim in this Class on or within
30 days from the Effective Date a fractional part or portion of the
sum of $10,125, the numerator of which shall be the amount of the
Allowed Claim and the denominator of which shall be the total
amount of Allowed Claims in this Class.
Except for the Dividend paid which is a Fixed Dividend, the Debtor
shall pay over to each Allowed Creditor in this Class annually a
fractional portion of the Disposable Income to be available for
distribution to this Class during the Plan Year to accommodate the
Debtor's seasonal Disposable Income flow. Plan Year means each
12-month period beginning on the Effective Date or an anniversary
thereof and ending on the day preceding the next anniversary
thereof.
Class 7 includes Christopher Schulte, who is the Debtor's Equity
Holder. The Equity Holder shall retain his Equity Interests in the
Debtor following Confirmation.
The Debtor commits and shall devote and use all of Debtor's
Disposable Income to pay the Dividends that become due to Classes
of Creditors in the order of preference and priority established by
this Plan. Based primarily on Financial Projections and Debtor's
experience in the Business, the Debtor projects that (1) Allowed
Secured Creditors in Classes 1-3 will be paid in full, with
interest at the rate provided for herein and (2) Allowed
Nonpriority Unsecured Creditors will be paid a Dividend of
approximately 13% of their Allowed Claims.
A full-text copy of the Plan of Reorganization dated July 8, 2024
is available at https://urlcurt.com/u?l=6vn6lZ from
PacerMonitor.com at no charge.
Counsel to the Debtor:
William S. Gannon, Esq.
William S. Gannon, PLLC
740 Chestnut Street
Manchester, NH 03104
Telephone: (603) 621-0833
Facsimile: (603) 621-0830
Email: bgannon@gannonlawfirm.com
About Schulte Inc.
Schulte Inc. is a New Hampshire subchapter S corporation, which has
its principal place of business in Newton, New Hampshire.
The Debtor filed its voluntary Chapter 11 petition (Bankr. D.N.H.
Case No. 24-10225) on Apr. 8, 2024, with up to $10 million in both
assets and liabilities.
Judge Bruce A. Harwood oversees the case.
William S. Gannon, PLLC serves as the Debtor's counsel.
SCOTTY'S RV PARTS: Donald Brady Named Subchapter V Trustee
----------------------------------------------------------
The Acting U.S. Trustee for Region 13 appointed Donald A. Brady,
Jr., Esq., at Brady Law Firm as Subchapter V trustee for Scotty's
RV Parts & Service, Inc.
Mr. Brady will be paid an hourly fee of $300 for his services as
Subchapter V trustee and $60 per hour for actual travel time. In
addition, the Subchapter V trustee will receive reimbursement for
work-related expenses incurred.
Mr. Brady declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Donald A. Brady, Jr.
Brady Law Firm
P.O. Box 8816
Springdale, AR 72766
479-935-2632
don@bradylaw-nwa.com
About Scotty's RV Parts & Service
Scotty's RV Parts & Service, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. Ark. Case No. 24-71152)
on July 16, 2024, with $50,001 to $100,000 in assets and $100,001
to $500,000 in liabilities.
Judge Bianca M. Rucker presides over the case.
Stacy Alexander, Esq., at Nixon & Alexander Law Firm represents the
Debtor as bankruptcy counsel.
SENESTECH INC: All Four Proposals Passed at Annual Meeting
----------------------------------------------------------
SenesTech, Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that on July 11, 2024, the Company held its
annual meeting of stockholders at which the stockholders:
(1) elected Jamie Bechtel and Phil Grandinetti III as Class II
directors each to serve for a three-year term until the 2027 annual
meeting of stockholders and until their successors are duly elected
and qualified;
(2) approved, on a non-binding advisory basis, the compensation
of the Company's named executive officers for fiscal 2023;
(3) approved an amendment to the Company's 2018 Plan to increase
the number of shares of common stock available for issuance under
the 2018 Plan by 2,000,000 shares; and
(4) ratified the appointment of M&K CPAS, PLLC as the Company's
independent registered public accounting firm for the fiscal year
ending Dec. 31, 2024.
The Company's board of directors and/or compensation committee of
its board of directors will administer the 2018 Plan and the stock
awards granted under it. The Company's Board and Committee have
the authority to, among other things, select the individuals to
receive awards, determine the terms and conditions of all awards
and interpret the provisions of the 2018 Plan and any awards,
notices or agreements executed or entered into under the 2018 Plan.
Under the 2018 Plan, the Board and Committee may grant incentive
stock options, nonstatutory stock options, stock appreciation
rights, restricted stock awards, restricted stock unit awards and
other stock awards to employees, officers, directors and
consultants.
About Senestech
Headquartered in Phoenix, AZ, Senestech, Inc. -- www.senestech.com
-- has developed and is commercializing products for managing
animal pest populations, initially rat populations, through
fertility control. The Company currently has two product lines of
fertility control products: ContraPest and Evolve.
Houston, TX-based M&K CPAS, PLLC, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated Feb. 21,
2024, citing that the Company suffered a net loss from operations
and has a net capital deficiency, which raises substantial doubt
about the Company's ability to continue as a going concern.
SHINECO INC: Closes $2 Million Underwritten Public Offering
-----------------------------------------------------------
Shineco, Inc. announced the closing of its underwritten public
offering of 1,869,160 shares of its common stock at a public
offering price of $1.07 per share of common stock, for aggregate
gross proceeds of approximately $2 million, prior to deducting
underwriting discounts and other offering expenses. In addition,
the Company has granted the underwriters a 45-day option to
purchase up to an additional 280,374 shares of common stock at the
public offering price per share, less the underwriting discounts to
cover over-allotments, if any.
EF Hutton LLC acted as the sole book-running manager for the
offering.
The common stock was offered by the Company pursuant to an
effective shelf registration statement on Form S-3 (File No.
333-261229), which was filed with the SEC and declared effective by
the SEC on June 10, 2022, and the accompanying prospectus contained
therein.
The offering was made only by means of a prospectus supplement and
the accompanying prospectus that form a part of the registration
statement. A prospectus supplement describing the terms of the
public offering was filed with the SEC and formed a part of the
effective registration statement. The final prospectus supplement
and accompanying prospectus relating to this offering were filed
with the SEC on July 15, 2024.
Copies of the prospectus supplement and the accompanying prospectus
relating to this Offering may be obtained on the SEC's website at
http://www.sec.govor by contacting EF Hutton LLC Attention:
Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY
10022, by email at syndicate@efhutton.com, or by telephone at (212)
404-7002.
About Shineco
Headquartered in Beijing, People's Republic of China, Shineco, Inc.
is a holding company incorporated in Delaware. As a holding
company with no material operations of its own, the Company
conducts its operations through its subsidiaries and in the two
years ended June 30, 2022 and 2023, through the variable interest
entities and subsidiaries. The Company's shares of common stock
currently listed on the Nasdaq Capital Markets are shares of the
Company's Delaware holding company. Shineco has researched and
developed 33 vitro diagnostic reagents and related medical devices
to date, and the Company also produces and sells healthy and
nutritious foods.
Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
28, 2023, citing that the Company had net losses of US$13,956,031
and US$27,067,139, and cash outflow of US$5,390,594 and
US$5,712,562 from operating activities for the years ended June 30,
2023 and 2022, respectively. The auditor also draws attention to
Note 19 of the financial statements, which describes the
uncertainty related to the outcome of the lawsuits filed against
the Company. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
"As disclosed in the Company's unaudited condensed consolidated
financial statements, the Company had recurring net losses of
US$12.9 million and US$6.9 million, and continuing cash outflow of
US$2.9 million and US$2.5 million from operating activities from
continuing operations for the nine months ended March 31, 2024 and
2023, respectively. As of March 31, 2024, the Company had negative
working capital of US$20.9 million. Management believes these
factors raise substantial doubt about the Company's ability to
continue as a going concern for the next twelve months. In
assessing the Company's going concern, management monitors and
analyzes the Company's cash on-hand and its ability to generate
sufficient revenue sources in the future to support its operating
and capital expenditure commitments. The Company's liquidity needs
are to meet its working capital requirements, operating expenses
and capital expenditure obligations. Direct offering and debt
financing have been utilized to finance the working capital
requirements of the Company," said Shineco in its Quarterly Report
on Form 10-Q for the period ended March 31, 2024.
SILVER LAKE: Unsecureds Will Get 60% of Claims over 36 Months
-------------------------------------------------------------
Silver Lake Golf Club, Inc. ("SLGC") filed with the U.S. Bankruptcy
Court for the Eastern District of Michigan a Combined Chapter 11
Plan and Disclosure Statement dated July 8, 2024.
The Debtor has ninety-year history operating a nine-hole golf
course in Waterford Michigan. In 1988 John and Marion Smith, along
with Alfred and Karen Daniels, purchased the operations, first
leasing, then purchasing the real estate 1996.
In 2005 the Smith and Daniels families, feeling the real estate was
of significant value, stopped operations, sold the personal
property of the business and proceeded to search for partners to
develop the real property for residential housing. Soon after this
move, the real estate market collapsed, and the country slid into
what is now called the Great Recession. The course was shut down
until July 2007.
The goal of developing the real estate was revisited in 2002 once
again facing major obstacles. Of the forty-eight acres,
approximately thirty were classified as wetlands. Additionally,
ingress and egress for both potential homeowners and utilities were
greatly limited. Effectively, the course is "landlocked". No less
than three experienced real estate developers have investigated
partnering with Debtor. None have decided to proceed past their
initial due diligence.
The Daniels' commenced litigation against the Debtor in 2023,
seeking dissolution of the company, appointment of a receiver, and
liquidation of the assets. After a year of litigation and
substantial legal fees, all shareholders, other than the Daniels,
approved Debtor's filing of a Chapter 11 Petition.
The Debtor's Plan Proposes to continue its operations as golf
course, restaurant and event center paying the single non-tax
Secured Claim over a 360-month period. The Plan will pay secured
tax claims in full within 12 months of the Petition Date, while
paying approximately 60% of allowed unsecured claims over a period
of 36 months for the claims of non insiders, and a period of 72
months, for the clams of insiders from the Effective Date.
Class 4 consists of General Unsecured Claims of Non-Insiders.
General unsecured claims consist of claims filed by creditors of
the Debtors, the unsecured claims of Shareholders, as well as the
disputed portion of the Smith Trust claim. Debtor initially
scheduled $893,501.70 in unsecured claims on its Schedule F. As of
the date of this document, Class 4 claims total $101,649.71. Of the
claims treated in this Class, $68,463.07 is the claim of Kerry and
Carol Cronk, resulting from unsecured loan dated March 13, 2022, in
the original amount of $75,000.00.
Non-Insider general unsecured creditors shall be paid an estimated
60% of their claims via a base amount of $61,915.81 over a 36-month
period. The first payment in the amount of $20,000.00 shall be paid
90 days following the Effective Date. Additional payments in the
amount of $13,971.94 shall be made on or about July 30, 2025, 2026
and 2027. Payments shall be distributed pro rata (amongst the
claimants in this class). For the purpose of projections in support
of The Plan, it is estimated distribution will commence in November
of 2024.
Class 5 consists of General Unsecured Claims of Insiders. General
unsecured claims of insiders total $787,309.00. Unsecured claims of
Insiders shall receive the same distribution in terms of percentage
as non-insider claims. However, Insider claims will not receive
distributions as provided to Class 4; rather they will be paid in
quarterly payments commencing ninety days following confirmation.
This treatment, which in effect is a voluntary subordination of
Insider claims to Class 4, allows non-insider unsecured claims to
receive a greater payment over a shorter period of time, than if
insider claims had been paid pro-rata with non-insider claims.
As of the date of this Plan, the following creditors in this Class
have waived their right to pro-rata payment; Michael and Mary
Quackenbush, and Randall and Erin Schaaf. Creditors Larry B
Thompson and Russell Stites have agreed to payment in the reduced
amount of $1,000.00 per quarter for the life of the Plan.
Class 8 consists of Equity Position of Prepetition Shareholders.
All preferred shares will be canceled. Michael and Mary Quackenbush
and Randall and Erin Schaff have stated their intention to remain
as shareholders of the reorganized Debtor, and shall deliver to the
Debtor the amount of $25,000.00 and $12,500.00 each, within 90 days
of the Effective Date, to re-purchase each of their respective
interest in the Debtor. As part of the global settlement between
the parties the Daniels shall surrender their shares and not hold
any claim of ownership in the reorganized Debtor. The remaining two
original shareholders of the Debtor shall have the option to
re-purchase their shares in the amount and class as originally
issued via payment of $12,500.00, to the Debtor.
This option shall remain open for 60 Days following the entry of
the Order Confirming Plan in this proceeding. To the extent any
party qualified to re-purchase shares should fail to do so within
the time allowed, the shares shall be un-issued. Management
authority, and other rights reflective of ownership in the
corporation, shall be distributed between and among the shares
issued, both during and after the expiration of the option period,
as reflected by ownership percentage of any Class of stock.
Projections of Debtor's revenues and expenses for the Plan chart
the anticipated operations from September 2024 through 2030 and
shows Debtor's estimated income while under the protection of the
Bankruptcy Court.
A full-text copy of the Combined Plan and Disclosure Statement
dated July 8, 2024 is available at https://urlcurt.com/u?l=BML2QR
from PacerMonitor.com at no charge.
Counsel to the Debtor:
David R. Shook, Esq.
David R. Shook, Attorney at Law, PLLC
4139 W. Walton Blvd. Suite F
Waterford, MI 48329
Tel: (248) 625-6600
E-mail: ecf@davidshooklaw.com
About Silver Lake Golf Course
Silver Lake Golf is a challenging 9 hole regulation golf course
located in Waterford, MI. Silver Lake Golf Club features all the
hallmarks of Michigan golf with oscillating bent grass greens, sand
traps, water hazards, and varrying elevations.
Silver Lake Golf Course, Inc., sought Chapter 11 protection (Bankr.
E.D. Mich. Case No. 24-42219) on March 7, 2024. The Debtor
estimated assets and debt of $1 million to $10 million as of the
bankruptcy filing. The Hon. Thomas J. Tucker is the case judge.
David R. Shook, Esq., is the Debtor's counsel.
SIYATA MOBILE: Adds Former FirstNet President to Its Advisory Board
-------------------------------------------------------------------
Siyata Mobile Inc. announced July 18 that it has added TJ Kennedy
to its Advisory Board. Mr. Kennedy previously held the role of
president of the First Responder Network Authority (FirstNet),
which oversees the nationwide public safety broadband network in
the United States.
Marc Seelenfreund, CEO of Siyata, stated, "The Advisory Board
assists management with strategic thinking, operational execution
and sales strategy, and we are excited to welcome TJ to the team.
He brings deep industry knowledge and a strong track record of
success and is widely recognized as a thought leader in mission
critical communications and public safety. We are reinforcing our
team with experienced, talented professionals who can help us drive
sales growth and further penetrate the large and rapidly growing
public safety market. We are confident TJ will be instrumental in
helping us to execute our strategic vision and drive long-term
growth."
TJ Kennedy commented, "I am excited to see the innovation taking
place and the growth in capabilities for Push-to-Talk in the
broadband space. We predicted this would happen with more public
safety broadband networks. As highly capable public safety
broadband networks with quality-of-service (QoS) enhancements such
priority and preemption, highly reliable service, and dedicated
response operations groups become the expectation, we will see more
and more agencies and industries embrace Push-to-Talk."
Mr. Kennedy is a Venture Advisor for AI Fund, a team of AI
pioneers, proven entrepreneurs, seasoned operators and venture
capitalists that collaborates with leading entrepreneurs to solve
big challenges using artificial intelligence. He is a Board Member
at the public safety drone company Echelon AI. He has previously
served as CEO and as a board director of WRAP Technologies, a
global provider of public safety solutions, where he created a
strategic roadmap with a focus on improved pricing and
profitability, right sized expenses and successfully grew gross
profit year over year by 87%. Prior to that, he served in senior
leadership roles, including as CEO, primarily for companies
operating in the public safety space.
About Siyata Mobile
British Columbia, Canada-based Siyata Mobile Inc. is a B2B global
developer and vendor of next-generation Push-To-Talk over Cellular
handsets and accessories. Its portfolio of rugged PTT handsets and
accessories enables first responders and enterprise workers to
instantly communicate over a nationwide cellular network of choice,
to increase situational awareness and save lives. Police, fire, and
ambulance organizations as well as schools, utilities, security
companies, hospitals, waste management companies, resorts and many
other organizations use Siyata PTT handsets and accessories today.
Jerusalem, Israel-based Barzily and Co., the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated April 3, 2024, citing that the Company has suffered recurring
losses from operations, high accumulated losses, outstanding bank
loan and an outstanding balance in respect of the sale of future
receipts, that raise substantial doubt about its ability to
continue as a going concern.
SIYATA MOBILE: Gets $4.5M+ New Orders From U.S. Wireless Carriers
-----------------------------------------------------------------
Siyata Mobile Inc. announced July 18 that it has received new
orders for its SD7 handsets and related accessories valued at more
than $4.5 million in the aggregate for U.S. wireless carriers.
Marc Seelenfreund, CEO of Siyata, stated, "Our sales momentum
continues, and we expect to deliver record sales in the third
quarter ending September 30, 2024. The U.S. wireless carrier
channel is proving to be a powerful point of distribution. Our SD7
handset is experiencing even wider adoption as a result of our
relationships with the leading U.S. carriers and their
distributors, and these orders demonstrate that."
About Siyata Mobile
British Columbia, Canada-based Siyata Mobile Inc. is a B2B global
developer and vendor of next-generation Push-To-Talk over Cellular
handsets and accessories. Its portfolio of rugged PTT handsets and
accessories enables first responders and enterprise workers to
instantly communicate over a nationwide cellular network of choice,
to increase situational awareness and save lives. Police, fire, and
ambulance organizations as well as schools, utilities, security
companies, hospitals, waste management companies, resorts and many
other organizations use Siyata PTT handsets and accessories.
Jerusalem, Israel-based Barzily and Co., the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated April 3, 2024, citing that the Company has suffered recurring
losses from operations, high accumulated losses, outstanding bank
loan and an outstanding balance in respect of the sale of future
receipts, that raise substantial doubt about its ability to
continue as a going concern.
SKY DEVELOPMENT: Unsecureds Will Get 100% of Claims over 5 Years
----------------------------------------------------------------
Sky Development Ltd. filed with the U.S. Bankruptcy Court for the
District of Massachusetts a Subchapter V Plan of Reorganization
dated July 8, 2024.
As of the Petition Date, the Debtor owns commercial real estate at
345 Front St., Marion, 350-354 Front Street, Marion, 413 Wareham
Road, Marion, and 33 County Road, Mattapoisett.
345 Front Street is an office building, 350-354 Front St. is a
strip mall, 413 Wareham Rd. is a vacant building to be developed in
the future, and 33 County Road is a strip mall. The Debtor also
manages 163 Front Street, which is an office building. The Debtor
has been owned and operated by Michael Sudofsky and Katherine
Sudofsky, each of Marion, Massachusetts, since 1994.
The Debtor's properties had vacancies due to the COVID19 pandemic.
After struggling to gain new tenants, the Debtor fell behind on its
mortgage obligations held by Abington Bank. Abington Bank exercised
an assignment of rents and collected rents from the tenants,
causing the Debtor to become further behind in its obligations.
Abington Bank moved to foreclose one of the debtor's properties,
345 Front Street, causing the Debtor to seek protection under the
bankruptcy code.
The Debtor believes that by restructuring its secured debt, and
offering a fair dividend to its unsecured creditors, it will be
able to emerge from bankruptcy with a bootstrap plan based on its
future earnings.
The Debtor filed this case primarily to cure its secured debts and
to reduce its general unsecured debt by paying a fair dividend to
general unsecured creditors from the debtor's projected disposable
income over the 60-month Plan term.
The Debtor has had discussions with outside lenders to refinance
the Abington mortgages and exit the bankruptcy. These discussions
will continue. If the Debtor refinances the properties, Abington
will be paid in full at the closing.
In sum, the Plan contemplates: (i) the satisfaction of all Allowed
Administrative and Priority Claims; (ii) satisfaction of all
Allowed Secured Claims, and (iii) the submission of the Debtor's
projected disposable income to the payment of Allowed General
Unsecured Claims over a 60-month period from the Effective Date of
the Plan.
Class 4 is comprised of all holders of Allowed general unsecured
claims against the Debtor. Based upon the proofs of claim that have
been filed and the Debtor's Schedules, the Debtor estimates that
there will be approximately $16,486.36 in Allowed Class 4 claims.
In full and complete settlement, satisfaction and release of all
Allowed Class 4 Claims, each holder of an Allowed Class 4 Claim
shall receive its pro rata share of the Debtor's projected net
disposable income over the five-year period following the Effective
Date in 20 quarterly installments beginning in the fourth quarter
of 2024. The Debtor projects that the total distribution to Class 4
Claimants will be 100% of such Allowed Class 4 Claims. Class 4 is
impaired.
Class 5 consists of Equity Interests. Michael and Katherine
Sudofsky, who are the sole equity interest holders of the Debtor,
shall receive no distribution under the Plan on account of such
interests, but will retain unaltered, the legal, equitable and
contractual rights to which such interests were entitled as of the
Petition Date.
The Plan will be funded from the Debtor's future earnings and
income. Upon the Effective Date, the Debtor is authorized to take
all action permitted by law, including, without limitation, to use
its cash and other assets for all purposes provided for in the Plan
and in its business operations, and to borrow funds and to transfer
funds for any legitimate purpose.
A full-text copy of the Subchapter V Plan dated July 8, 2024 is
available at https://urlcurt.com/u?l=COY8ch from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Logan A. Weinkauf, Esq.
Logan A. Weinkauf, PC.
18 N. Water Street
New Bedford, MA 02740
Phone: (508) 403-9806
Email: freshstart@weinkaufpc.com
About Sky Development
Sky Development, Ltd. owns commercial real estate at 345 Front St.,
Marion, 350-354 Front Street, Marion, 413 Wareham Road, Marion, and
33 County Road, Mattapoisett.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Mass. Case No. 24-10658) on April 9,
2024, with as much as $50,000 in both assets and liabilities.
Judge Janet E. Bostwick presides over the case.
Logan A. Weinkauf, Esq., at Logan A. Weinkauf, P.C. represents the
Debtor as legal counsel.
STITCH ACQUISITION: S&P Lowers Issuer Credit Rating to 'SD'
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Stitch
Acquisition Corp. (d/b/a SVP Worldwide) to 'SD' (selective default)
from 'CCC-' and its issue-level rating on its term loan B to 'D'
from 'CCC-'.
S&P expects to reassess its ratings on SVP if and when it receives
sufficient transaction documentation.
SVP Worldwide disclosed in its audit that it completed a
transaction that deferred principal payment and modified interest
terms on its senior secured term loan. This transaction is in
conjunction with raising new subordinated debt and revising the
interest rate on its senior secured payment-in-kind (PIK) notes.
S&P said, "We view the transaction as distressed and tantamount to
default because SVP's existing term loan lenders will receive less
than they were originally promised.
"We view SVP Worldwide's term loan amendment transaction as
distressed. On April 4, 2024, the company executed an amendment to
its term loan agreement that included the deferral of mandatory
principal payments until maturity in July 2028 and the option to
pay interest in kind at a higher interest rate in 2024. In 2025 and
2026, the company will have the option to pay interest through a
mix of cash and PIK. The transaction will save the company a
significant amount of principal and cash interest (about $3 million
and $30 million, respectively, for the rest of 2024).
"Concurrently, the company amended the terms on its senior secured
PIK notes to a lower interest rate and raised new subordinated debt
with a maturity date of October 2028 from its financial sponsor,
Platinum Equity Partners. We believe there have been no amendments
to the asset-based loan (ABL) and the company remains current on
its ABL-related contractual obligations.
"We view the modifications to the first-lien term loan as
tantamount to default because we believe lenders received less than
the original promise. This is notwithstanding the injection of new
subordinated debt capital and additional (PIK-based) interest. We
recognize this transaction significantly reduces near-term cash
requirements.
"We plan to reassess our issuer credit and issue-level ratings if
and when we receive sufficient transaction documentation."
SUSHI ZUSHI: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Sushi Zushi of Colonnade, LLC 24-51371
9867 W Interstate 10
San Antonio, TX 78230-2245
Sushi Zushi of Lincoln Heights LLC 24-51372
999 E Basse Rd
San Antonio, TX 78209-1801
Sushi Zushi of Stone Oak, LLC 24-51373
18720 Stone Oak Pkwy Ste 154
San Antonio, TX 78258
Business Description: Suhi Zushi is a modern Japanese restaurant
chain serving traditional foods, plus
classic & Latin-influenced sushi rolls.
Chapter 11 Petition Date: July 24, 2024
Court: United States Bankruptcy Court
Western District of Texas
Judge: Hon. Craig A Gargotta (24-51371 and 24-51373)
Hon. Michael M Parker (24-51372)
Debtors' Counsel: Ronald Smeberg, Esq.
THE SMEBERG LAW FIRM
4 Imperial Oaks
San Antonio TX 78248-1609
Tel: (210) 695-6684
Email: ron@smeberg.com
Sushi Zushi of Colonnade's
Estimated Assets: $100,000 to $500,000
Sushi Zushi of Colonnade's
Estimated Liabilities: $1 million to $10 million
Sushi Zushi of Lincoln's
Estimated Assets: $100,000 to $500,000
Sushi Zushi of Lincoln's
Estimated Liabilities: $1 million to $10 million
Sushi Zushi of Stone's
Estimated Assets: $100,000 to $500,000
Sushi Zushi of Stone's
Estimated Liabilities: $1 million to $10 million
The petitions were signed by Jason Kemp as manager.
Full-text copies of the petitions are available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/OFWI4EI/Sushi_Zushi_of_Colonnade_LLC__txwbke-24-51371__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/OMG7N3A/Sushi_Zushi_of_Lincoln_Heights__txwbke-24-51372__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/OV3FWQQ/Sushi_Zushi_of_Stone_Oak_LLC__txwbke-24-51373__0001.0.pdf?mcid=tGE4TAMA
SYRACUSE DIOCESE:Finds Way to Get Creditors' Ch.11 Releases Consent
-------------------------------------------------------------------
Clara Geoghegan of Law360 Bankruptcy Authority reports that lawyers
for the Diocese of Syracuse said they've come up with a process to
collect creditor consent for third party releases in an already
voted on reorganization plan, telling a New York bankruptcy judge
Thursday, July 12, 2024, the approach will hopefully head off
confirmation issues after the U.S. Supreme Court struck down
nonconsensual third party releases in Chapter 11 plans.
About The Roman Catholic Diocese of Syracuse
The Roman Catholic Diocese of Syracuse, New York --
http://www.syracusediocese.org/-- through its administrative
offices (a) provides operational support to the Catholic parishes,
schools and certain other Catholic entities that operate within the
territory of the Diocese in support of their shared charitable
humanitarian and religious missions; (b) conducts school operations
by managing tuition and scholarship payments, employee payroll, and
other school-related operating expenses for separately incorporated
Diocesan schools, as well as providing parish schools with
financial, operational and educational support; and (c) provides
comprehensive risk management services to the OCEs through the
Diocese's insurance program.
The Roman Catholic Diocese of Syracuse, New York filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen
A. Breen, chief financial officer, signed the petition. At the time
of filing, the Debtor estimated $10 million to $50 million in
assets and $50 million to $100 million in liabilities.
Judge Margaret M. Cangilos-Ruiz oversees the case.
Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy
counsel. The Debtor also tapped Mullen Coughlin LLC as special
counsel, Arete Advisors LLC as cybersecurity consultant, and
Moxfive LLC as technical advisor. Stretto is the claims agent and
administrative advisor.
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Debtor's bankruptcy case. The committee
tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research
Group, LLC, as its bankruptcy counsel, local counsel and financial
advisor, respectively.
T-SHACK INC: Seeks to Sell Las Vegas Property for $140,000
----------------------------------------------------------
T-Shack, Inc. will ask the U.S. Bankruptcy Court for the District
of Nevada at a hearing on July 31 to approve the sale of its real
property.
The company owns a parcel of land located at 5388 Swenson Street
#26, Las Vegas, Nev.
The property will be sold to Anna Bao Ping Zhu Family Trust for
$140,000, "free and clear" of liens and all other interest,
according to court filings.
T-Shack will receive net proceeds of $128,000 after payment of the
closing costs and liens against the property.
About T-Shack Inc.
T-Shack Inc. is a wholesale and retail company in Mantador, N.D.
T-Shack filed Chapter 11 petition (Bankr. D. Nev. Case No.
22-11197) on April 5, 2022, with $1 million to $10 million in both
assets and liabilities. Raymond Zajac, registered agent, signed the
petition.
Judge Mike K. Nakagawa oversees the case.
Michael J. Harker, Esq., at The Law Offices of Michael J. Harker is
the Debtor's bankruptcy counsel.
TAKEOFF TECHNOLOGIES: Reaches Sale, DIP Deal With Creditors
-----------------------------------------------------------
Rick Archer of Law360 Bankruptcy Authority reports that grocery
automation business Takeoff told a Delaware bankruptcy judge
Thursday the company reached a deal with its unsecured creditors to
end their opposition to its Chapter 11 financing and sale plans, as
well as their attempt to force the debtor to liquidate.
About Takeoff Technologies
Founded in 2016 by a group of former grocery executives, Takeoff
Technologies, Inc. and its affiliates operate one of the leadingThe
U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Takeoff
Technologies, Inc. and its affiliates. eGrocery, micro-fulfillment
solution companies in the world. The Debtors' business model
centers around the sale, subsequent maintenance, and support of
the
equipment and software needed to operate micro-fulfillment centers
-- i.e. small, automated, robotic warehouses called
micro-fulfillment centers, either placed in grocery stores or near
the end-shoppers.
The Debtors filed Chapter 11 petition (Bankr. D. Del. Lead Case No.
24-11106) on May 30, 2024. At the time of the filing, Takeoff
Technologies reported $50 million to $100 million in assets and $10
million to $50 million in liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtors tapped Sheppard, Mullin, Richter & Hampton, LLP as lead
bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as local
bankruptcy counsel; Huron Transaction Advisory, LLC as investment
banker; and Huron Consulting Services, LLC as financial and
restructuring advisor. John C. Didonato and Brett M. Anderson of
Huron Consulting Services serve as the Debtors' chief restructuring
officer and deputy chief restructuring officer, respectively. Kroll
Restructuring Administration LLC is the Debtors' claims and
noticing agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The committee tapped Kilpatrick Townsend & Stockton, LLP and Ashby
& Geddes, P.A., as legal counsels; and Dundon Advisers, LLC as
financial advisor.
TBOTG DEVELOPMENT: Gets OK to Sell Comal Cty. Property for $895,000
-------------------------------------------------------------------
TBOTG Development, Inc. got the green light from a U.S. bankruptcy
judge to sell its real property in Comal County, Texas.
Judge Shad Robinson of the U.S. Bankruptcy Court for the Western
District of Texas approved the sale of the property to James Dye
for $895,000.
The property is being sold "free and clear" of liens, claims,
interests, and encumbrances, according to court filings.
About TBOTG Development
TBOTG Development, Inc. owns and operates The Bluffs on
TheGuadalupe, a subdivision in Comal County, Texas, having an
appraised value of $32.1 million.
TBOTG Development filed Chapter 11 petition (Bankr. W.D. Texas Case
No. 24-10411) on April 16, 2024, with $35,996,538 in total assets
and $22,885,007 in total liabilities. William T. Korioth,
president, signed the petition.
Judge Shad Robinson oversees the case.
Kell C. Mercer, PC and Armbrust & Brown, PLLC serve as the Debtor's
bankruptcy counsel and special litigation counsel, respectively.
TERRAFORM LABS: Asks Court to Have Chapter 11 Wind-Down Head Start
------------------------------------------------------------------
Emlyn Cameron of Law360 Bankruptcy Authority reports that bankrupt
cryptocurrency firm Terraform Labs has asked a Delaware bankruptcy
judge to give it a head start on winding down pursuant to a $4.5
billion settlement with the U.S. Securities and Exchange
Commission, including converting bitcoin holdings to fiat currency,
saying that doing so will mitigate administrative costs.
About Terraform Labs
Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.
Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.
The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.
Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.
Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.
The Debtor is represented by:
Zachary I Shapiro, Esq.
Richards, Layton & Finger, P.A.
1 Wallich Street
#37-01
Guoco Tower 078881
TERRAFORM LABS: Initiates Strategic Assets Sale Amid Chapter 11
---------------------------------------------------------------
Kelvin Munene of The Crypto Times reports that Terraform Labs Pte.
Ltd. (TFL), a blockchain technology firm, has initiated a strategic
sale of its assets, including its subsidiary, Proximity Panorama,
LDA. This decision is consistent with TFL's current Chapter 11
lawsuit and is part of a larger attempt to wind down operations in
compliance with its settlement with the United States Securities
and Exchange Commission.
Key Assets Up for Sale
TFL is actively seeking possible purchasers for numerous assets
being sold. Among the assets is Pulsar, a portfolio tracker that
has indexed over 100 blockchains and contains a proprietary
indexing SDK. The SDK isolates protocols and RPC nodes, making data
integration easier for applications.
Station is another asset, a non-custodial interchain hot wallet
that was initially designed for the Cosmos ecosystem. Station has
browser and mobile capability and has been downloaded over 600,000
times. The transaction also includes Enterprise, a no-code DAO
management tool.
Additionally, Enterprise makes it easier for DAOs to organize,
administer their treasuries, spend via governance votes, and
distribute their stake rewards. Another asset up for sale is Warp,
an on-chain decentralized automation system that allows conditional
execution of smart contracts.
Maximizing Value for Stakeholders
The transaction represents a key milestone in TFL's attempts to
maximize value for its creditors and stakeholders. TFL intends to
earn revenue to pay down its Chapter 11 commitments by selling
these assets.
The business further encourages interested parties to express their
interest and get more information via its investment banker, CAVU
Securities, LLC.
Terraform Labs' strategic sale of its company and assets is a
watershed event in its Chapter 11 proceedings. Potential purchasers
are urged to speak with TFL's investment banker about these options
further.
About Terraform Labs
Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.
Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.
The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.
Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.
Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.
The Debtor is represented by:
Zachary I Shapiro, Esq.
Richards, Layton & Finger, P.A.
1 Wallich Street
#37-01
Guoco Tower 078881
TJJ TRANSPORT: Kicks Off Chapter 11 Bankruptcy Protection
---------------------------------------------------------
TJJ Transport Inc. filed Chapter 11 protection in the Eastern
District of New York. According to court documents, the Debtor
reports $7,372,315 in debt owed to 50 and 99 creditors. The
petition states that funds will be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
August 9, 2024 at 10:00 a.m. in Room Telephonically on telephone
conference line: 1 (866) 819-1498. participant access code:
4769770.
About TJJ Transport Inc.
TJJ Transport Inc. is a trucking company.
TJJ Transport Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-42805) on July 3,
2024. In the petition filed by Bakhodir Ochilov, as president, the
Debtor reports total assets of $2,430,050 and total liabilities of
$7,372,315.
Honorable Bankruptcy Judge Jil Mazer-Marino oversees the case.
The Debtor is represented by:
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
TOURA #5: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: TOURA #5, LP
3943 Irvine Boulevard, Unit 400
Irvine, CA 92602
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: July 23, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-11866
Debtor's Counsel: Nancy Korompis, Esq.
KOROMPIS LAW OFFICES
PO Box 60011
Pasadena, CA 91116
Tel: 626-938-9200
Fax: 877-552-9252
E-mail: nancy@korompislaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mahmoud Bdaiwi as general partner.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/6EYFFHQ/TOURA_5_LP__cacbke-24-11866__0001.0.pdf?mcid=tGE4TAMA
TURNING POINTS: Gets Court Approval to Sell Motor Vehicles
----------------------------------------------------------
Turning Points for Children got the green light from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to sell
its motor vehicles in a private deal.
Turning Points is selling the vehicles for an amount that is
comparable to the Kelley Blue Book value per vehicle at the time of
sale.
The vehicles are being sold "free and clear" of liens, claims,
encumbrances, and interests.
None of the vehicles is encumbered by a lien and Turning Points
holds title to each of the vehicles.
About Turning Points for Children
Turning Points for Children, a subsidiary of Public Health
Management Corporation, provides a range of social and health
services to support children, caregivers, and families. Its mission
is to nurture families with children who are struggling against
economic and environmental odds.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-11479) on May 1, 2024,
with $34,373,426 in assets and $6,400,954 in liabilities. Richard
Furtek of Furtek & Associates, LLC is the Subchapter V trustee.
Judge Ashely M. Chan oversees the case.
Aris J. Karalis, Esq., at Karalis PC, represents the Debtor as
legal counsel.
VERICAST CORP: R.R. Donnelley Wants to Buy Print & Digital Biz
--------------------------------------------------------------
Reshmi Basu, Jeannine Amodeo and Gowri Gurumurthy of Bloomberg News
report that JPMorgan Chase & Co. is expected to launch a $2.3
billion debt sale in the coming weeks that would fund R.R.
Donnelley & Sons Co.'s purchase of Vericast's print and digital
marketing business and overhaul its debt structure, according to
people with knowledge of the matter.
R.R. Donnelley's debt offering is set to include a $800 million
leveraged loan and a $1.5 billion bond, said the people, who asked
not to be identified because the matter is private. Decisions on
the structure aren't final and plans could change, the people
added.
About Vericast Corp.
Headquartered in San Antonio, TX, Vericast Corp. is a provider of
check and check related products, direct marketing services and
customized business and home office products. Its Valassis
division offers clients mass delivered and targeted programs to
reach consumers primarily consisting of shared mail, newspaper and
digital delivery in addition to coupon clearing and other marketing
and analytical services. The company's 2020 annual revenue was
$2.6 billion. Vericast is owned by MacAndrews & Forbes Holdings,
Inc., a wholly owned entity controlled by Ronald O. Perelman.
VIDEO DISPLAY: Incurs $184K Net Loss in First Quarter
-----------------------------------------------------
Video Display Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q on July 18, 2024,
disclosing a net loss of $184,000 on $1.84 million of net sales for
the three months ended May 31, 2024, compared to a net loss of
$297,000 on $1.93 million of net sales for the three months ended
May 31, 2023.
As of May 31, 2024, the Company had $4.47 million in total assets,
$5.06 million in total liabilities, and a total shareholders'
deficit of $595,000.
Video Display stated in the report that, "The ability of the
Company to continue as a going concern is dependent upon the
success of management's plans to improve revenues, the operational
effectiveness of continuing operations, the procurement of suitable
financing, or a combination of these. The uncertainty regarding
the potential success of management's plan creates substantial
doubt about the ability of the Company to continue as a going
concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/758743/000143774924022960/vide20240531_10q.htm
About Video Display
Headquartered in Cocoa, Florida, Video Display Corporation
manufactures and distributes a wide range of display devices,
encompassing, among others, industrial, military, and simulation
display solutions. The Company is organized into the following two
interrelated divisions that have similar products and markets
served and therefore are aggregated into one reportable segment:
(i) Simulation and Training Products -- offers a wide range of
projection display systems for use in training, simulation,
military, medical, industrial applications, video walls and command
and control centers including ruggedized displays; and (ii) Cyber
Secure Products -- provides advanced TEMPEST technology and (EMSEC)
products. This business also provides various contract services
including the design and testing solutions for defense and niche
commercial uses worldwide.
VITAL PHARMACEUTICALS: Former CEO Wants Ch. 11 Judge Disqualified
-----------------------------------------------------------------
David Minsky of Law360 reports that the former CEO of the company
that makes Bang energy drinks urged the disqualification of a
Florida federal bankruptcy judge and called for an investigation,
alleging that the judge committed misconduct in the company's
Chapter 11 case, according to a complaint filed with the Eleventh
Circuit.
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; Haynes and Boone,
LLP and Faulkner ADR Law, PLLC as special counsels; Huron
Consulting Group, Inc., as CTO services provider; and Rothschild &
Co US, Inc., as investment banker; and Grant Thornton, LLP, as
financial advisor. 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; and Lincoln Partners Advisors, LLC, as
financial advisor.
WITH PURPOSE: Files for Ch. 7 Bankruptcy Amid Conspiracy Lawsuit
----------------------------------------------------------------
With Purpose, Inc. d/b/a GloriFi today announces its Chapter 7
Bankruptcy Trustee, its secured creditors, and its former CEO, Toby
Neugebauer, entered into a joint prosecution agreement, subject to
court approval, to pursue defendants alleged to have conspired
against the pro-America financial services challenger.
The Trustee filed a motion for court approval of the joint
prosecution agreement in the company's Chapter 7 bankruptcy
proceedings, following a May lawsuit filed by WPI Collateral
Management, LLC on behalf of GloriFi's secured creditors in the
U.S. District Court for the Northern District of Georgia. The
140-page complaint details allegations of defamation and
intellectual property theft at the hands of Defendants Citadel,
LLC, Peter Thiel, Vivek Ramaswamy, Joe Lonsdale, Nick Ayers, Rick
Jackson, Keri Findley and other notable individuals who are accused
of conspiring to gain control of GloriFi for their benefit.
According to the lawsuit, the defendants launched a "blitzkrieg"
campaign to make the company uninvestable for anyone but
themselves, while forming and/or investing in competitive
companies. The lawsuit further outlines the alleged actions that
ultimately resulted in GloriFi's closure in 2022.
With a strong ethos and powerful technological capabilities,
GloriFi was poised to achieve extraordinary success on par with the
Nation's most successful companies. Within days of a social media
post kicking off the launch, GloriFi had onboarded 33,000 members
with 5,000 opening a financial services account. The suit alleges
that 72 hours later the Defendants orchestrated a final fatal
blow.
At the time of its closure, the unicorn company had on file with
the Securities and Exchange Commission a merger agreement with DHC
Acquisition Corp, a Nasdaq listed company, valuing it at $1.65
Billion.
On behalf of the company, Neugebauer said, "as this litigation
process unfolds, the employee-owners welcome their day in court
where each can share their story - what they achieved at GloriFi
and how the Defendants who reap the greatest rewards of America
allegedly destroyed the company that would give them their rightful
hard-earned piece of the pie."
WPI Collateral Management, LLC is represented by Ryan Downton of
the Texas Trial Group and Chris Timmons of Knowles Gallant Timmons
LLC. Any former GloriFi employee or creditor seeking more
information can contact Mr. Downton at
Ryan@TheTexasTrialGroup.com.
About With Purpose
With Purpose, Inc., doing business as GloriFi, operates as a bank.
The Bank offers credit cards, mortgages, insurance, and banking
services. GloriFi serves clients in the United States.
WYTHE BERRY: Serves as Adviser on $115 Million Hotel Buy to EOS
---------------------------------------------------------------
Nate Beck of Law360 Bankruptcy Authority reports that Dentons
guided the financing for a bankruptcy sale of Brooklyn, New York's,
William Vale hotel to EOS Hospitality for $177 million in a
stalking horse bid approved by a bankruptcy judge in May 2024.
About Wythe Berry Fee Owner
Wythe Berry Fee Owner LLC is the titular owner of a commercial real
property complex located in Brooklyn, New York, that includes The
William Vale Hotel, one of Brooklyn's few luxury hotels. Wythe
Berry Fee Owner is co-owned, indirectly, by Zelig Weiss and YGWV
LLC, a wholly owned, direct subsidiary of All Year Holdings
Limited, which is a debtor in a chapter 11 case also pending
before Judge Martin Glenn.
Weiss and YGWV each hold 50% of the membership interests in Member
LLC, which, in turn, is the direct parent, and sole member, of
Wythe Berry Fee Owner. YGWV purports to be the designated managing
member of Member LLC and, thus, purports to control Wythe Berry Fee
Owner.
A group of noteholders, Mishmeret Trust Company Ltd., solely in its
capacity as Trustee for the Series C Notes; Yelin Lapidot Provident
Funds Management Ltd.; The Phoenix Insurance Company Limited; and
Klirmark Opportunity Fund III L.P., filed an involuntary Chapter 11
bankruptcy petition against Wythe Berry Fee Owner LLC (Bankr.
S.D.N.Y. Case No. 22-11340) on Oct. 6, 2022. The creditors are
represented by Michael Friedman, Esq., at Chapman and Cutler LLP.
Bankruptcy Judge Martin Glenn, who presides over the case, entered
an Order for Relief in January 2023, allowing the bankruptcy
proceedings against Wythe Berry Fee Owner LLC to proceed. Judge
Glenn denied a request by hotel operator Zelig Weiss to dismiss the
involuntary petition.
Wythe Berry Fee Owner LLC is represented by law firm Herrick,
Feinstein LLP.
All Year Holdings Limited filed for Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021,
and is represented by Matthew Paul Goren, Esq., at Weil, Gotshal &
Manges LLP.
Weiss is represented by lawyers at Paul Hastings LLP.
* * *
Chief Bankruptcy Judge Martin Glenn of the United States Bankruptcy
Court for the Southern District of New York issued opinions
confirming the Chapter 11 plans of Wythe Berry Fee Owner LLC and
approving a related settlement that was part of the plan, clearing
the way for them to complete the sale of the William Vale Hotel and
complex in Brooklyn to an affiliate of EOS Hospitality for $177
million.
YELLOW CORP: Court Sets $6 Bil. Pension Fund Row Hearing on August
------------------------------------------------------------------
Ben Zigterman of Law360 Bankruptcy Authority reports that a
Delaware bankruptcy judge said Wednesday, July 10, 2024, he would
schedule a hearing in August 2024 to resolve competing motions for
summary judgment on Yellow Corp.'s objection to several pension
plans' claims for more than $6 billion in retirement-fund
withdrawal liability.
About Yellow Corporation
Yellow Corporation -- http://www.myyellow.com/-- operates
logistics and less-than-truckload (LTL) networks in North America,
providing customers with regional, national, and international
shipping services throughout. Yellow's principal office is in
Nashville, Tenn., and is the holding company for a portfolio of LTL
brands including Holland, New Penn, Reddaway, and YRC Freight, as
well as the logistics company Yellow Logistics.
Yellow Corporation and 23 affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before
the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow
Corporation had $2,152,200,000 in total assets against
$2,588,800,000 in total liabilities. The petitions were signed by
Matthew A. Doheny as chief restructuring officer.
The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel;
Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel;
Kasowitz, Benson and Torres, LLP as special litigation counsel;
Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as
investment banker; and Alvarez and Marsal as financial advisor.
Epiq Bankruptcy Solutions is the claims and noticing agent.
Milbank LLP serves as counsel to certain investment funds and
accounts managed by affiliates of Apollo Capital Management, L.P.
while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve
as counsels to Beal Bank USA and the U.S. Department of the
Treasury, respectively.
On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Chapter 11 cases.
The committee tapped Akin Gump Strauss Hauer & Feld, LLP and
Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller
Buckfire as investment banker; and Huron Consulting Services, LLC,
as financial advisor.
[*] Puerto Rico June 2024 Bankruptcies Keep Upward Trend
--------------------------------------------------------
Stephanie L. López of The News Journal reports that Bankruptcies
reported for June 2024 totaled 426 cases, an increase of 18.66%
over the same month of the previous year, according to statistics
from Boletín de Puerto Rico.
With this figure, bankruptcies total 2,777 during the first five
months of the year, 35.4% higher than the cases registered during
the same period in 2023.
In breaking down the bankruptcies, the report shows that of the 426
cases, 139 were filed under chapter 7, liquidation.
There were also 282 bankruptcies filed under Chapter 13, which is
filed in individual reorganization cases.
While corporate restructuring bankruptcies, under chapter 11,
totaled 5 cases, and for agricultural businesses, under chapter 12,
no cases were reported.
The ten types of businesses with the highest number of cases filed
in June were restaurants (10.81%), construction companies (8.11%),
medical (7.21%), agriculture (6.31%), fast food restaurants
(4.50%), minimarkets (4.50%), beauty salons (3.60%), real estate
(3.60%), bakeries and/or pastry shops (2.70%) and consultants
(2.70%).
This makes June the fifteenth consecutive month in which
bankruptcies have been on an upward trend since August 2023.
[*] Winston & Strawn Welcomes Tax Expert Katherine Erbeznik
-----------------------------------------------------------
Winston & Strawn LLP announced the addition of Katherine Erbeznik
as a partner in the firm's New York office and as a member of the
firm's Transactions Department and Tax Practice.
Katherine brings extensive experience in a wide range of
transactional tax matters, including private equity acquisitions
and fund formation, cross-border mergers and acquisitions, real
estate transactions, REITs, and oil and gas. She also advises
clients on the tax implications of digital asset transactions and
transactions involving distressed companies, including both
out-of-court restructurings and bankruptcy. Her work in
cross-border mergers and acquisitions includes a particular focus
in Latin America. She also has advised private fund managers on the
tax aspects of fund formation, both as an external advisor and as
in-house counsel with a global asset manager.
"Winston's proficiency in private equity transactions is highly
respected in the industry," said Katherine. "I'm thrilled to join
the firm's team of talented attorneys and support the practice."
Katherine's community involvement includes serving on the Tax
Leadership Committee of the Chamber of Digital Commerce and on the
board of the Equality Action Center (formerly The Center for
WorkLife Law).
"Katherine possesses a comprehensive knowledge of complex tax
matters that will be invaluable as we continue to meet client needs
within private equity and related transactional practices," said
New York Office Managing Partner Mats Carlston. "Her contributions
will also be essential to our continued expansion into the oil and
gas and distressed real estate industry sectors."
"Katherine is a great example of the level of talent Winston is
attracting as we continue to add depth to our offerings in private
equity and digital transactions," said Winston Chairman Steve
D'Amore. "Her experience in Latin America will be particularly
relevant as Winston continues to grow internationally."
About Winston & Strawn LLP
Winston & Strawn LLP is an international law firm with 15 offices
in North America, South America, Asia, and Europe. More information
about the firm is available at www.winston.com.
[] 31st Distressed Investing Conference: Sponsors Announced
-----------------------------------------------------------
Registration is now open for the 31st Annual Distressed Investing
Conference, presented by Beard Group, Inc.
This year's event is being sponsored by:
* Kirkland & Ellis, LLP, as conference co-chair;
* Foley & Lardner LLP, as conference co-chair;
* Davis Polk & Wardwell LLP;
* Dentons;
* Hilco Global;
* Locke Lord LLP;
* Morrison & Foerster LLP;
* Proskauer Rose LLP;
* Skadden, Arps, Slate, Meagher & Flom LLP;
* Wachtell, Lipton, Rosen & Katz; and
* Weil, Gotshal & Manges LLP
This year's Patron Sponsors:
* Kobre & Kim
* C Street Advisory Group
This year's Media Partners:
* BankruptcyData;
* Debtwire;
* LevFin Insights;
* PacerMonitor; and
* Reorg
This year's Knowledge Partner:
* Creditor Rights Coalition
Once a year, the top industry experts gather together to discuss
the latest topics and trends in the distressed investing industry.
This value-packed event features special presentations from keynote
speakers, live panel discussions with industry experts and
networking with other insolvency professionals.
This in-person conference will be held Wed., Dec. 4, 2024 at The
Harmonie Club in New York City.
Visit https://www.distressedinvestingconference.com for more
information.
For sponsorship opportunities, please contact:
Will Etchison
Conference Producer
Tel: 305-707-7493
E-mail: will@beardgroup.com
[^] BOOK REVIEW: PANIC ON WALL STREET
-------------------------------------
A History of America's Financial Disasters
Author: Robert Sobel
Publisher: Beard Books
Softcover: 469 Pages
List Price: $34.95
Review by: Gail Owens Hoelscher
http://www.beardbooks.com/beardbooks/panic_on_wall_street.html
"Mere anarchy is loosed upon the world, the blood-dimmed tide is
loosed, and everywhere the ceremony of innocence is drowned; the
best lack all conviction, while the worst are full of passionate
intensity."
What a terrific quote to find at the beginning of a book on a
financial catastrophe! First published in 1968. Panic on Wall
Street covers 12 of the most painful episodes in American financial
history between 1768 and 1962. Author Robert Sobel chose these
particular cases, among a dozen or so others, to demonstrate the
complexity and array of settings that have led to financial panics,
and to show that we can only make; the vaguest generalizations"
about financial panic as a phenomenon. In his view, these 12 all
had a great impact on Americans of the time, "they were dramatic,
and drama is present in most important events in history." They had
been neglected by other financial historians. They are:
William Duer Panic, 1792
Crisis of Jacksonian Fiannces, 1837
Western Blizzard, 1857
Post-Civil War Panic, 1865-69
Crisis of the Gilded Age, 1873
Grant's Last Panic, 1884
Grover Cleveland and the Ordeal of 183-95
Northern Pacific Corner, 1901
The Knickerbocker Trust Panic, 1907
Europe Goes to War, 1914
Great Crash, 1929
Kennedy Slide, 1962
Sobel tells us there is no universally accepted definition if
financial panic. He quotes William Graham Sumner, who died long
before the Great Crash of 1929, describing a panic as "a wave of
emotion, apprehension, alarm. It is more or less irrational. It is
superinduced upon a crisis, which is real and inevitable, but it
exaggerates, conjures up possibilities, take away courage and
energy."
Sobel could find no "law of panics" which might allow us to predict
them, but notes their common characteristics. Most occur during
periods of optimism ("irrational exuberance?"). Most arise as
"moments of truth," after periods of self-deception, when players
not only suddenly recognize the magnitude of their problems, but
are also stunned at their inability to solve them. He also notes
that strong financial leaders may prove a mitigating factor, citing
Vanderbilt and J.P. Morgan.
Sobel concludes by saying that although financial panics have
proven as devastating in some ways as war, and while much research
has been carried out on war and its causes, little research has
been done on financial panics. Panics on Wall Street stands as a
solid foundation for later research on the topic.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Calico, LLC
Bankr. S.D. Ala. Case No. 24-11730
Chapter 11 Petition filed July 16, 2024
See
https://www.pacermonitor.com/view/P2PEB2Q/Calico_LLC__alsbke-24-11730__0001.0.pdf?mcid=tGE4TAMA
represented by: Barry A Friedman, Esq.
BARRY A FRIEDMAN & ASSOCIATES, PC
E-mail: bky@bafmobile.com
In re Scotty's RV Parts & Service, Inc.
Bankr. W.D. Ark. Case No. 24-71152
Chapter 11 Petition filed July 16, 2024
See
https://www.pacermonitor.com/view/Z62IZGQ/Scottys_RV_Parts__Service_Inc__arwbke-24-71152__0001.0.pdf?mcid=tGE4TAMA
represented by: David Nixon, Esq.
NIXON & ALEXANDER LAW FIRM
E-mail: david@nixonlaw.com
In re Carol Lynn Avila
Bankr. C.D. Cal. Case No. 24-15616
Chapter 11 Petition filed July 16, 2024
represented by: Onyinye Anyama, Esq.
In re Hillcrest Fund LLC
Bankr. C.D. Cal. Case No. 24-15607
Chapter 11 Petition filed July 16, 2024
See
https://www.pacermonitor.com/view/EBXZ6DQ/Hillcrest_Fund_LLC__cacbke-24-15607__0001.0.pdf?mcid=tGE4TAMA
represented by: Onyinye N Anyama, Esq.
ANYAMA LAW FIRM, APC
E-mail: info@anyamalaw.com
In re KCavalier Holdings, LLC
Bankr. E.D. La. Case No. 24-11353
Chapter 11 Petition filed July 16, 2024
See
https://www.pacermonitor.com/view/TNRSAPY/KCavalier_Holdings_LLC__laebke-24-11353__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Deymond Talbot
Bankr. D.N.J. Case No. 24-17083
Chapter 11 Petition filed July 16, 2024
In re Xiaodong Bai
Bankr. C.D. Cal. Case No. 24-11796
Chapter 11 Petition filed July 17, 2024
represented by: Thomas Ure, Esq.
In re Northeast Denver Comm Help Ctr
Bankr. D. Colo. Case No. 24-14028
Chapter 11 Petition filed July 17, 2024
See
https://www.pacermonitor.com/view/7ZCJX5A/Northeast_Denver_Comm_Help_Ctr__cobke-24-14028__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Kevin A Herrero
Bankr. S.D. Fla. Case No. 24-17159
Chapter 11 Petition filed July 17, 2024
represented by: Susan Lasky, Esq.
In re Sheila Jean Odom
Bankr. M.D. Ga. Case No. 24-10680
Chapter 11 Petition filed July 17, 2024
In re The Gift Barn Boutique, LLC
Bankr. M.D. Ga. Case No. 24-10681
Chapter 11 Petition filed July 17, 2024
See
https://www.pacermonitor.com/view/HGSS5JI/The_Gift_Barn_Boutique_LLC__gambke-24-10681__0001.0.pdf?mcid=tGE4TAMA
represented by: David L. Bury, Jr., Esq.
STONE & BAXTER, LLP
E-mail: dbury@stoneandbaxter.com
In re 590 Maple Ventures LLC
Bankr. E.D.N.Y. Case No. 24-42953
Chapter 11 Petition filed July 17, 2024
See
https://www.pacermonitor.com/view/MATHLFQ/590_Maple_Ventures_LLC__nyebke-24-42953__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Ancellotta, LLC
Bankr. E.D. Tex. Case No. 24-41640
Chapter 11 Petition filed July 17, 2024
See
https://www.pacermonitor.com/view/U7KGZYI/Ancellotta_LLC__txebke-24-41640__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert T DeMarco, Esq.
DEMARCO MITCHELL, PLLC
E-mail: robert@demarcomitchell.com
In re Kimberly Ann Brown
Bankr. C.D. Cal. Case No. 24-11186
Chapter 11 Petition filed July 18, 2024
represented by: Michael Totaro, Esq.
In re Dannie Alfonso Connor
Bankr. S.D. Fla. Case No. 24-17171
Chapter 11 Petition filed July 18, 2024
represented by: Chad Van Horn, Esq.
In re Gary Dale LeCroy and Magen McGahee LeCroy
Bankr. N.D. Ga. Case No. 24-20868
Chapter 11 Petition filed July 18, 2024
represented by: Charles Kelley, Esq.
KELLEY & CLEMENTS LLP
In re 1105 Winthrop Street LLC
Bankr. E.D.N.Y. Case No. 24-42965
Chapter 11 Petition filed July 18, 2024
See
https://www.pacermonitor.com/view/DL723LY/1105_Winthrop_Street_LLC__nyebke-24-42965__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 9912 NB Property LLC
Bankr. E.D.N.Y. Case No. 24-42976
Chapter 11 Petition filed July 18, 2024
See
https://www.pacermonitor.com/view/NEUBUNQ/9912_NB_Property_LLC__nyebke-24-42976__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Science & Sensory LLC dba Adventures with Autism
Bankr. D. Ore. Case No. 24-61630
Chapter 11 Petition filed July 18, 2024
See
https://www.pacermonitor.com/view/ASSYCKY/Science__Sensory_LLC_dba_Adventures__orbke-24-61630__0002.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Paul D. Maloney
Bankr. W.D. Pa. Case No. 24-21733
Chapter 11 Petition filed July 18, 2024
represented by: Samuel Grego, Esq.
In re Optiqus Vision Inc.
Bankr. D.P.R. Case No. 24-02986
Chapter 11 Petition filed July 18, 2024
See
https://www.pacermonitor.com/view/VZ6TIIQ/OPTIQUS_VISION_INC__prbke-24-02986__0001.0.pdf?mcid=tGE4TAMA
represented by: Enrique Almeida, Esq.
Zelma Davila, Esq.
ALMEIDA & DAVILA, PSC
E-mail: info@almeidadavila.com
In re Around the Clock Oil, LLC
Bankr. W.D. Va. Case No. 24-70513
Chapter 11 Petition filed July 18, 2024
See
https://www.pacermonitor.com/view/E4GT6WA/Around_the_Clock_Oil_LLC__vawbke-24-70513__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Gregory Peter Mandanis and Christina Artemis Mandanis
Bankr. N.D. Cal. Case No. 24-30546
Chapter 11 Petition filed July 19, 2024
In re Rhenish Resayo Morales and Jocelyn Comia Morales
Bankr. N.D. Cal. Case No. 24-30547
Chapter 11 Petition filed July 19, 2024
represented by: Lars Fuller, Esq.
In re Amazing Pools and Services, Inc.
Bankr. M.D. Fla. Case No. 24-04136
Chapter 11 Petition filed July 19, 2024
See
https://www.pacermonitor.com/view/HWDXOGA/Amazing_Pools_and_Services_Inc__flmbke-24-04136__0001.0.pdf?mcid=tGE4TAMA
represented by: Scott Orsini, Esq.
THE ORSINI LAW GROUP LLC
E-mail: sorsini@attorneysusa.com
In re First Health Winter Springs, LLC
Bankr. M.D. Fla. Case No. 24-03708
Chapter 11 Petition filed July 19, 2024
See
https://www.pacermonitor.com/view/PQ73H7Y/First_Health_Winter_Springs_LLC__flmbke-24-03708__0001.0.pdf?mcid=tGE4TAMA
represented by: Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
E-mail: jeff@bransonlaw.com
In re Southern Landscape Solutions of Tampa Bay, Inc.
Bankr. M.D. Fla. Case No. 24-04125
Chapter 11 Petition filed July 19, 2024
See
https://www.pacermonitor.com/view/OF3T4QI/Southern_Landscape_Solutions_of__flmbke-24-04125__0001.0.pdf?mcid=tGE4TAMA
represented by: Chad Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
E-mail: chad@cvhlawgroup.com
In re Pedro Rodriguez Landscaping LLC
Bankr. S.D. Fla. Case No. 24-17225
Chapter 11 Petition filed July 19, 2024
See
https://www.pacermonitor.com/view/EM7EB5A/Pedro_Rodriguez_Landscaping_LLC__flsbke-24-17225__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Edwin Lawrence Tompkins
Bankr. E.D. Mich. Case No. 24-46952
Chapter 11 Petition filed July 19, 2024
In re Royal G.L.S., Corp.
Bankr. S.D.N.Y. Case No. 24-11248
Chapter 11 Petition filed July 19, 2024
See
https://www.pacermonitor.com/view/DDJDC2A/Royal_GLS_Corp__nysbke-24-11248__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Glenda M Swartz
Bankr. S.D. Ohio Case No. 24-31353
Chapter 11 Petition filed July 19, 2024
represented by: Ira Thomsen, Esq.
In re Blush Bootcamp Ankeny LLC
Bankr. D. Kan. Case No. 24-20911
Chapter 11 Petition filed July 20, 2024
See
https://www.pacermonitor.com/view/B2TKD3Y/Blush_Bootcamp_Ankeny_LLC__ksbke-24-20911__0001.0.pdf?mcid=tGE4TAMA
represented by: George J Thomas, Esq.
PHILLIPS & THOMAS LLC
E-mail: geojthomas@gmail.com
In re Passionate Lives LLC
Bankr. D. Kan. Case No. 24-20918
Chapter 11 Petition filed July 20, 2024
See
https://www.pacermonitor.com/view/QUDW5GA/Passionate_Lives_LLC__ksbke-24-20918__0001.0.pdf?mcid=tGE4TAMA
represented by: George J Thomas, Esq.
PHILLIPS & THOMAS LLC
E-mail: geojthomas@gmail.com
In re Blush Bootcamp Franchising Systems LLC
Bankr. D. Kan. Case No. 24-20912
Chapter 11 Petition filed July 20, 2024
See
https://www.pacermonitor.com/view/EB3GUWI/Blush_Bootcamp_Franchising_Systems__ksbke-24-20912__0001.0.pdf?mcid=tGE4TAMA
represented by: George J Thomas, Esq.
PHILLIPS & THOMAS LLC
E-mail: geojthomas@gmail.com
In re Blush Bootcamp Omaha LLC
Bankr. D. Kan. Case No. 24-20915
Chapter 11 Petition filed July 20, 2024
See
https://www.pacermonitor.com/view/OQROCWI/Blush_Bootcamp_Omaha_LLC__ksbke-24-20915__0001.0.pdf?mcid=tGE4TAMA
represented by: George J Thomas, Esq.
PHILLIPS & THOMAS LLC
E-mail: geojthomas@gmail.com
In re Blush Bootcamp Leawood LLC
Bankr. D. Kan. Case No. 24-20914
Chapter 11 Petition filed July 20, 2024
See
https://www.pacermonitor.com/view/IXFQCGQ/Blush_Bootcamp_Leawood_LLC__ksbke-24-20914__0001.0.pdf?mcid=tGE4TAMA
represented by: George J Thomas, Esq.
PHILLIPS & THOMAS LLC
E-mail: geojthomas@gmail.com
In re Blush Bootcamp Juliet LLC
Bankr. D. Kan. Case No. 24-20913
Chapter 11 Petition filed July 20, 2024
See
https://www.pacermonitor.com/view/KMJOUMQ/Blush_Bootcamp_Juliet_LLC__ksbke-24-20913__0001.0.pdf?mcid=tGE4TAMA
represented by: George J Thomas, Esq.
PHILLIPS & THOMAS LLC
E-mail: geojthomas@gmail.com
In re Blush Bootcamp Prairie Village LLC
Bankr. D. Kan. Case No. 24-20917
Chapter 11 Petition filed July 20, 2024
See
https://www.pacermonitor.com/view/SRDNUYA/Blush_Bootcamp_Prairie_Village__ksbke-24-20917__0001.0.pdf?mcid=tGE4TAMA
represented by: George J Thomas, Esq.
PHILLIPS & THOMAS LLC
E-mail: geojthomas@gmail.com
In re Blush Bootcamp Plantation LLC
Bankr. D. Kan. Case No. 24-20916
Chapter 11 Petition filed July 20, 2024
See
https://www.pacermonitor.com/view/M5UN7RI/Blush_Bootcamp_Plantation_LLC__ksbke-24-20916__0001.0.pdf?mcid=tGE4TAMA
represented by: George J Thomas, Esq.
PHILLIPS & THOMAS LLC
E-mail: geojthomas@gmail.com
In re 4689 Pine Island LLC
Bankr. M.D. Fla. Case No. 24-01066
Chapter 11 Petition filed July 21, 2024
See
https://www.pacermonitor.com/view/CMCP7KI/4689_Pine_Island_LLC__flmbke-24-01066__0001.0.pdf?mcid=tGE4TAMA
represented by: Eric Lanigan, Esq.
LANIGAN & LANIGAN PL
E-mail: eric.lanigan@laniganpl.com
In re Raul Leopoldo Molina, Jr.
Bankr. C.D. Cal. Case No. 24-10813
Chapter 11 Petition filed July 22, 2024
represented by: Thomas Ure, Esq.
In re Swan Pizza, Inc.
Bankr. M.D. Fla. Case No. 24-03735
Chapter 11 Petition filed July 22, 2024
See
https://www.pacermonitor.com/view/YSD2AOA/Swan_Pizza_Inc__flmbke-24-03735__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Zipperer, Esq.
ROBERT ZIPPERER, ATTORNEY AT LAW
E-mail: robertzipperer@bellsouth.net
In re Caribe Entertainments Group, Inc.
Bankr. D.P.R. Case No. 24-03026
Chapter 11 Petition filed July 22, 2024
See
https://www.pacermonitor.com/view/ZA2D7GY/CARIBE_ENTERTAINMENTS_GROUP_INC__prbke-24-03026__0001.0.pdf?mcid=tGE4TAMA
represented by: Jose M Prieto Carballo, Esq.
JPC LAW OFFICE
E-mail: jpc@jpclawpr.com
*********
Monday's edition of the TCR delivers a list of indicative prices
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