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/raid1/www/Hosts/bankrupt/TCR_Public/240822.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, August 22, 2024, Vol. 28, No. 234 Headlines ALANIZ & HERNANDEZ: Files for Chapter 11 Bankruptcy AMERIFIRST FINANCIAL: Creditors Cleared to Seek $10M Clawback Suit CFN ENTERPRISES: Reports $1.25 Million Net Loss in Fiscal Q2 CITIUS PHARMACEUTICALS: Posts $10.6 Million Net Loss in Fiscal Q3 DARE BIOSCIENCE: Posts $12.9 Million Net Income in Fiscal Q2 DEVON ENERGY: Court Okays $11-Mil. Late Oil Payment Settlement DIOCESE OF ROCKVILLE: Court Tosses 33 Abuse Claims EMX ROYALTY: Posts $4.02 Million Net Loss in Fiscal Q2 ENSERVCO CORP: Closes Acquisition of Buckshot Trucking ENSERVCO CORP: Files Certificate of Designation for Series A Shares ENSERVCO CORP: Inks Share Exchange Deal With Star Equity Holdings ENSERVCO CORP: Sells Colorado Assets to HP Oilfield for $1.7MM ENVIVA INC: DOJ Challenges Vinson's Bid to Represent Debtor FITZGERALD HILL: Seeks Chapter 11 Bankruptcy Protection FTX GROUP: Agrees With Alameda to End CFTC's Action GIRARDI & KEESE: Ex-Client Tells Jury Tom Kept 'Opening a Wound' HAWAIIAN ELECTRIC: Has Going Concern Doubt Over Maui Wildfire ISUN INC: Gets Initial Approval for $10 Million Sale LLT MANAGEMENT: Plaintiffs Support J&J's $6.5-Bil. Baby Powder Deal MP BUILD GROUP: Seeks Bankruptcy Protection in Texas REVLON INC: Judge Rules Talc Suits Can Be Prevented in Bankruptcy RITE AID CORP: Shuts Down 11 More Stores ROBERTSHAW US: Court Gives Invesco Temporary Sale Pause Amid Appeal STEWARD HEALTH: Rural Healthcare to Purchase Physicians Network TERRAFORM LABS: 3AC Liquidators Seek $1.3-Bil. Claim in Bankruptcy THERAPEUTICS MD: Posts $1.1 Million Net Loss in Fiscal Q2 WINDSCAPE APARTMENTS: Files for Chapter 11 Bankruptcy ********* ALANIZ & HERNANDEZ: Files for Chapter 11 Bankruptcy --------------------------------------------------- Alaniz & Hernandez LLC filed for Chapter 11 protection in the Southern District of Texas. According to court documents, the Debtor reports $1,596,519 in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for August 30, 2024 at 10:30 a.m. US Trustee Houston Teleconference. About Alaniz & Hernandez Alaniz & Hernandez LLC owns and operates RV(Recreational Vehicle) Park and Recreational Camp. Alaniz & Hernandez LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-80224) on August 5, 2024. In the petition filed by Dean Alaniz, as managing member, the Debtor reports 0 assets and $1,596,519 liabilities. The Debtor is represented by: Gabe Perez, Esq. ZENDEH DEL & ASSOCIATES, PLLC 1813 61st Street 101 Galveston TX 77551 Tel: (409) 740-1111 E-mail: gabe@zendehdel.com AMERIFIRST FINANCIAL: Creditors Cleared to Seek $10M Clawback Suit ------------------------------------------------------------------ Clara Geoghegan of Law360 reports that AmeriFirst's unsecured creditors can seek repayment of $10.3 million they alleged were fraudulently transferred, a Delaware bankruptcy judge ruled Wednesday, August 14, 2024, saying there are open questions about a secured lender's influence over the defunct mortgage services provider leading up to its Chapter 11 bankruptcy. About AmeriFirst Financial AmeriFirst Financial, Inc., is a mid-sized independent mortgage company in Mesa, Ariz. AmeriFirst and its affiliate Phoenix 1040, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 23-11240) on Aug. 24, 2023. In the petitions signed by T. Scott Avila, chief restructuring officer, each Debtor disclosed between $50 million and $100million in both assets and liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP as bankruptcy counsel; and Paladin Management Group, LLC as restructuring advisor. Omni Agent Solutions, Inc., is the claims, noticing and administrative agent. On Sept. 15, 2023, the Office of the United States Trustee appointed an official committee of unsecured creditors. The committee tapped Morris, Nichols, Arsht & Tunnell LLP as its counsel. CFN ENTERPRISES: Reports $1.25 Million Net Loss in Fiscal Q2 ------------------------------------------------------------ CFN Enterprises, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1,251,338 on $5,893,962 of net revenues for the three months ended June 30, 2024, compared to a net loss of $1,455,712 on $152,301 of net revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $1,898,909 on $9,738,554 of net revenue, compared to a net loss of $2,006,934 on $265,259 of net revenue for the same period in 2023. The Company had a working capital deficit of $15,939,618 and an accumulated deficit of $76,441,770 as of June 30, 2024. Management's plan to continue as a going concern includes raising capital in the form of debt or equity, growing the CFN Business, growing the newly acquired Ranco Business, managing and reducing operating and overhead costs and continuing to pursue strategic transactions and opportunities including launching an e-commerce network focused on the sale of general wellness cannabidiol, or CBD, products. As of June 30, 2024, the Company had $6,142,415 in total assets, $21,462,163 in total liabilities, and $15,319,748 in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdzytxzt About CFN Enterprises Inc. CFN Enterprises Inc owns and operates as a media agency. The Company offers creative and media network solutions for cannabis industry. CFN Enterprises serves customers in the United States. New York, N.Y.-based RBSM LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 11, 2024, citing that the Company has suffered recurring losses from operations and will require additional capital to continue as a going concern. This raises substantial doubt about the Company's ability to continue as a going concern. CITIUS PHARMACEUTICALS: Posts $10.6 Million Net Loss in Fiscal Q3 ----------------------------------------------------------------- Citius Pharmaceuticals, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $10.6 million for the three months ended June 30, 2024, compared to a net loss of $8.5 million for the same period in 2023. Net loss was $28.3 million for the nine months ended June 30, 2024, compared to a net loss of $22.6 million for the nine months ended June 30, 2023. As of June 30, 2024, the Company had $17.9 million in cash and cash equivalents and had 158,857,798 common shares outstanding. "Based on our cash and cash equivalents as of June 30, 2024, and after giving effect to a capital raising that closed on April 30, 2024, we expect to have sufficient funds to continue our operations through December 2024. We expect to identify additional sources of capital in the future to support our operations beyond December 2024," the Company said. As of June 30, 2024, the Company had $97.1 million in total assets, $10.8 million in total liabilities, and $86.3 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/485khysj About Citius Pharmaceuticals Inc. Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc. -- http://www.citiuspharma.com/-- is a late-stage pharmaceutical company dedicated to the development and commercialization of first-in-class critical care products with a focus on oncology, anti-infectives in adjunct cancer care, unique prescription products, and stem cell therapy. Boston, Mass.-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated December 29, 2023, citing that the Company has suffered recurring losses and negative cash flows from operations and has a significant accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. DARE BIOSCIENCE: Posts $12.9 Million Net Income in Fiscal Q2 ------------------------------------------------------------ Dare Bioscience filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of approximately $12.9 million and $6.2 million for the three and six months ended June 30, 2024, respectively, as compared to a net loss of approximately $8.8 million and $16.8 million for the three and six months ended June 30, 2023, respectively. The Company did not recognize any revenue for the three months ended June 30, 2023. Dare said, "We have a history of losses from operations and, although we reported net income and positive cash flow from operations for the six months ended June 30, 2024 as a result of approximately $20.4 million of net proceeds we received from the sale in April 2024 of our rights to future royalty and milestone payments and revenue, we expect significant losses from operations, net losses and negative cash flows from operations for at least the next several years as we continue to develop and seek to bring to market our product candidates. At June 30, 2024, our accumulated deficit was approximately $165.1 million, our cash and cash equivalents were approximately $16.4 million, and our working capital was approximately $6.2 million. Based on our current operating plan estimates, we do not have sufficient cash to satisfy our working capital needs and other liquidity requirements over at least the next 12 months." As of June 30, 2024, the Company had $23.6 million in total assets, $20.9 million in total liabilities, and $2.7 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc37cfny 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. DEVON ENERGY: Court Okays $11-Mil. Late Oil Payment Settlement -------------------------------------------------------------- Ufonobong Umanah of Bloomberg Law reports that a federal court has given final permission to a $11 million monetary settlement over Devon Energy Production Company's alleged failure to pay Wyoming oil and gas well owners on time. According to court filings from the US District Court for the District of Wyoming, the Wyoming Royalty Payment Act establishes deadlines by which owners such as Madeline A. Wright must receive oil and gas production proceeds. Wright claimed that Devon Energy did not fulfill these deadlines and that when the profits payments were delayed, it did not pay the legally mandated interest. About Devon Energy Production Devon is an energy company engaged in hydrocarbon exploration in the United States. DIOCESE OF ROCKVILLE: Court Tosses 33 Abuse Claims -------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the Judge throws out 33 abuse claims in favor of NY Diocese, Rockville Centre Diocese. A New York federal judge has upheld the dismissal of 33 sexual abuse claims against Long Island's bankrupt Roman Catholic Diocese, Rockville Centre Diocese, finding there was insufficient evidence the diocese had supervisory control over the alleged abusers. About The Roman Catholic Diocese of Rockville Centre, New York The Roman Catholic Diocese of Rockville Centre, New York, is the seat of the Roman Catholic Church on Long Island. The Diocese has been under the leadership of Bishop John O. Barres since February 2017. The State of New York established the Diocese as a religious corporation in 1958. The Diocese is one of eight Catholic dioceses in New York, including the Archdiocese of New York. The Diocese's total Catholic population is approximately 1.4 million, roughly half of Long Island's total population of 3.0 million. The Diocese is the eighth largest diocese in the United States when measured by the number of baptized Catholics. To deal with sexual abuse claims, the Roman Catholic Diocese of Rockville Centre, New York, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020, listing as much as $500 million in both assets and liabilities. Judge Martin Glenn oversees the case. The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal North America, LLC, as restructuring advisor, and Sitrick and Company, Inc., as communications consultant. Epiq Corporate Restructuring, LLC is the claims agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Diocese's Chapter 11 case. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin Moscou Faltischek, PC as its bankruptcy counsel and special real estate counsel, respectively. Robert E. Gerber, the legal representative for future claimants of the Diocese, is represented by the law firm of Joseph Hage Aaronson, LLC. EMX ROYALTY: Posts $4.02 Million Net Loss in Fiscal Q2 ------------------------------------------------------ EMX Royalty Corporation filed with the U.S. Securities and Exchange Commission its Condensed Consolidated Interim Financial Statements, reporting a net loss of $4.02 million on $6 million of revenue and other income for the three months ended June 30, 2024, compared to a net loss of $4.7 million on $3.4 million of revenue and other income for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $6.2 million on $12.2 million of revenue and other income, compared to a net loss of $8.4 million on $6.2 million of revenue and other income for the same period in 2023. As of June 30, 2024, the Company had $156.1 million in total assets, $39 million in total liabilities, and $117.1 million in total shareholders' equity. A full-text copy of the Company's Report is available at: https://tinyurl.com/3t4rb36m About EMX EMX Royalty Corporation -- https://emxroyalty.com/ -- is a precious and base metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX." Vancouver, Canada-based Davidson & Company LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has a working capital deficiency that raises substantial doubt about its ability to continue as a going concern. ENSERVCO CORP: Closes Acquisition of Buckshot Trucking ------------------------------------------------------ Enservco Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 8, 2024, the Company entered into an Amendment to Membership Interest Purchase Agreement with sellers, Tony Sims and Jim Fate, who are both residents of Colorado and Buckshot Trucking LLC, a Wyoming limited liability company. As previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission on March 25, 2024, as amended on June 28, 2024, the Company entered into the Membership Interest Purchase Agreement, pursuant to which the Company agreed to acquire from the Sellers all of the issued and outstanding membership interests of Buckshot Trucking for $5,000,000, subject to a net working capital adjustment, plus up to $500,000, in the form of the Company's common stock, contingent upon satisfaction of certain conditions set forth in the Buckshot Purchase Agreement. The Base Amount consisted of $3,750,000 in cash and $1,250,000 in shares of the Company's common stock based on the volume-weighted average of the common stock for a 10-day period immediately preceding the closing date. The Buckshot Amendment amends the Buckshot Purchase Agreement to provide that in lieu of the $3,700,000 cash payment due at closing the Company would pay Messrs. Sims and Fate an aggregate of $1,000,000 in cash at closing and issue promissory notes to each of Mr. Sims ($2,025,000 principal amount) and Mr. Fate ($675,000 principal amount) in the aggregate principal amount of $2,700,000. The Buckshot Notes are unsecured, non-convertible, due on December 31, 2024 and bear interest at 10% per annum. The Buckshot Amendment also provides that the Company will withhold and retain $50,000 of the cash consideration and $200,000 of the stock consideration in order to secure the indemnification obligations of the Sellers under the Buckshot Purchase Agreement, as amended. The Company closed on the acquisition of Buckshot Trucking on August 8, 2024, and issued to the Sellers an aggregate of 6,459,938 shares of Company common stock and the Buckshot Notes in aggregate principal amount of $2,700,000. About Enservco Enservco -- www.enservco.com -- provides a range of oilfield services through its various operating subsidiaries, including hot oiling, acidizing, frac water heating, and related services. The Company has a broad geographic footprint covering major domestic oil and gas basins across the United States. As of March 31, 2024, Enservco had $13.3 million in total assets, $12.9 million in total liabilities, and $350,000 in total stockholders' equity. Houston, Texas-based Pannell Kerr Forster of Texas, P.C., the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has a significant working capital deficiency, has recurring 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. ENSERVCO CORP: Files Certificate of Designation for Series A Shares ------------------------------------------------------------------- Enservco Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 9, 2024, the Company filed with the Secretary of State of the State of Delaware a Certificate of Designation of 2% Cumulative Mandatorily Convertible Series A Preferred Stock, setting forth the terms of the 2% Cumulative Mandatorily Convertible Series A Preferred Stock. The Certificate of Designation authorizes the issuance of up to 8,000,000 shares of Series A Preferred Stock. Holders are entitled to receive, when, as and if declared by the Company's Board out of funds legally available for payment, cumulative dividends at the dividend rate. Dividends on the Series A Preferred Stock are payable quarterly in arrears and accumulate, whether or not earned or declared. The dividend rate is initially 2% per annum, and increases to 8% per annum on August 8, 2025 and 12% per annum on August 8, 2026. So long as any shares of Series A Preferred Stock remain outstanding (unless a greater percentage is then required), the Company may not, without the consent (which shall not be unreasonably withheld) of the holders of at least a majority of the outstanding shares of Series A Preferred Stock, separately as one class, (i) create, authorize or issue any class or series of capital stock ranking in parity or senior to the Series A Preferred Stock or (ii) amend the Company's constituent documents by merger or otherwise so as to affect adversely the rights, preferences, privileges or voting rights of holders, including, without limitation, provisions relating to dividends, conversion rights and ranking. The Series A Preferred Stock otherwise has no voting rights, except as required by Delaware law. In the event of a liquidation, dissolution or winding up of the Company, the Company is required to first pay the holders of Series A Preferred Stock an amount of cash per share equal to the greater of (i) $0.40 per share (the "Liquidation Preference") and (ii) such amount per share as would have been payable had all shares of Series A Preferred Stock been converted into common stock immediately prior to such liquidation, dissolution, winding up, in each case plus accumulated and unpaid dividends. The conversion of the Series A Preferred Stock into shares of the Company's common stock is conditioned on, and will occur following, the approval by the Company's stockholders of the issuance of such shares under NYSE American rules. The Company has the right at any time to redeem all or any portion of the outstanding shares of Series A Preferred Stock at a redemption price equal to the Liquidation Preference plus accumulated and unpaid dividends. About Enservco Enservco -- www.enservco.com -- provides a range of oilfield services through its various operating subsidiaries, including hot oiling, acidizing, frac water heating, and related services. The Company has a broad geographic footprint covering major domestic oil and gas basins across the United States. As of March 31, 2024, Enservco had $13.3 million in total assets, $12.9 million in total liabilities, and $350,000 in total stockholders' equity. Houston, Texas-based Pannell Kerr Forster of Texas, P.C., the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has a significant working capital deficiency, has recurring 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. ENSERVCO CORP: Inks Share Exchange Deal With Star Equity Holdings ----------------------------------------------------------------- Enservco Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a share exchange agreement with Star Equity Holdings, Inc., a Delaware corporation, pursuant to which the Company sold to Star and Star purchased from the Company (i) 9,023,035 shares of the Company's common stock, representing 19.9% of the issued and outstanding equity interests in the Company, and (ii) 3,476,965 shares of the Company's 2% Cumulative Mandatorily Convertible Series A Preferred Stock, in exchange for 250,000 shares of Star's Series A Cumulative Perpetual Preferred Stock, par value $0.0001 per share. The Series A Preferred Shares will mandatorily convert into the Company's common stock at an initial rate of one share of common stock per Series A Preferred Share upon approval of such conversion by the Company's stockholder as required by NYSE American rules. Under the Share Exchange Agreement, the Company has agreed to seek such stockholder approval and, if requested by Star at least 150 days after the date of the Share Exchange Agreement, the Company's board of directors is required to call a special meeting of stockholder that will occur within 120 days of such request. Star was also granted participation rights in future equity offerings of the Company, other than the pending equity line of credit, until the 12-month anniversary of the closing date. In addition, during the Participation Period, Star has the right to exchange up to an additional $2,500,000 of Series A Preferred Shares for additional shares of the Company's common stock calculated based on the transaction price of $0.20 per share. The Company received customary piggyback registration rights with respect to the resale of the Exchange Shares pursuant to the Share Exchange Agreement. The Share Exchange Agreement contains customary representations and warranties by the Company, customary indemnification obligations of the Company, other obligations of the parties and termination provisions. The representations and warranties contained in the Share Exchange Agreement were made only for purposes of the Share Exchange Agreement and as of specific dates, were solely for the benefit of the parties to such agreements and were subject to limitations agreed upon by the contracting parties. In connection with the Share Exchange Agreement, on August 9, 2024, the Company and Star entered into a board designation agreement, pursuant to which the Company expanded the Board from five to six directors and provided Star the right to designate a director so long as Star owns 5% or more of the Company's outstanding common stock. Star's initial designee is Richard Coleman, Chief Executive Officer of Star. In connection with the Share Exchange Agreement, on August 9, 2024, the Company, Cross River Partners, LP, an entity controlled by Richard A. Murphy, the Company's Chair and Chief Executive Officer, and each of the Company's directors and executive officers entered into a voting agreement with Star, pursuant to which Cross River, and each such director and officer agreed to vote shares beneficially owned by them in favor of (1) the Star director designee pursuant to the Board Designation Agreement and (2) approval of the shares of common stock issuable upon conversion of the Series A Preferred Shares as required by NYSE American rules. Finally, as part of the Share Exchange Agreement, on August 9, 2024, the Company and Star entered into a registration rights agreement that requires the Company to file a registration statement with the SEC within 40 days following the date of the Registration Rights Agreement for purposes of registering the resale of the Initial Common Shares and the shares of common stock issuable upon conversion of the Series A Preferred Shares. The Company is required to use its best efforts to cause this registration statement to be declared effective by the SEC within 60 days following the filing date (or by the fifth trading day after the Company is notified by the SEC that the registration statement will not be reviewed or is no longer subject to further review). Additionally, on August 9, 2024, the Company entered into a note purchase agreement with Star providing for the purchase and sale of a promissory note in the aggregate principal amount of $1,000,000. The Star Note is non-convertible, has a three-month term, and bears interest at a rate of 20% per annum. The three-month term may be extended an additional month if 60% of the principal amount of the Star Note is paid by the end of such three month term and an additional one month if 80% of the principal amount is paid by the end of the four month period. The Star Note is secured by the 250,000 Exchange Shares of Star held by the Company pursuant to a stock pledge agreement dated as of August 9, 2024 (the "Stock Pledge Agreement"). The Stock Pledge Agreement provides that such collateral will be reduced pro rata on a monthly basis to the extent that the principal amount of the Star Note is repaid. About Enservco Enservco -- www.enservco.com -- provides a range of oilfield services through its various operating subsidiaries, including hot oiling, acidizing, frac water heating, and related services. The Company has a broad geographic footprint covering major domestic oil and gas basins across the United States. As of March 31, 2024, Enservco had $13.3 million in total assets, $12.9 million in total liabilities, and $350,000 in total stockholders' equity. Houston, Texas-based Pannell Kerr Forster of Texas, P.C., the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has a significant working capital deficiency, has recurring 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. ENSERVCO CORP: Sells Colorado Assets to HP Oilfield for $1.7MM -------------------------------------------------------------- Enservco Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and HP Oilfield Services, LLC, a Nevada limited liability company, entered into an assignment and bill of sale for the sale of certain Colorado-based assets of Heat Waves Hot Oil Service, LLC, a wholly owned subsidiary of the Company. The Purchased Assets were primarily utilized in the Company's frac water heating business. The aggregate purchase price for the Purchased Assets is $1,695,000, payable as follows: (i) $1,221,625 in cash; and (ii) a promissory note in the principal amount of $473,375 issued by HP Oilfield in favor of the Company, with principal payments of $94,675 plus accrued interest due and payable on the first day of each month beginning October 1, 2024 for a term of five months. The HP Note matures on February 1, 2025, and interest accrues on the unpaid principal thereof at a rate of 10% per annum. As part of the Assignment, HP Oilfield also agreed not to solicit business in Pennsylvania, West Virginia, and Ohio for an 8-month period. Additionally, the Company granted HP Oilfield a 10-month option to purchase certain heating assets of the Company for a $1,850,000. About Enservco Enservco -- www.enservco.com -- provides a range of oilfield services through its various operating subsidiaries, including hot oiling, acidizing, frac water heating, and related services. The Company has a broad geographic footprint covering major domestic oil and gas basins across the United States. As of March 31, 2024, Enservco had $13.3 million in total assets, $12.9 million in total liabilities, and $350,000 in total stockholders' equity. Houston, Texas-based Pannell Kerr Forster of Texas, P.C., the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has a significant working capital deficiency, has recurring 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. ENVIVA INC: DOJ Challenges Vinson's Bid to Represent Debtor ----------------------------------------------------------- Evan Ochsner of Bloomberg Law reports that the Justice Department is challenging Vinson & Elkins LLP's latest attempt to represent Enviva Inc. in its bankruptcy, saying the firm is seeking to improperly skirt a judge's prior rejection. Vinson & Elkins last month asked the US Bankruptcy Court for the Eastern District of Virginia for permission to represent wood pellet maker Enviva as special counsel—a reduced role compared to the lead counsel position it previously sought. The proposal is an effort to circumvent the court's decision rejecting Vinson & Elkins' prior bid, the US Trustee, the Justice Department's bankruptcy watchdog, said in an objection Tuesday. Judge Brian F. Kenney in May ruled that Vinson & Elkins couldn't represent Enviva under section 327(a) of the bankruptcy code because it has a longstanding relationship with Riverstone Investment Group LLC, a private equity firm that held 43% of Enviva's publicly-traded shares. Kenney then declined Enviva's request for reconsideration in July. Vinson & Elkins subsequently sought employment as special counsel under 327(e), which has a lower conflict of interest standard. Paul Weiss Rifkind Wharton & Garrison LLP is now seeking the lead counsel role. "Use of section 327(e) in what this Court has already described as an 'end-run' around the requirements of section 327(a) evidences V&E's disregard for this Court and its rulings," the US Trustee said. The firm said that as special counsel, it would work on some bankruptcy financing, discovery issues, and certain negotiations. But those functions fall under the scope of 327(a) debtor representation, which Vinson & Elkins is ineligible for, the US Trustee said. Vinson & Elkins' revamped request is an improper attempt to obtain compensation for work it already performed for Enviva, the US Trustee said. "This Court must shut all doors on V&E's efforts to be paid for work it was not authorized to do," the US Trustee said. The court will consider the issue at a hearing Thursday. About Enviva Inc. Headquartered in Bethesda, Md., Enviva Inc. -- https://www.envivabiomass.com -- is a producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida. Enviva Inc. and certain affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Lead Case No. 24-10453) on March 13, 2024. In the petition signed by Glenn T. Nunziata, interim chief executive officer and chief financial officer, Enviva Inc. disclosed $2,893,581,000 in assets and $2,631,263,000 in liabilities. Judge Brian F. Kenney oversees the cases. The Debtors tapped Vinson & Elkins, LLP as general bankruptcy counsel; Kutak Rock, LLP as local counsel; Lazard Freres & Co., LLC as investment banker; Alvarez & Marsal Holdings, LLC as financial advisor; and Kurtzman Carson Consultants, LLC as notice and claims agent. The U.S. Trustee for Region 4 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FITZGERALD HILL: Seeks Chapter 11 Bankruptcy Protection ------------------------------------------------------- Fitzgerald Hill LLC filed Chapter 11 protection in the District of Massachusetts. According to court filings, 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. About Fitzgerald Hill Fitzgerald Hill LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-11583) on Aug. 5, 2024. In the petition filed by John O'Toole & Grant Hester, as managers, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Peter M. Daigle, Esq. DAIGLE LAW OFFICE 1550 Falmouth Road, Suite 10 Centerville, MA 02632 Tel: (508) 771-7444 Fax: (508) 771-8286 E-mail: pmdaigleesq@yahoo.com FTX GROUP: Agrees With Alameda to End CFTC's Action --------------------------------------------------- Lauren Berg of Bloomberg Law reports that on Wednesday, August 7, 2024, a federal judge in New York approved a consent decree mandating that FTX Trading Ltd. and its associated trading firm repay $8. 7 billion to the people who fell for the scam of FTX founder Sam Bankman-Fried and embezzle an extra $4 billion. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GIRARDI & KEESE: Ex-Client Tells Jury Tom Kept 'Opening a Wound' ---------------------------------------------------------------- Craig Clough of Law360 reports that a woman whose son was seriously injured in a car accident shed tears Wednesday, August 14, 2024, while testifying in Tom Girardi's criminal trial, recalling her increasingly desperate attempts to get a final $1 million owed to her from a lawsuit settlement as the embattled attorney gave her varying excuses for why she wasn't getting the funds. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: (213) 626-2311 Facsimile: (213) 629-4520 E-mail: emiller@sulmeyerlaw.com An involuntary Chapter 7 petition was also filed against Thomas Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7 trustee can be reached at: Jason M. Rund Email: trustee@srlawyers.com 840 Apollo Street, Suite 351 El Segundo, CA 90245 HAWAIIAN ELECTRIC: Has Going Concern Doubt Over Maui Wildfire ------------------------------------------------------------- Reuters reports that utility firm Hawaiian Electric raised going concern doubts after disclosing that it did not have a financing plan in place for the $1.99 billion Maui wildfire settlement it reached earlier this month. The company and its parent Hawaiian Electric Industries (HEI) said they were working closely with financial advisers to develop a financing plan for their share of the settlement and they could finance it through a mix of debt, common equity, equity-linked securities, or other potential options. HEI had about $124 million in cash in hand after the end of the second quarter. However, the company does not intend to raise electricity rates to pay for the settlement, HEI CEO Scott Seu said on a post-earnings conference call. Hawaii's largest utility had agreed to pay a large share of more than $4 billion in legal settlement to compensate victims of last year's deadly Maui wildfires that killed over 100 people. However, the company and other defendants did not admit to any legal liability as part of the settlement terms, which were agreed upon after four months of mediation. The proposed payments are expected to begin from mid-2025 after judicial review and approval, the company had said earlier. Hawaiian said on Friday, August 9, 2024, that it incurred a net loss of $1.30 billion, or $11.74 per share, for the second quarter, largely due to the wildfire-related charge of $1.71 billion during the quarter. The company is also looking at strategic options for its American Savings Bank unit and it took a goodwill impairment charge of $82.2 million in connection with the endeavor during the second quarter. The utility will also suspend dividend payments to its parent because of the going concern assessment. About Hawaiian Electric Hawaiian Electric is the largest supplier of electricity in the U.S. state of Hawaii. ISUN INC: Gets Initial Approval for $10 Million Sale ---------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a Delaware bankruptcy court said Tuesday, August 13, 2024, that he would approve the Company's proposal to sell itself after the it resolves few remaining $10 million transaction objections. About iSun, Inc. iSun, Inc. (d/b/a iSun) is a provider of solar energy services and infrastructure. The Debtor's services include solar, storage and electric vehicle infrastructure, design, development and professional services, engineering, procurement, installation, O&M and storage. iSun, Inc. and 11 of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11144) on June 3, 2024. In the petition signed by Jeff Peck as president and CEO, iSun, Inc. disclosed $0 to $50,000 in assets and liabilities. Judge Thomas M. Horan oversees the cases. Gellert Seitz Busenkell & Brown LLC represents the Debtors as general reorganization counsel. England & Debtor represents the Debtors as investment banker and advisor. EPIQ Corporate Restructuring LLC serves as the Debtors' claims and noticing agent. LLT MANAGEMENT: Plaintiffs Support J&J's $6.5-Bil. Baby Powder Deal ------------------------------------------------------------------- Jef Feeley and Damian Garde of Bloomberg News report that Johnson & Johnson has cleared a key hurdle for advancing a $6.5 billion plan to resolve thousands of lawsuits by people who say its baby powder gave them cancer, according to people familiar with the matter. More than 75% of the group signed off on J&J's proposal through secret balloting that ended in late July 2024, said the people, who asked not to be identified discussing the results that haven't yet been announced as certified. Such a result would boost the company's latest bid to confine liability to a unit it set up as part of an effort to resolve the lawsuits. Clare Boyle, a J&J spokesperson, declined to comment on the tally. With lawsuits piling up, the company hired a consulting firm to organize the vote on the settlement and tabulate the results. The litigation is ongoing and J&J's efforts to resolve the lawsuits still face significant hurdles. The settlement offer includes claims that the talc-based version caused ovarian and other gynecological cancers. Separately, the company said in May it has resolved 95% of claims its baby powder was tainted with asbestos and caused mesothelioma, a type of cancer that forms in tissues around the heart and lungs. J&J has said its talc-based powders never caused cancer and that it appropriately marketed its baby powder for more than 100 years. Last year, the company discontinued the talc-based version of the product and replaced it with a cornstarch-based substitute. Although the settlement plan likely still faces significant legal challenges from plaintiffs opposing the terms, the voting milestone would lay the groundwork for the J&J unit to again ask a judge to grant it bankruptcy protection. A federal appeals court ultimately rebuffed two previous bids to get that sign-off in New Jersey, where the health-care company is based. When three-quarters of plaintiffs favor a settlement, companies can seek to fast-track Chapter 11 bankruptcy cases. With that level of support favoring J&J's plan, the unit could ask to expedite a "pre-packaged" filing in its home state of Texas, which is perceived as being more business-friendly than New Jersey. Outstanding Claims Under J&J's current offer, it would pay $6.5 billion over 25 years to resolve current and future claims for ovarian and other types of gynecological cancers. Separately, the company has already had to pay about $5 billion over talc-based powder claims, including cases related to mesothelioma, other cancers and allegations of illegal marketing by US states. J&J has said there may be thousands of cases yet to be filed. Most of the outstanding cases are consolidated before a federal judge in New Jersey for pre-trial information exchanges. The consolidated case is In Re Johnson & Johnson Talcum Powder Products Marketing, Sales Practices and Products Liability Litigation, 16-md-2738, US District Court, District of New Jersey (Trenton). About LLT Management LLT Management, LLC (formerly known as LTL Management LLC) , is a subsidiary of Johnson & Johnson that 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 first 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, served as 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 January 30, 2023, a panel of the Third Circuit issued an opinion directing this 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 dame 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 the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. Claimants must cast their vote to accept or reject the Plan by 4:00 p.m. (Central Time) on July 26, 2024. A solicitation package may be requested at www.OfficialTalcClaims.com or by calling 1-888-431-4056. If the Plan is accepted by at least 75% of voters, a bankruptcy may be filed under the case name In re: Red River Talc LLC in a bankruptcy court in Texas or in the bankruptcy court of another jurisdiction. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On May 22, 2024, five individuals, both individually and on behalf of a proposed class, filed a class action complaint against, among others, LLT, J&J, Holdco, and certain of their officers and directors in the United States District Court for the District of New Jersey and is proceeding under case number 3:24-cv-06320. The tort claimants are represented by: (a) Golomb Legal; (b) Levin, Papantonio, Rafferty, Proctor, Buchanan, O’Brien, Barr, Mougey, P.A.; (c) Bailey Glasser LLP; (d) Beasley, Allen, Crow, Methvin, Portis & Miles P.C.; (e) Aschraft & Gerel, LLP; and (f) Burns Charest LLP. The proposed class includes all persons who, as of August 11, 2023, either had a pending lawsuit alleging an ovarian cancer or mesothelioma personal injury claim caused by asbestos or other constituents in J&J talcum powder products or had executed a retainer agreement with a lawyer or law firm to pursue such a claim. The complaint alleges 10 causes of action that generally seek to avoid: the 2021 Corporate Restructuring; the termination of the 2021 Funding Agreement; and the separation of J&J’s consumer health division into Kenvue on the basis that these transactions were actual fraudulent transfers. LLT, J&J, Holdco, and the other defendants dispute the allegations in the Class Action Complaint and believe it lacks merit. In May 2024, J&J and LLT filed in In re Johnson & Johnson Talcum Powder Products Mktg., Sales Practices and Products Litig., MDL No. 2738, Civil Action No. 16-2638 (FLW) (D.N.J. April 27, 2020), a notice of their intent to issue a subpoena to Ellington Management Group, who J&J and LLT believe may have financed Beasley Allen's, or their co-counsel's, talc litigation. J&J and LLT have also filed a notice to issue a subpoena to the Smith Law Firm PLLC. These subpoenas seek documents relating to any litigation financing arrangements. Lawyers at Jones Day serve as counsel to LLT in the 2024 prepackaged bankruptcy. Lawyers at White & Case LLP and Barnes & Thornburg LLP advise Johnson & Johnson. The Members of the Talc Trust Advisory Committee are Andrews & Thornton; Pulaski Kherkher, PLLC; Watts Law Firm LLP; Onderlaw, LLC; and Nachawati Law Group. MP BUILD GROUP: Seeks Bankruptcy Protection in Texas ---------------------------------------------------- MP Build Group LLC filed Chapter 11 protection in the Eastern District of Texas. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 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 28, 2024 at 9:00 a.m. in Room Telephonically. About MP Build Group LLC MP Build Group LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). MP Build Group LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-41841) on August 5, 2024. In the petition filed by Micaiah Pruitt, as sole member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by: Brandon Tittle, Esq. TITTLE LAW GROUP, PLLC 5465 Legacy Drive, Suite 650 Plano TX 75024 Tel: 972-731-2590 E-mail: btittle@tittlelawgroup.com REVLON INC: Judge Rules Talc Suits Can Be Prevented in Bankruptcy ----------------------------------------------------------------- James Nani of Bloomberg Law reports that cosmetics giant Revlon can avoid lawsuits by a group of people suing the company for allegedly making them sick with asbestos-contaminated talc products, a bankruptcy judge ruled. Revlon's bankruptcy plan bars 42 lawsuits from by victims who say they suffered asbestos-related injuries from products that the beauty company sold, Judge David S. Jones of the US Bankruptcy Court for the Southern District of New York ruled on Monday, August 12, 2024. About Revlon Inc. Revlon Inc. manufactures, markets and sells an extensive array of beauty and personal care products worldwide, including color cosmetics; fragrances; skin care; hair color, hair care and hair treatments; beauty tools; men's grooming products; antiperspirant deodorants; and other beauty care products. Today, Revlon's diversified portfolio of brands is sold in approximately 150 countries around the world in most retail distribution channels, including prestige, salon, mass, and online. Since its breakthrough launch of the first opaque nail enamel in 1932, Revlon has provided consumers with high-quality product innovation, performance and sophisticated glamour. In 2016, Revlon acquired the iconic Elizabeth Arden company and its portfolio of brands, including its leading designer, heritage and celebrity fragrances. Revlon is among the leading global beauty companies, with some of the world's most iconic and desired brands and product offerings in color cosmetics, skin care, hair color, hair care and fragrances under brands such as Revlon, Revlon Professional, Elizabeth Arden, Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos, Christina Aguilera and AllSaints. Revlon sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 22-10760) on June 15, 2022. Fifty affiliates, including Almay, Inc., Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also sought bankruptcy protection on June 15 and June 16, 2022. Revlon disclosed total assets of $2,328,093,000 against total liabilities of $3,689,240,395 as of April 30, 2022. The Hon. David S. Jones is the case judge. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as bankruptcy counsel; Mololamken, LLC as special litigation counsel; PJT Partners, LP as investment banker; KPMG, LLP as tax services provider; and Alvarez & Marsal North America, LLC as restructuring advisor. Robert M. Caruso and Matthew Kvarda of Alvarez & Marsal serve as the Debtors' chief restructuring officer and interim chief financial officer, respectively. Meanwhile, Kroll Restructuring Administration, LLC is the Debtors' claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on June 24, 2022. Brown Rudnick, LLP, Province, LLC and Houlihan Lokey Capital, Inc. serve as the committee's legal counsel, financial advisor and investment banker, respectively. RITE AID CORP: Shuts Down 11 More Stores ---------------------------------------- Daniel Urie of Patriot News reports that Rite Aid has announced the closure of more stores. On Aug. 5, 2024, the business reported the closure of 11 additional bankruptcy cases. Ten of the eleven businesses are in Ohio and Michigan. One California site will close. Rite Aid announced the closure of 287 shops in early June. Except for four, all of the stores were located in Ohio or Michigan. Rite Aid, which was founded in East Pennsboro Township near Camp Hill for decades but is now headquartered in Philadelphia, filed for Chapter 11 bankruptcy in October to begin restructuring to dramatically decrease its debt. The company stated in October 2024 that it would be closing 780 outlets in bankruptcy papers. Rite Aid was able to reduce $2 billion in debt and hand over management of the business to a consortium of its lenders after Bankruptcy Judge Michael Kaplan granted the pharmacy chain's bankruptcy plan in a June court session in Trenton, New Jersey, according to CNBC. Reuters reports that Rite Aid intends to emerge from bankruptcy shortly with $2.55 billion in funding from its lenders. At the time of its October 2024 bankruptcy filing, Rite Aid operated over 2,100 locations. These are the following stores: Michigan * 2255 S. Jackson Road, Jackson * 22521 Michigan Ave., Dearborn * 2857 S. County Road 489, Lewiston * 800 W. Ann Arbor Road, Plymouth * 100 E. Vienna Road, Clio * 309 N. Main St., Frankenmuth Ohio * 651 Lincoln St., Cadiz * 304 Harding Way West, Galion * 1921 S. Defiance Road, Archbold * 8619 Waynesburg Drive, SE, Waynesburg California * 3550 S. La Brea Ave., Los Angeles About Rite Aid Corp. 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 Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In the petition signed by Jeffrey S. Stein, chief executive officer and chief restructuring officer, Rite Aid disclosed $7,650,418,000 in total assets and $8,597,866,000 in total liabilities. Judge Michael B. Kaplan oversees the cases. 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. ROBERTSHAW US: Court Gives Invesco Temporary Sale Pause Amid Appeal ------------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that a federal judge has temporarily halted the sale of bankrupt appliance parts maker Robertshaw to a group of lenders in a disagreement with Invesco Ltd. over the company's restructuring plan. Judge Andrew Hanen approved Invesco's plea to delay the sale to allow Robertshaw and the rival lenders more time to submit legal documents on whether the transaction should be placed on hold pending the conclusion of an appeal related to the dispute. About Robertshaw US Holding Corp. Robertshaw US Holding Corp., along with its affiliates, is a global leader in designing and manufacturing innovative control systems and components for the appliance and HVAC industries. Robertshaw US Holding and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90052) on Feb. 15, 2024, with $500 million to $1 billion in assets and liabilities. John Hewitt, chief executive officer, signed the petitions. The Debtors tapped Hunton Andrews Kurth LLP & Latham & Watkins, LLP as bankruptcy counsel; Guggenheim Securities, LLC as investment banker and financial advisor; and KPMG, LLP as accountant, tax advisor and auditor. Kroll Restructuring Administration, LLC is the claims, noticing, solicitation and balloting agent. STEWARD HEALTH: Rural Healthcare to Purchase Physicians Network --------------------------------------------------------------- Rural Healthcare Group announced Aug. 12, 2024, its intention to purchase Steward Medical Group and Steward Health Care Network. Stewardship is one of the largest primary care provider organizations in the country, with a significant presence in Massachusetts and nine other states. The transaction is subject to customary regulatory approval. RHG is a primary care provider organization delivering healthcare to underserved communities in multiple states. RHG's mission is to improve the lives of people living in underserved areas through high-quality primary care. "We are excited to bring our mission and approach to the state of Massachusetts, and the other states where Stewardship operates and supports primary care clinics," said Benson Sloan, CEO of RHG. "In many ways, RHG has directly preserved and restored primary care in our Tennessee and North Carolina markets as both independent providers and health systems have sought us out to ensure long-term continuity of care in their communities. A thriving primary care infrastructure is critical to supporting local hospitals and specialists, as primary care providers are instrumental in ensuring patients are directed to the appropriate facilities at the right time," Sloan continued. RHG plans to make significant investments in Stewardship's infrastructure, which will allow providers to continue seeing patients in existing clinics across the Stewardship network. RHG's partnership will help keep healthcare local for patients, allowing them to continue to see providers that are familiar with their medical history. Furthermore, the transaction will separate Steward Medical Group and Steward Health Care Network from Steward's hospital system -- transitioning clinics from health system-owned to independent is an area of expertise for RHG, and ultimately a benefit to patients. "We are excited for this partnership with RHG. Working together, we will improve the patient and provider experience while enhancing the overall quality of care," said Dr. Joseph Weinstein, President of Steward Medical Group and Steward Health Care Network. RHG is owned by Kinderhook Industries, LLC, a private investment firm that invests in mid-sized health care businesses that serve the nations’ most vulnerable populations. Kinderhook's investments are focused on protecting access to high-quality healthcare in communities that are truly underserved. Rural Healthcare Group is represented by Kirkland & Ellis LLP (Legal Counsel), Bass, Berry & Sims PLC (Regulatory Counsel) and Centerview Partners LLC (Investment Banker). Stewardship is represented by Weil, Gotshal & Manges LLP (Restructuring Counsel), McDermott Will & Emery (Regulatory Counsel), Leerink Partners LLC (Healthcare Investment Banker), and AlixPartners, LLP (Financial Advisor). About RHG The mission of Rural Healthcare Group is to improve the lives of people in underserved communities by expanding healthcare access and empowering providers. RHG is headquartered in Nashville, Tennessee, and has 17 clinics across two states currently. On the Web: https://www.ruralhealthcaregroup.com/ About Steward Health Care Steward Health Care System, LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman is the patient care ombudsman appointed in the Debtors' cases. TERRAFORM LABS: 3AC Liquidators Seek $1.3-Bil. Claim in Bankruptcy ------------------------------------------------------------------ Dorothy Atkins of Law360 Bankruptcy Authority reports that Three Arrows Capital Ltd.'s liquidators have filed a $1.3 billion claim against TerraForm Labs Pte. According to documents obtained by Law360, a bankruptcy filing was made in Delaware federal court on Friday, August 9, 2024. 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 THERAPEUTICS MD: Posts $1.1 Million Net Loss in Fiscal Q2 --------------------------------------------------------- TherapeuticsMD, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.1 million on $234,000 of revenue for the three months ended June 30, 2024, compared to a net loss of $2.4 million on $437,000 of revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $1.8 million on $547,000 of revenue, compared to a net loss of $6 million on $853,000 of revenue for the same period in 2023. The Company continues to evaluate a variety of strategic alternatives that may include, but not be limited to, an acquisition, merger, other business combination, sale of assets, or other strategic transactions involving the Company. Although the Company is exploring potential strategic alternatives, there can be no assurance of a transaction, a successful outcome of these efforts, or the form or timing of any such outcome. The Company has not set a timetable for completion of this exploration process and does not intend to disclose further developments unless and until it is determined that disclosure is appropriate or necessary. As of June 30, 2024, the Company's cash and cash equivalents totaled $5.2 million. As of June 30, 2024, the Company had $4.1 million in total assets, $12.5 million in total liabilities, and $27.7 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/6we7j8ed About TherapeuticsMD Inc. TherapeuticsMD Inc. was previously a women's healthcare company with a mission of creating and commercializing innovative products to support the lifespan of women from pregnancy prevention through menopause. In December 2022, the Company changed its business to become a pharmaceutical royalty company, primarily collecting royalties from its licensees. The Company is no longer engaging in research and development or commercial operations. West Palm Beach, Fla.-based Berkowitz Pollack Brant, Advisors + CPAs, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company's recent change in operations and negative cash flow position along with other conditions, raise substantial doubt about the Company's ability to continue as a going concern. WINDSCAPE APARTMENTS: Files for Chapter 11 Bankruptcy ----------------------------------------------------- Windscape Apartments LLC filed Chapter 11 protection in the Northern District of California. According to court documents, the Debtor reports between $10 million and $50 million 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 Sept. 9, 2024 at 9:00 a.m. via UST Teleconference on telephone conference line: 1-877-991-8832. participant access code: 4101242. About Windscape Apartments Windscape Apartments LLC is engaged in activities related to real estate. Windscape Apartments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-10417) on Aug. 6, 2024. In the petition filed by Timothy LeFever, as chief executive officer, the Debtor estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by: Thomas B. Rupp, Esq. 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