/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/240827.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, August 27, 2024, Vol. 28, No. 239 Headlines 150 LEFFERTS: Voluntary Chapter 11 Case Summary 209 PROPERTY: Seeks to Hire Real Estate Source as Broker 55 EAST 21ST: Voluntary Chapter 11 Case Summary 600 ROCKS: Voluntary Chapter 11 Case Summary 9300 WILSHIRE: Files Amendment to Disclosure Statement ADVANCED URGENT: Hires Wadsworth Garber Warner as Counsel ADVANCION HOLDINGS: S&P Affirms 'B-' ICR, Outlook Negative AETHLON MEDICAL: Posts $2.57 Million Net Loss in Q1 2024 AGEAGLE AERIAL: Reports Net Loss of $2.9 Million in Fiscal Q2 AIR INDUSTRIES: Posts $298,000 Net Income in Fiscal Q2 ALL IN ONE: Hires Magee Goldstein Lasky & Sayers as Attorney ALLIANCE MESA: Hires Northmarq Commercial as Real Estate Broker ALPINE 4: Expects $1.2M Annual Savings From Salary Reductions ALPINE 4: Requires Additional Time to Complete Q2 Quarterly Report AMARYLLIS THERAPY: Seeks to Hire McGraw & McGraw CPA as Accountant AMERICAN ACHIEVEMENT: 93% Markdown for Sixth Street $1.3MM Loan AMERICAN ACHIEVEMENT: New Mountain Marks $ 29.8MM Loan at 33% Off AMERICAN CANNABIS: Delays Filing of Form 10-Q for Q2 2024 AMERICAN PUBLIC EDUCATION: S&P Raises ICR to 'B+', Outlook Stable APPTECH PAYMENTS: Reports Net Loss of $2.9 Million in Fiscal Q2 AQUA METALS: Registers 9.5MM Additional Common Shares AQUA METALS: Swings to $6.15 Million Net Loss in Fiscal Q2 ARCUTIS BIOTHERAPEUTICS: Reports Net Loss of $52.3MM in Fiscal Q2 AROUND THE CLOCK: Hires Cox Law Group PLLC as Counsel AULT ALLIANCE: Declares Monthly Cash Dividend of $0.2708333 Apiece AVENIR WELLNESS: Posts $897,000 Net Loss in Fiscal Q2 BED BATH & BEYOND: Court Denies Bid to Appoint Equity Committee BERGIO INTERNATIONAL: Reports Net Loss of $211,791 in Fiscal Q2 BETTER CHOICE: Posts $2.65 Million Net Income in Fiscal Q2 BIOLARGO INC: Reports Net Loss of $780,000 in Fiscal Q2 BISHOP OF OAKLAND: Seeks to Hire Douglas Wilson as Consultant BLACKPOINT CAPITAL: Seeks to Hire Lorium Law as Counsel BLUE LINE: Posts $132,131 Net Loss in Fiscal Q2 BLUE STAR: Incurs $1.84 Million Net Loss in Second Quarter BLUM HOLDINGS: Reports $23.4 Million Net Income in Fiscal Q2 BLUSH BOOTCAMP: U.S. Trustee Unable to Appoint Committee BREWBILT BREWING: Needs More Time for Q2 2024 Report Filing BRIGADE MANUFACTURING: Voluntary Chapter 11 Case Summary BRIGHT MOUNTAIN: Posts 5.2 Million Net Loss in Fiscal Q2 BROOKDALE SENIOR: Division VP Holds 44,941 Common Shares BURT ELECTRIC: Seeks to Tap Young Wooldridge as Bankruptcy Counsel BXNG HOLDINGS: Hires RG Alliance Group LLC as Accountant CAFARO CREATIONS: Hires Mickler & Mickler LLP as Counsel CAPE COD: Voluntary Chapter 11 Case Summary CARDIFF LEXINGTON: Posts $174,447 Net Loss in Fiscal Q2 CAREVIEW COMMUNICATIONS: Reports $1.1MM Net Loss in Fiscal Q2 CBDMD INC: Reports Net Income of $459,737 in Fiscal Q3 CEMTREX INC: Reports $9.1 Million Net Loss in Fiscal Q3 CHAPIN DAIRY: Amends Unsecured Claims Pay Details CITIUS PHARMACEUTICALS: Holds 65.6MM Shares in Citius Oncology CONNEMARA HOLDINGS: Unsecureds Will Get 100% of Claims in Plan CORETEC GROUP: Posts $334,224 Net Loss in Fiscal Q2 CORNERSTONE PSYCHOLOGICAL: Hires Elevated Tax as Accountant CORRELATE ENERGY: Reports $22.2 Million Net Loss in Fiscal Q2 CYTOSORBENTS CORP: Amends Defined Terms Under ROKK Letter Agreement DAJMO TRUCKING: Hires Steidl and Steinberg P.C. as Counsel DIAMONDHEAD CASINO: Posts $448,290 Net Loss in Fiscal Q2 DURAN TRANSFER: Hires Ace Auctioneers & Liquidators as Auctioneer ECI PHARMACEUTICALS: Claims to be Paid From Asset Sale Proceeds ECLIPSE FARMINGDALE: Hires Middlebrooks Shapiro as Counsel EL DORADO GAS: High-Value Energy Assets for Auction Until Aug. 28 ELENAROSE CAPITAL: Plan Exclusivity Period Extended to Oct. 15 ELETSON HOLDINGS: Hires Riveron RTS as Domestic Financial Advisor ELETSON HOLDINGS: Taps Harold Furchtgott-Roth as Economic Expert EMCORE CORP: Incurs $13.96 Million Net Loss in Third Quarter EMERGENT BIOSOLUTIONS: Sells Manufacturing Site to Bora for $30M ENDO INTERNATIONAL: Trust Extends Deadline for Creditors to Sept. 5 EPIC COMPANIES: Randy Henke Resigns; New Committee Member Appointed ETG FIRE: Hires Gordon Rees Scully as Special Counsel ETON STREET: Hires Morris Anderson as Financial Advisor ETON STREET: Seeks to Hire Varnum LLP as Counsel EYM PIZZA: Seeks to Hire Spector & Cox as Bankruptcy Counsel FAIRFIELD SENTRY: Private-Space Loses Bid to Dismiss Amended Suit FARADAY FUTURE: Incurs $108.68 Million Net Loss in Second Quarter FELTRIM BALMORAL: FBE Unsecureds to Split $26K in Plan FIREFLY NEUROSCIENCE: Delays Q2 10-Q Filing Due to Merger FORGE INNOVATION: Posts $689,371 Net Loss in Fiscal Q2 FTX TRADING: Fondation, et al. Case Withdrawn from Mediation GLEANNLOCH CLA: Seeks to Hire Ashby LLP as Special Counsel GMWC LLC: Hires Law Offices of Michael Jay Berger as Counsel GREENIDGE GENERATION: Seeks TRO on Environmental Permit Non-Renewal GREENWAVE TECHNOLOGY: John Wood Quits as Director GROW GREEN: Hires Goldstein Bershad & Fried as Counsel H2O BY DESIGN: Seeks to Tap DeMarco-Mitchell as Bankruptcy Counsel HAOB HORIZONTAL: Hires Kingcade Leiderman as Counsels HARDINGE INC: Hires Chipman Brown Cicero as Co-Counsel HARDINGE INC: Hires Houlihan Lokey as Investment Banker HARDINGE INC: Hires Kroll Restructuring as Administrative Advisor HARDINGE INC: Hires Mr. Frankum of Ankura Consulting as CRO HARDINGE INC: Hires Ropes & Gray LLP as Attorney HIGHLANDS GROUP: Hires Remax Team Realtors as Real Estate Agent ILUSTRATO PICTURES: Delays Filing of Form 10-Q for Q2 2024 IN HOME PROGRAM: Seeks to Hire Gitomer & Berenholz as Accountant INCLINE ENERGY: Seeks to Hire Mullin Hoard & Brown as Legal Counsel INTELGENX TECH: Delays Q2 2024 Filing Due to CCAA Restructuring INVO BIOSCIENCE: Posts $2.2 Million Net Loss in Fiscal Q2 J DREYFUSS: Seeks Approval to Hire RHM Law as Bankruptcy Counsel J R LEGACY: Hires Buddy D. Ford P.A. as Attorney KYMERA INTERNATIONAL: S&P Withdraws 'B-' Issuer Credit Rating LEARFIELD COMMUNICATIONS: Moody's Alters Outlook on Caa1 CFR to Pos LITHIUM TECHNOLOGIES: Sixth Street Marks $60.7MM Loan at 23% Off LL FLOORING: U.S. Trustee Appoints Creditors' Committee LOS TRECE TEXAS: Hires Barron & Newburger as Legal Counsel LUCKY NUMBER: Hires ERA Ranch as Real Estate Broker LUNA DAIRY: Hires Hilda Pino Gonzalez as Realtor M&M HOLDINGS: Hires Michelle Steel as Bookkeeper MACLEOD ALE: Case Summary & 20 Largest Unsecured Creditors MANNING LAND: Case Summary & One Unsecured Creditor MERCY HOTEL: Plan Exclusivity Period Extended to Nov. 10 MR. KNICKERBOCKER: Hires TCB Tax and Bookkeeping as Accountant NEVADA COPPER: Committee Hires Thornton Grout as Canadian Counsel NEW FORTRESS: Moody's Affirms 'B1' CFR & Alters Outlook to Neg. NEWFOLD DIGITAL: S&P Downgrades ICR to 'B-' on Lower Cash Flow NEXII BUILDING: Horizon Tech Marks $577,000 Loan at 77% Off NEXII BUILDING: Horizon Tech Marks $616,000 Loan at 76% Off NEXII BUILDING: Horizon Tech Marks $773,000 Loan at 76% Off NEXII BUILDING: Horizon Tech Marks $8.8MM Loan at 75% Off NU STYLE LANDSCAPE: Unsecureds to Get Share of Income for 5 Years NUZEE INC: Incurs $1.44 Million Net Loss in Third Quarter OPTICSLAH LLC: Seeks to Hire C.R. Hyde PLC as Bankruptcy Counsel ORENGO AIR: Hires Jaqueline I Rivera Gonzalez as Accountant ORIGINCLEAR INC: Posts $3.6 Million Net Income in Fiscal Q2 PARTNERS REAL: Hires Darby Law Firm as Co-Counsel PARTNERS REAL: Hires Dentons US LLP as Counsel PCP GROUP: Examiner Hires Klestadt Winters as Legal Counsel PIECEMAKERS: Hires Curtis-Rosenthal as Real Estate Appraiser QUANTUM CORP: Posts $20.8-Mil. Net Loss for Quarter Ended June 30 RESHAPE LIFESCIENCES: Reports Net Loss of $1.6MM in Fiscal Q2 RICH LUCKY: Seeks to Hire Raymond W. Verdi Jr. as Legal Counsel ROCA C LLC: Seeks to Hire Logan A. Weinkauf PC as Counsel ROTI RESTAURANTS: Files for Chapter 11 Bankruptcy Protection SCIONTI CONSTRUCTION: Hires Beighley Myrick as Local Counsel SONIDA SENIOR: Incurs $9.82 Million Net Loss in Second Quarter STRAWBERRY HILL: U.S. Trustee Unable to Appoint Committee SUNPOWER CORP: Court Stays Berkeley Assurance's Case TA PARTNERS: Hires Ackman-Ziff Real as Capital Coordinator TIJUANA FLATS: Plan Exclusivity Period Extended to Nov. 15 TJJ TRANSPORT: Seeks Approval to Hire Estelle Miller as Accountant TMK HAWK: New Mountain Marks $2.8MM Loan at 15% Off TONY'S EXPRESS: Hires Stenger Tax Advisory LLC as Accountant TRANSOCEAN LTD: Board Amends Organizational Regulations TRINITY PLACE: Posts $1.7 Million Net Loss in Fiscal Q2 TROTTA TIRES: Hires Harold C. Klaskin as Special Counsel TRUCK & TRAILER: Hires Modestas Law Offices as Bankruptcy Counsel U.S. LIGHTING: Delays Q2 2024 Report Due to Borgers Scandal UPHEALTH HOLDINGS: Plan Exclusivity Period Extended to Sept. 16 UPHEALTH INC: Delays Form 10-Q Filing Due to Time Constraints VALARIS PLC: Court Excludes Expert Testimony in Bardwell Lawsuit VALIANT FITNESS: Hires Lane Law Firm PLLC as Counsel VICTORIA EDWARD: Hires Mickler & Mickler LLP as Counsel VUZIX CORP: Reports $40.6 Million Net Loss in Fiscal Q2 WC 56 EAST: Amends Unsecured Claims Details WC 5TH AND WALLER: Amends Plan; Confirmation Hearing Sept. 5 WEISS MULTI-STRATEGY: Plan Exclusivity Period Extended to Dec. 27 WHAIRHOUSE LIMITED: Seeks to Extend Plan Exclusivity to November 22 WINDTREE THERAPEUTICS: Posts $12.02 Million Net Loss in 2nd Quarter YERUSHA LLC: Hires AvenueOne Realty as Real Estate Agent YH&R CONSTRUCTION: Property Sale Proceeds to Fund Plan YIELD10 BIOSCIENCE: Posts $3.2 Million Net Loss in Fiscal Q2 [*] 31st Distressed Investing Conference: Early Bird Discount! [*] Kroll Reports 16% Yearly Rise in July Insolvencies [^] Large Companies with Insolvent Balance Sheet ********* 150 LEFFERTS: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 150 Lefferts Avenue Company LLC 150 Lefferts Avenue Brooklyn, NY 11225 Chapter 11 Petition Date: August 22, 2024 Court: United States Bankruptcy Court Eastern District of New York Case No.: 24-43509 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Eric H. Horn, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue Suite 3260 Livingston, NJ 07039 Tel: 973-287-5006 Email: ehorn@aystrauss.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jonathan Bombart as managing member. 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/VLNBOSI/150_Lefferts_Avenue_Company_LLC__nyebke-24-43509__0001.0.pdf?mcid=tGE4TAMA 209 PROPERTY: Seeks to Hire Real Estate Source as Broker -------------------------------------------------------- 209 Property Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Real Estate Source, Inc., as a real estate broker. The firm will list, market and assist and provide real estate brokerage services for the Debtor in selling the real property of the bankruptcy estate commonly known as 3364 Schooner Drive, Stockton, CA 95219. The broker will receive commission of 6 percent of the listing prices. Real Estate Source is a disinterested party as that term is defined in section 101(14) of the Bankruptcy Code and possess no adverse interest to that of Debtor, according to court filings. The firm can be reached through: Soheil "Tony" Dini Real Estate Source, Inc. 1024 Iron Point Road Folsom, CA 95630 Phone: (916) 307-3444 About 209 Property Group 209 Property Group, LLC filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Cal. Case No. 24-23066) on July 13, 2024, listing up to to $500,000 in assets and up to $1 million in liabilities. Judge Christopher D. Jaime oversees the case. Anthony O. Egbase, Esq., at A.O.E. Law & Associates, APC serves as the Debtor's legal counsel. 55 EAST 21ST: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 55 East 21st Co., LLC 55 East 21st Street Brooklyn, NY 11226 Chapter 11 Petition Date: August 22, 2024 Court: United States Bankruptcy Court Eastern District of New York Case No.: 24-43507 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Eric H. Horn, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue Suite 3260 Livingston, NJ 07039 Tel: 973-287-5006 Email: ehorn@aystrauss.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jonathan Bombart as managing member. 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/VH26BEA/55_East_21st_Co_LLC__nyebke-24-43507__0001.0.pdf?mcid=tGE4TAMA 600 ROCKS: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: 600 Rocks Road, LLC 620 El Salto Drive Capitola CA 95010 Chapter 11 Petition Date: August 22, 2024 Court: United States Bankruptcy Court Northern District of California Case No.: 24-51267 Debtor's Counsel: Paul E. Manasian, Esq. 1310 65th St. Emeryville CA 94608 Tel: 415-730-3419 Email: manasian@mrlawsf.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Blodgett as managing member. 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/P6XHYKY/300_Rocks_Road_LLC__canbke-24-51267__0001.0.pdf?mcid=tGE4TAMA 9300 WILSHIRE: Files Amendment to Disclosure Statement ------------------------------------------------------ Creditor AES Redondo Beach, L.L.C. submitted a First Amended Disclosure Statement and Plan of Reorganization for 9300 Wilshire, LLC dated August 1, 2024. The proposed Plan by AES does not hinge on speculative litigation or any other feasibility concerns. AES intends to fund the Plan so holders of Allowed Claims entitled to cash distributions can be paid in full on or promptly after the Effective Date. To this end, the following provides a summary of the key economic terms and procedures for the implementation of the Plan: * All holders of General Unsecured Claims in Class 2 of the Plan that are Allowed will be unimpaired under the Bankruptcy Code and paid in full in cash by AES, unless otherwise agreed by AES and the applicable holder, as soon as reasonably practicable after the Effective Date. Holders of Allowed General Unsecured Claims shall also receive accrued interest at the Federal Judgment Rate (5.14%) calculated from the Petition Date through the Effective Date. According to the Debtor, the aggregate amount of the Allowed General Unsecured Claims is estimated to be in the range of $750,000 and $1 million. Based on AES's review of the proofs of claim filed in the Chapter 11 Case and the Debtor's scheduled claims, the aggregate amount of Allowed General Unsecured Claims is estimated to total $489,537.98; * All holders of Administrative Claims, Tax Claims, and Other Priority Claims in Class 1 of the Plan, that are Allowed will be unimpaired under the Bankruptcy Code and paid in full in cash by AES, unless otherwise agreed by AES and the applicable holder, as soon as reasonably practicable after the Effective Date. Administrative Claims includes Professional Claims representing the accrued professional fees and expenses of the Debtor's professionals, that have been employed in the Chapter 11 Case. The estimated amount of Allowed Tax Claims is $4,410.34, and the estimated amount of Allowed Other Priority Claims in Class 1 is $0.00. AES has estimated the amount of Allowed Administrative Claims at $50,000 if the Debtor, as shall be expected, continues to pay the estate's accrued Administrative Claims in the ordinary course of business. * Except for AES's secured claims in Class 5A and 5B, all holders of other secured claims in Class 3 and Class 4 of the Plan that are Allowed shall be unimpaired under the Bankruptcy Code and, at the Debtor's option, shall (i) receive payment in full from the Debtor, its equity holders, or the co obligors on such debt; (ii) be cured by the Debtor (or its co obligors or equity holders) and reinstated; or (iii) the Debtor’s interest in the property collateral securing such claims shall be tendered to the secured party; * Based on the estimated aggregate amounts of Allowed Administrative Claims, Tax Claims, Other Priority Claims in Class 1, and General Unsecured Claims in Class 2, certain conditions precedent to the occurrence of the Effective Date of the Plan require that the aggregate amount of (i) Allowed Administrative Claims shall not exceed $800,000; (ii) Allowed Tax Claims shall not exceed $35,000, except for the CCC Claim pursuant to Section VIII.B.3 and Exhibit B; (iii) Allowed Other Priority Claims in Class 1 shall not exceed $10,000; and (iv) Allowed General Unsecured Claims in Class 2, shall not exceed $1.2 million. Each of the forgoing conditions precedent to the Effective Date with respect to the aggregate amount of Allowed Claims reflects a sizable cushion to reduce unforeseen impediments to the occurrence of the Effective Date of the Plan and to help ensure that holders of Allowed Claims are promptly paid in full. To further reduce risk to the occurrence of the Effective Date, AES reserves the right, in its sole and absolute discretion, to waive these conditions precedent even if the aggregate amount of Allowed Claims ultimately exceed the conditions precedent; and * Pursuant to the terms of the Plan, and summarized above, AES will fund distributions to holders of Allowed Administrative Claims, Tax Claims, Other Priority Claims in Class 1, and General Unsecured Claims in Class 2, and AES's agreement to fund such distributions is not contingent upon the outcome of the Sale of the Redondo Property. In exchange for this agreement, AES shall be provided an Allowed AES Administrative Claim pursuant to section 503(b)(3)(D) of the Bankruptcy Code, in the amount of AES's distributions to the forgoing creditors under the Plan. The AES Administrative Claim shall be entitled to distributions from the Debtor's interest in any proceeds from Sale of the Redondo Property (either under a 363 Sale or a Foreclosure Sale) that exceed the net of the costs of sale and payment in full of the AES Class 5B Secured Claim (or the satisfaction of such AES Class 5B Secured Claim by credit bid). If there are no such excess proceeds from the Sale, the AES Administrative Claim shall be waived. AES shall be deemed a qualified bidder in connection with the 363 Sale or Foreclosure Sale (as applicable, the "Sale") and shall be permitted to credit bid the AES Class 5B Secured Claim pursuant to the Plan. The Sale of the Redondo Property, whether pursuant to a 363 Sale or a Foreclosure Sale, shall not be "free and clear" of, and shall remain subject to, the Environmental DOT pursuant to the AES Class 5A Secured Claim. The CCC Claim, filed as a priority tax claim, is contingent, unliquidated and disputed, including with respect to its classification. The CCC Claim will be paid in full by AES, irrespective of its classification, as soon as practicable upon allowance pursuant to the occurrence of all three of the following events: (i) the CCC Claim being liquidated pursuant to (a) the entry of a final, non-appealable order of the CCC, or judgment of a court of competent jurisdiction following a CCC administrative proceeding, awarding a monetary amount; (b) the entry of a final, non-appealable order or judgment of a court of competent jurisdiction following a judicial proceeding awarding a monetary amount; or (c) a written agreement between AES and the CCC resolving the CCC Claim; (ii) the occurrence of the Effective Date; and (iii) the non-payment by AES (in a capacity other than plan sponsor) of such monetary award (pursuant to an indemnity obligation or otherwise) within ten business days after the prior conditions (i) and (ii) have been satisfied. Class 2 consists of General Unsecured Claims. Holders of General Unsecured Claims in Class 2 are unimpaired. Each holder of an Allowed unsecured claim that is not (a) an Administrative Claim; (b) Tax Claim; or (c) Other Priority Claim in Class 1 (collectively, the "General Unsecured Claims"), except to the extent that a holder of an Allowed General Unsecured Claim agrees to less favorable treatment, shall receive the following as soon as practicable after the Effective Date in full and complete settlement, release and discharge of, and in exchange for its Allowed General Unsecured Claim, payment of its Allowed Claim in full (100%) in cash with interest at the Federal Judgment Rate from the Petition Date to the Effective Date. Though the closing of the Sale of the Redondo Property is a condition precedent under the Plan, the Sale of the Redondo Property is not necessary as a source of funds for AES to sponsor and fund distributions to holders of Allowed Administrative Claims, Allowed Tax Claims, Allowed Other Priority Claims in Class 1, and Allowed General Unsecured Claims in Class 2, pursuant to the terms of the Plan. AES, as the Plan sponsor, has agreed to fund distributions as soon as practicable after the Effective Date of the Plan to holders of Allowed Claims (i.e., Allowed Administrative Claims, Allowed Tax Claims, Allowed Other Priority Claims in Class 1, and Allowed General Unsecured Claims in Class 2). The maximum amount of AES's funding obligations to holders of Allowed Claims represent conditions precedent to the occurrence of the Effective Date in the Plan. A full-text copy of the First Amended Disclosure Statement dated August 1, 2024 is available at https://urlcurt.com/u?l=7GtyOn from PacerMonitor.com at no charge. Attorney for AES Redondo Beach: MORGAN, LEWIS & BOCKIUS LLP Craig A. Wolfe, Esq. 600 Anton Blvd., Ste. 1800 Costa Mesa, CA 92626-7653 T: 714.830.0600 / F: 714.830.0700 Email: craig.wolfe@morganlewis.com About 9300 Wilshire 9300 Wilshire, LLC, is a Beverly Hills-based company engaged in activities related to real estate. 9300 Wilshire filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10918) on Feb. 21, 2023, with $100 million to $500 million in assets and $50 million to $100 million in liabilities. Leonid Pustilnikov, 9300 Wilshire's manager, signed the petition. Judge Ernest M. Robles presides over the case. The Debtor tapped Victor A. Sahn, Esq., at Greenspoon Marder, LLP as bankruptcy counsel and Rutan & Tucker, LLP as special counsel. ADVANCED URGENT: Hires Wadsworth Garber Warner as Counsel --------------------------------------------------------- Advanced Urgent Care, LLC and its affiliate seek approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, P.C. as counsel. The firm will provide these services: a. preparation on behalf of the Debtors of all necessary reports, orders and other legal papers required in these Chapter 11 proceedings; b. performance of all legal services for the Debtors as debtors-in-possession which may become necessary herein; c. representation of the Debtors in any litigation which the Debtors determine is in the best interest of the estates whether in state or federal court(s). The firm will be paid at these rates: David V. Wadsworth $500 per hour Aaron A. Garber $500 per hour David J. Warner $425 per hour Aaron J. Conrardy $425 per hour Lindsay S. Riley $325 per hour Paralegals $125 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David J. Warner, Esq., a partner at Wadsworth Garber Warner Conrardy, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David J. Warner, Esq. Wadsworth Garber Warner Conrardy, P.C., 2580 West Main Street, Suite 200 Littleton, Colorado 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 Email: dwarner@wgwc-law.com About Advanced Urgent Care, LLC The Debtor is a locally owned and operated urgent care services provider. It also offers on-site laboratory services, x-ray services, and physical exams. Advanced Urgent Care, LLC d/b/a Advanced Urgent Care and Occupational Medicine in Fort Lupton, CO, filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 24-14536) on August 7, 2024, listing $0 in assets and $7,261,749 in liabilities. Anthony G. Euser as managing member, signed the petition. WADSWORTH GARBER WARNER CONRARDY, P.C. serve as the Debtor's legal counsel. ADVANCION HOLDINGS: S&P Affirms 'B-' ICR, Outlook Negative ---------------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Advancion Holdings LLC. S&P also affirmed its 'B-' issue-level rating, with a '3' (rounded estimate: 55%) recovery rating on the company's first-lien secured debt. At the same time, S&P affirmed the 'CCC' issue-level rating, with a '6' (rounded estimate: 0%) recovery rating on the company's second-lien secured debt. Additionally, S&P affirmed the 'CCC' issue-level rating, with a '6' (rounded estimate: 0%) recovery rating on Advancion Sciences Inc. deeply subordinated debt (TopCo payment-in-kind toggle notes). The negative rating outlook on Advancion reflects S&P's view that debt leverage will remain elevated, and there continues to be minimal cushion at the current rating, leaving the company vulnerable to continued demand shocks over the next couple of quarters. The negative outlook reflects S&P's expectation the company's credit metrics will remain elevated over the next few quarters and, absent a continued improvement in the back half of 2024 and early 2025, leverage would be unsustainable. Advancion's operating performance was weaker than expected in 2023 due to the weak macroeconominc environment in its key geographic regions and its lower volumes, particularly in its life sciences (BioTech) segment, resulting from prolonged customer de-stocking and decreased fixed-cost absorption. Although during the second quarter 2024, Advancion saw improvement in demand and its order book going into the third quarter, the company is still susceptible to any demand shocks that would elevate leverage and further be a burden on free cash flow generation. S&P said, "We continue to anticipate leverage will remain elevated for the rating over the next year. Specifically, we project weighted average S&P Global Ratings-adjusted debt to EBITDA of about 9.0x-10.0x over the next 12 months. More specifically, for the last 12 month (LTM) period ended March 2024 and June 2024, S&P Global Ratings adjusted debt to EBITDA exceeded 10x. However, our expectations are based on a sequential quarterly basis and we believe leverage metrics will likely improve in the second half of 2024, based on our belief the second half of 2024 EBITDA will improve from the first half of the year. In addition to lower-than-expected EBITDA, company free cash flow generation will be hampered throughout 2024 as the result of higher borrowing costs and capital spending. However, as the company works through higher-cost inventories and improves working capital management, combined with lower second-half capital spending, we would expect second-half cash flows to be stronger than the first half of the year." Advancion continues to benefit from its leading market position in the niche nitroalkane specialty chemicals industry and continues to have adequate liquidity. Because of its leading market positions, the company has achieved above-average profitability and historically has been able to generate positive free cash flow, although over the past year free cash flows have been negative. Any further hiccups leading into 2025 could constrain liquidity if the company continues to generate negative free cash flow. S&P said, "We expect the company to continue to PIK its interest on the senior PIK toggle notes issued by Advancion Sciences Inc. Additionally, we would expect the company to address the revolver maturity coming due November 2025 prior to it becoming current." Advancion delivers its key product offerings to a wide range of end markets, including life sciences, paints and coatings, and pharmaceutical products. Its industry's high barriers to entry, customer stickiness, and the high performance of its products relative to their cost continue to support its leading market positions and overall margin profile. The company's EBITDA margins have remained above average compared with its specialty chemical peers, such as Avient Corp. Advancion also benefits from the location of its facilities for key customers and the lack of direct competition for most of its specialty chemical products. Specifically, it is the only manufacturer of some of the chemicals it offers that are critical inputs for many of its customers' products. Even though S&P anticipates demand will gradually recover and costs will moderate, it still expects 2024 credit metrics to remain elevated (including the PIK notes in our debt calculation). Advancion has shown a willingness to increase its debt to fund shareholder rewards. In November 2021, Advancion took on additional debt through both Advancion Holdings LLC and Advancion Sciences Inc. to fund a $300 million dividend to its private-equity shareholders. Because of this increase in debt, S&P continues to view the company's credit metrics as being in the weaker end of the highly leveraged category when compared with those of similarly rated specialty chemical companies, such as Potters Borrower L.P. and Innophos Holdings Inc. S&P said, "The negative outlook on Advancion Holdings reflects our expectation that company credit metrics will continue to remain elevated for the next 12 months despite the recent demand recovery. Any uncertainty in the macroeconomic environment or any demand shock that impedes the road to recovery would lead to leverage slipping into the double digits. Our base-case expectations are that weighted average debt to EBITDA will decrease to just above 9.0x in 2024, and funds from operations (FFO) to debt will be around 2.3% for the next 12 months. Our base-case expectations include the company's PIK notes in our debt calculation. "We could downgrade Advancion within the next couple of quarters if we believe its debt to EBITDA will increase to double digits, which we would consider to be unsustainable levels combined with sustained negative free cash flow generation. This could happen if EBITDA margins decline by at least 400 basis points relative to our 2024 base-case assumption. It would likely occur if the demand recovery in the key end markets reverses or if the company starts experiencing operational issues at its facilities. The company's leverage could also stretch to these levels if its financial policies become more aggressive than our current assumption, such as undertaking large debt-funded dividends or acquisitions. We would also lower the rating if the revolver were to become current in November 2024. "We could revise the outlook to stable for Advancion within the next 12 months if debt to EBITDA is roughly 8x on a sustained basis. We believe it could achieve this by improving its EBITDA margins by 600 bps relative to our 2024 base-case expectation. This would likely occur if Advancion's key end markets continue to witness faster pace of recovery." AETHLON MEDICAL: Posts $2.57 Million Net Loss in Q1 2024 -------------------------------------------------------- Aethlon Medical, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2,571,440 for the three months ended June 30, 2024, compared to a net loss of $3,282,179 for the three months ended June 30, 2023. As of June 30, 2024, the Aethlon Medical had a cash balance of $9,072,379 and working capital of $7,421,489. This compares to a cash balance of $5,441,978 and working capital of $4,395,889 at March 31, 2024. As of June 30, 2024, the Company had $11,415,417 in total assets, $2,702,801 in total liabilities, and $8,712,616 in total stockholders' equity. On May 17, 2024, the Company closed a public offering of its equity, pursuant to which the Company sold an aggregate of: (i) 2,450,000 shares of its common stock and accompanying Class A warrants to purchase up to 2,450,000 shares of common stock and Class B warrants to purchase up to 2,450,000 shares of common stock, at a combined public offering price of $0.58 per share and accompanying warrants; and (ii) in lieu of common stock, pre-funded warrants to purchase 5,650,000 shares of common stock and accompanying Class A warrants to purchase up to 5,650,000 shares of common stock and Class B warrants to purchase up to 5,650,000 shares of common stock, at a combined public offering price of $0.579 per pre-funded warrant and accompanying warrants, which is equal to the public offering price per share of common stock, and accompanying warrants less the $0.001 per share exercise price of each such pre-funded warrant. The gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, were approximately $4.7 million. Net proceeds, of the offering, after deducting the placement agent fees and expenses and other offering expenses payable by the Company, were are approximately $3.5 million. In June 2024, holders of Class A and Class B warrants exercised 300,000 shares and 2,880,000 shares, respectively, for additional total proceeds of $1,844,400. The Company expect its existing cash as of June 30, 2024 to be sufficient to fund its operations for at least twelve months from the issuance date of these financial statements. In previous filings, the Company disclosed substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows. The Company have addressed these concerns by raising $5,379,229, net, through a combination of an equity offering and warrant exercises, combined with its recent financial performance which has shown a significant decrease in expenses and use of cash. For the three-month period ended June 30,2024, expenses decreased by approximately $787,000 compared to June 30, 2023, accompanied by an approximate $964,000 decrease in cash used in operating and investing activities. As a result of these actions, management believes that the substantial doubt regarding its ability to continue as a going concern has been alleviated. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3by5ea6p About Aethlon Medical Aethlon Medical, Inc. is a medical therapeutic company focused on developing the Hemopurifier, a clinical-stage immunotherapeutic device designed to combat cancer, life-threatening viral infections, and for use in organ transplantation. In human studies involving 164 sessions with 38 patients, the Hemopurifier was safely utilized and demonstrated the potential to remove life-threatening viruses. In pre-clinical studies, the Hemopurifier has shown the ability to remove harmful exosomes and exosomal particles from biological fluids, using its proprietary lectin-based technology. This capability has potential applications in cancer, where exosomes and exosomal particles may promote immune suppression and metastasis, as well as in life-threatening infectious diseases. * * * This concludes the Troubled Company Reporter's coverage of Aethlon Medical until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. AGEAGLE AERIAL: Reports Net Loss of $2.9 Million in Fiscal Q2 ------------------------------------------------------------- AgEagle Aerial Systems Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss attributable to common stockholders of $2,929,708 on $3,392,538 of revenue for the three months ended June 30, 2024, compared to a net loss attributable to common stockholders of $5,290,583 on $3,278,212 of revenue for the three months ended June 30, 2023. During the six months ended June 30, 2024, the Company incurred a net loss of $9,245,295 on $7,286,985 of revenues, compared to a net loss of $9,890,082 on $7,335,281 of revenue for the same period in 2023 and used cash in operating activities of $2,983,430. As of June 30, 2024, the Company has a working capital deficit of $2,809,813 and an accumulated deficit of $180,085,841. While the Company has historically been successful in raising capital to meet its working capital needs, the ability to continue raising such capital is not guaranteed. If the Company is unable to generate significant sales growth in the near term and raise additional capital, there is a risk that the Company could default on additional obligations; and could be required to discontinue or significantly reduce the scope of its operations if no other means of financing operations are available. As of June 30, 2024, the Company had $22,830,836 in total assets, $14,756,362 in total liabilities, and $8,074,474 in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5n6jwtn4 About AgEagle AgEagle Aerial Systems Inc. is headquartered in Wichita, Kansas, and operates through its wholly-owned subsidiaries, focusing on designing and delivering top-tier drones, sensors, and software to address critical customer needs. Founded in 2010, AgEagle initially pioneered proprietary, professional-grade, fixed-wing drones and aerial imagery-based data collection and analytics solutions for the agriculture sector. Today, the company is recognized as a globally respected market leader, offering customer-centric, advanced, autonomous unmanned aerial systems (UAS) that generate revenue at the intersection of flight hardware, sensors, and software across industries, including agriculture, military/defense, public safety, surveying/mapping, and utilities/engineering. AgEagle has achieved numerous regulatory milestones, including government approvals for its commercial and tactical drones to fly Beyond Visual Line of Sight (BVLOS) and/or Operations Over People (OOP) in the United States, Canada, Brazil, and the European Union. It has also received Blue UAS certification from the Defense Innovation Unit of the U.S. Department of Defense. More information can be found at www.ageagle.com. During the year ended December 31, 2023, the company incurred a net loss of approximately $42.4 million. Orlando, Florida-based WithumSmith+Brown, PC, the company's auditor since 2020, issued a "going concern" qualification in its report dated April 1, 2024, citing recurring losses from operations, cash usage exceeding its current cash position, and an accumulated deficit as factors raising substantial doubt about the company's ability to continue as a going concern. AIR INDUSTRIES: Posts $298,000 Net Income in Fiscal Q2 ------------------------------------------------------ Air Industries Group filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $298,000 on $13,572,000 of revenues for the three months ended June 30, 2024, compared to a net loss of $395,000 on $13,205,000 of revenues for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $408,000 on $27,633,000 of revenues, compared to a net loss of $1,013,000 on $25,754,000 of revenue for the same period in 2023. "Our second quarter reflected strength across our business," said Lou Melluzzo, CEO of Air Industries Group. "For the three months, revenues increased by 2.8% compared to the prior year, but gross profit and gross margin on sales improved dramatically. Gross profit for the second quarter increased by $474,000 or nearly 22% compared to 2023. With two quarters under our belt, 2024 is on track to be a year of significant growth." "Net income for the second quarter was $298,000, or $0.09 a share, an improvement of nearly $700,000 from a loss of ($0.12) per share in 2023." "Adjusted EBITDA for the three months was $1,413,000, an increase of $452,000, or more than 47% compared to 2023." Lou Melluzzo, CEO of Air Industries Group continued, "For the six months, revenues increased by 7.3% compared to the prior year, and the increase in gross profit outpaced the growth in sales. Gross profit for the six months increased by nearly $500,000, or 12.3% compared to 2023." "Operating Income for the six months was $493,000 compared to a loss in 2023." "Net loss for the first half of 2024 was ($408,000) an improvement of more than $600,000 compared to 2023." "Adjusted EBITDA for the six months was $1,775,000 an increase of $236,000 or more than 15% compared to 2023". As of June 30, 2024, the Company had $49,819,000 in total assets, $34,925,000 in total liabilities, and $14,894,000 in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yxz788c2 About Air Industries Group Headquartered in Bay Shore, New York, Air Industries Group (NYSE American: AIRI) is a manufacturer of precision components and assemblies for large aerospace and defense prime contractors. Its products include landing gears, flight controls, engine mounts, and components for aircraft jet engines, ground turbines, and other complex machines. Saddle Brook, New Jersey-based Marcum LLP, the Company's auditor since 2008, issued a "going concern" qualification in its report dated April 15, 2024. The report noted that for the period ending March 31, 2024, the Company was not in compliance with the financial covenants required under the terms of its current credit facility. It is reasonably possible that the Company will not receive a waiver and may fail to meet these financial covenants in future periods. The Company is required to maintain a collection account with its lender into which substantially all of the Company's cash receipts are remitted. If the Company's lender were to cease lending and keep the funds remitted to the collection account, the Company would lack the funds to continue its operations. Failure to receive a waiver or meet the financial covenants in future periods raises substantial doubt about the Company's ability to continue as a going concern. Air Industries Group reported a net loss of $2.13 million for the year ended Dec. 31, 2023, compared to a net loss of $1.08 million for the year ended Dec. 31, 2022. ALL IN ONE: Hires Magee Goldstein Lasky & Sayers as Attorney ------------------------------------------------------------ All In One Land Concepts, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire Magee Goldstein Lasky & Sayers, P.C. as its attorneys. The firm's services include: a. advising the Debtor with respect to its powers and duties as debtor in possession in the continued management and operation of its business and properties; b. advising and consulting on the conduct of the Bankruptcy Case, including all of the legal and administrative requirements of operating in chapter 11; c. attending meetings and negotiating with representatives of Debtor's creditors and other parties in interest; d. taking all necessary action to protect and preserve the Debtor's estate; e. preparing all pleadings, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; f. representing the Debtor in connection with obtaining post-petition financing, if necessary; g. advising the Debtor in connection with any potential sale of assets; h. appearing before the Court to represent the interests of the Debtor's estate before the Court; i. taking any necessary action on behalf of the Debtor to negotiate, prepare on behalf of the Debtor, and obtain approval of a chapter 11 plan and documents related thereto; and j. performing all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this Bankruptcy Case. The firm's attorneys who have responsibility for particular issues arising in this case bill at hourly rates typically ranging from $250 per hour to $425 per hour. Paralegal and paraprofessional rates are $1150 per hour. The firm has agreed to a retainer in the amount of $8,009, which includes including the filing fee of $1,738. Magee is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Andrew S. Goldstein, Esq. MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PO Box 404 Roanoke, VA 24003-0404 Tel: (540) 343-9800 Fax: (540) 343-9898 Email: agoldstein@mglspc.com All In One Land Concepts, LLC All In One Land Concepts, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case No. 24-60843) on August 6, 2024, listing $100,001 to $500,000 in both assets and liabilities. Everett J. Thomas, Jr. signed the petition as manager. Andrew S Goldstein, Esq. at Magee Goldstein Lasky & Sayers, P.C. represents the Debtor as counsel. ALLIANCE MESA: Hires Northmarq Commercial as Real Estate Broker --------------------------------------------------------------- Alliance Mesa Cardio, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Northmarq Commercial as real estate broker. The firm will market and sell the Debtor's real property located at 6116 E. Arbor Avenue, Suite 112, Mesa, Arizona. The firm will be paid a commission of 3 percent of the purchase price. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Isaiah F. Harf, a managing director at Northmarq Commercial, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Isaiah F. Harf Northmarq Commercial 303 East Wacker Dr Suite 1111 Chicago, IL 60601 Tel: (301) 240-0127 About Alliance Mesa Cardio, LLC Alliance Mesa Cardio LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Alliance Mesa Cardio LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-08848) on June 15, 2024. In the petition signed by Ben Reinberg, as sole member of Alliance Mesa Cardio Manager, LLC, which is the sole member of the Debtor, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Janet S. Baer oversees the case. The Debtor is represented by: David A. Warfield, Esq. THOMPSON COBURN LLP One US Bank Plaza, Suite 2700 St. Louis MO 63101 Tel: (314) 552-6000 Email: dwarfield@thompsoncoburn.com ALPINE 4: Expects $1.2M Annual Savings From Salary Reductions ------------------------------------------------------------- Alpine 4 Holdings, Inc., disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Aug. 1, 2024, in the context of the previously announced costs savings measures, the Executive Leadership Team and Board of Directors of the Company voted to voluntarily reduce their base salaries. Additionally, both the CEO and COO previously had taken a 20% salary reduction in the fourth quarter of 2023. As a result of this new action and the prior reductions, base salaries of the Company's principal executive officer and other named executive officers were reduced to the following amounts per annum: Adjusted Base Salary Base Salary Name and Principal Position Kent Wilson, Chief Executive Officer/ Board of Directors $487,500 $316,875 Jeff Hail, Chief Operations Officer $428,922 $278,799 Ian Kantrowitz, VP of Investor Relations/Board of Directors $176,953 $115,019 Other Executives of the Company, including the combined permanent and interim CFO position, voluntarily reduced their salaries by an average of 33%. In addition, the non-employee members of the Board of Directors also voluntarily reduced their Board fees by an average of 49%. These reductions, in addition to previously mentioned personnel reductions at the Alpine 4 Corporate level, will see aggregate savings in payroll general and administrative expenses of approximately $1.2M per annum. These reductions took affect Aug. 16, 2024. The Board and the Compensation Committee will continue to monitor the Company's performance and the compensation of the Company's executive officers and adjust accordingly. About Alpine 4 Alpine 4 Holdings, Inc. (formerly Alpine 4 Technologies, Ltd) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of Drivers, Stabilizers, and Facilitators. The Company's focus is on how the adaptation of new technologies, even in brick-and-mortar businesses, can drive innovation. The Company also believes that its holdings should benefit synergistically from each other and that the ability to have collaboration across varying industries can spawn new ideas and create fertile ground for competitive advantages. "[T]he Company has negative working capital and has continued to experience operating losses, which causes doubt as to the ability of the Company to continue. The Company's ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company's plan of operations, and its ultimate transition to profitable operations are necessary for the Company to continue. The uncertainty that exists with these factors raises substantial doubt about the Company's ability to continue as a going concern," according to the Company's Quarterly Report for the three months ended Sept. 30, 2023. The Company has not yet filed its Annual Report on Form 10-K for the year ended Dec. 31, 2023, and Quarterly Report for the quarter ended March 31, 2024. ALPINE 4: Requires Additional Time to Complete Q2 Quarterly Report ------------------------------------------------------------------ Alpine 4 Holdings, Inc. notified the Securities and Exchange Commission via Form 12b-25 it was unable to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, within the prescribed period without unreasonable effort or expense. As noted previously in the Form NT 10-K filed April 2, 2024, disclosing the filing delay for the Company's 2023 Annual Report on Form 10-K, and as noted previously in the Form NT 10-Q filed May 16,2024, disclosing the filing delay for the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, during the quarter ended Sept. 30, 2023, the Company experienced a turnover of certain members of the internal accounting staff, including the Corporate Controller and several subsidiary Controllers. The preparation of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended Sept. 30, 2023, was delayed due to the need for the Company's accounting staff to absorb the duties of the terminated staff, as well as the significant amount of time the accounting staff expended during and after the close of the quarter in performing goodwill impairment analysis and negotiating and providing information in connection with the capital raising transactions, as well as updating the S-1. As such, the Company needed additional time to complete and file the Q3 2023 10-Q, which was filed on June 6, 2024. The delays in finalizing and filing the Q3 2023 10-Q has resulted in the Company's needing more time to prepare and file the 2023 Annual Report on Form 10-K. Due to the sequential order of these filings, the Q1 2024 10-Q and the Q2 2024 10-Q will require additional time to complete and file. In accordance with Rule 12b-25 of the Securities Exchange Act of 1934, the Company will file the Q2 2024 10-Q as soon as practicable. There can be no guarantee that the review of the financial statements will be completed on a timely basis, which could result in the quarterly report not being filed within the five additional days provided by the Rule 12b-25. As to the expected change in results of operations from last year's second quarter, due to the sale of the Company's Morris Sheet Metal subsidiary companies, the closing of the Company's Thermal Dynamics subsidiary, and the shutdown of Excel Construction Services (all as previously announced by the Company), revenues for the second quarter of 2024 are expected to be significantly less when compared to the comparable period in 2023. The exact amount of such difference from the prior corresponding period cannot be known at this time, pending additional accounting review. About Alpine 4 Alpine 4 Holdings, Inc. (formerly Alpine 4 Technologies, Ltd) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of Drivers, Stabilizers, and Facilitators. The Company's focus is on how the adaptation of new technologies, even in brick-and-mortar businesses, can drive innovation. The Company also believes that its holdings should benefit synergistically from each other and that the ability to have collaboration across varying industries can spawn new ideas and create fertile ground for competitive advantages. "[T]he Company has negative working capital and has continued to experience operating losses, which causes doubt as to the ability of the Company to continue. The Company's ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company's plan of operations, and its ultimate transition to profitable operations are necessary for the Company to continue. The uncertainty that exists with these factors raises substantial doubt about the Company's ability to continue as a going concern," according to the Company's Quarterly Report for the three months ended Sept. 30, 2023. The Company has not yet filed its Annual Report on Form 10-K for the year ended Dec. 31, 2023, and Quarterly Report for the quarter ended March 31, 2024. AMARYLLIS THERAPY: Seeks to Hire McGraw & McGraw CPA as Accountant ------------------------------------------------------------------ Amaryllis Therapy Network, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire McGraw & McGraw CPA, P.C. as accountants. The Debtors require the services of a licensed accountant to prepare and file the Debtor's 2023 tax return, to assist with the Debtor's payroll, and to provide general accounting services throughout the course of this bankruptcy case, among other things. McGraw currently charges the Debtor a monthly flat fee in the amount of $125 for the services McGraw provides to the Debtor. McGraw charges $650 to prepare and file a corporate tax return. McGraw is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Robert J. McGraw, CPA McGraw & McGraw CPA, P.C. 7260 Osceola St. Westminster, CO 80030 Tel: (303) 427-6641 About Amaryllis Therapy Network Amaryllis Therapy Network, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-13442) on June 20, 2024, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Kelsey Jamie Buechler, Esq. at Buechler Law Office, LLC, represents the Debtor as counsel. AMERICAN ACHIEVEMENT: 93% Markdown for Sixth Street $1.3MM Loan --------------------------------------------------------------- Sixth Street Specialty Lending, Inc has marked its $1,347, 000 loan extended to American Achievement Corp to market at $101,000,000 or 7% of the outstanding amount, according to a disclosure contained in Sixth Street's Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission. Sixth Street is a participant in a First Lien Loan to American Achievement Corp. The loan accrues interest at a rate of 19.43% (SOFR + 14.10%) per annum. The loan matures in September 2026. The loan is on non-accrual status as of June 30, 2024, according to Sixth Street. Sixth Street is a Delaware corporation formed on July 21, 2010. The Company was formed primarily to lend to, and selectively invest in, middle-market companies in the United States. The Company has elected to be regulated as a business development company under the 1940 Act. In addition, for tax purposes, the Company has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Company is managed by Sixth Street Specialty Lending Advisers, LLC. On June 1, 2011, the Company formed a wholly-owned subsidiary, TC Lending, LLC, a Delaware limited liability company. On March 22, 2012, the Company formed a wholly-owned subsidiary, Sixth Street SL SPV, LLC, a Delaware limited liability company. On May 19, 2014, the Company formed a wholly-owned subsidiary, Sixth Street SL Holding, LLC, a Delaware limited liability company. On December 9, 2020, the Company formed a wholly-owned subsidiary, Sixth Street Specialty Lending Sub, LLC, a Cayman Islands limited liability company. Sixth Street is led by Joshua Easterly, Chief Executive Officer; and Ian Simmonds, Chief Financial Officer. The fund can be reach through: Joshua Easterly Sixth Street Specialty Lending, Inc 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Tel: (469) 621-3001 American Achievement Corporation manufactures and distributes commemorative jewelry, including class rings, and recognition products. AMERICAN ACHIEVEMENT: New Mountain Marks $ 29.8MM Loan at 33% Off ----------------------------------------------------------------- New Mountain Finance Corporation has marked its $ 29,879,000 loan extended to American Achievement Corporation (aka AAC Holding Corp.) to market at $20,000,000 or 67% of the outstanding amount, according to a disclosure contained in New Mountain's Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission. New Mountain is a participant in a First Lien Loan to American Achievement Corporation (aka AAC Holding Corp.). The loan accrues interest at a rate of 16.68% (SOFR (M)(33)* +5.75%/Payment in Kind + 0.50%)) per annum. The loan matures in September 2026. New Mountain is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering on May 19, 2011. NMFC is a closed-end, non-diversified management Investment Company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. New Mountain Finance Advisers BDC, L.L.C., its Investment Adviser, is a wholly owned subsidiary of New Mountain Capital Group, L.P. New Mountain Capital is a firm with a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. New Mountain is led by John R. Kline, Chief Executive Officer; and Kris Corbett, Chief Financial Officer and Treasurer. The fund can be reach through: John R. Kline New Mountain Finance Corporation 1633 Broadway, 48th Floor New York, New York 10019 Telephone: (212) 720-0300 American Achievement Corporation manufactures and distributes commemorative jewelry, including class rings, and recognition products. AMERICAN CANNABIS: Delays Filing of Form 10-Q for Q2 2024 --------------------------------------------------------- American Cannabis Company, Inc. disclosed via Form 12b-25 filed with the U.S. Securities and Exchange Commission that it is unable to file its Form 10-Q for the period ended June 30, 2024, within the prescribed period without unreasonable expense because management has not been able to complete the adjustments necessary to close its books for the quarter end. The Company fully expects to be able to file within the additional time allowed by this report. About American Cannabis American Cannabis Company, Inc. is based in Colorado Springs, Colorado, and operates alongside its subsidiary as a publicly listed company on the OTC Markets OTCQB Trading Tier under the symbol "AMMJ." The company utilizes a fully integrated business model that offers end-to-end solutions for businesses in the regulated cannabis industry, serving states and countries where cannabis is regulated, decriminalized for medical use, or legalized for recreational use. Houston, Texas-based Hudgens CPA, the company's auditor since 2022, issued a "going concern" qualification in its report dated May 8, 2024. This report, attached to American Cannabis' Form 10-K filed with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2023, noted that the company has a working capital deficit, has incurred net losses since its inception, and is expected to continue experiencing further losses. The auditor highlighted that the company requires additional funds to meet its obligations and operational costs, which raises substantial doubt about its ability to continue as a going concern. American Cannabis Company reported a net loss of $3,660,416 for the year ended December 31, 2023, as compared to $633,192 for the year ended December 31, 2022. As of March 31, 2024, American Cannabis Company had $2,628,487 in total assets, $2,759,498 in total liabilities, and $131,001 in total stockholders' deficit. AMERICAN PUBLIC EDUCATION: S&P Raises ICR to 'B+', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on American Public Education Inc. (APEI) to 'B+' from 'B'. At the same time, S&P raised its issue-level rating on the company's secured debt to 'BB-' from 'B+'. The '2' recovery rating remains unchanged, indicating its expectation for substantial (70%-90%; rounded estimate: 80%) recovery for lenders in the event of a payment default. The stable outlook reflects S&P's expectation that APEI will generate steady revenue and EBITDA growth supported by positive enrollment trends, management's cost initiatives, and improved EBITDA at Rasmussen, which will enable it to maintain leverage of below 4x on a sustained basis despite the potential for increased marketing spending. APEI, a for-profit higher education provider of online and on-campus postsecondary education in the U.S, has benefited from recent positive enrollment trends and the success of its cost-savings initiatives. S&P said, "The upgrade reflects our expectation that APEI's schools will continue to benefit from positive enrollment trends, enabling it to maintain leverage of about 3x through 2025.The company's largest school, American Public University System Inc. (APUS), and nursing school, Hondros College of Nursing (HCN), both reported increased enrollment during the first two quarters of 2024, while its nursing and health care school, Rasmussen University (RU), reported a rise in its enrollment in the third quarter of 2024 (the first quarterly expansion in its enrollment since its acquisition). In addition, APEI successfully implemented its cost-savings initiatives by reducing its marketing spending and headcount. The benefits from these positive enrollment trends, along with management's cost savings combined with incremental tuition increases, expanded the company's EBITDA, which caused its gross leverage for the 12 months ended in the second quarter of 2024 to fall to 2.95x from 3.30x in 2023 (including the $39.69 million of preferred shares that we treat as debt). "Our current base-case forecast assumes that APEI will increase its revenue by the low- to mid-single digit percent range in 2024 and 2025 on enrollment tailwinds. We also believe the company will modestly raise its marketing spending to support a sustained expansion in its long-term enrollment, which could weaken its margins. We expect APEI's S&P Global Ratings-adjusted margins will be between 12% and 13% over the next two years. "We expect RU will continue to improve its enrollment trends supported by the ongoing execution of its operational initiatives. Since APEI acquired RU in September 2021, the school has experienced continued enrollment declines due to voluntary and involuntary enrollment caps, primarily because of low National Council Licensure Examination (NCLEX) pass rates. During 2023, RU made changes to its management, which led to the implementation of initiatives to improve its NCLEX pass rates and reverse its negative enrollment trends. The company reported an increase in RU's enrollment in the third quarter of 2024, which marks the first increase since the school's acquisition. "We believe RU is well positioned to benefit from the ongoing demand for health care professionals if it is able to sufficiently improve its NCLEX pass rates such that its enrollment caps are removed. While the school still faces operational and regulatory challenges, we expect RU will continue to improve its enrollment trends and begin to generate positive EBITDA in the second half of this year. "We expect APEI will generate modest free operating cash flow (FOCF) and maintain sufficient liquidity. We expect the company will generate between $15 million and $30 million of reported FOCF in fiscal year 2024 and 2025, supported by its low capital spending requirements. We believe APEI will primarily use this FOCF to fund tuck-in acquisitions or business investments, such as campus expansions or to improve its internal technology systems. We also expect the company will repurchase approximately $10 million of its shares per year. As of June 30, 2024, APEI had $129.80 million of unrestricted cash and cash equivalents, along with full availability under its $20 million revolving credit facility. The company has low capital spending requirements due to its large online presence, which supports its ability to generate healthy cash flows. There are no prepayment requirements on APEI's outstanding term loan due to the large paydown it completed in December 2022. We do not believe the company faces any covenant compliance risks given its high cash balance and relatively low debt levels." APEI is vulnerable to regulatory changes because of its high dependence on federal funding services. The company derives a significant portion of its revenue from U.S. governmental funding sources, including Title IV, Tuition Assistance, and Veterans Affairs funding, which are vulnerable to changes in regulations and budgetary pressures. APEI's large reliance on these funds exposes both its APUS and nursing programs to regulatory risk because the governmental funding for these programs could be cut off or significantly reduced due to changes in regulatory requirements, or if a particular HCN program fails to meet the job placement and accreditation requirements set by its regulator. In addition, cash payments and private loans only account for a small percentage of APEI's revenue because most of its applicants use some form of student financing aid to support their education. Therefore, failing to remain in compliance with its regulators' specified financial responsibility standards could lead to additional regulatory requirements and reduced cash flow. S&P said, "The stable outlook reflects our expectation that APEI will generate steady revenue and EBITDA growth supported by its positive enrollment trends, cost management initiatives, and improved EBITDA at Rasmussen University, which will enable it to maintain leverage of below 4x on a sustained basis despite the potential for elevated marketing spending." S&P could lower its rating on APEI if S&P believes it will sustain S&P Global Ratings-adjusted gross leverage of more than 4x. This could occur if: -- Its enrollment rates decline materially because of operational missteps, a loss of accreditation, or adverse regulatory changes that reduce its government funding sources; or -- The company adopts an aggressive financial policy that involves debt-funded acquisitions or significant share repurchases. While unlikely in the next 12 months, S&P could raise its rating on APEI if: -- It significantly broadens the scale of its operations and further reduces its reliance on government funding sources; -- The company sustains positive enrollment trends and improves its NCLEX pass rates such that its enrollment caps are removed; and -- The company improves its leverage below 2.5x on a sustained basis. APPTECH PAYMENTS: Reports Net Loss of $2.9 Million in Fiscal Q2 --------------------------------------------------------------- AppTech Payments Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2.9 million on $76,000 of revenue for the three months ended June 30, 2024, compared to a net loss of $9.1 million on $134,000 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 $6 million on $181,000 of revenue, compared to a net loss of $12.2 million on $223,000 of revenue for the same period in 2023. The Company has experienced recurring operating losses, primarily due to limited revenues. The Company's current financial conditions and recurring losses raise substantial doubt about its ability to continue as a going concern. Management is actively pursuing additional funding options and is confident that it will begin generating revenue during the following 12 months from the issuance date of the financial statements, although no assurances can be made. Management intends to maintain adequate working capital and adhere to prudent financial forecasting. As of June 30, 2024, the Company had $6.5 million in total assets, $4.7 million in total liabilities, and $1.7 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/y5vvnpr6 About AppTech Payments Corp. AppTech Payments Corp. is headquartered in Carlsbad, California, and offers digital financial services for corporations, small and midsized enterprises, and consumers through its scalable cloud-based platform architecture and infrastructure. The company employs a commerce experiences development and delivery model. AppTech's all-in-one Fintech platform, FinZeo, provides best-in-class financial technologies and capabilities through a modular cloud/edge-based architecture that is continually evolving. The FinZeo platform includes a wide range of financial products and services that can be used off-the-shelf or customized via modern APIs. Within the FinZeo platform, AppTech offers Payments-as-a-Service (PaaS), Banking-as-a-Service (BaaS), and the Commerse Portal. San Diego, California-based DBBMcKennon, the company's auditor since 2014, issued a "going concern" qualification in its report dated April 1, 2024, highlighting the company's limited revenues and recurring losses from operations. These conditions raise substantial doubt about the company's ability to continue as a going concern. AQUA METALS: Registers 9.5MM Additional Common Shares ----------------------------------------------------- Aqua Metals, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission for the purpose of registering an additional 9,500,000 shares of the Company's Common Stock that became reserved for issuance as a result of stockholder approval on May 23, 2024. These additional shares of the Company's Common Stock are securities of the same class as other securities for which an original Registration Statement on Form S-8 was filed with the Securities and Exchange Commission on June 14, 2019 (File No. 333-232148). Pursuant to General Instruction E to Form S-8, this Registration Statement hereby incorporates by reference the contents of such prior Registration Statement. A full-text copy of the Registration Statement is available at: https://tinyurl.com/2w8ncs9y About Aqua Metals Aqua Metals, Inc. (NASDAQ: AQMS) -- https://www.aquametals.com/ -- is reinventing metals recycling with its patented AquaRefining technology. The company is pioneering a sustainable recycling solution for materials critical to energy storage and electric vehicle manufacturing supply chains. Aqua Metals is based in Reno, Nevada, and operates the first sustainable lithium battery recycling facility at its Innovation Center in the Tahoe-Reno Industrial Center. As of June 30, 2024, the Company had $33.66 million in total assets, $8.45 million in total liabilities, and $25.21 million in total stockholders' equity. In its Form 10-Q Report for the quarterly period ended March 31, 2024, the company cautioned that substantial doubt exists about its ability to continue as a going concern for the next 12 months. The company cited a lack of revenue from commercial operations, significant losses, and the need for additional capital as reasons for this concern. Aqua Metals intends to seek funds through the sale of equity or debt financing, acknowledging that equity financing may be dilutive. If financing is not available on satisfactory terms, the company may be unable to further pursue its business plan and continue operations. AQUA METALS: Swings to $6.15 Million Net Loss in Fiscal Q2 ---------------------------------------------------------- Aqua Metals, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $6.15 million for the three months ended June 30, 2024, compared to a net loss of $4.76 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, and 2023, the Company reported a net loss of $11.9 million and $9.4 million, respectively, and negative cash from operations of $8.0 million and a cash inflow $5.5 million, respectively, including non-recurring proceeds of $12.3 million from the leasing and sale of the building. As of June 30, 2024, the Company had cash and cash equivalents of approximately $7.8 million, current liabilities of $7.9 million and an accumulated deficit of $235.1 million. The Company's current liabilities of $7.9 million include the note payable with Summit Investment Services, LLC in the amount of approximately $3 million due on February 1, 2025. The Company has not generated revenues from commercial operations and expects to continue incurring losses for the foreseeable future. Management believes that the Company does not have sufficient capital resources to sustain operations through at least the next twelve months from the date of this filing. Additionally, in view of the Company's expectation to incur significant losses for the foreseeable future it will be required to raise additional capital resources in order to fund its operations, although the availability of, and the Company's access to such resources, is not assured. As of June 30, 2024, the Company had $33.66 million in total assets, $8.45 million in total liabilities, and $25.21 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdfbpa8t About Aqua Metals Aqua Metals, Inc. (NASDAQ: AQMS) -- https://www.aquametals.com/ -- is reinventing metals recycling with its patented AquaRefining technology. The company is pioneering a sustainable recycling solution for materials critical to energy storage and electric vehicle manufacturing supply chains. Aqua Metals is based in Reno, Nevada, and operates the first sustainable lithium battery recycling facility at its Innovation Center in the Tahoe-Reno Industrial Center. In its Form 10-Q Report for the quarterly period ended March 31, 2024, the company cautioned that substantial doubt exists about its ability to continue as a going concern for the next 12 months. The company cited a lack of revenue from commercial operations, significant losses, and the need for additional capital as reasons for this concern. Aqua Metals intends to seek funds through the sale of equity or debt financing, acknowledging that equity financing may be dilutive. If financing is not available on satisfactory terms, the company may be unable to further pursue its business plan and continue operations. ARCUTIS BIOTHERAPEUTICS: Reports Net Loss of $52.3MM in Fiscal Q2 ----------------------------------------------------------------- Arcutis Biotherapeutics, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $52.3 million on $30.9 million of total revenue for the three months ended June 30, 2024, compared to a net loss of $71 million on $5.2 million of total revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $87.7 million on $80.4 million of total revenue, compared to a net loss of $151.1 million on $8 million of total revenue for the same period in 2023. The Company's cash, cash equivalents, restricted cash, and marketable securities were $363.1 million as of June 30, 2024, compared to $272.8 million as of December 31, 2023. Net cash used in operating activities was $45.2 million during the second quarter. "In the second quarter, sales grew by a robust 43% sequentially, highlighting the strength of physician demand for ZORYVE across multiple approved indications, and our ability to continue to improve our GTN. Following the recent launch of ZORYVE cream for atopic dermatitis, we are well-positioned to drive further growth," said Frank Watanabe, president and chief executive officer. "Our ZORYVE franchise co-promotion agreement with Kowa will further expand our total addressable market, allowing us to address millions of patients treated outside of a dermatology office. In addition, we continue to advance ZORYVE's late-stage development, with the filing of the supplemental new drug application for ZORYVE foam in scalp and body psoriasis, which will enable us to drive greater preference share, once approved." "Finally, we amended our existing debt agreement favorably, providing us with additional financial flexibility and improved liquidity to enhance our business going forward." "We are pleased that we continued to grow sales while prudently managing operating expenses in the second quarter. These solid financial results together with our amended existing debt agreement, which provides an extended maturity, a lower interest rate and the flexibility to repay a portion and re-draw it later, give us additional financial and strategic flexibility to continue investing in our growth, especially supporting our three commercial launches and advancing our pipeline," said David Topper, chief financial officer. As of June 30, 2024, the Company had $444.8 million in total assets, $258.3 million in total liabilities, and $186.4 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2j8a7jtj About Arcutis Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) -- www.arcutis.com -- is a commercial-stage medical dermatology company. It owns a growing portfolio of products for a range of inflammatory dermatological conditions including scalp and body psoriasis, atopic dermatitis, and alopecia areata. Los Angeles, California-based Ernst & Young LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated Feb. 27, 2024, citing that the Company has not yet met a requirement under its loan agreement to raise capital by April 1, 2024, has recurring losses from operations, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. Arcutis Biotherapeutics' net loss for the year ended December 31, 2023, was approximately $262.1 million. AROUND THE CLOCK: Hires Cox Law Group PLLC as Counsel ----------------------------------------------------- Around the Clock Oil, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to employ Cox Law Group PLLC as counsel. The firm will render these services: (a) advise the Debtor regarding its powers and duties in the continued management and operation of the assets of its respective estates; (b) advise and consult on the conduct of the case; (c) attend meetings and negotiate with representatives of the Debtor's creditors and other parties in interest; (d) take all necessary action to protect and preserve the Debtor's estates; (e) prepare legal papers; (f) advise the Debtor in connection with any potential sale of assets; (g) appear before the court to represent the interests of the Debtor's estate before the court; (h) take any necessary action on behalf of the Debtor to negotiate, prepare on behalf of the Debtor, and obtain approval of Chapter 11 plan and documents related thereto; and (i) perform all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this case. The firm will be paid at these rates: H. David Cox $400 per hour Other Attorneys $300 per hour Paralegals $100 per hour In addition, the firm will seek reimbursement for expenses incurred. H. David Cox, Esq., a member at Cox Law Group, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: H. David Cox, Esq. Cox Law Group, PLLC 900 Lakeside Drive Lynchburg, VA 24501 Tel: (434) 845-2600 Fax: (434) 845-0727 Email: David@coxlawgroup.com About Around the Clock Oil, LLC Around the Clock Oil, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Va. Case No. 24-70513) on July 18, 2024, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. AULT ALLIANCE: Declares Monthly Cash Dividend of $0.2708333 Apiece ------------------------------------------------------------------ Ault Alliance, Inc., announced Aug. 20 that its Board of Directors has declared a monthly cash dividend of $0.2708333 per share of the Company's outstanding 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock. The record date for this dividend is Aug. 31, 2024, and the payment date is Tuesday, Sept. 10, 2024. Link to NYSE quote for the Company's 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock: https://www.nyse.com/quote/XASE:AULTpD About Ault Alliance Headquartered in Las Vegas, NV, Ault Alliance, Inc. -- http://www.ault.com-- is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries, and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has a working capital deficiency, has incurred net 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. AVENIR WELLNESS: Posts $897,000 Net Loss in Fiscal Q2 ----------------------------------------------------- Avenir Wellness Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $897,000 on $287,000 of revenue for the three months ended June 30, 2024, compared to a net loss of $987,000 on $972,000 of revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, and 2023, the Company reported a net loss of $2.2 million on $727,000 of revenue and net loss of $1.2 million on $2.2 million of revenue, respectively. As of June 30, 2024, the Company had $1.03 million in total assets, $13.04 million in total liabilities, and $12.01 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc3hf2k4 About Avenir Wellness Avenir Wellness Solutions, Inc. is a Sherman Oaks, Calif.-based broad platform technology company, including its wholly owned subsidiary, The Sera Labs, Inc. The company focuses on developing nutraceutical formulation and delivery technologies in novel dosage forms to improve efficacy and enhance wellness. Avenir Wellness Solutions' primary business model includes developing health, wellness, and beauty products using its proprietary formulations and technology. Additionally, the company incubates new technologies for commercial exploitation through product development, marketing these products under existing or new proprietary brands through Sera Labs. The company also licenses and/or sells the rights to such technologies to third parties. This development may include conducting clinical trials to substantiate the efficacy of its products. Urish Popeck & Co., LLC, based in Pittsburgh, Pa., has been the company's auditor since 2023. In its report dated May 16, 2024, the auditor issued a "going concern" qualification, citing that Avenir Wellness Solutions has suffered recurring losses from operations, has an accumulated deficit, negative stockholders' equity, a working capital deficit, and expects future losses. These conditions raise substantial doubt about its ability to continue as a going concern. BED BATH & BEYOND: Court Denies Bid to Appoint Equity Committee --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey denied the request of a former Bed Bath & Beyond shareholder to appoint an official committee of equity security holders in the company's Chapter 11 case. The shareholder filed earlier this year a motion to appoint an equity committee despite the court's confirmation of the company's Chapter 11 plan, which provided for the cancellation of equity interests in the company. The plan took effect on Sept. 29 last year. The former shareholder did not appeal the court order and on June 1, the U.S. Trustee for Regions 3 and 9 received an email from the shareholder, containing various attachments including a notice of motion seeking the appointment of an equity committee. Both the U.S. Trustee and Michael Goldberg, the court-appointed plan administrator, opposed the motion, arguing that the appointment is unnecessary because there are no longer any holders of equity interests and, therefore, there is no constituency for an official equity committee to represent. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BERGIO INTERNATIONAL: Reports Net Loss of $211,791 in Fiscal Q2 --------------------------------------------------------------- Bergio International, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $211,791 on $728,683 of total net revenue for the three months ended June 30, 2024, compared to a net loss of $528,526 on $1,079,598 of total net revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, and 2023, the Company reported a net loss of $569,935 on $1,353,538 of total net revenue and a net loss of $1,510,501 on $2,010,184 of total net revenue, respectively. As of June 30, 2024, the Company had $4,313,653 in total assets, $6,721,815 in total liabilities, and $2,408,162 in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3xshryny About Bergio International Bergio International, Inc. is based in Fairfield, New Jersey, and specializes in the design, manufacturing, and distribution of fine jewelry primarily within the United States. Olayinka Oyebola & Co., based in Lagos, Nigeria, has been the company's auditor since 2023. In its report dated March 21, 2024, the auditor issued a "going concern" qualification, noting the company's accumulated deficit of $23.8 million, a net loss of $6.6 million, and a negative working capital of $4.35 million. These issues raise substantial doubt about Bergio International's ability to continue as a going concern. BETTER CHOICE: Posts $2.65 Million Net Income in Fiscal Q2 ---------------------------------------------------------- Better Choice Company Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $2.65 million on $8.54 million of net sales for the three months ended June 30, 2024, compared to a net loss of $2.96 million on $10.54 million of net sales for the three months ended June 30, 2023. For the six months ended June 30, 2024, and 2023, the Company reported a net loss of $176,000 on $16.45 million of net sales and net loss of $6.45 million on $19.77 million of net sales for the same period in 2023. As of June 30, 2024, the Company had $13.09 million in total assets, $9.15 million in total liabilities, and $3.94 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/se6duswe About Better Choice Better Choice Company Inc. is headquartered in Tampa, Florida, and focuses on pet health and wellness. The company is known for its premium pet products under the Halo brand, including Halo Holistic, Halo Elevate, and the rebranded TruDog products. For the year ended December 31, 2023, Better Choice reported a net loss available to common stockholders of $22.8 million, a decrease from $39.3 million in 2022. BDO USA, P.C., based in Tampa, Florida, has been the company's auditor since 2021. In its report dated April 12, 2024, BDO USA issued a "going concern" qualification. The report highlighted that the company has consistently incurred operating losses, has an accumulated deficit, and failed to meet certain financial covenants as of December 31, 2023. These factors raise substantial doubt about Better Choice's ability to continue as a going concern for the twelve months after filing of the report. BIOLARGO INC: Reports Net Loss of $780,000 in Fiscal Q2 ------------------------------------------------------- BioLargo, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $780,000 on $5.01 million of total revenue for the three months ended June 30, 2024, compared to a net loss of $1.63 million on $1.45 million of total revenue for the three months ended June 30, 2023. The Company reported a net loss of $1.56 million on $9.77 million of total revenue and a net loss of $2.12 million on $5.19 million of total revenue for the six months ended June 30, 2024, and 2023, respectively. As of June 30, 2024, the Company had $10.05 million in total assets, $4.16 million in total liabilities, and $5.89 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/eh23wzz6 About BioLargo Inc. BioLargo, Inc. is based in Westminster, California, and operates in the cleantech and life sciences sectors. The company focuses on technologies for addressing PFAS contamination, advanced water and wastewater treatment, odor and VOC control, air quality improvement, energy efficiency, and infection control. Its strategy includes inventing or acquiring novel technologies, developing them into products, and leveraging licensing and partnerships to extend their commercial reach. Hacker, Johnson & Smith PA, based in Orlando, Florida, has been the company's auditor since 2023. In its report dated April 1, 2024, the firm issued a "going concern" qualification. The report noted BioLargo's recurring operational losses, negative cash flow, and significant accumulated deficit, which raise substantial doubt about the company's ability to continue as a going concern. BISHOP OF OAKLAND: Seeks to Hire Douglas Wilson as Consultant ------------------------------------------------------------- The official committee of unsecured creditors of Roman Catholic Bishop of Oakland seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Douglas Wilson Companies as real estate consultant. . The firm will provide these services: (a) For each Property that is improved: (i) an estimate of the value of each Property as if it were listed for sale with the assumption that existing improvements would be demolished, and that such Property would be developed for its highest and best use based on current zoning; and (ii) an estimate of the value of each Property as if it were listed for sale in "as-is, where-is" condition, with the assumption that the buyer would use the existing improvements. (b) For each Property that is vacant land: (i) an estimate of the value of each Property as if it were listed for sale in "as-is, where-is" condition, with the assumption that the buyer would not upzone the Property; and (ii) an estimate of the value of each Property as if it were listed for sale with the assumption that it would be re-zoned by the buyer for its highest and best use, subject to certain constraints, (including local laws and regulations), as set forth in more detail in the Consulting Agreement. In connection with this service, DWC will provide recommendations on how to structure land deals to yield the highest value, and how best to take the Property to market. (c) For the 122-acre vacant lot in Livermore, California (the "Livermore Lot"): (i) the firm will utilize its relationships in the Livermore area and conduct a thorough analysis of, among other things and as set forth in more detail in the Consulting Agreement: current and planned zoning regulations in Livermore; current zoning of parcels adjacent to the Livermore Lot; the processes, timelines and costs associated with rezoning in Livermore; the history of approved and rejected requests for rezoning in Livermore. (ii) In connection with the foregoing, the firm will provide a Broker Opinion of Value for three scenarios: as is, where is; rezoned for highest and best use; and rezone after a full entitlement. (iii) summarize various deal structures to be used to negotiate and facilitate the sale of the Livermore Lot. (d) Provide any other work necessary to deliver on the Services. The firm will be paid at these rates: Douglas Wilson Deposition & Testimony $650 Douglas Wilson as Project Lead $575 Executive Leadership $450 Managing Director $425 Forensic Accounting & Controller $375 Director $350 Staff Accounting $275 Administrative Support $175 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Douglas P. Wilson, a partner at Douglas Wilson Companies, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Douglas P. Wilson Douglas Wilson Companies 1620 Fifth Avenue, Suite 400 San Diego, CA 92101 Telephone: (619)641-1141 Email: dwilson@douglaswilson.com About Roman Catholic Bishop of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. BLACKPOINT CAPITAL: Seeks to Hire Lorium Law as Counsel ------------------------------------------------------- Blackpoint Capital, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Lorium Law as counsel. The firm will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor in possession under Chapter 11 and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare and/or defend motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan and confirmation of same. The firm will be paid at these rates: Attorneys $300 to $450 per hour Paralegals $135 to $160 per hour The Debtor paid the firm the amount of $11,738 as retainer, inclusive of filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jason E. Slatkin, Esq., a partner at Lorium Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jason E. Slatkin, Esq. LORIUM LAW 101 NE 3rd Avenue, Suite 1800 Fort Lauderdale, FL 33301 Tel: (954) 462-8000 Email: jslatkin@loriumlaw.com About Blackpoint Capital, LLC Blackpoint Capital LLC, doing business as Blackpoint Funding LLC, is a financial institution in Florida. Blackpoint Capital LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-17836) on July 31, 2024. In the petition filed by Josie Williams, as manager, the Debtor reports total assets of $1,154,196 and total liabilities of $1,101,890. Honorable Bankruptcy Judge Scott M. Grossman oversees the case. The Debtor is represented by: Jason E. Slatkin, Esq. LORIUM LAW 101 NE 3rd Ave Suite 1800 Fort Lauderdale, FL 33301 Tel: (954) 462-8000 Email: jslatkin@loriumlaw.com BLUE LINE: Posts $132,131 Net Loss in Fiscal Q2 ----------------------------------------------- Blue Line Protection Group, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $132,131 on $1,143,143 of revenue for the three months ended June 30, 2024, compared to a net income of $130,915 on $1,104,501 of revenue for the three months ended June 30, 2023. The Company reported a net income of $25,178 on $2,285,778 of revenue and net income of $125,350 on $2,113,567 of revenue for the six months ended June 30, 2024, and 2023, respectively. As of June 30, 2024, the Company had $1,949,634 in total assets, $3,247,142 in total liabilities, and $1,297,508 in total stockholders' deficit. In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is significantly dependent upon its ability, and will continue to attempt, to secure additional equity and/or debt financing. There are no assurances that the Company will be successful in obtaining additional capital. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bderymkv About Blue Line Blue Line Protection Group, Inc., headquartered in Denver, Colorado, specializes in armed protection and transportation, currency processing, and training and compliance services tailored for the legal cannabis industry. For the year ended December 31, 2023, the company's revenue breakdown was approximately 45% from transportation services, 54% from currency processing, and 1% from training and compliance services. As of April 1, 2024, M&K CPAS, PLLC, based in The Woodlands, Texas, and the company's auditor since 2020, issued a "going concern" qualification. The report highlighted Blue Line Protection's accumulated deficit and working capital deficiency as of December 31, 2023, raising substantial doubt about the company's ability to continue operations. BLUE STAR: Incurs $1.84 Million Net Loss in Second Quarter ---------------------------------------------------------- Blue Star Foods Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.84 million on $1.78 million of net revenue for the three months ended June 30, 2024, compared to a net loss of $1.45 million on $1.66 million 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 $2.94 million on $4.04 million of net revenue, compared to a net loss of $3.40 million on $3.55 million of net revenue for the six months ended June 30, 2023. As of June 30, 2024, the Company had $8.10 million in total assets, $3.49 million in total liabilities, and $4.61 million in total stockholders' equity. For the six months ended June 30, 2024, the Company incurred a net loss, had an accumulated deficit of $36,745,794 and a working capital surplus of $2,534,259, inclusive of $44,038 in stockholder debt. Blue Star said, "These factors raise substantial doubt as to 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 increase revenues, execute on its business plan to acquire complimentary companies, raise capital, and to continue to sustain adequate working capital to finance its operations. The failure to achieve the necessary levels of profitability and cash flows would be detrimental to the Company." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1730773/000149315224032339/form10-q.htm About Blue Star Foods Corp. Blue Star Foods Corp., headquartered in Miami, Florida, is an international seafood company based in Miami, Florida that imports, packages and sells refrigerated pasteurized crab meat, and other premium seafood products. The Company's current source of revenue is from importing blue and red swimming crab meat primarily from Indonesia, the Philippines and China and distributing it in the United States and Canada under several brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff and Coastal Pride Fresh, and steelhead salmon and rainbow trout fingerlings produced under the brand name Little Cedar Farms for distribution in Canada. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. BLUM HOLDINGS: Reports $23.4 Million Net Income in Fiscal Q2 ------------------------------------------------------------ Blum Holdings, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $23.4 million on $3.8 million of revenue for the three months ended June 30, 2024, compared to a net loss of $3.2 million on $2.3 million of revenue for the three months ended June 30, 2023. The Company reported a net income of $20.3 million on $5.6 million of revenue and a net loss of $2.8 million on $4.1 million of revenue for the six months ended June 30, 2024, and 2023, respectively. The Company has an accumulated deficit of $433.41 million and $454.18 million at June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, it had a working capital deficit of $45.25 million, including $1.59 million of cash compared to a working capital deficit of $57.86 million, including $0.42 million of cash, as of December 31, 2023. Current assets were approximately 0.09 times current liabilities as of June 30, 2024, compared to approximately 0.08 times current liabilities as of December 31, 2023. The Company said, "We have not been able to generate sufficient cash from operating activities to fund our ongoing operations. Since our inception, we have raised capital through private sales of common stock, preferred stock and debt securities. Our future success is dependent upon our ability to achieve profitable operations and generate cash from operating activities. There is no guarantee that we will be able to generate enough revenue and/or raise capital to support our operations." "We will be required to raise additional funds through public or private financing, additional collaborative relationships or other arrangements until we are able to raise revenues to a point of positive cash flow. We continue to evaluate various options to further reduce our cash requirements to operate at a reduced rate, as well as options to raise additional funds, including obtaining loans and selling common stock. There is no guarantee that we will be able to generate enough revenue and/or raise capital to support our operations, or if we are able to raise capital, that such capital will be available to us on acceptable terms, on an acceptable schedule, or at all." As of June 30, 2024, the Company had $38.3 million in total assets, $62.1 million in total liabilities, and $23.8 million in total mezzanine equity and stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4rdkaae6 About Blum Holdings Blum Holdings, Inc., headquartered in Santa Ana, California, is a cannabis company engaged in retail and distribution across California. The company focuses on providing high-quality medical and adult-use cannabis products and is known for its Korova brand, which offers high-potency products in various categories. Blum Holdings operates several dispensaries, including Blum OC in Orange County, and locations under The Spot and Blum brands in Santa Ana, Oakland, and San Leandro. As of April 15, 2024, Marcum LLP, based in Costa Mesa, California and the company's auditor since 2018, issued a "going concern" qualification. The report indicated a significant working capital deficiency, substantial losses, and the need for additional funds to meet obligations and sustain operations, raising substantial doubt about the company's ability to continue as a going concern. BLUSH BOOTCAMP: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Blush Bootcamp, LLC. About Blush Bootcamp Blush Bootcamp offers personal care services in Stilwell, Kansas. Blush Bootcamp filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-20785) on June 24, 2024, listing $500,001 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Max Gellert as president and chief executive officer. Judge Robert D. Berger oversees the case. George J. Thomas, Esq., at Phillips & Thomas, LLC represents the Debtor as legal counsel. BREWBILT BREWING: Needs More Time for Q2 2024 Report Filing ----------------------------------------------------------- BrewBilt Brewing Company disclosed via Form 12b-25 filed with the U.S. Securities and Exchange Commission it is unable to file its Quarterly Report on Form 10-Q for the period ended June 30, 2024 within the prescribed time period without unreasonable effort or expense. The Company needs additional time to complete the compilation of information for its financial statements and related disclosures. About BrewBilt Brewing BrewBilt Brewing, headquartered in Grass Valley, California, is a licensed commercial craft brewer operating in Northern California. The company commenced construction of its first processing brewery in 2021 and began distributing its craft beers in July 2022. M&K CPAS, PLLC, based in The Woodlands, Texas and the company's auditor since 2018, issued a "going concern" qualification as of April 5, 2024. The report highlighted that BrewBilt Brewing suffered a net loss from operations and has a net capital deficiency, raising substantial doubt about its ability to continue as a going concern. BRIGADE MANUFACTURING: Voluntary Chapter 11 Case Summary -------------------------------------------------------- Debtor: Brigade Manufacturing, Inc. 101 Ostrover Drive Tylertown, MS 39667 Business Description: The Debtor operates a cut and sew apparel manufacturing business. Chapter 11 Petition Date: August 22, 2024 Court: United States Bankruptcy Court Southern District of Mississippi Case No.: 24-51193 Judge: Hon. Katharine M Samson Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF CRAIG M. GENO, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Tel: 601-427-0048 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jamie Davenport as president. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/JO4XMXA/Brigade_Manufacturing_Inc__mssbke-24-51193__0001.0.pdf?mcid=tGE4TAMA BRIGHT MOUNTAIN: Posts 5.2 Million Net Loss in Fiscal Q2 -------------------------------------------------------- Bright Mountain Media, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $5.2 million on $13 million of revenue for the three months ended June 30, 2024, compared to a net loss of $6.1 million on $12.6 million 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 $9.97 million on $25.5 million of revenue, compared to a net loss of $9.86 million on $14.1 million for the same period in 2023. Historically, the Company has incurred losses, which have resulted in an accumulated deficit of approximately $159.8 million as of June 30, 2024. Cash flows used in operating activities were $385,000 and $3.6 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company had approximately a $13.3 million working capital deficit, inclusive of $2.7 million in cash and cash equivalents. The Company's ability to continue as a going concern is dependent upon its ability to meet its liquidity needs through a combination of factors. The Company is currently exploring several strategic alternatives, including restructuring, or refinancing its debt, or seeking additional debt, including borrowing under the Centre Lane Senior Secured Credit Agreement, or raising equity capital. The ability to access the capital markets depends, in part, upon the volume and market price of the Company's stock, which cannot be assured. Other measures include reducing or delaying certain business activities, and reducing general and administrative expenses, including a reduction in headcount. The ultimate success of these plans is not guaranteed. The Company's current cash and working capital, as of the filing of this Quarterly Report on Form 10-Q, is not expected to be sufficient to fund its anticipated level of operations over the next 12 months. As of June 30, 2024, the Company had $39 million in total assets, $95.4 million in total liabilities, and $56.4 million in total shareholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc48pz3b About Bright Mountain Based in Boca Raton, Fla., Bright Mountain Media, Inc. -- http://www.brightmountainmedia.com-- unites a diverse portfolio of companies to deliver a full spectrum of advertising, marketing, technology, and media services under one roof -- fused together by data-driven insights. Bright Mountain Media's subsidiaries include Deep Focus Agency, LLC, BV Insights, LLC, CL Media Holdings, LLC, and Bright Mountain, LLC. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 1, 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. Bright Mountain Media reported a net loss of $35.56 million for the year ended Dec. 31, 2023, compared to a net loss of $8.13 million for the year ended Dec. 31, 2022. BROOKDALE SENIOR: Division VP Holds 44,941 Common Shares -------------------------------------------------------- Ray Leisure, Division Vice President of Brookdale Senior Living, Inc., filed a Form 3 Report with the U.S. Securities and Exchange Commission, disclosing direct beneficial ownership of 44,941 shares of Brookdale Senior Living's Common Stock as of August 11, 2024. A full-text copy of Mr. Leisure's SEC Report is available at: https://tinyurl.com/y432yu4b About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. * * * Egan-Jones Ratings Company on October 26, 2023, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BURT ELECTRIC: Seeks to Tap Young Wooldridge as Bankruptcy Counsel ------------------------------------------------------------------ Burt Electric & Communications, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ the Law Offices of Young Wooldridge as counsel. The firm's services include: a. consulting with the Debtor about its financial situation, its achievable goals and the efficacy of various forms of bankruptcy as a means to achieve its goals; b. preparing documents for the bankruptcy case; c. advising the Debtor about its duties as debtor-in-possession; d. helping the Debtor formulate a Plan of Reorganization, drafting the Plan, and prosecuting legal proceedings to seek confirmation of the Plan; and e. preparing and prosecuting pleadings. The firm will be paid based upon its normal and usual hourly billing rates. Leonard K. Welsh, Esq. $400 Lauren N. Naworski, Esq. $300 Legal Assistants $150 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $25,000. Leonard Welsh, Esq., a partner at the Law Offices of Young Wooldridge, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Leonard K. Welsh, Esq. LAW OFFICES OF YOUNG WOOLDRIDGE 1800 30th Street, Fourth Floor Bakersfield, CA 93301 Tel: (661) 328-5328 Fax: (661) 760-9900 Email: lwelsh@youngwooldridge.com About Burt Electric & Communications Burt Electric & Communications, Inc. is a construction company based in Taft, Calif., that specializes in electrical and communications. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-12295) on August 9, 2024, with $435,505 in assets and $1,390,265 in liabilities. Paul Burt, chief executive officer, signed the petition. Judge Jennifer E. Niemann presides over the case. Leonard K. Welsh, Esq., at the Law Offices of Young Wooldridge, LLP represents the Debtor as bankruptcy counsel. BXNG HOLDINGS: Hires RG Alliance Group LLC as Accountant -------------------------------------------------------- BXNG HOLDINGS, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ RG Alliance Group LLC dba Ledgerwise as accountant. The firm will assist Debtor in its timely filing of its income tax returns with the Internal Revenue Service and the California Franchise Tax Board. The firm will be paid at $6,495 per month for accounting services, plus additional flat fees for the preparation of Debtor's income tax returns each year. Alan Braun, principal and owner at Ledgerwise, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alan Braun RG Alliance Group LLC dba Ledgerwise 140 W 3rd Ave Escondido, CA 92025 Tel: (760) 708-9727 About Bxng Holdings Bxng Holdings, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 24-02239) on June 20, 2024, with $1 million to $10 million in both assets and liabilities. Jason E. Turner, Esq., at J. Turner Law Group, Apc represents the Debtor as legal counsel. CAFARO CREATIONS: Hires Mickler & Mickler LLP as Counsel -------------------------------------------------------- Cafaro Creations, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ the Law Offices of Mickler & Mickler, LLP as counsel. The firm will render general representation of the Debtor in the bankruptcy proceeding and the performance of all legal services for the Debtor which may be necessary herein. The firm will be paid at the rate of $300 to $400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryan K. Mickler, Esq., a partner at Law Offices of Mickler & Mickler, LLP disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 3211 Tel: (904) 725-0822 Fax: (904) 725-0855 Email: bkmickler@planlaw.com About Cafaro Creations, LLC Cafaro Creations, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02284) on August 1, 2024, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. CAPE COD: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: Cape Cod Lodge, LLC a/k/a Seashore Park Inn 24 Canal Road Orleans MA 02653 Business Description: Cape Cod Lodge is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: August 22, 2024 Court: United States Bankruptcy Court District of Massachusetts Case No.: 24-11706 Debtor's Counsel: Joseph Butler, Esq. JOSEPH BUTLER 355 Providence Hwy Westwood MA 02090-1909 Tel: (781) 636-3638 Email: jgb@jgbutlewlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Taylor Perkins as manager. 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/XYXJU5Q/Cape_Cod_Lodge_LLC__mabke-24-11706 CARDIFF LEXINGTON: Posts $174,447 Net Loss in Fiscal Q2 ------------------------------------------------------- Cardiff Lexington Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $174,447 on $2,330,964 of total revenue for the three months ended June 30, 2024, compared to a net income of $816,078 on $3,364,506 of total revenue for the three months ended June 30, 2023. The Company reported a net loss of $457,551 on $4,992,930 of total revenue and a net income of $800,087 on $6,070,905 of total revenue for the six months ended June 30, 2024, and 2023, respectively. The Company had sustained recurring operating losses since its inception and has an accumulated deficit of $69,619,474 as of June 30, 2024. As of June 30, 2024, the Company had $24,659,020 in total assets, $14,196,608 in total liabilities, $4,625,000 in total mezzanine equity, and $5,837,412 in total stockholders' equity. The ability of the Company to continue as a going concern and the appropriateness of using the going concern basis is dependent upon, among other things, additional cash infusions. Management is in continuous discussions with prospective investors and believes the raising of capital will allow the Company to fund its cash flow shortfalls and pursue new acquisitions. There can be no assurance that the Company will be able to obtain sufficient capital from debt or equity transactions or from operations in the necessary time frame or on terms acceptable to it. Should the Company be unable to raise sufficient funds, it may be required to curtail its operating plans. In addition, if overall Company expenses increase, the Company may need to implement cost reductions. No assurance can be given that the Company will be able to operate profitably on a consistent basis, or at all, in the future. Should the Company not be able to raise sufficient funds, it may cause cessation of operations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/54kc6b2x About Cardiff Lexington Headquartered in Las Vegas, Nevada, Cardiff Lexington Corporation is an acquisition holding company focused on locating undervalued and undercapitalized companies, primarily in the healthcare industry, and providing them capitalization and leadership to maximize the value and potential of their private enterprises while also providing diversification and risk mitigation for its stockholders. Jericho, New York-based Grassi & Co., CPAs, PC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2024, citing that the Company has sustained an accumulated deficit and negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. CAREVIEW COMMUNICATIONS: Reports $1.1MM Net Loss in Fiscal Q2 ------------------------------------------------------------- CareView Communications, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1,107,271 on $1,973,639 of total revenue for the three months ended June 30, 2024, compared to a net loss of $44,807 on $3,710,109 of total revenue for the three months ended June 30, 2023. The Company reported a net loss of $2,129,497 on $4,176,878 of total revenue and a net loss of $1,391,619 on $5,492,368 of total revenue for the six months ended June 30, 2024, and 2023, respectively. As of June 30, 2024, the Company had a working capital deficit of $39,291,576. Management has evaluated the significance of the conditions in relation to the Company's ability to meet its obligations and concluded that, without additional funding, the Company will not have sufficient funds to meet its obligations within one year from the date the consolidated financial statements were issued. While management will look to continue funding operations by increased sales volumes and raising additional capital from sources such as sales of its debt or equity securities or loans to meet operating cash requirements, there is no assurance that management's plans will be successful. As of June 30, 2024, the Company had $5,038,685 in total assets, $43,219,211 in total liabilities, and $38,180,526 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yphzjnns About CareView Communications Headquartered in Lewisville, Texas, CareView Communications, Inc. -- http://www.care-view.com-- is a provider of products and on-demand application services for the healthcare industry, specializing in bedside video monitoring, software tools to improve hospital communications and operations, and patient education and entertainment packages. Somerset, New Jersey-based Rosenberg Rich Baker Berman & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2024, citing that the Company outlines the net losses, cash outflows, and working capital deficit that raise substantial doubt about its ability to continue as a going concern. CBDMD INC: Reports Net Income of $459,737 in Fiscal Q3 ------------------------------------------------------ cbdMD, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net income of $459,737 on $5,173,878 of net sales for the three months ended June 30, 2024, compared to a net loss of $1,770,404 on $6,119,380 of total net sales for the three months ended June 30, 2023. For the nine months ended June 30, 2024, the Company reported a net loss of $3,547,327 on $14,925,801 of net sales, compared to a net loss of $7,063,270 on $18,444,617 of net sales for the same period in 2023. At June 30, 2024, the Company's working capital deficit was $567,610. 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. As of June 30, 2024, the Company had $13,843,554 in total assets, $10,815,433 in total liabilities, and $3,028,121 in total shareholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/49ukuckt 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 customers' 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. CEMTREX INC: Reports $9.1 Million Net Loss in Fiscal Q3 ------------------------------------------------------- Cemtrex, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $9.1 million on $14.7 million of revenue for the three months ended June 30, 2024, compared to a net loss of $1.3 million on $14.7 million of revenue for the three months ended June 30, 2023. For the nine months ended June 30, 2024, the Company reported a net loss of $12 million on $48.7 million of revenue, compared to a net loss of $8 million on $42.8 million of revenue for the same period in 2023. For the nine months ending June 30, 2024, the Company has a working capital of $12.4 million along with negative operating cash flows of $2.1 million that raise substantial doubt with respect to the Company's ability to continue as a going concern. The Company's working capital may not be sufficient to cover operating costs which indicates a substantial doubt regarding the Company's ability to continue as a going concern, the Company has historically, from time to time, satisfied and may continue to satisfy certain short-term liabilities through the issuance of common stock, thus reducing our cash requirement to meet our operating needs. The Company has $7.6 million in cash and cash equivalents and restricted cash as of June 30, 2024. Additionally, the Company has: (i) secured a line of credit for its Vicon brand to fund operations, which as of June 30, 2024, has available capacity of $2.3 million, (ii) continually reevaluated its pricing model on our Vicon brand to improve margins on those products, (iii) entered into a Standstill Agreement with Streeterville Capital, LLC in which Streeterville agreed not to seek to redeem any portion of its two outstanding notes with the Company for a period of one year expiring on April 30, 2025 in exchange, the Company agreed to pay to Streeterville the greater of $4 million or 50 of the net proceeds the Company receives from the sale of any of its common stock or preferred stock during the Standstill Period. To date, the Company has paid Streeterville $4, 588,897 under this agreement. In the event additional capital is raised through equity offerings and/or debt is satisfied with equity, it may have a dilutive effect on our existing stockholders. While the Company believes these plans if successful, would be sufficient to meet the capital demands of its current operations for at least the next 12 months, there is no guarantee that the Company will succeed. Overall, there is no guarantee that cash flow from the Company's existing or future operations and any external capital that it may be able to raise will be sufficient to meet its working capital needs. As of June 30, 2024, the Company may not have adequate cash or available liquidity/available capacity on our lines of credit to meet operational needs. As of June 30, 2024, the Company had $43.8 million in total assets, $43.5 million in total liabilities, $304,967 in non-controlling interest and $47,956 in total Cemtrex shareholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2c2hupjm About Cemtrex Cemtrex, Inc. was incorporated in 1998 in the state of Delaware and has evolved through strategic acquisitions and internal growth into a multi-industry company. During the first quarter of fiscal year 2023, the Company reorganized its reporting segments to be in line with its current structure consisting of (i) Security, (ii) Industrial Services, and (iii) Cemtrex Corporate. As of March 31, 2024, the Company had $47.25 million in total assets, $42.09 million in total liabilities, $4.69 million in total stockholders' equity, and $463,260 in non-controlling interest. Jericho, New York-based Grassi & Co, CPAs, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 28, 2023, citing that the Company has sustained net losses and has significant short-term debt obligations, which raise substantial doubt about its ability to continue as a going concern. CHAPIN DAIRY: Amends Unsecured Claims Pay Details ------------------------------------------------- Chapin Dairy, LLC, submitted a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated August 1, 2024. The Debtor currently operates its dairy farm on the following pieces of real property (which it also owns): 8244 Highway 144, Weldona, CO 80653, 8241 Highway 144, Weldona, CO 80653, 7709 Highway 144, Weldona, CO 80653, 7431 Highway 144, Weldona, CO 80653 and 10868 Highway 144, Weldona, CO 80653 (collectively, the "Dairy Farm"). On May 3, 2024, Debtor filed its Complaint and Jury Demand against NUCO2 in the District of Colorado, Case No. 1:24-cv-01240-NYW-STV for civil theft. Debtor and NUCO2 have since resolved the claim, with NUCO2 agreeing to pay $46,000.00 to Debtor, in exchange for a mutual release and settlement agreement. Once the NUCO2 settlement agreement is finalized, Debtor has agreed to submit it to this Court for approval under Rule 9019. The value of the $46,000.00 is de minimus—as such, to the extent any benefit from these funds is received, it will be used towards payments due and owing to priority claimants, administrative claimants and secured creditors. Leftovers, if any, will be retained by the Debtor for working capital needs. Following Confirmation of the Plan, the Debtor intends to continue operating the Dairy Farm. The Plan itself shall be funded by the two first priority, perfected, secured Promissory Notes with AgCredit, the Riverside Sale and the Riverside Administrative Claim. Class Five consists of allowed Unsecured Claims against the Debtor and the Claims that are deemed allowed by a Final Order in connection with the Bankruptcy Court approval of the APEX Stipulation, less those that are subordinated in Class Eight. The unsecured creditors shall be paid pro rata from the lump sum of $200,000.00, on the later of either (i) the Effective Date or (ii) when the Debtor's Riverside Administrative Claim of $200,000.00 is paid under the Riverside Plan. In order to secure the Riverside Administrative Claim payment of $200,000.00 from Riverside, Debtor, on July 15, 2024, filed its Motion for Allowance and Payment of Administrative Expense Claim from Riverside Milk, LLC (the "Administrative Claim Motion"). The deadline to object to the same was July 29, 2024—NFBI objected to the same on July 29, 2024. Counsel for the Debtor is conferring with NFBI regarding resolution of its objection, though a contested hearing may be necessary. If the Administrative Claim Motion is ultimately granted, the Riverside Administrative Claim will be paid upon the effective date of the Riverside Plan. As explained in the Administrative Claim Motion, the Riverside Administrative Claim arises out of (1) feed purchased by the Debtor and sold to Riverside post-petition, (2) post-petition insurance payments paid by Debtor on behalf of Riverside and (3) a lease arrangement between Debtor and Riverside, wherein Debtor provided cattle to Riverside in exchange for lease payments as payment for the value of the cattle and milk received from Debtor. This was all done in the ordinary course of business. Riverside failed to make post-petition payments for these items in the amount of $291,552.54. However, under the Plan, Debtor has agreed to reduce its Riverside Administrative Claim to $200,000.00, pursuant to an agreement between Debtor, AgCredit and Riverside and conditioned upon confirmation of the Plan. Specifically, all money to be used to pay the Riverside Administrative Claim is cash collateral in the Riverside Bankruptcy and is subject to it being expended between AgCredit and Riverside. Along those lines, $200,000.00 is the maximum amount of cash collateral to which AgCredit would agree to allow to fund this Plan and the Riverside Administrative Claim, after many months of negotiations between the Parties. In further exchange for the treatment described herein, the Debtor shall release any and all Avoidance Actions against Allowed Unsecured Claims. Notwithstanding the foregoing or anything to the contrary herein, the Debtor, in its sole discretion, may pay the claims in Class Five in full at any time prior to the end of the Plan. Class Five is Impaired under the Plan. Class Eight consists of certain pre-petition insider claims of A. Foy Chapin and Gertrude A. Chapin (the "Insider Claims"). The Insider Claims will be subordinated to other unsecured claims in Class Five, but only if the Plan is confirmed. Class Eight is Impaired under the Plan. The Debtor will provide AgCredit, who currently has a first priority, perfected, security interest as against the Collateral and holds a claim of $19,166,244.20 valued as of April 15, 2024 as against the Estate, with two secured Promissory Notes – (i) Promissory Note A, in the amount of $7,000,000 with an interest rate of 5.5% and (ii) Promissory Note B, in the amount of $4,000,000 with an interest rate of 6.5%. The Debtor projects that the Plan of Reorganization described herein and in the Debtor's Plan will significantly increase the value of its operations and Assets, allow it to successfully reorganize, and provide payment to all legitimate creditors, with regard to unsecured creditors pro rata, on their allowed claims. A full-text copy of the First Amended Disclosure Statement dated August 1, 2024 is available at https://urlcurt.com/u?l=yPQFrZ from PacerMonitor.com at no charge. Attorneys for the Debtor: Jeffrey A. Weinman, Esq. Patrick D. Vellone, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Phone: (303) 534-4499 Email: JWeinman@allen-vellone.com PVellone@allen-vellone.com BPompea@allen-vellone.com About Chapin Dairy Chapin Dairy, LLC, owns five properties in Weldona, Colo. Valued at $5.96 million. Chapin Dairy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 23-13262) on July 24, 2023. In the petition signed by A. Foy Chapin, manager, the Debtor disclosed $11,249,082 in assets and $19,303,237 in liabilities. Judge Thomas B. Mcnamara oversees the case. Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor, P.C., is the Debtor's legal counsel. CITIUS PHARMACEUTICALS: Holds 65.6MM Shares in Citius Oncology -------------------------------------------------------------- Citius Pharmaceuticals, Inc. filed a Form 3 Report with the U.S. Securities and Exchange Commission, disclosing direct beneficial ownership of 65,627,262 shares of Citius Oncology, Inc.'s Common Stock as of August 12, 2024. A full-text copy of Citius Pharmaceuticals' SEC Report is available at: https://tinyurl.com/462wkuf9 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, Massachusetts-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. CONNEMARA HOLDINGS: Unsecureds Will Get 100% of Claims in Plan -------------------------------------------------------------- Connemara Holdings, Inc. filed with the U.S. Bankruptcy Court for the District of Nevada a Disclosure Statement to accompany Chapter 11 Plan of Reorganization dated August 1, 2024. The Debtor is a Nevada corporation with its principal place of business located at 123 West Nye Lane, Suite 129, Carson City, NV 89706. The Debtor owns and operates real property comprising 3 residential rental units located at 5509 Ocean Front Walk, Marina del Rey, CA 90292 (the "Property"). The Debtor is owned 100% by Medconsult, S.A.L. ("Medconsult"), a Lebanese joint stock company. The Debtor's principal is Adib Kassir, who is also the principal of Medconsult. Class 6 consists of Priority Unsecured Claims. Each Allowed Priority Unsecured Claim, if any, shall, in full and final satisfaction of such Allowed Priority Unsecured Claim, be paid in Cash payments 100% of the Allowed General Unsecured Claim with interest at the Bank of America published prime rate plus 50 basis points from the Effective Date in effect as of the Effective Date as follows: (a) ten percent on the Unsecured Creditor Initial Distribution Date; and (b) the balance of ninety percent in 12 equal monthly installments commencing on the 1st Business Day that is 30 days following the Unsecured Creditor Initial Distribution Date. Class 6 is Unimpaired. Class 7 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, each Holder of an Allowed General Unsecured Claim, shall, in full and final satisfaction of such Allowed General Unsecured Claim, be paid in Cash payments one hundred percent of the Allowed General Unsecured Claim by the latest of (a) the Effective Date, and (b) fourteen Business Days following such General Unsecured Claim being deemed an Allowed General Unsecured Claim. The allowed unsecured claims total $129,800. Class 7 is Impaired under the Plan. Holders of the Class 7 General Unsecured Claims are entitled to vote on the Plan. On the Effective Date, the Equity Interests of the Debtor shall be cancelled. Holders of Equity Interests of the Debtor shall receive, in full and final satisfaction of such Equity Interests, 25% of New Common Stock. From and after the Effective Date, Reorganized Debtor shall continue to exist as a separate entity in accordance with applicable law. Debtor's existing organizational documents (as amended, supplemented, or modified as provided for in the Plan) will continue in effect for Reorganized Debtor following the Effective Date, except to the extent that such documents are amended in conformance with the Plan or by proper governance action after the Effective Date. The Exit Loan Documents shall be executed and delivered to the Exit Loan Lender, and the proceeds of the Exit Loan Agreement and Exit Loan Promissory Note shall be disbursed by or on behalf of the Reorganized Debtor as called for by the terms of the Plan by the Exit Loan Lender. The Exit Loan Agreement and the Exit Loan Promissory Note shall be secured by an insured first-in-priority lien encumbering all of Debtor's Real Property and a first-in priority lien encumbering all of Debtor's Personal Property. The Plan includes a proposed settlement of the Saab Action concerning Mr. Saab's alleged option to purchase the Property (i.e., the Saab Compromise). In exchange for an Allowed General Unsecured Claim in favor of Mr. Saab in the amount of $50,000, the Saab Action shall be dismissed with prejudice, and Mr. Saab shall be deemed to have released the Debtor on behalf of himself and his successor, assigns, and representatives, any and all claims, obligations, suits, judgments, damages, demands, debts, rights, causes of action, remedies, losses, and liabilities whatsoever, whether liquidated or unliquidated, fixed or contingent, matured or unmatured, known or unknown, existing or hereinafter arising, in law, equity, or otherwise. The Debtor and the Liquidation Trustee shall execute a Liquidation Trust Agreement substantially in the form attached to the Plan Supplement and shall take all steps necessary to establish the Liquidation Trust in accordance with the Plan and the beneficial interests therein. The beneficiaries shall be those parties with restitution claims as determined by the State Court in the Criminal Proceeding within 2 years of the Effective Date. A full-text copy of the Disclosure Statement dated August 1, 2024 is available at https://urlcurt.com/u?l=Nkls9n from PacerMonitor.com at no charge. General Bankruptcy Counsel for the Debtor: Roye Zur, Esq. ELKINS KALT WEINTRAUB REUBEN GARTSIDE LLP Reuben Gartside LLP 10345 W. Olympic Blvd. Los Angeles, CA 90064 Telephone: (310) 746-4400 Facsimile: (310) 746-4499 Email: rzur@elkinskalt.com Local Nevada Counsel for the Debtor: Mark M. Weisenmiller, Esq. ANDERSEN BEEDE WEISENMILLER 3199 E Warm Springs Rd, Ste 400 Las Vegas, NV 89120 Telephone: (702) 522-1992 Facsimile: (702) 825-2824 Email: mark@abwfirm.com About Connemara Holdings, Inc. Connemara Holdings is engaged in activities related to real estate. Connemara Holdings, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 24-12212) on May 1, 2024, listing $1 million to $10 million inboth assets and liabilities. The petition was signed by Adib Kassir as president. Mark M. Weisenmiller, Esq. at Andersen Beede Weisenmiller represents the Debtor as counsel. CORETEC GROUP: Posts $334,224 Net Loss in Fiscal Q2 --------------------------------------------------- The Coretec Group filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $334,224 for the three months ended June 30, 2024, compared to a net loss of $474,295 for the three months ended June 30, 2023. The Company reported a net loss of $858,447 and $981,679 for the six months ended June 30, 2024, and 2023, respectively. As of this report, the Company has insufficient revenue and capital commitments to fund the development of its planned products, pay current operating expenses and debt commitments beyond a year following the issuance of the Company's consolidated financial statements. On March 1, 2024, the Company entered into a Share Exchange Agreement with Core Optics, LLC, a Virginia limited liability company, Core Optics Co., Ltd., a Republic of Korea corporation and Core SS LLC, a Virginia limited liability company, which Member holds all outstanding membership interests in Core Optics. Pursuant to the Share Exchange Agreement, the closing of which remains subject to the satisfaction of various closing conditions, the Member agreed to sell all of its membership interests in Core Optics to the Company in exchange for the Company's issuance of certain shares of Series C Convertible Preferred Stock, par value $0.0002 per share, of the Company; and (ii) certain shares of the Company's common stock, for the Membership Interests so transferred by the Member. Upon consummation of the Exchange, Core Optics will be a wholly-owned-direct subsidiary of the Company, Operating Subsidiary will be a wholly-owned-indirect subsidiary of the Company, the combined company will continue to operate under the name The Coretec Group, Inc., the Company's common stock will continue to trade under the ticker symbol "CRTG", and the Member is expected to beneficially own approximately 80% of the Company's common stock on a fully-diluted basis. Each share of the Series C Preferred Stock is expected to be convertible into 150 shares of common stock and has a stated value of $3.00. The Preferred Stock is not expected to: require the payment of any dividends; include any operational covenants; or require the Company to redeem the Series C Preferred Stock. Each holder of Series C Preferred Stock is expected to be entitled to cast the number of votes equal to the number of shares of Company common stock into which the Series C Preferred Stock held by such holder are convertible. In addition, it is expected that all outstanding Series C Preferred Stock will be automatically converted after a mandatory conversion event, which will be set forth in a certificate of designation that the Company would file with the Secretary of the State of Oklahoma at or before the closing of the Exchange. On June 27, 2024, the Company, Core Optics, the Operating Subsidiary and the Member entered into an amendment to the Share Exchange Agreement. Pursuant to the Amendment Agreement the parties agreed to amend Sections 1.1, 9 and 10 of the Share Exchange Agreement. These amendments are intended to memorialize the understanding between the parties related to the beneficial holding of the combined company, wherein after the successful completion of the Share Exchange, the Member or its designee(s) shall beneficially own approximately 80% of the Company's Common Stock, on a fully diluted basis, immediately prior to closing and after giving effect to any issuances by the Company. In addition, the parties have agreed to certain additional closing conditions and to extend the final date of the Share Exchange Agreement to July 31, 2024. On July 31, 2024, the parties have entered into an Amendment No. 2 to the Share Exchange Agreement, to further extend the final date of the Share Exchange Agreement, as amended, to August 15, 2024. All parties continue to progress to complete certain pre-closing and closing conditions, under the Share Exchange Agreement and the First Amendment Agreement and all transactions contemplated by the Share Exchange Agreement. Consummation of the Exchange may also be deemed as a fundamental transaction under certain outstanding derivative securities, which could result, among other things, in a mandatory cash redemption payment based on the Black-Scholes value on the outstanding instrument. Consummation of the Exchange is subject to customary conditions, including without limitation, (i) the delivery to the Company by the Member or its designees, if any, of a representation letter attesting to its status as an "accredited investor;" (ii) the delivery to the Company by the Member or its designees, if any, a lock up agreement in the form attached to the Share Exchange Agreement; (iii) the delivery by the Company of lock up agreements, in the form attached to the Share Exchange Agreement, from certain members of the Company's management; (iv) the delivery to the Company of the required consolidated financial statements, as specified under the Share Exchange Agreement; (v) delivery by the Company to Core Optics of an applicable notice or approval from the OTC Markets that Company's Common Stock continue to be quoted on the OTCQB after the Closing; and (vi) delivery by the Company and Core Optics of all required consents to consummate the transaction and meet the standard closing conditions. Pursuant to the Amendment Agreement the Exchange also become subject to certain additional closing conditions, including without limitation, (i) waiver by Series A Preferred Stock Holders, (ii) cancellation or waiver of fundamental transaction cash payment terms, (iii) settlement of all accounts of the Company; and (iv) mandatory conversion or settlement of all principal amount and accrued interest on the outstanding DAF Note. The Share Exchange Agreement contains certain termination rights for the Company, Core Optics, and the Member. The Company and the Core Optics management team are actively working toward a closing date for the merger. Both parties are engaged in carefully proceeding fulfill all pre-closing and closing conditions. The ability of the Company to continue as a going concern depends on the successful completion of the Company's referenced share exchange agreement with Core Optics, LLC and the ability of the Company, post-merger, to fund the combined entities activities and development of its planned products. In the event that the referenced share exchange agreement does not close, then the Company intends to continue to raise additional capital through other debt and equity financings. There is no assurance that these funds will be sufficient to enable the Company to fully complete its development activities or attain profitable operations. If the Company is unable to obtain such additional financing on a timely basis or, notwithstanding any request the Company may make, the Company's debt holders do not agree to convert their notes into equity or extend the maturity dates of their notes, the Company may have to curtail its development, marketing and promotional activities, which would have a material adverse effect on the Company's business, financial condition and results of operations, and ultimately the Company could be forced to discontinue its operations and liquidate. As of June 30, 2024, the Company had $1,345,128 in total assets, $1,988,079 in total liabilities, and $642,951 in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/56nrubae About The Coretec Group The Coretec Group is an Ann Arbor, Michigan-based company that owns intellectual property and patents related to the production and application of engineered silicon to enable new technologies and to improve the lifespan and performance of a variety of materials in a range of industries. The Company is exploring opportunities to use its silicon discoveries and developments to improve the performance of lithium-ion batteries, solid-state LED lights, and semiconductors, among other technologies. It is also exploring ways to use its intellectual property to develop optical plastics to advance the development of its CSpace 3D imaging chamber. Tulsa, Oklahoma-based HoganTaylor LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has insufficient revenue and capital commitments to fund the development of its planned products, pay current operating expenses, and meet debt commitments beyond a year following the issuance of these financial statements. This raises substantial doubt about the Company's ability to continue as a going concern. CORNERSTONE PSYCHOLOGICAL: Hires Elevated Tax as Accountant ----------------------------------------------------------- Cornerstone Psychological & Counseling Services of Northeast Ohio, LLC seeks approval from the U.S. Bankruptcy Court for the Nortern District of Ohio to employ Elevated Tax & Accounting, LLC as accountant. The firm will provide assistance with respect to financial bookkeeping, preparation of financial statements, tax returns and monthly operating reports and other matters as necessary. The firm will be paid at these rates: CPA/Partner $125 per hour Accountant $85 per hour Staff $85 per hour Admin Staff $75 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Elizabeth A. McCauley, a partner at Elevated Tax & Accounting, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Elizabeth A. McCauley, Esq. Elevated Tax & Accounting, LLC 3435 Kent Road Stow, OH 44224 Tel: (330) 686-6666 About Cornerstone Psychological & Counseling Services Cornerstone Psychological & Counseling Services of Northeast Ohio, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-50367) on March 14, 2024, with up to $50,000 in assets and up to $10 million in liabilities. On March 15, 2024, the case was reassigned to the Canton location of the U.S. Bankruptcy Court for the Northern District of Ohio and was assigned a new case number (Case No. 24-60311). Judge Tiiara NA Patton oversees the case. Peter Tsarnas, Esq., at Gertz and Rosen, Ltd., represents the Debtor as legal counsel. CORRELATE ENERGY: Reports $22.2 Million Net Loss in Fiscal Q2 ------------------------------------------------------------- Correlate Energy Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $22,225,666 on $1,863,242 of revenue for the three months ended June 30, 2024, compared to a net loss of $1,569,337 on $4,158,122 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 $26,702,108 on $2,296,041 of revenue, compared to a net loss of $4,979,690 on $4,208,856 of revenue for the same period in 2023. As of June 30, 2024, the Company had $3,612,395 in total assets, $6,282,756 in total liabilities, and $2,670,361 in total shareholders' deficit. The Company's ability to continue in existence is dependent on its ability to develop additional sources of capital, and/or achieve profitable operations and positive cash flows. Management's plans with respect to operations include aggressive marketing, acquisitions, and raising additional capital through sales of equity or debt securities as may be necessary to pursue its business plans and sustain operations until such time as the Company can achieve profitability. Management believes that aggressive marketing combined with acquisitions and additional financing as necessary will result in improved operations and cash flow in 2024 and beyond. However, there can be no assurance that management will be successful in obtaining additional funding or in attaining profitable operations. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5n6jbf7p About Correlate Energy Correlate Energy Corp. (OTCQB: CIPI), formerly Correlate Infrastructure Partners Inc., through its main operating subsidiary, Correlate Inc., offers a complete suite of proprietary clean energy assessment and fulfillment solutions for the commercial real estate industry. The Company believes scaling distributed clean energy solutions is critical in mitigating the effects of climate change. The Company believes that it is at the forefront in creating an industry-leading energy solution and financing platform for the commercial and industrial sector. The Company sees tremendous market opportunity in reducing site-specific energy consumption and deploying clean energy generation and energy efficiency solutions at scale. Correlate Energy reported net losses of $12,788,399 and $7,162,908 for the years ended December 31, 2023 and 2022, respectively. Dallas, Texas-based Turner, Stone & Company LLP, the Company's auditor since 2006, issued a "going concern" qualification in its report dated April 1, 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. CYTOSORBENTS CORP: Amends Defined Terms Under ROKK Letter Agreement ------------------------------------------------------------------- CytoSorbents Corporation disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Aug. 16, 2024, the Company entered into an Amended and Restated Letter Agreement with ROKK, LLC, pursuant to which the parties amended and restated that certain Letter Agreement, dated as of Aug. 11, 2003, originally entered into by and between RenalTech International, LLC and Guillermina Vega Montiel. As previously disclosed, under the Original Agreement, the Company is subject to a perpetual royalty payment pursuant to which the Company is obligated to pay ROKK a royalty payable in amount equal to three percent of all gross revenues received by the Company from the sale of its CytoSorb device. While the Royalty Percentage remained unchanged, the Company and ROKK entered into the Amended and Restated Agreement to, among other items, define the scope of the term "gross revenue" from which the royalty payment is calculated. Under the Amended and Restated Agreement, "gross revenue" means the (i) gross amount recognized as revenue by the Company and its affiliates in accordance with generally accepted accounting principles in respect of the sale of the Covered Product in the fields of sepsis, cardio-pulmonary bypass, organ donation, chemotherapy and inflammation control, less certain deductions, plus (ii) amount of any payments actually received by the Company or any of its affiliates from any third party licensee or sub-licensee with respect to the right to develop, manufacture, or commercialize the Covered Product in the Fields, plus (iii) net amount of any proceeds from the disposition of the Company's intellectual property specifically related to the Covered Product. Under the Amended and Restated Agreement, the term "Covered Product" means the Company's flagship product, CytoSorb, together with the currently commercialized versions of VetResQ and ECOS-300CY, as well as the versions of DrugSorb and DrugSorb-ATR that have been evaluated in human clinical trials, in each case as of the date of the Amended and Restated Agreement. About CytoSorbents Based in Monmouth Junction, N.J., CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb, is approved in the European Union with distribution in more than 75 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure, and patient death. East Brunswick, New Jersey-based WithumSmith+Brown, PC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 14, 2024, citing that the Company has suffered recurring losses from operations, has experienced cash used from operations, and has an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. DAJMO TRUCKING: Hires Steidl and Steinberg P.C. as Counsel ---------------------------------------------------------- Dajmo Trucking LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Steidl and Steinberg, P.C. to handle its Chapter 11 case. The firm will be paid at $350 per hour. The firm will be paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher M. Frye, a partner at Steidl and Steinberg, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher M. Frye, Esq. Steidl & Steinberg 2830 Gulf Tower 707 Grant Street Pittsburgh, PA 15219 Tel: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Dajmo Trucking LLC Dajmo Trucking LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 24-21923-GLT) on Aug. 6, 2024. The Debtor hires Steidl and Steinberg, P.C. as counsel. DIAMONDHEAD CASINO: Posts $448,290 Net Loss in Fiscal Q2 -------------------------------------------------------- Diamondhead Casino Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $448,290 for the three months ended June 30, 2024, compared to a net loss of $367,312 for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $919,737 compared to a net loss of $865,269 for the same period in 2023. The Company has incurred losses over the past several years, has no operations, generates no operating revenues and as reflected in the accompanying unaudited condensed consolidated financial statements, incurred a net loss applicable to common stockholders of $970,537 and $916,069 for the six months ended June 30, 2024, and 2023 respectively. In addition, the Company had an accumulated deficit of $47,833,339 on June 30, 2024. Due to its lack of financial resources, the Company has been forced to explore other alternatives, including the sale of part or all the Property. The Company has had no operations since it ended its gambling cruise ship operations in 2000. Since that time, the Company has concentrated its efforts on the development of its Diamondhead, Mississippi property. That development is dependent upon the Company obtaining the necessary capital, through either equity and/or debt financing, unilaterally or in conjunction with one or more partners, to master plan, design, obtain permits for, construct, open, and operate a casino resort. In the past, in order to raise capital to continue to pay on-going costs and expenses, the Company has borrowed funds, through Private Placements of convertible instruments as well as through other secured notes. The Company is in default with respect to payment of both principal and interest under the terms of most of these instruments. In addition, at June 30, 2024, the Company had $14,339,699 of accounts payable and accrued expenses, $74,745 in cash on hand and $200,000 in Certificates of Deposit. As of June 30, 2024, the Company had $5,662,651 in total assets, $19,471,680 in total liabilities, and $13,809,029 in total shareholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/5n8x6mrr About DiamondHead Headquartered in Alexandria, Va., Diamondhead Casino Corporation owns, operates, and manages a casino resort. The Company constructs a casino resort and hotel and associated amenities. Diamondhead Casino serves customers in the United States. Marlton, N.J.-based Marcum LLP, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 29, 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. DURAN TRANSFER: Hires Ace Auctioneers & Liquidators as Auctioneer ----------------------------------------------------------------- Duran Transfer, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Ace Auctioneers & Liquidators, Inc as auctioneer. The firm will market and sell the Debtor's personal property, including the trucks, used parts, machinery and office equipment, at a public auction sale to be held at 182 Rube Road, Waterford, Pennsylvania 16441. The firm will be paid 10 percent seller's commission, plus 10 percent buyer's premium. Mark Tanenbaum, a partner at Ace Auctioneers & Liquidators, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark Tanenbaum Ace Auctioneers & Liquidators, Inc. 182 Rube Road Waterford, PA 16441 Tel: (814) 434-0687 Email: Mark@aceauc.com About Duran Transfer, Inc. Duran Transfer, Inc., operates a trucking company that provides contracted trucking services to the United States Postal Service ("LISPS") and other private companies. Duran Transfer and its affiliates sought protection under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-10431) on Sept. 23, 2022. Duran Transfer estimated up to $500,000 in both assets and liabilities. Judge Jeffery A. Deller oversees the case. William G. Krieger has been appointed as Subchapter V trustee. Guy C. Fustine, Esq., at Knox McLaughlin Gornall & Sennett, PC and Schaffner, Knight, Minnaugh, Co. serve as the Debtors' legal counsel and accountant, respectively. ECI PHARMACEUTICALS: Claims to be Paid From Asset Sale Proceeds --------------------------------------------------------------- ECI Pharmaceuticals LLC and BioRamo, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Joint Plan of Liquidation for Small Business under Subchapter V dated August 1, 2024. ECI, a Florida limited liability company, founded in 2011, is an FDA and DEA approved specialty generic and branded drug manufacturing and marketing company specializing in the manufacturing of non-sterile, solid oral dose pharmaceutical products. BioRamo, a Florida limited liability company, founded in 2011, is a developer, manufacturer, and distributor of semi-solid and liquid prescription drug products with a special emphasis on liquid products via 505(b)(2) NDA Pathway and topical products for dermatological and hormone therapy. The Chapter 11 cases and their organizations are interrelated, as both Debtors have the same ultimate majority shareholder, and both Debtors are in the business of pharmaceutical manufacturing from adjacent business premises. Their business operations are complementary. In addition, both Debtors are managed by Fedner Destine. As listed on ECI's Schedules, the total value of its assets (i.e. bank accounts, accounts receivable, inventory, office furniture and equipment, vehicle, and intellectual property) is approximately $513,199.02. As listed on BioRamo's Schedules, the total value of its assets (i.e. bank accounts, receivables, inventory, deposits, furniture, fixtures, equipment, patents, and intangibles) is approximately $1,120,942.11. On May 10, 2024, the Debtor filed a Motion for Entry of an Order (A) Authorizing and Scheduling the Sale of Substantially All of the Debtors' Assets; (B) Approving the Bidding Procedures and the Stalking Horse Breakup Fee; (C) Approving the Form of the Asset Purchase Agreement; (D) Scheduling an Auction to Accept Higher and Better Bids; (E) Scheduling a Hearing to Approve Sale Arising out of Auction; (F) Waiving the 6004(H) 14-Day Stay which was subsequently amended on May 13, 2024 (the "Sale Motion"). As the contemplated Sale of Debtors' Assets is being done under this Plan, which is being confirmed under section 1191 of the Code, the Sale may not be taxed under any law imposing a stamp tax or similar tax, per section 1146 of the Code; therefore, the Sale is exempt from any documentary stamp tax which would otherwise be imposed by the Florida Department of Revenue. As of the date of this Plan, the Motion for Private Sale remains pending. This Plan under chapter 11 of the Code proposes to pay creditors of the Debtors from the proceeds from a Sale of their Assets, in addition to any cash on hand (collectively, the "Estate Proceeds"). Class 3 consists of all the Allowed General Unsecured Claims of the Debtors. As reflected in the list of general unsecured claims, the Debtors estimate the aggregate amount of Allowed Class 3 Claims to be approximately $8,696,926.38. The amount of $8,696,926.38 includes only the debt of ECI, since the only debt of BioRamo is in connection with loans made to BioRamo from ECI in an unknown amount. All net proceeds from the Sale of Debtors' Assets and any other recoveries made by the Liquidating Trustee shall be distributed by the Liquidating Trustee first to administrative expense claimants, if any, with the remainder to be paid pro rata to Class 3 claimholders. This Class is impaired and entitled to vote to accept or reject the Plan. On the Effective Date, all Equity Interests shall remain unchanged, i.e. Debtors' principal shall remain as the only equity holder, for the sole purpose of winding up and dissolving the Debtors. All payments as provided for in the Plan shall be funded from the Estate Proceeds, including any amounts recovered by the Liquidating Trustee for the benefit of the Estates, unless otherwise stated. A full-text copy of the Joint Liquidating Plan dated August 1, 2024 is available at https://urlcurt.com/u?l=94ivd0 from PacerMonitor.com at no charge. Attorneys for the Debtors: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Telephone: (561) 961-0922 Email: awernick@wernicklaw.com About ECI Pharmaceuticals ECI Pharmaceuticals LLC is a specialty generic and branded pharmaceutical manufacturing and marketing company specializing in the manufacturing of non-sterile, solid oral dose products. The Debtor's business premises are located at 5311 NW 35th Terrace, Fort Lauderdale, Florida 33309. ECI Pharmaceuticals, LLC and BioRamo, LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 24-14430) on May 3, 2024, listing up to $500,000 in assets and up to $10 million in liabilities. The case is jointly administered in Case No. 24-14430. Judge Scott M. Grossman oversees the cases. Aaron A. Wernick, Esq., at Wernick Law, PLLC serves as the Debtors' counsel. ECLIPSE FARMINGDALE: Hires Middlebrooks Shapiro as Counsel ---------------------------------------------------------- Eclipse Farmingdale, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Middlebrooks Shapiro, P.C as bankruptcy counsel. The firm will provide these services: a. advise the Debtor with respect to its rights, powers and duties as a debtor and debtor-in-possession in the continued management and operation of its business and assets; b. attend meetings and negotiating with representatives of creditors and other parties in interest and advising and consulting on the conduct of the cases, including all of the legal and administrative requirements of operating under Chapter 11; c. take all necessary action to protect and preserve the Debtor's estate, including prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the estate, negotiations concerning litigation in which the Debtor may be involved and objections to claims filed against the estate; d. prepare on behalf of the Debtor such motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; e. assist the Debtor in its analysis and negotiations with any third party concerning matters related to the realization by creditors of a recovery on claims and other means of realizing value; f. represent the Debtor at all hearings and other proceedings; g. assist the Debtor in its analysis of matters relating to the legal rights and obligations of the Debtor with respect to various agreements and applicable laws; h. review and analyze all applications, orders, statements, and schedules filed with the Court and advise the Debtor as to their propriety; i. assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; j. assist and advise the Debtor with regard to its communications to the general creditor body regarding any proposed Chapter 11 plan or other significant matters in this Chapter 11 Case; k. assist the Debtor with respect to consideration by the Court of any disclosure statement or plan prepared or filed pursuant to §§1125 or 1121 of the Bankruptcy Code and taking any necessary action on behalf of the Debtor to obtain confirmation of such plan; and l. perform such other legal services as may be required and/or deemed to be in the interests of the Debtor in accordance with their powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Melinda D. Middlebrooks, Esq., Partner $500 per hour Joseph M. Shapiro, Esq., Partner $450 per hour Angela N. Stein, Esq., Associate $350 per hour Paralegals $100 per hour The Debtor paid the firm a retainer if $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joseph M. Shapiro, Esq., a partner at Middlebrooks Shapiro, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph M. Shapiro, Esq. Melinda D. Middlebrooks, Esq. Middlebrooks Shapiro, P.C. P.O. Box 1630 Belmar, NU 07719-1630 Tel: (973) 218-6877 Fax: (973) 218-6878 Email: middlebrooks@middlebrooksshapiro.com jshapiro@middlebrooksshapiro.com About Eclipse Farmingdale, LLC Eclipse Farmingdale LLC -- https://www.locations.blinkfitness.com/ -- doing business as Blink Fitness Farmingdale, is a gym operator. Eclipse Farmingdale LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73019) on August 1, 2024. In the petition filed by Eric Purther, as managing member, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Alan S. Trust oversees the case. The Debtor is represented by: Joseph Shapiro, Esq. Middlebrooks Shapiro, P.C. P.O. Box 243 East Norwich, NY 11732 EL DORADO GAS: High-Value Energy Assets for Auction Until Aug. 28 ----------------------------------------------------------------- Liquidity Services, a global commerce company powering the circular economy and Tiger Group, a major asset valuation, advisory and disposition services provider, have announced the fifth auction in a series of court-ordered auctions related to the bankruptcy of national energy services firm El Dorado Gas & Oil, Bankruptcy Case No. 23-51715. More than 230 energy assets based in Three Rivers, Texas are currently available until August 28, 2024 on AllSurplus.com. "The bankruptcy liquidation of El Dorado Gas & Oil's estate assets has been managed by Liquidity Services and Tiger Group since mid-July, and has proven to be a unique opportunity for oil and gas operators and equipment dealers to acquire a vast array of equipment at prices significantly below new," said Trey Valentino, account executive at Liquidity Services. "Available equipment from this sale includes drilling rigs and equipment, fracking and gas processing equipment, pumps, compressors, machine shop items and much more." The auction contains a mix of high-value energy assets including a Siebert Heavy Haul Trailer, Frac Pump Skid, 2011 Hydra Rig Coiled Tubing Trailer, and more. To view and bid on the available equipment, which have no buyer's premium, or to schedule an in-person inspection, visit AllSurplus.com. For more about Tiger Group, visit TigerGroup.com. About AllSurplus AllSurplus is the world's leading online marketplace for surplus business assets, ranging from heavy equipment to transportation and industrial machinery. AllSurplus is the smartest, fastest way to sell inventory and equipment as sellers can directly launch and manage their listings in just days with more control and lower fees than traditional auction solutions. AllSurplus is powered by one of the most experienced and trusted companies in the surplus industry: Liquidity Services (NASDAQ:LQDT), which has supported millions of customers across the globe. AllSurplus buyers have direct access to all the surplus assets across Liquidity Services' network of marketplaces in one centralized location. About Tiger Group Tiger Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and provide capital or convert assets to capital quickly and decisively. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Houston and Toronto. About El Dorado Gas & Oil and Hugoton Operating Company Hugoton Operating Company, Inc. filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023, with $500 million to $1 billion in assets and $50 million to $100 million in liabilities. Thomas L. Swarek, president, signed the petition. On Feb. 22, 2024, Bluestone Natural Resources II - South Texas, LLC and World Aircraft, Inc. filed separate Chapter 11 petitions (Bankr. S.D. Miss. Case Nos. 24-50223 and 24-50224). On Jan. 12, 2024, the Court entered an order directing the appointment of a Chapter 11 trustee for Hugoton. On Jan. 22, 2024, the Court approved Dawn Ragan as the Chapter 11 trustee for Hugoton. On Jan. 31, 2024, the Court ordered the appointment of a Chapter 11 trustee for El Dorado. On Feb. 2, 2024, the Court approved Ms. Ragan as Chapter 11 trustee for El Dorado. No official committee of unsecured creditors has been established in any of the Debtor cases. Hugoton and El Dorado are both Arkansas corporations engaged in the exploration, production, and development of crude oil and natural gas properties. El Dorado is a lease holder and operator of oil and gas wells covering about 4,000 net acres in South Texas. El Dorado also owns a substantial amount of oil field equipment and owns real estate in multiple locations and states. Hugoton also owns oil and gas interests and operates wells in South Texas. Hugoton is 100% owned by El Dorado, and El Dorado is 100% owned by Thomas Swarek. Bluestone is 100% owned by Hugoton. Bluestone owns oil and gas interests operated by the EDGO Debtors. World Aircraft is 100% owned by EDGO. World Aircraft owns various aircraft and equipment assets. Judge Katharine M. Samson oversees the cases. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is Debtors' Bluestone Natural Resources II-South Texas, LLC and World Aircraft, Inc. R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo, Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11 Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating Company, Inc. ELENAROSE CAPITAL: Plan Exclusivity Period Extended to Oct. 15 -------------------------------------------------------------- Judge Andrea K. McCord of the U.S. Bankruptcy Court for the Southern District of Indiana extended ElenaRose Capital LLC and affiliates' exclusive period to file a plan of reorganization to October 15, 2024. As shared by Troubled Company Reporter, the Debtors submit that cause exists to extend the exclusivity period in this case based on, among other things, Debtors has retained a Chief Restructuring Officer ("CRO") that will be charged with helping debtor formulate a plan of reorganization. The Debtors claim that they need additional time for the CRO to formulate a plan that can be put before Debtors primary creditors and filed with the Court. Counsel to the Debtors: Weston E. Overturf, Esq. Anthony T. Carreri, Esq. KROGER GARDIS & REGAS, LLP 111 Monument Cir # 900 Indianapolis, IN 46204 Phone: (317) 777-7439 Email: woverturf@kgrlaw.com About ElenaRose Capital ElenaRose Capital LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-70665-AKM-11) on Sept. 8, 2023. In the petition signed by Louis Capolino, president/manager, the Debtor disclosed up to $50,000 in assets and up to $10 million. Judge Andrea K. McCord oversees the case. Weston E. Overturf, Esq., at Kroger, Gardis & Regas, LLP, is the Debtor as legal counsel. ELETSON HOLDINGS: Hires Riveron RTS as Domestic Financial Advisor ----------------------------------------------------------------- Eletson Holdings Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Riveron RTS, LLC, as domestic financial advisor. The firm's services include: a. analysis of the Debtors' Plan and the other Competing Plans filed in these Chapter 11 Cases; b. valuation analysis of the Debtors' Plan and the other Competing Plans filed in these Chapter 11 Cases; c. waterfall analysis of the Debtors' Plan and the other Competing Plans filed in these Chapter 11 Cases; d. comparison of the Competing Plans; and e. provision of such other services as agreed upon by the Debtors and RTS. RTS will be paid at these hourly rates: Senior Managing Director $865 - $1,450 Managing Director $710 - $960 Associate Director to Senior Director $580 - $850 Associate to Manager $460 - $565 Paraprofessional $275 David Nolletti, a senior managing director at Riveron RTS, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael N. Flynn Riveron RTS, LLC 2515 McKinney Dallas, TX 75201 Tel: (469) 564-5169 About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners, L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Derek J. Baker, Esq., represents the Debtors as bankruptcy counsel. On Oct. 20, 2023, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Dechert, LLP as its legal counsel. ELETSON HOLDINGS: Taps Harold Furchtgott-Roth as Economic Expert ---------------------------------------------------------------- Eletson Holdings Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Harold Furchtgott-Roth, an American economist, as economic expert. Furchtgott-Roth will render these services: (a) economic consulting services including the development of analyses and opinions as required by the exigencies of the Bankruptcy and testimony as an expert witness in the Bankruptcy; and (b) formulate and express economic arguments and other tasks related to the Bankruptcy. Furchtgott-Roth will be compensated at his standard hourly rate of $1,000 per hour. Mr. Furchtgott-Roth assured the court that he is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. Mr. Furchtgott-Roth can be reached at: Harold Furchtgott-Roth Knoxville, Tennessee Email: hfr@hudson.org About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners, L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Derek J. Baker, Esq., represents the Debtors as bankruptcy counsel. On Oct. 20, 2023, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Dechert, LLP as its legal counsel. EMCORE CORP: Incurs $13.96 Million Net Loss in Third Quarter ------------------------------------------------------------ EMCORE Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $13.96 million on $20.44 million of revenue for the three months ended June 30, 2024, compared to a net loss of $9.86 million on $26.72 million of revenue for the three months ended June 30, 2023. For the nine months ended June 30, 2024, the Company reported a net loss of $28.13 million on $64.19 million of revenue, compared to a net loss of $33.78 million on $70.95 million of revenue for the nine months ended June 30, 2023. As of June 30, 2024, the Company had $108.44 million in total assets, $56.17 million in total liabilities, and $52.26 million in total shareholders' equity. EMCORE stated, "We are evaluating the sufficiency of our existing balances of cash and cash equivalents and cash flows from operations, together with additional actions we could take including further expense reductions and/or potentially raising capital through additional debt or equity issuances, or from the potential monetization of certain assets. However, we may not be successful in executing on our plans to manage our liquidity, including recognizing the expected benefits from our previously announced restructuring program, or raising additional funds if we elect to do so, and as a result substantial doubt about our ability to continue as a going concern exists." A full-text copy of the Form 10-Q is available for free at the SEC's website at: https://www.sec.gov/ix?doc=/Archives/edgar/data/808326/000080832624000030/emkr-20240630.htm About Emcore Headquartered in Alhambra, California, EMCORE Corporation -- https://www.emcore.com -- is a provider of sensors and navigation systems for the aerospace and defense market. Over the last five years, EMCORE has expanded its scale and portfolio of inertial sensor products through the acquisitions of Systron Donner Inertial, Inc. in June 2019, the Space and Navigation business of L3Harris Technologies, Inc. in April 2022, and the FOG and Inertial Navigation Systems business of KVH Industries, Inc. in August 2022. The Company's multi-year transition from a broadband company to an inertial navigation company has now been completed following the sale of its cable TV, wireless, sensing and defense optoelectronics business lines and the shutdown of its chips business line and indium phosphide wafer fabrication operations. EMERGENT BIOSOLUTIONS: Sells Manufacturing Site to Bora for $30M ---------------------------------------------------------------- Emergent BioSolutions Inc. announced Aug. 20 it has completed the sale of its drug product facility in Baltimore-Camden to an affiliate of Bora Pharmaceuticals Co., Ltd. Emergent received approximately $30 million at closing, which is subject to customary post-closing adjustments. With the transaction closed, Bora has acquired the assets, equipment, and workforce associated with the 87,000 square foot Baltimore-Camden manufacturing facility. "This milestone is a significant step forward in our multi-year plan to stabilize, turnaround, and transform Emergent," said Joe Papa, president and CEO at Emergent. "We remain focused on building a customer-focused, leaner and more flexible organization, while we continue to execute our multi-year plan to improve overall profitability and raise capital to reduce our debt. We thank our Camden colleagues again for all of their contributions." For Emergent, Truist Securities served as financial advisor, and Covington & Burling LLP served as legal counsel in connection with this transaction. About Emergent Biosolutions Headquartered in Gaithersburg, Md., Emergent Biosolutions Inc. is a global life sciences company focused on providing innovative preparedness and response solutions addressing accidental, deliberate and naturally occurring public health threat. The Company's solutions include a product portfolio, a product development portfolio, and a contract development and manufacturing ("CDMO") services portfolio. Tysons, Virginia-based Ernst & Young LLP, the Company's auditor since 2004, issued a "going concern" qualification in its report dated March 8, 2024, citing that the Company does not expect to be in compliance with debt covenants in future periods without additional sources of liquidity or future amendments to its Senior Secured Credit Facilities and has stated that substantial doubt exists about the Company's ability to continue as a going concern. ENDO INTERNATIONAL: Trust Extends Deadline for Creditors to Sept. 5 ------------------------------------------------------------------- The Endo GUC Trust has extended the deadline for noteholders and certain other creditors to take the actions required pursuant to the Chapter 11 plan confirmed in the bankruptcy cases of Endo International plc and certain of its affiliates and the Endo GUC Trust Agreement to September 5, 2024. Under the Plan and the Trust Agreement, holders of the second lien and unsecured notes issued by the Debtors were required to tender their escrow CUSIP positions representing their notes claims through DTC and thereby certify as to whether they are qualified institutional buyers or accredited institutional investors. Such noteholders will be entitled to receive Class A-1 or Class A-2 units, respectively, that are securities issued by the Trust. Noteholders that are neither qualified institutional buyers nor institutional accredited investors are required, in addition to tendering their escrow CUSIPs, to submit a form to the Trust by the Trust Submission Deadline in order to be issued Class A-3 units that are non-transferrable beneficial interests in the Trust and do not constitute securities. All tranches of Class A units entitle their holders to the same distributions of cash from the Trust on a per unit basis. All noteholders are encouraged to consult the notice that the Trust previously distributed to noteholders to determine their investor status and the steps they must take to receive their units. That notice, along with other important documents, such as the Plan and the Trust Agreement are available on the Trust's website at www.EndoGUCTrust.com. Failure to take the required actions may result in the permanent forfeiture of any distribution from the Trust. Inquiries regarding the tender process should be directed to Stretto, the Trust's agent by (i) emailing EndoGUCNotesDistribution@stretto.com (please reference "Endo GUC Trust - Noteholder Trust Submission Form" in the subject line) or (ii) calling 855-451-4091 (toll-free) or 714-716-1858 (international). Pursuant to the Plan, holders of certain other general unsecured claims against the Debtors are entitled to receive distributions from the Trust in the form of Class B units or in the form of distributions from various sub-trusts established pursuant to the Plan. If you are a holder of an other general unsecured claim, a mesh claim, or a ranitidine claim, you are also impacted by the extension of the Trust Submission Deadline, and will now have until September 5, 2024 to submit trust forms, including supporting documentation for your claim. Holders of generics price-fixing and reverse payment claims are not required to submit any forms at this time but may be required to do so at a later date. All relevant notices previously distributed to such creditors are also available on the Trust's website, and all creditors are encouraged to consult those documents and determine what actions they need to take. About Endo International PLC Endo International plc (OTC: ENDPQ) is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549) on Aug. 16, 2022. On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and Operand Pharmaceuticals Holdco III Limited each filed a voluntary Chapter 11 petition also in the U.S. Bankruptcy Court for the Southern District of New York. On May 31, 2023, Operand Pharmaceuticals II Limited and Operand Pharmaceutical III Limited each filed a voluntary Chapter 11 petition also in the Southern District of New York. The Company's cases are jointly administered before the Honorable James L. Garrity, Jr. Endo initiated the financial restructuring process after reaching an agreement with a group of its senior debtholders on a transaction that would substantially reduce outstanding debt, address remaining opioid and other litigation-related claims, and best position Endo for the future. This would allow the Company to advance its ongoing business transformation from a strengthened financial position to create compelling value for its stakeholders over the long term. Endo's India-based entities are not part of the Chapter 11 proceedings. The Company has filed recognition proceedings in Canada and expects to file similar proceedings in the United Kingdom and Australia. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; PJT Partners, LP as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration, LLC, is the claims agent and administrative advisor. A Website dedicated to the restructuring is at http://www.endotomorrow.com/ Roger Frankel, the legal representative for future claimants in the Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners, LLC, as investment banker. EPIC COMPANIES: Randy Henke Resigns; New Committee Member Appointed ------------------------------------------------------------------- The U.S. Trustee for Region 12 appointed Larry Dietz, a resident of Fargo, N.D., as new member of the official committee of unsecured creditors in the Chapter 11 cases of EPIC Companies Midwest, LLC and affiliates. Meanwhile, Randy Henke resigned as committee member. The committee is now composed of: 1. Jim Johnson 109 Monterey Ave #5 Capitola, CA 95010 JJOHNSONLGCA@gmail.com (408) 888-8620 2. Beth Postemski P.O. Box 772184 Steamboat Springs, CO 80477 Postemski@gmail.com (970) 846-2395 3. Zachary Frappier 5431 12th Street S Fargo, ND 58104 ztfrappi@gmail.com 701-388-6919 4. William E. Altringer 4613 Borden Harbor Dr Mandan, ND 58554 Wealtringer@gmail.com (701) 220-6088 5. Larry Dietz 4857 Meadow Creek Dr S. Fargo, ND 58104 (701) 793-0349 Llarry3262@hotmail.com About EPIC Companies Midwest EPIC Companies Midwest LLC, a real estate investing and development firm in Minot, N.D., and its affiliates filed voluntary Chapter 11 petitions (Bankr. D.N.D. Lead Case No. 24-30281) on July 8, 2024. In the petitions signed by Patrick Finn, chief restructuring officer, EPIC Companies Midwest disclosed $10 million to $50 million in both assets and liabilities. Judge Shon Hastings oversees the cases. Steven Kinsella, Esq., at Fredrikson & Byron, PA represents the Debtors as legal counsel. The U.S. Trustee for Region 12 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by the law firm of Stinson, LLP. ETG FIRE: Hires Gordon Rees Scully as Special Counsel ----------------------------------------------------- ETG Fire, LLC and its affiliate seek approval from the U.S. Bankruptcy Court for the District of Colorado to employ Gordon Rees Scully Mansukhani, LLP as special counsel. The firm will provide these services: a. enforce provisions of prepetition agreements entered into between Debtors and third parties in light of certain actions implicating the same and risking irreversible harm to Debtors, and any litigation related to the same; and b. assist with matters related to prepetition litigation. The firm will be paid at these rates: Christopher Jones, Partner, Civil Litigation $475 per hour Stephanie Brizel, Associate, Civil Litigation $385 per hour Louie Reininger, Paralegal, Civil Litigation $175 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher Jones, a partner at Gordon Rees Scully Mansukhani, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher Jones, Esq. Gordon Rees Scully Mansukhani, LLP 555 17th St., Ste. 3400 Denver, Colorado 80202 Tel: (303) 534-5160 Fax: (303) 534-5161 Email: crjones@grsm.com About ETG Fire ETG Fire, LLC is a single source fire protection systems and services company. It designs, installs, tests, inspects, monitors, and maintains special hazard fire protection systems and complex fire alarm systems for customers nationally from its offices in Denver, Colo., Seattle, Wash., Pasadena, Calif., Cheyenne, Wyo., Dallas, Texas, and Tulsa, Okla. ETG Fire filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-13446) on June 20, 2024, with as much as $1 million to $10 million in both assets and liabilities. Torrence Henry, president and chief executive officer, signed the petition. Brownstein Hyatt Farber Schreck, LLP is the Debtor's legal counsel. ETON STREET: Hires Morris Anderson as Financial Advisor ------------------------------------------------------- Eton Street Brewery, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Morris Anderson & Associates, Ltd. as financial advisor. The firm will provide these services: a. assist the Debtor with weekly cash flow projections and other financial modeling and financial projections as required; b. provide the services of Daniel F. Dooley as Sale Agent to prepare basic marketing materials and a virtual data room for purposes of soliciting bids for substantially all of the Assets, assist counsel for the Company in negotiating any stalking horse bidder asset purchase agreement, including developing appropriate bidding procedures, interfacing with all potential bidders for the Assets, and in the event that multiple qualified bids for the Assets are received, conducting an auction for the sale of the Assets; c. assist the Debtor with other financial modeling as required; d. support Debtor/estate compliance with reporting requirements as required prior to, and within, the bankruptcy case; e. provide oversight, supervision and reporting to the Bankruptcy Court and creditors of the estate with respect to the use of Debtor funds and activities of the Debtor during the pendency of the bankruptcy case; and f. additional projects or analyses of any nature the Debtor or Court determines appropriate and necessary. The firm will be paid at these rates: Associate Director $310 to $350 per hour Managing Director $450 to $495 per hour Principal $595 to $745 per hour The firm received a retainer from the Debtor in the amount of $35,314. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Daniel F. Dooley, a partner at Morris Anderson & Associates, Ltd., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Daniel F. Dooley Morris Anderson & Associates, Ltd. 55 West Monroe Street, Ste. 2350 Chicago, IL 60603 Tel: (312) 254-0880 About Eton Street Brewery, LLC Eton Street Brewery, LLC is a brewery and distillery company in Birmingham, Mich., offering beer, spirits, vodka and soda and hard cider. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-47188) on July 26, 2024, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Bonnie LePage, manager and president, signed the petition. Brendan G. Best, Esq., at Varnum, LLP represents the Debtor as legal counsel. ETON STREET: Seeks to Hire Varnum LLP as Counsel ------------------------------------------------ Eton Street Brewery, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Varnum LLP as counsel. The firm will provide these services: a. advise the Debtor of its rights, powers and duties as debtor in possessions while managing its affairs and assets under Chapter 11 of the Bankruptcy Code; b. assist the Debtor in the preparation of its bankruptcy schedules and statement of financial affairs; c. take all necessary action to protect and preserve the estate of the Debtor, including the prosecution of actions and adversary or other proceedings on the Debtor's behalf, the defense of any actions commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved, and objecting to claims filed against the Debtor's estate; d. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, briefs, reports and other papers in connection with the administration of the Debtor's estate; e. develop, negotiate and promulgate a Chapter 11 plan on behalf of the Debtor and all related documents; and f. perform all other necessary legal services in connection with this Chapter 11 case. The firm will be paid at these rates: Shareholders $490 to $775 per hour Counsel $685 per hour to $375 per hour Associates $360 to $460 per hour Legal Assistants $210 to $320 per hour The firm received from the Debtor a retainer of $35,264. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Brendan Best, Esq., a partner at Varnum, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brendan G. Best, Esq. William L. Thompson, Esq. Varnum, LLP 480 Pierce St., Ste. 300 Birmingham, MI 48009 Tel: (313) 481-7326 Email: bgbest@varnumlaw.com wlthompson@varnumlaw.com About Eton Street Brewery, LLC Eton Street Brewery, LLC is a brewery and distillery company in Birmingham, Mich., offering beer, spirits, vodka and soda and hard cider. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-47188) on July 26, 2024, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Bonnie LePage, manager and president, signed the petition. Brendan G. Best, Esq., at Varnum, LLP represents the Debtor as legal counsel. EYM PIZZA: Seeks to Hire Spector & Cox as Bankruptcy Counsel ------------------------------------------------------------ EYM Pizza L.P. and affiliated companies seek approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Spector & Cox, PLLC as their counsel. The firm's services include: (a) providing legal advice with respect to their powers and duties as Debtor-in-possession; (b) preparing and pursuing confirmation of a plan and approval of a disclosure statement; (c) preparing on behalf of the Debtor necessary applications, motions, answers, orders, reports and other legal papers; (d) appearing in Court and protecting the interests of the Debtor before the Court; and (e) performing all other legal services for the Debtor which may be necessary and proper in these proceedings. The hourly rates of the firm's counsel and staff are as follows: Howard Marc Spector $435 Sarah M. Cox $395 Paralegals $145 The firm received a retainer of $91,413 from the Debtor. Howard Marc Spector, Esq., a member of Spector & Cox, disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Howard Marc Spector, Esq. Sarah M. Cox, Esq. SPECTOR & COX, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (214) 365-5377 Facsimile: (214) 237-3380 Email: hspector@spectorcox.com sarah@spectorcox.com About EYM Pizza LP EYM Pizza LP is a Pizza Hut franchisee. EYM Pizza LP and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-41669) on president of EYM Group Inc., the Debtor reports estimated assets under $2.25 million and estimated liabilities more than $21 million. The Debtors are represented by Howard Marc Spector, Esq. at Spector & Cox, PLLC. FAIRFIELD SENTRY: Private-Space Loses Bid to Dismiss Amended Suit ----------------------------------------------------------------- In the adversary proceeding captioned as FAIRFIELD SENTRY LTD. (In Liquidation), et al., Plaintiffs, v. HSBC SECURITIES SERVICES (LUXEMBOURG) S.A., et al., Defendants, Adv. Pro. No. 10-03630 (JPM) (Bankr. S.D.N.Y.), the Honorable John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York denied Private-Space Ltd.'s motion to dismiss the fourth amended complaint filed by Kenneth M. Krys and Greig Mitchell, in their capacities as the duly appointed Liquidators and Foreign Representatives of Fairfield Sentry Limited and Fairfield Sigma Limited, for lack of personal jurisdiction. This adversary proceeding was filed on September 21, 2010. The Liquidators filed the Amended Complaint on August 11, 2021, seeking to impose a constructive trust and recover over $84 million in redemption payments made to HSBC Securities Services (Luxembourg) SA by Sentry and Sigma. Of that amount, Defendant allegedly received over $17 million through redemption payments from its investment in Sentry and Sigma. The dispute arises out of the decades-long effort to recover assets of the Bernard L. Madoff Investment Securities LLC Ponzi scheme. HSSL allegedly invested, either for its own account or for the account of others, into several funds, including Sentry and Sigma, that channeled investments into BLMIS. Fairfield Sentry was a direct feeder fund in that it was established for the purpose of bringing investors into BLMIS, thereby allowing Madoff's scheme to continue. Fairfield Sigma, in contrast, was an indirect feeder fund, established to facilitate investment in BLMIS through Fairfield Sentry for foreign currency. BLMIS used investments from feeder funds, like the Fairfield Funds, to satisfy redemption requests from other investors in the scheme. Without new investors, BLMIS would have been unable to make payments to those who chose to withdraw their investments, and the scheme would have fallen apart. The Amended Complaint alleges that investors received payments on account of their shares in the Fairfield Funds based on a highly-inflated Net Asset Value. HSSL was allegedly "one such investor." To calculate the NAV, administrators used statements provided by BLMIS that showed "securities and investments, or interests or rights in securities and investments, held by BLMIS for the account of Sentry." In fact, no securities were ever bought or sold by BLMIS for Sentry, and none of the transactions on the statements ever occurred. The money sent to BLMIS by the Fairfield Funds for purchase of securities was instead used by Bernard Madoff to pay other investors or was "misappropriated by Madoff for other unauthorized uses." The NAVs were miscalculated, and redemption payments were made in excess of the true value of the shares. The Fairfield Funds were either insolvent when the redemption payments were made or were made insolvent by those payments. Private-Space is a corporation organized under the laws of the British Virgin Islands. Private-Space is alleged to have retained HSSL as its agent to invest in and recover redemption payments from the Fairfield Funds. From November 2003 to July 2007, Private-Space allegedly subscribed for 26,400 shares in Sentry and Sigma. Private-Space eventually redeemed a total of $17,066,497.95 worth of shares from the Fairfield Funds. In addition to these redemption payments, Private-Space allegedly received fourteen rebate payments between July 2005 and April 2007 for introducing clients to the Fairfield Funds. At the directions and instructions of HSSL, as the purported agent for Private-Space, "some . . . of the Redemption Payments were received at . . . designated United States-based bank accounts." Fedesa S.A.M., a "multi-family office based in Monaco," was the primary investment advisory firm of Private-Space at the relevant times. Fedesa allegedly "acted on Private-Space's behalf in evaluating potential investment in the [Fairfield] Funds, monitoring performance of Private-Space's investments, and redemption of Private-Space's investments." HSSL was a corporate entity organized under the laws of Luxembourg with a registered address in Luxembourg. It allegedly invested in one of many BLMIS feeder funds for itself or others. The Amended Complaint alleges that HSSL, the purported agent of Private-Space, "had knowledge of the Madoff fraud, and therefore knowledge that the Net Asset Value was inflated" when the redemption payments were made. The Amended Complaint further asserts that between 2001 and 2008, HSSL recognized the improbability of the returns from BLMIS, and employees of HSSL "continued to identify multiple additional indicia of BLMIS-associated fraud." These indicia included Madoff's failure to segregate accounts and the lack of a reliable independent auditor. In the face of red flags such as these, HSSL purportedly "continuously and deliberately failed to take steps to assuage the concerns associated with BLMIS." Defendant argues that the Amended Complaint has not sufficiently alleged minimum contacts with the forum to establish personal jurisdiction over Defendant and that exercising personal jurisdiction would be unreasonable. The Liquidators argue that exercising jurisdiction over Defendant would be reasonable and that Defendant's contacts with the United States, through its own actions and those of its purported agent, in knowingly and intentionally investing in the Fairfield Funds, using U.S. correspondent accounts to invest in and receive payments from Sentry, and conducting other business activities support personal jurisdiction. The Bankruptcy Court points out in order to subject a defendant to personal jurisdiction in the United States, due process requires that the defendant have sufficient minimum contacts with the forum in which the defendant is sued "such that the maintenance of the suit does not offend traditional notions of fair play and substantial justice." Private-Space asserts that "Plaintiffs have elsewhere affirmatively argued that their claims are 'purely foreign.'" Defendant points to the Plaintiffs' arguments before the District Court, wherein Plaintiffs argued that "every relevant component of the transactions at issue here occurred outside the territorial jurisdiction of the United States." By arguing in the District Court that the redemption transfers were foreign for purposes of extraterritoriality, Plaintiffs did not preclude arguing that there were contacts with the forum for purposes of personal jurisdiction. The Liquidators assert that Private-Space "intentionally invested in BLMIS feeder funds Sentry and Sigma knowing that the Funds were designed to subsequently invest that money in New York-based BLMIS. Private-Space is subject to this Court's jurisdiction with respect to its Sentry and Sigma redemptions as a result of that conduct." The Liquidators point to the documents given to Private-Space by the Funds' U.S.-based manager, Fairfield Greenwich Group, after Private-Space requested such documents. These documents "made clear that the main purpose of the Funds' existence was to invest in BLMIS." These documents show that Defendant was aware at the time that its investments in Sentry were effectively investments in BLMIS in New York. Private-Space, through its agent, HSSL, executed subscriptions into Sentry with this knowledge. Judge Mastando says, "Defendant's selection and use of U.S. correspondent accounts, due diligence, and communications with FGG concerning investments with BLMIS in New York support the Court's exercise of jurisdiction over the claims for receiving redemption payments from the Fairfield Funds with the knowledge that the NAV was wrong. The contacts are not random, isolated, or fortuitous. The contacts demonstrate Private-Space's purposeful activities aimed at New York in order to effectuate transfers from Sentry. The Plaintiffs have thus provided facts that sufficiently support a prima facie showing of jurisdiction over the Defendant." He concludes, "Defendant has alleged that other forums may be able to hear the claims. What it has not done is demonstrate how this forum would fail to provide effective relief. Defendant does not explain what interest is impaired by precluding adjudication in another forum or why that interest outweighs other factors in favor of exercising jurisdiction. The Defendant has not established that the Court's exercise of personal jurisdiction over it would be unreasonable. The Court thus finds that exercising jurisdiction over the Defendant is reasonable and comports with 'traditional notions of fair play and substantial justice . . . .'" A copy of the Court's decision dated August 7, 2024, is available at http://urlcurt.com/u?l=ZmL5lM About Fairfield Sentry Fairfield Sentry Limited is being liquidated under the supervision of the Commercial Division of the High Court of Justice in the British Virgin Islands. It is one of the funds owned by the Fairfield Greenwich Group, an investment firm founded in 1983 in New York. Fairfield Sentry and other Greenwich funds had among the largest exposures to the Bernard L. Madoff fraud. Fairfield Sentry became the subject of a BVI liquidation, and a BVI court appointed Kenneth M. Krys and Greig Mitchell as Liquidators and Foreign Representatives of Fairfield Sentry and Fairfield Sigma under BVI law. The Liquidators then sought recognition of the BVI liquidation as a foreign main proceeding by filing petitions under Chapter 15 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 10-13164) on June 14, 2010 in the Southern District of New York. The Bankruptcy Court entered an order granting recognition of the Fairfield Sentry case on July 22, 2010, enabling the Liquidators to use the U.S. Bankruptcy Court to protect and administer Fairfield Sentry's assets in the U.S. FARADAY FUTURE: Incurs $108.68 Million Net Loss in Second Quarter ----------------------------------------------------------------- Faraday Future Intelligent Electric Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $108.68 million on $293,000 of revenue for the three months ended June 30, 2024, compared to a net loss of $124.93 million on $0 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 $156.90 million on $295,000 of revenue, compared to a net loss of $269.90 million on $0 of revenue for the same period during the prior year. As of June 30, 2024, the Company had $457.89 million in total assets, $309.21 million in total liabilities, and $148.68 million in total stockholders' equity. Faraday Future said, "We have evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the Unaudited Condensed Consolidated Financial Statements are issued. Based on our recurring losses from operations since inception and continued cash outflows from operating activities...we have concluded that there is substantial doubt about our ability to continue as a going concern for a period of one year from the date that the Unaudited Condensed Consolidated Financial Statements included in this Form 10-Q were issued." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1805521/000162828024037267/ffie-20240630.htm About Faraday Future Los Angeles, CA-based Faraday Future (NASDAQ: FFIE) -- http://www.ff.com-- designs and engineers next-generation intelligent, connected, electric vehicles. FF manufactures vehicles at its production facility in Hanford, California, with additional future production capacity needs addressed through a contract manufacturing partner in South Korea. FF is also exploring other potential contract manufacturing options in addition to the contract manufacturer in South Korea. The Company has additional engineering, sales, and operational capabilities in China and is exploring opportunities for potential manufacturing capabilities in China through a joint venture or other arrangement. New York, NY-based Mazars USA LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 28, 2024, citing that the Company has incurred operating losses since inception, has continued cash outflows from operating activities, and has an accumulated deficit. These conditions raise substantial doubt about its ability to continue as a going concern. FELTRIM BALMORAL: FBE Unsecureds to Split $26K in Plan ------------------------------------------------------ Feltrim Balmoral Estates, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Middle District of Florida a Joint Disclosure Statement for Plan of Reorganization dated August 1, 2024. FBE's principal place of business is 124 Kenny Boulevard in Haines City, Florida. FBE is a Florida limited liability company that began operating on or about June 23, 2014. The Enclave's principal place of business is 204 Macaulay's in Haines City, Florida. The Enclave is a Florida limited liability company that was originally named Ronaldo Soccer Academy (Haines City), LLC ("Ronaldo Soccer Academy") and began operating on or about September 22, 2017. BELP's principal place of business is 124 Kenny Boulevard in Haines City, Florida. BELP owns approximately fourteen vacation homes that are rented by BELP and are also available for sale. BELP's principal assets consist of cash in bank accounts, real property and lease payments associated with the vacation homes. On April 30, 2024, BELP filed a Motion to Sell Property Free and Clear of Liens seeking authority to sell its real property located at 201 Kenny Boulevard in Haines City, Florida ("Sale Motion"). On May 8, 2024, the Court entered an Order Granting the Sale Motion. The Debtors hope to close on the property within approximately 60 days. The Debtors' principal assets consist of cash in bank accounts, real property consisting of 14 vacation homes and the lease or rental income. Class 9 consists of the general unsecured creditors of FBE in the estimated amount of approximately $10,218,636.69, not including any unsecured portion of the Seacoast claim. Of the amount claimed, approximately $9,263,716.16 relates to unsecured claims of FBE's insiders ("Insider Claims"). All Insider Claims will be subordinated to the non-insider claims. Seacoast will likely have an unsecured claim as a result of the Motion to Value. Class 9 Claimants with allowed claims will receive payment on a pro-rata basis in consistent with the projections. The first payment will begin after payment of all Administrative Expense Claims have been paid in full. Not including any Insider Affiliate Contribution, the Debtors estimates that the amount of $26,163.00. will be available to pay the claims of the Class 9 Claimants on a prorata basis. Class 10 consists of the general unsecured creditors of The Enclave in the estimated amount of approximately $2,956,654.63, not including any unsecured portion of the Seacoast claim. Of the amount claimed, approximately $1,360,395.34 relates to unsecured claims of The Enclave's insiders ("Insider Claims"). All Insider Claims will be subordinated to the non-insider claims. Class 10 Claimants with allowed claims will receive payment on a pro-rata basis of any remaining sale proceeds, if any. Class 10 claimants will receive payment from the Insider Affiliate Contribution of $500 per month for 60 months. The first payment will begin after payment of all Administrative Expense Claims have been paid in full. Class 11 consists of the general unsecured creditors of BELP in the estimated amount of approximately $26,430,697.14, which includes Seacoast's unsecured claims. Of the amount claimed, approximately $17,340,463.84 relates to unsecured claims of BELP's insiders ("Insider Claims"). All Insider Claims will be subordinated to the non-insider claims. Class 11 Claimants with allowed claims will receive payment on a pro-rata basis of any remaining sale proceeds, if any. Class 11 claimants will receive a pro rata share of the Insider Affiliate Contribution of $500 per month for 60 months. The first payment will begin after payment of all Administrative Expense Claims have been paid in full. FBE will generate revenue or funds from its business operations to fund its Plan. The Enclave and BELP will seek to conduct a Section 363 sale of their real property to fund their Plans and will receive the Insider Affiliate Contribution. A full-text copy of the Joint Disclosure Statement dated August 1, 2024 is available at https://urlcurt.com/u?l=6OZI67 from PacerMonitor.com at no charge. Attorneys for the Debtors: Alberto F. Gomez Jr., Esq. Johnson Pope Bokor Ruppel & Burns LLP 400 N. Ashley Drive, Suite 3100 Tampa, FL 33602 Telephone: (813) 225-2500 Facsimile; (813) 223-7118 Email: al@jpfirm.com About Feltrim Balmoral Estates Feltrim Balmoral Estates, LLC, owns a clubhouse located at 124 Kenny Blvd., Haines City, Fla. having a fair value of $3 million. Feltrim Balmoral Estates and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02122) on April 17, 2024. The case is jointly administered in Case No. 24-02122. In the petitions signed by Garrett Kenny, owner and manager, Feltrim Balmoral Estates disclosed $4,657,697 in assets and $16,239,519 in liabilities; The Enclave At Balmoral, LLC disclosed $5,091,844 in assets and $10,565,256 in liabilities; and Balmoral Estates, LP listed $14,327,306 in assets and $25,909,466 in liabilities. Judge Catherine Peek McEwen oversees the case. Alberto F. Gomez Jr., Esq., at Johnson Pope Bokor Ruppel & Burns LLP, is the Debtor's counsel. FIREFLY NEUROSCIENCE: Delays Q2 10-Q Filing Due to Merger --------------------------------------------------------- Firefly Neuroscience, Inc., formerly known as WaveDancer, Inc., is unable to complete its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, with the Securities and Exchange Commission prior to the filing deadline for the Quarterly Report without unreasonable effort and expense. On August 12, 2024, the Company consummated its previously announced reverse merger transaction. Due to the timing of the Merger, the Company requires additional time to prepare the Form 10-Q. The Company expects to file the Quarterly Report within the extension period of five calendar days as provided under Rule 12b-25 under the Securities Exchange Act of 1934, as amended. About WaveDancer Firefly Neuroscience, Inc., formerly known as WaveDancer, Inc. is in the business of developing and maintaining information technology systems, modernizing client information systems, and performing other IT-related professional services to government and commercial organizations. WaveDancer, based in Fairfax, Va., has been servicing federal and commercial customers since 1979. As of March 31, 2024, WaveDancer had $3,764,723 in total assets, $2,056,203 in total liabilities, and total stockholders' equity of $1,708,520. Tysons, Va.-based CohnReznick LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 20, 2024, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. FORGE INNOVATION: Posts $689,371 Net Loss in Fiscal Q2 ------------------------------------------------------ Forge Innovation Development Corp. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $689,371 on $175,899 for the three months ended June 30, 2024, compared to a net loss of $389,129 on $133,010 for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $1,369,580 on $312,118, compared to a net income of $82,527 on $178,010 for the same period in 2023. As of June 30, 2024, the Company had $8,309,710 in total assets, $6,360,871 in total liabilities, and $1,948,839 in total shareholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/529tdfvm About Forge Innovation Jurupa Valley, Calif.-based Forge Innovation Development Corp. focuses on real estate development, land purchasing and selling, and property management. The Company's primary objective is commercial and residential land development, including, to a lesser extent, the possible purchase and sale of real estate, targeting properties primarily in Southern California. Rowland Heights, Calif.-based Simon & Edward LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency, which raise substantial doubt about the Company's ability to continue as a going concern. For the year ended December 31, 2023, Forge Innovation Development reported a net loss of $1,250,242 on $438,474 of total revenue, compared to a net loss of $34,112 on $122,604 of revenue for the same period in 2022. FTX TRADING: Fondation, et al. Case Withdrawn from Mediation ------------------------------------------------------------ Chief Judge Colm F. Connolly of the United States District Court for the District of Delaware accepted Magistrate Judge Christopher J. Burke's recommendation that the case FONDATION SERENDIPITY, FONDATION ELEMENTS, SERENDIPITY NETWORK LTD. and LIQUIDITY NETWORK LTD., Appellants, v. FTX TRADING LTD., et al., Appellees, Civil Action No. 24-806-CFC (D. Del.), be withdrawn from the mandatory referral for mediation and proceed through the appellate process of this court. Briefing on this appeal is bankruptcy appeal shall proceed in accordance with the following schedule: 1. Appellants' brief in support of the appeal is due on or before September 20, 2024. 2. Appellees' brief in opposition to the appeal is due on or before November 5, 2024. 3. Appellants' reply brief is due on or before November 26, 2024. Fondation et al. are looking to appeal these matters: 1. Did the Bankruptcy Court err in valuing holdings of MAPS and OXY tokens effectively at nothing, notwithstanding the evidence that each of MAPS and OXY tokens had a positive market value on the Petition Date? 2. Did the Bankruptcy Court err in valuing holdings of MAPS and OXY tokens effectively at nothing when Professor Howell admitted during trial that she could not state that the Debtors would have received no consideration in connection with a hypothetical sale of their holdings of MAPS and OXY tokens commencing on the Petition Date? 3. Did the Bankruptcy Court err in relying on a sensitivity analysis conducted by Professor Howell in her rebuttal report, which applied certain discounts to the market price of the MAPS and OXY tokens, after rejecting Professor Howell's primary opinion and the KO Model? 4. Did the Bankruptcy Court err in relying on the total supply of MAPS and OXY tokens held by the Debtors in estimating the value of holdings of the Objectors in MAPS and OXY tokens as of the Petition Date, instead of relying only on the quantity of MAPS and OXY tokens held by each of the Objectors? 5. Did the Bankruptcy Court err in not excluding in its entirety new evidence asserted in Professor Howell's rebuttal report that MAPS and OXY tokens had some lower value because of their association with FTX and Mr. Bankman-Fried, which the Bankruptcy Court then relied on in ruling that market prices for MAPS and OXY tokens may not have been a reliable indicator of their actual value as of the Petition Date? 6. Did the Bankruptcy Court err in relying on the Ghaidarov Model used in Professor Howell's sensitivity analysis when the Ghaidarov Model, like the KO Model that the Bankruptcy Court rejected, results in a 100% discount at a long enough time horizon despite the fact that MAPS and OXY tokens had a positive market value as of the Petition Date? 7. Did the Bankruptcy Court err by applying Professor Howell's sensitivity analysis holding trading volume at a consistent, initial level instead of applying the trading volume growth assumptions proposed by Mr. Konstantinidis in his report or the alternative trading volume growth assumptions about which he testified at trial? 8. Did the Bankruptcy Court err by not applying Mr. Konstantinidis' analysis and calculations on the value of MAPS and OXY tokens? 9. Did the Bankruptcy Court err in all rulings made in the Memorandum Opinion and Order, and during the hearings on the Motion to Estimate on March 20, 25 and 26, 2024? Fondation Serendipity, Fondation Elements, Serendipity Network Ltd. and Liquidity Network Ltd -- the Maps and Oxy Foundations -- assert customer claims against the FTX Debtors. Serendipity Foundation filed a customer claim for 2 billion MAPS tokens and 1 billion OXY tokens, which it valued in the amount of $246,720,000 as of the Petition Date. In an Estimation Litigation, Serendipity Foundation valued its claim in the amount of $141,292,175 as of the Petition Date. Elements Foundation filed a customer claim for 2 billion OXY tokens, which it valued in the amount of $64,640,000 as of the Petition Date. In the Pending Estimation Litigation, Elements Foundations valued its claim in the amount of $38,960,743 as of the Petition Date. By the Claim Assignment Agreement, dated November 2, 2023, Elements Foundation and Liquidity Network Limited transferred their claims against the Debtors to Lavanda Sands, L.L.C. The Debtors' Estimation Motion purports to estimate the value of the MAPS tokens and OXY tokens at $0. Fondation et al. have filed an objection to the Debtors' Plan. A copy of the Court's decision dated August 8, 2024, is available at https://urlcurt.com/u?l=BP0Aeg 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 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. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. 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. On May 7, 2024, the Debtors filed their Chapter 11 Plan of Reorganization and the Disclosure Statement related thereto. On June 26, 2024, the Bankruptcy Court entered an order approving the Disclosure Statement. The Bankruptcy Court will hold a hearing to consider confirmation of the Plan on October 7, 2024, at 10:00 a.m. (Eastern Time). GLEANNLOCH CLA: Seeks to Hire Ashby LLP as Special Counsel ---------------------------------------------------------- Gleannloch CLA Partners, Ltd. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Ashby LLP as special counsel. The Debtor needs the firm's legal assistance in connection with the arbitration proceeding styled as TRC Construction, Inc. v. CLA Gleannloch, LLC, AAA Case No. 01-18-004-1793, before the American Arbitration Association; and the litigation styled as TRC Construction, et al v. CLA Gleannloch, LLC, et al., pending in Cause No. 2016-25648 in the 80th Judicial District Court of Harris County Texas. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher "Kit" Ashby, a partner at Ashby LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher "Kit" Ashby, Esq, Ashby LLP 808 Travis, Suite 401 Houston, TX 77002 Tel: (713) 739-1100 About Gleannloch CLA Partners, Ltd. Gleannloch CLA Partners, Ltd. is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-32176) on May 8, 2024. In the petition signed by Sharon Haydon, president, Gleannloch CLA, GP, Inc., GP of Gleannloch CLA Partners Ltd., the Debtor disclosed up to $50 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. Julie M. Koenig, Esq., at COOPER & SCULLY, P.C., represents the Debtor as legal counsel. GMWC LLC: Hires Law Offices of Michael Jay Berger as Counsel ------------------------------------------------------------ GMWC LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as counsel. The firm will provide these services: -- advising the Debtor regarding its legal rights and obligations in a bankruptcy proceeding; -- assisting the Debtor in preparing the documents and reports required by the Office of the U.S. Trustee; -- assisting the Debtor in preparing the paperwork needed to continue and conclude a Chapter 11 proceeding; and -- review state court legal actions filed against the Debtor, respond to creditor inquiries, review proofs of claims, object to inappropriate claims, respond to all motions filed, and prepare notices of automatic stay in all state court proceedings during the pendency of the bankruptcy proceedings. The firm will be paid at these rates: Michael Jay Berger $645 per hour Sofya Davtyan $595 per hour Robert Poteete $475 per hour Senior paralegals $275 per hour Paralegals $200 per hour The firm will be paid a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Jay Berger, Esq., a partner at Law Offices of Michael Jay Berger, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor, Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com About GMWC LLC GMWC LLC, filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 6:24-bk-14008-SY) on July 15, 2024. The Debtor hires the Law Offices of Michael Jay Berger as counsel. GREENIDGE GENERATION: Seeks TRO on Environmental Permit Non-Renewal ------------------------------------------------------------------- Greenidge Generation Holdings Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on Aug. 20, 2024, the Company submitted a motion to the Court by Order to Show Cause seeking a temporary restraining order and preliminary injunction permitting the Dresden, NY facility to continue operations during the pendency of the Article 78 proceeding. The Company expects that a decision on the TRO Request will be forthcoming in the days to come and will continue to provide updates on the Article 78 proceeding as necessary and appropriate. On Aug. 15, 2024, Greenidge Generation LLC, a wholly owned subsidiary of Greenidge Generation Holdings Inc., filed a verified petition and complaint pursuant to Article 78 of the New York Civil Practice Law and Rules against the New York State Department of Environmental Conservation in New York Supreme Court, Yates County, seeking declaratory and injunctive relief relating to the Department's denial of the Company's Title V Air Permit renewal application for the Dresden, NY facility. About Greenidge Generation Greenidge Generation Holdings Inc. (NASDAQ: GREE) owns cryptocurrency datacenter operations in the Town of Torrey, New York and owned and operated a facility in Spartanburg, South Carolina. The New York Facility is a vertically integrated cryptocurrency datacenter and power generation facility with an approximately 106 megawatt ("MW") nameplate capacity, natural gas power generation facility. The Company generates revenue from three primary sources: (1) datacenter hosting, which it commenced on Jan. 30, 2023, (2) cryptocurrency mining, and (3) power and capacity. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 9, 2024, citing that the Company has suffered recurring losses from operations and generated negative cash flows from operations that raises substantial doubt about its ability to continue as a going concern. GREENWAVE TECHNOLOGY: John Wood Quits as Director ------------------------------------------------- Greenwave Technology Solutions, Inc., disclosed in a Form 8-K filed with the Securities and Exchange Commission that effective Aug. 14, 2024, John Wood, a director of the Company, notified the Company that he resigned from the Company's Board of Directors effective immediately. Mr. Wood's resignation is not the result of a dispute or disagreement with the Company. 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. GROW GREEN: Hires Goldstein Bershad & Fried as Counsel ------------------------------------------------------ Grow Green MI Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Goldstein Bershad & Fried, P.C. as counsel. The firm will provide legal advice and handle the usual and necessary legal affairs of the Debtor and Debtor-in-Possession in the bankruptcy proceedings. The firm will be paid at these rates: Attorneys $400 per hour Paralegals $75 per hour The firm received from the Debtor a retainer of $16,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Scott M. Kwiatkowski, Esq., a partner at Goldstein Bershad & Fried, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Scott M. Kwiatkowski, Esq. Goldstein Bershad & Fried, P.C. 4000 Town Center, Suite 1200 Southfield, MI 48075 Tel: (248) 355-5300 Email: scott@bk-lawyer.net About Grow Green MI Inc. Grow Green MI Inc. is a family-owned garden supply store in Whitmore Lake, Mich., serving customers since 2009. The company offers lighting, nutrients, fertilizers, and pest control solutions. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-31158) on June 20, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Anthony Portelli, president, signed the petition. Judge Joel D. Applebaum presides over the case. Scott M. Kwiatkowski, Esq., at Goldstein Bershad & Fried, PC represents the Debtor as legal counsel. H2O BY DESIGN: Seeks to Tap DeMarco-Mitchell as Bankruptcy Counsel ------------------------------------------------------------------ H2O By Design, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire DeMarco-Mitchell, PLLC as its bankruptcy counsel. The firm will render these services: (a) take all necessary action to protect and preserve the estate; (b) prepare on behalf of the Debtor all necessary legal papers in connection with the administration of the estate; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. The hourly rates of the firm's counsel and staff are as follows: Robert T. DeMarco, Attorney $400 Michael S. Mitchell, Attorney $300 Barbara Drake, Paralegal $125 The firm received a retainer in the amount of $15,000 from the Debtor. Mr. DeMarco disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert T. DeMarco, Esq. DeMarco-Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 578-1400 Facsimile: (972) 346-6791 Email: robert@demarcomitchell.com About H2O By Design, LLC H2O By Design, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-42851) on August 12, 2024, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by William L. Unger as president. Robert T DeMarco, Esq. at DEMARCO MITCHELL, PLLC represents the Debtor as counsel. HAOB HORIZONTAL: Hires Kingcade Leiderman as Counsels ----------------------------------------------------- Haob Horizontal Drilling, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Kingcade, Garcia & McMaken, P.A. and Leiderman Shelomith + Somodevilla, PLLC, d/b/a LSS Law, as counsels. The firms will provide these services: a. give advice to the Debtor with respect to its powers and duties as a debtor-in-possession; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interests of the Debtor in all matters pending before the Court; e. represent the Debtor in negotiation with its creditors in the preparation of a plan; and f. perform all other legal services for the Debtor, which may be necessary herein. The firms will be paid at these rates: Timothy S. Kingcade $500 per hour Zach B. Shelomith $500 per hour Christian Somodevilla $475 per hour Jessica McMaken $400 per hour Paraprofessionals $100 to $215 per hour Of the retainer amount, $10,000 was applied by the firms for pre-bankruptcy matters, of which, $7,500 was applied by Kingcade Garcia and $2,500 was applied Leiderman Shelomith, including the preparation of the paperwork required to file this bankruptcy, and $1,738 was applied for the filing fee, leaving a balance of $23,262. The firms will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached at: Timothy S. Kingcade, Esq. Kingcade, Garcia & McMaken, P.A. 1370 Coral Way Miami, FL 33145-2960 Tel: (305) 285-9100 Fax: (305) 285-9542 - and - Zach B. Shelomith, Esq. LSS LAW 2699 Stirling Road, Suite C401 Ft. Lauderdale, FL 33312 Tel: (954) 920-5355 Fax: (954) 920-5371 Email: zbs@lss.law About Haob Horizontal Drilling, LLC HAOB Horizontal Drilling LLC is a limited liability company. HAOB Horizontal Drilling LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-17240) on July 19, 2024. In the petition filed by Otoniel A. Pinho, as president, the Debtor reports total assets of $1,595,296 and total liabilities of $2,120,263. The Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by: Timothy S. Kingcade, Esq. KINGCADE, GARCIA & MCMAKEN, P.A. 1370 Coral Way Miami, FL 33145 Tel: (305) 285-9100 Email: scanner@miamibankruptcy.com HARDINGE INC: Hires Chipman Brown Cicero as Co-Counsel ------------------------------------------------------ Hardinge Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Chipman Brown Cicero & Cole, LLP as co-counsel. The firm's services include: (a) providing legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their businesses and management of their properties; (b) negotiating, drafting, and pursuing all documentation necessary in these Chapter 11 Cases; (c) preparing on behalf of the Debtors all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtors' estates; (d) appearing in Court and protecting the interests of the Debtors before the Court; (e) assisting with any disposition of the Debtors' assets, by sale or otherwise; (f) negotiating and taking all necessary or appropriate actions in connection with a plan or plans of reorganization and all related documents thereunder and transactions contemplated therein; (g) attending all meetings and negotiating with representatives of creditors, the United States Trustee, and other parties-in-interest; (h) providing legal advice regarding bankruptcy law, corporate law, corporate governance, transactional, litigation, and other issues to the Debtors in connection with the Debtors' ongoing business operations; and (i) performing all other legal services for, and providing all other necessary legal advice to, the Debtors that may be necessary and proper in these Chapter 11 Cases. The firm will be paid at these rates: Partners $495 to $850 per hour Associates $450 to $475 per hour Paralegals $250 to $300 per hour On July 11, 2024, the firm received a retainer payment from the Debtors totaling $50,000, which was supplemented on July 12, 2024, with an additional $75,000, and then further supplemented on July 24, 2024, with an additional $200,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Consistent with the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. § 330 by Attorneys in Larger Chapter 11 Cases Effective as of November 1, 2013, I submit the following information: (a) The firm did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; (b) None of the firm's professionals included in this engagement have varied their rate based on the geographic location for these Chapter 11 Cases; (c) The firm did not represent the Debtors prior to the Petition Date other than in connection with preparing the Chapter 11 Cases; and (d) The firm, in conjunction with the Debtors' advisors, is working with the Debtors on developing an estimated budget and staffing plan for approximately the first eight weeks of these proceedings. Mark L. Desgrosseilliers, Esq., a partner at Chipman Brown Cicero & Cole, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark L. Desgrosseilliers, Esq. Robert A. Weber, Esq. Chipman Brown Cicero & Cole, LLP Hercules Plaza 1313 N. Market Street, Suite 5400 Wilmington, DE 19801 Tel: (302) 295-0196 Email: desgross@chipmanbrown.com weber@chipmanbrown.com About Hardinge Inc. Hardinge Inc. globally designs, manufactures, and distributes computer-controlled metal cutting lathes, grinding and related tooling, and accessories. It markets its products in the United States, Europe, and Asia. The company is based in Elmira, N.Y. Hardinge and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11605) on July 29, 2024. In its petition, Hardinge reported $100 million to $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Ropes & Gray, LLP and Chipman Brown Cicero & Cole, LLP as bankruptcy counsels; Houlihan Lokey Capital, Inc. as financial advisor and investment banker; Adrian Frankum of Ankura Consulting Group, LLC as chief restructuring officer; and C Street Advisory Group, LLC as strategic communications advisor. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. HARDINGE INC: Hires Houlihan Lokey as Investment Banker ------------------------------------------------------- Hardinge Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Houlihan Lokey Capital, Inc. as financial advisor and investment banker. The firm's services include: (a) assisting the Debtors in the development and distribution of selected information, documents and other materials, including, if appropriate, advising the Debtors in the preparation of an offering memorandum, it being expressly understood that the Company will remain solely responsible for such materials and all of the information contained therein; (b) assisting the Debtors in evaluating indications of interest and proposals regarding any Transaction(s) from current and/or potential lenders, equity investors, acquirers and/or strategic partners; (c) assisting the Debtors with the negotiation of any Transaction(s), including participating in negotiations with creditors and other parties involved in any Transaction(s); (d) attending meetings of the Debtors' Board of Directors, creditor groups, official constituencies and other interested parties, as the Debtors and Houlihan Lokey mutually agree; and (e) providing such other financial advisory and investment banking services as may be agreed upon by Houlihan Lokey and the Debtors. The firm will be paid as follows: (i) Monthly Fee: In addition to the other fees provided for herein, upon the execution of the Engagement Agreement, and on every monthly anniversary of the Effective Date4 during the term of the Engagement Agreement, the Company shall pay Houlihan Lokey in advance, without notice or invoice, a nonrefundable cash fee of $100,000 ("Monthly Fee"). Each Monthly Fee shall be earned upon Houlihan Lokey's receipt thereof in consideration of Houlihan Lokey accepting this engagement and performing services as described herein. 50% of the Monthly Fees earned after the first three Monthly Fees previously paid on a timely basis to Houlihan Lokey shall be credited against the next Transaction Fee (as defined below) to which Houlihan Lokey becomes entitled hereunder, except that, in no event, shall such Transaction Fee be reduced below zero. For avoidance of doubt, it is understood and agreed that no Monthly Fee shall be credited more than once. (ii) Transaction Fee(s): In addition to the other fees provided for herein, the Company shall pay Houlihan Lokey the following transaction fee(s): a. Restructuring Transaction Fee. Upon the earlier to occur of: (I) in the case of an out-of-court Restructuring Transaction (as defined in the Engagement Agreement), the closing of such Restructuring Transaction, and (II) in the case of an in-court Restructuring Transaction, the date of confirmation of a plan of reorganization or liquidation under Chapter 11 or Chapter 7 of the Bankruptcy Code pursuant to an order of the applicable bankruptcy court, Houlihan Lokey shall earn, and the Company shall promptly pay to Houlihan Lokey, a cash fee ("Restructuring Transaction Fee") of $3,200,000. b. Sale Transaction Fee. Upon the closing of each Sale Transaction, Houlihan Lokey shall earn, and the Company shall thereupon pay to Houlihan Lokey immediately and directly from the gross proceeds of such Sale Transaction, as a cost of such Sale Transaction, a cash fee ("Sale Transaction Fee") based upon AGC, calculated as follows: For AGC up to $100 million: $3,200,000, plus For AGC above $100 million: 4% of such incremental AGC, If more than one Sale Transaction is consummated, Houlihan Lokey shall be compensated based on the AGC from all Sale Transactions, calculated in the manner set forth above; subject, however, to a minimum Sale Transaction Fee of $400,000 for the second and each subsequent Sale Transaction. c. Financing Transaction Fee. Upon the closing of each Financing Transaction (as defined in the Engagement Agreement), Houlihan Lokey shall earn, and the Company shall thereupon pay to Houlihan Lokey immediately and directly from the gross proceeds of such Financing Transaction, as a cost of such Financing Transaction, a cash fee ("Financing Transaction Fee") equal to the sum of: (I) 2.0% of the gross proceeds of any indebtedness raised or committed that is senior to other indebtedness of the Company, secured by a first priority lien and unsubordinated, with respect to both lien priority and payment, to any other obligations of the Company (other than with respect to debtor-in-possession financing), (II) 3.0% of the gross proceeds of any indebtedness raised or committed that is secured by a lien (other than a first lien), is unsecured and/or is subordinated, and (III) 5.0% of the gross proceeds of all equity or equity-linked securities (including, without limitation, convertible securities and preferred stock) placed or committed. It is understood and agreed that if the proceeds of any such Financing Transaction are to be funded in more than one stage, Houlihan Lokey shall be entitled to its applicable compensation hereunder upon the closing date of each stage. The Financing Transaction Fee(s) shall be payable in respect of any sale of securities whether such sale has been arranged by Houlihan Lokey, by another agent or directly by the Company or any of its affiliates. Any non-cash consideration provided to or received in connection with the Financing Transaction (including but not limited to intellectual or intangible property) shall be valued for purposes of calculating the Financing Transaction Fee as equaling the number of Securities (as defined in the Engagement Agreement) issued in exchange for such consideration multiplied by (in the case of debt securities) the face value of each such Security or (in the case of equity securities) the price per Security paid in the then current round of financing. The fees set forth herein shall be in addition to any other fees that the Company may be required to pay to any investor or other purchaser of Securities to secure its financing commitment. Houlihan Lokey shall earn, and the Company shall thereupon pay to Houlihan Lokey immediately and directly from the gross proceeds of such Financing Transaction, a Financing Transaction Fee for any debtor-in-possession financing that is raised of $400,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Adam Dunayer, managing director at Houlihan, disclosed in court filings that his firm is a "disinterested person" within the meaning of Bankruptcy Code Section 101(14). The firm can be reached through: Adam Dunayer Houlihan Lokey Capital, Inc. 245 Park Avenue, 20th Floor New York, NY 10167 Tel: (212) 497-4100 Fax: (212) 661-3070 About Hardinge Inc. Hardinge Inc. globally designs, manufactures, and distributes computer-controlled metal cutting lathes, grinding and related tooling, and accessories. It markets its products in the United States, Europe, and Asia. The company is based in Elmira, N.Y. Hardinge and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11605) on July 29, 2024. In its petition, Hardinge reported $100 million to $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Ropes & Gray, LLP and Chipman Brown Cicero & Cole, LLP as bankruptcy counsels; Houlihan Lokey Capital, Inc. as financial advisor and investment banker; Adrian Frankum of Ankura Consulting Group, LLC as chief restructuring officer; and C Street Advisory Group, LLC as strategic communications advisor. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. HARDINGE INC: Hires Kroll Restructuring as Administrative Advisor ----------------------------------------------------------------- Hardinge Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kroll Restructuring Administration LLC as administrative advisor. The firm will render these services: a. assist with, among other things, solicitation, balloting, and tabulation of votes, and prepare any related reports, as required in support of confirmation of a Chapter 11 plan, and in connection with such services, process requests for documents from parties in interest; b. prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; c. assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; d. provide a confidential data room, if requested; e. manage and coordinate any distributions pursuant to a Chapter 11 plan; and f. provide such other processing, solicitation, balloting, and other administrative services described in the Engagement Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtors, the Court, or the Office of the Clerk of the Bankruptcy Court. The firm will be paid at these rates: Analyst $35 to $60 per hour Technology Consultant $50 to $135 per hour Consultant/Senior Consultant $75 to $205 per hour Director $215 to $265 per hour Solicitation Consultant $235 per hour Director of Solicitation $275 per hour Managing Director $300 per hour Prior to the Petition Date, the Debtors paid the firm an advance in the amount of $50,000, which was received by the firm on July 26, 2024. Benjamin Steele, a managing director at Kroll Restructuring Administration, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin J. Steele Kroll Restructuring Administration, LLC 55 East 52nd Street, 17th Floor New York, NY 10055 Tel: (212) 593-1000 About Hardinge Inc. Hardinge Inc. globally designs, manufactures, and distributes computer-controlled metal cutting lathes, grinding and related tooling, and accessories. It markets its products in the United States, Europe, and Asia. The company is based in Elmira, N.Y. Hardinge and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11605) on July 29, 2024. In its petition, Hardinge reported $100 million to $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Ropes & Gray, LLP and Chipman Brown Cicero & Cole, LLP as bankruptcy counsels; Houlihan Lokey Capital, Inc. as financial advisor and investment banker; Adrian Frankum of Ankura Consulting Group, LLC as chief restructuring officer; and C Street Advisory Group, LLC as strategic communications advisor. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. HARDINGE INC: Hires Mr. Frankum of Ankura Consulting as CRO ----------------------------------------------------------- Hardinge Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Ankura Consulting Group, LLC and designate Adrian Frankum as chief restructuring officer. The firm's services include: a. provide Adrian Frankum as Chief Restructuring Officer; b. perform general due diligence on the Debtors in order to gain an understanding of the Debtors, capital structure, contractual commitments and current situation; c. review the Debtors' existing cash management systems and cash flow forecasts, and to the extent necessary, assist in updating or refining the cash flow forecasts; d. assist the Debtors in producing financial analyses and reporting for the lenders and other constituents; e. review the Debtors' existing business plans and financial forecasts and to the extent necessary, assist in updating or refining the plans and forecasts to take into account various scenarios to pressure test the plan; f. assist the Debtors in developing, evaluating and executing various restructuring strategies, including assisting with negotiation with creditors and other constituents, as requested; g. assist the Debtors in contingency planning and preparations, as may be requested by the Debtors; h. assist the Debtors in the administration of its chapter 11 cases, including DIP financing and chapter 11 reporting, vendor analysis and negotiations, witness testimony, and other transition service workstreams, as may be requested by the Debtors; i. assist and prepare the Debtors for asset sales pursuant to section 363 of the Bankruptcy Code or other sale process as requested by Debtors; and j. perform such other professional services as may be requested by the Debtors and agreed to by Ankura in writing. The firm will be paid at these rates: a. CRO Fee: a monthly fee for the CRO in the amount of $125,000 (the "CRO Fee"); and b. Advisory Fees based on the actual hours expended by Ankura personnel other than the CRO at Ankura's standard hourly rates currently in effect as follows (the "Advisory Fees"): Professional Level Rates Per Hour Senior Managing Director $1,205 – $1,350 Managing Director $1,000 – $1,120 Director/Senior Director $685 – $945 Associate/Senior Associate $460 – $630 Paraprofessionals $360 – $415 For the 90 days prior to the Petition Date, Ankura received payments and advances in the aggregate amount of $1,597,850.50 for professional services performed and to be performed. Ankura has a remaining credit balance in favor of the Debtors for professional services performed and to be performed, and expenses incurred and to be incurred, in connection with these Chapter 11 Cases in the amount of approximately $516,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Adrian Frankum, a senior managing director at Ankura Consulting Group, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Adrian Frankum Ankura Consulting Group, LLC 485 Lexington Avenue, 10th Floor New York, NY 10017 Direct: (646) 968-3655 Mobile: (917) 601-0224 Email: adrian.frankum@ankura.com About Hardinge Inc. Hardinge Inc. globally designs, manufactures, and distributes computer-controlled metal cutting lathes, grinding and related tooling, and accessories. It markets its products in the United States, Europe, and Asia. The company is based in Elmira, N.Y. Hardinge and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11605) on July 29, 2024. In its petition, Hardinge reported $100 million to $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Ropes & Gray, LLP and Chipman Brown Cicero & Cole, LLP as bankruptcy counsels; Houlihan Lokey Capital, Inc. as financial advisor and investment banker; Adrian Frankum of Ankura Consulting Group, LLC as chief restructuring officer; and C Street Advisory Group, LLC as strategic communications advisor. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. HARDINGE INC: Hires Ropes & Gray LLP as Attorney ------------------------------------------------ Hardinge Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Ropes & Gray LLP as attorney. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; b. advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c. advising the Debtors regarding related tax matters; d. taking any necessary action on behalf of the Debtors to negotiate, draft, and obtain approval of a chapter 11 plan and all documents related thereto; e. representing the Debtors in connection with obtaining authority to use cash collateral and postpetition financing; f. representing the Debtors in connection with obtaining authority to sell all or some of the Debtors' assets; g. attending meetings and negotiating with representatives of creditors and other parties in interest; h. taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors' interests in negotiations concerning litigations in which the Debtors are involved, including objections to the claims filed against the Debtors' estates; i. preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; j. appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; and k. performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors; and (iii) advising the Debtors on corporate and litigation matters. The firm will be paid at these rates: Partners $1,600 to $2,460 per hour Counsel $1,000 to $2,460 per hour Associates $830 to $1,490 per hour Paraprofessionals $315 to $695 per hour The Debtor paid the firm an advance retainer of $150,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: The Debtors and Ropes & Gray entered into the Engagement Agreement effective as of May 21, 2024. Ropes & Gray has charged the Debtors the standard rates in effect as of January 1, 2024, which are: $1,600 to $2,460 for partners; $1,000 to $2,460 for counsel; $830 to $1,490 for associates; and $315 to $695 for paraprofessionals. Question: Have the Debtors approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The Debtors approved a budget and staffing plan for Ropes & Gray covering the period from the Petition Date through September 12, 2024. Mr. Galardi disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gregg M. Galardi, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, NY 10036 Telephone: (212) 596-9000 Facsimile: (212) 596-9090 Email: gregg.galardi@ropesgray.com About Hardinge Inc. Hardinge Inc. globally designs, manufactures, and distributes computer-controlled metal cutting lathes, grinding and related tooling, and accessories. It markets its products in the United States, Europe, and Asia. The company is based in Elmira, N.Y. Hardinge and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11605) on July 29, 2024. In its petition, Hardinge reported $100 million to $500 million in both assets and liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Ropes & Gray, LLP and Chipman Brown Cicero & Cole, LLP as bankruptcy counsels; Houlihan Lokey Capital, Inc. as financial advisor and investment banker; Adrian Frankum of Ankura Consulting Group, LLC as chief restructuring officer; and C Street Advisory Group, LLC as strategic communications advisor. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. HIGHLANDS GROUP: Hires Remax Team Realtors as Real Estate Agent --------------------------------------------------------------- The Highlands Group LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennyslvania to employ Remax Team, Realtors as real estate agent. The firm will market and sell the Debtor's real property known as Saylor School Road, Conemaugh Twp., 15905, in Somerset County, Pennsylvania. The firm will be paid a commission of 6 percent of the sale price or $3,500, whichever is greater, and $450 per parcel sold. Robert Colvin, a partner at Remax Team, Realtors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert Colvin Remax Team, Realtors 2225 Ruth Way, Johnstown, PA 15904 Tel: (814) 262-7653 About Highlands Group LLC The Highlands Group LLC in Johnstown, PA, filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Pa. Case No. 24-70160) on April 22, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Brian C. Durham as member, signed the petition. STEIDL & STEINBERG, P.C. serve as the Debtor's legal counsel. ILUSTRATO PICTURES: Delays Filing of Form 10-Q for Q2 2024 ---------------------------------------------------------- Ilustrato Pictures International Inc. disclosed via Form 12b-25 filed with the U.S. Securities and Exchange Commission it is unable to file, without unreasonable effort and expense, its Form 10-Q Quarterly Report for the period ended June 30, 2024, due to a delay in obtaining and compiling information required to be included in its Form 10-Q, which delay could not be eliminated by the Company without unreasonable effort and expense. In accordance with Rule 12b-25 of the Securities Exchange Act of 1934, it is anticipated that the Company will file its Form 10-Q no later than the fifth calendar day following the prescribed due date. About ILUS Ilustrato Pictures International Inc. is a corporation registered in Nevada and operating out of New York and Dubai. The company has acquired and integrated businesses in the global industries of technology, engineering, and manufacturing, with a specific focus on public safety. ILUS has a history of developing and manufacturing Emergency Services products, including Emergency Response vehicles, Special Vehicle conversions, Commercial EVs, and IoT Technology. Additionally, the company intends to acquire complementary companies that have disruptive technology and strong management, with the potential for rapid growth that may benefit from cross-pollination of territories, products, and skills offered by ILUS's other group companies. ILUS operates as a holding company, leveraging its subsidiaries to engage in public safety, technology, engineering, and manufacturing. As of December 31, 2023, the Company had $62,487,166 in total assets, $32,579,545 in total liabilities, and $29,987,621 in total stockholders' equity. Ahmedabad, India-based Pipara & Co LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 1, 2024, citing that the Company suffered losses from operations in CY 2023 and CY 2022 and has a net capital deficiency in the period ended December 31, 2023, and 2022 that raises substantial doubt about its ability to continue as a going concern. IN HOME PROGRAM: Seeks to Hire Gitomer & Berenholz as Accountant ---------------------------------------------------------------- In Home Program, Inc. dba MARSCare seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ an accountant. The Debtors propose to hire Gitomer & Berenholz P.C. to assist in the preparation of corporate tax returns and monthly accounting analysis. The accountants will charge the Debtor a flat fee of $1,000 per month. Richard Gitomer, a certified public accountant and partner at Gitomer & Berenholz, disclosed in a court filing that he and his firm are "disinterested person" as such term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard B. Gitomer Gitomer & Berenholz P.C. 445 Shady Lane Huntingdon Valley, PA 19006 About In Home Program, Inc. In Home Program, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-11991-amc) on June 10, 2024. In the petition signed by David Hatooka, president, the Debtor disclosed up to $1 million in both assets and liabilities. Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, represents the Debtor as legal counsel. INCLINE ENERGY: Seeks to Hire Mullin Hoard & Brown as Legal Counsel ------------------------------------------------------------------- Incline Energy, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Mullin Hoard & Brown, L.L.P. as counsel. The firm's services include: a. preparing all motions, notices, orders and legal papers necessary to comply with the requisites of the United States Bankruptcy Code and Bankruptcy Rules; b. counseling the Debtor regarding preparation of Operating Reports; Motions; and development of a Chapter 11 Plan; and c. providing all other legal services ordinarily associated with a bankruptcy case. The firm will be paid at these rates: Partners/Associates $225 to $520 per hour Associates $155 to $185 per hour Paralegals/ Law Clerks $110 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $45,000. Steven L. Hoard, Esq., a partner at Mullin Hoard & Brown, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David R. Langston, Esq. Mullin Hoard & Brown, L.L.P. P.O. Box 2585 Lubbock, TX 79408-2585 Tel: (806) 372-5050 Fax: (806) 372-5086 Email: drl@mhba.com About Incline Energy, Inc. Incline Energy, Inc. sought protection for relief under Chapter 11 of the Bankrutpcy Code (Bankr. W.D. Tex. Case No. 24-70109) on July 31, 2024, listing $100,001 to $500,000 in both assets and liabilities. David R. Langston, Esq. at Mullin Hoard & Brown, LLP represents the Debtor as counsel. INTELGENX TECH: Delays Q2 2024 Filing Due to CCAA Restructuring --------------------------------------------------------------- Intelgenx Technologies Corp. disclosed via Form 12b-25 filed with the U.S. Securities and Exchange Commission it is unable to file its Quarterly Report on Form 10-Q for the period ended June 30, 2024, within the prescribed time period without unreasonable effort and expense. As previously disclosed, on May 17, 2024, the Company announced that its Board of Directors had authorized the Company and its subsidiary, IntelGenx Corp., to implement a restructuring plan under the Companies' Creditors Arrangement Act (Canada). In connection therewith, the Quebec Superior Court (Commercial Division) issued an order granting the Company protection under the CCAA (R.S.C., 1985, c. C-36) and approved the implementation of a sale and investment solicitation process intended to generate interest in either the business or the assets of the Company, or in a recapitalization of the Company, with the goal of implementing one or more transaction(s). The SISP has delayed the completion and review of the Company's financial statements and related disclosures in the Form 10-Q. Due to the considerable time and resources needed to address the SISP, as well as the evaluation of the technical accounting implications, the resulting diversion of the attention of the Company's limited management and other personnel responsible for preparation of the Form 10-Q, the Company is unable to file the Form 10-Q within the prescribed time period At this time, the Company cannot estimate when it will be able to file the Form 10-Q, if at all. About Intelgenx Technologies Intelgenx Technologies Corp. is a drug delivery company established in 2003 and headquartered in Montreal, Quebec, Canada. Its focus is on the contract development and manufacturing of novel oral thin film products for the pharmaceutical market. More recently, the Company has made the strategic decision to enter the psychedelic market by entering into a strategic partnership with atai Life Sciences. The Company has financed its operations to date primarily through public offerings of its common stock, proceeds from the issuance of convertible notes and debentures, bank loans, royalty, up-front and milestone payments, license fees, proceeds from the exercise of warrants and options, and research and development revenues. The Company has devoted substantially all of its resources to its drug development efforts, conducting clinical trials to further advance the product pipeline, the expansion of its facilities, protecting its intellectual property, and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product pipeline and ultimately upon its ability to attain profitable operations. As of March 31, 2024, the Company had approximately $772,000 in cash. The Company does not have sufficient existing cash to support operations for the next year following the issuance of these financial statements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Therefore, management plans to explore any available strategic alternatives, according to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2024. INVO BIOSCIENCE: Posts $2.2 Million Net Loss in Fiscal Q2 --------------------------------------------------------- INVO Bioscience, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $2,245,170 on $1,836,597 of total revenue for the three months ended June 30, 2024, compared to a net loss of $2,240,511 on $315,902 of total revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $3,841,683 on $3,412,883 of total revenue, compared to a net loss of $4,791,390 on $663,927 of total revenue for the same period in 2023. Clinic revenue increased 611% to $1,807,921, compared to $254,364. All reported clinic revenue is derived from the Company's INVO Center in Atlanta, Georgia, and its fertility clinic in Middleton, Wisconsin, both of which are consolidated in the Company's financial statements. Revenue from all clinics, inclusive of both those accounted for as consolidated and under the equity method, was $2,141,229, an increase of 201% compared to $712,433. Total operating expenses were $3.7 million, a $1.3 million increase compared to $2.4 million. The increase was primarily due to a one-time non-cash expense of $1.0 million and a $0.2 million increase in amortization costs. Q2 2024 operating expenses also included approximately $25,000 pertaining to the proposed merger with NAYA Biosciences, Inc. Adjusted EBITDA, including approximately $25,000 in transaction costs related to the potential merger, compared to $(1.6) million in the prior year. Management Commentary "The growing, positive impact of our acquisition strategy remains in full swing as we report record second quarter revenue – up 481% year-over-year and 17% sequentially – with a $1.1 million improvement in adjusted EBITDA," commented Steve Shum, CEO of INVO. "Our fertility centers in Middleton, Atlanta, and Birmingham are all experiencing sequential revenue growth and are collectively profitable. This growth and clinic-level profit, coupled with our careful management of overall corporate expenses, positions us to achieve our stated goal of reaching breakeven with our current operations. To accelerate our path to profitability, we also expect to resume both our acquisition and new INVO Center activities in 2025. I look forward to the continued strong execution by our team and making fertility care more accessible and inclusive to people in need." As of June 30, 2024, the Company had $18,031,759 in total assets, $16,668,243 in total liabilities, and $1,363,516 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yck92fh6 About INVO Bioscience Inc. INVO Bioscience, Inc. is a healthcare services fertility company dedicated to expanding the assisted reproductive technology marketplace by making fertility care more accessible and inclusive to people around the world. Its commercial strategy is primarily focused on operating fertility-focused clinics, which includes the opening of dedicated "INVO Centers" offering the INVOcell and IVC procedure (with three centers in North America now operational) and the acquisition of US-based, profitable in vitro fertilization clinics (with the first acquired in August 2023). The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered net losses from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. For the years ended December 31, 2023 and 2022, INVO Bioscience incurred a net loss of approximately $8.0 million and $10.9 million, respectively. J DREYFUSS: Seeks Approval to Hire RHM Law as Bankruptcy Counsel ---------------------------------------------------------------- J Dreyfuss & Associates Inc seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire RHM Law, LLP as its counsel. The firm's services include: (a) advise and assist regarding on compliance with the requirements of the United States Trustee; (b) advise regarding matters of bankruptcy law; (c) advise regarding cash collateral matters; (d) conduct examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; (e) advise concerning the requirements of the Bankruptcy Code and applicable rules; (f) assist with the negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and (g) make any appearances in the Bankruptcy Court on behalf of the Debtor; and to take such other action and to perform such other services as it may require. The firm's hourly rates are as follows: Matthew D. Resnik, Partner $675 Roksana D. Moradi-Brovia, Partner $600 W. Sloan Youkstetter, Associate $450 Russell J. Stong, III, Associate $450 David M. Kritzer, Associate $450 Rosario Zubia, Paralegal $175 Joan Fidelson, Paralegal $175 Priscilla Bueno, Paralegal $135 Rebeca Benitez, Paralegal $135 Max Bonilla, Paralegal $135 Susie Segura, Paralegal $135 M. Jonathan Hayes, Senior Bankruptcy Associate $725 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $15,000 Beth Welty Dreyfuss from her personal funds. M. Jonathan Hayes, Esq., a senior counsel at RHM Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: M. Jonathan Hayes, Esq. RHM Law LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 Email: roksana@RHMFirm.com About J Dreyfuss & Associates Inc J Dreyfuss & Associates Inc filed its voluntary petition for relief as a Chapter 7 case (Bankr. C.D. Cal. Case No. 24-11393) on Feb 26, 2024. It was converted to Chapter 11 by the order entered on July 26, 2024. At the time of filing, the Debtor estimated up to $50,000 in both assets and liabilities. Bradley J. Yourist, Esq. at Youris Law Corporation, APC as its counsel. J R LEGACY: Hires Buddy D. Ford P.A. as Attorney ------------------------------------------------ J R Legacy Designs, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Buddy D. Ford, P.A.as attorney. The firm will provide these services: a. analyze the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the debtor and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court. d. represent the Debtor at the Section 341 Creditors' meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in Possession in the continued operation of its business and management of its property; if appropriate; f. advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on the behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; h. protect the interest of the Debtor in all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for Debtor as Debtor-in-Possession which may be necessary herein, and it is necessary for Debtor as Debtor-in-Possession to employ this attorney for such professional services. The firm will be paid at these rates: Buddy D. Ford $450 per hour Senior associate attorneys $400 per hour Junior associate attorneys $350 per hour Senior paralegal services $150 per hour Junior paralegal $100 per hour The firm will be paid a retainer in the amount of $16,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Buddy D. Ford, a partner at Buddy D. Ford P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Buddy D. Ford, Esq. Buddy D. Ford P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Email: Buddy@tampaesq.com About J R Legacy Designs, LLC JR Legacy Designs, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-04620) on August 7, 2024, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Roberta A. Colton presides over the case. Buddy D. Ford, Esq. at Buddy D. Ford, P.A. represents the Debtor as legal counsel. KYMERA INTERNATIONAL: S&P Withdraws 'B-' Issuer Credit Rating ------------------------------------------------------------- S&P Global Ratings withdrew all of its ratings on Kymera International LLC including its 'B-' issuer credit rating and 'B-' issue-level rating and '4' recovery rating on its senior secured term loan, at the issuer's request. At the time of the withdrawal, its outlook on the company was negative. LEARFIELD COMMUNICATIONS: Moody's Alters Outlook on Caa1 CFR to Pos ------------------------------------------------------------------- Moody's Ratings affirmed Learfield Communications, LLC's (Learfield) Caa1 Corporate Family Rating, Caa1-PD Probability of Default Rating and Caa1 backed senior secured first lien bank credit facilities ratings. The outlook was changed to positive from stable. The affirmation of the Caa1 CFR and positive outlook reflect Moody's expectation that Learfield will continue to display improving operating performance supported by higher sponsorship revenue during the upcoming college football and basketball seasons, renegotiated multimedia rights agreements with better deal economics and strong demand for live events. Over the next 12 to 18 months, Moody's expect low single digit revenue growth and improving EBITDA margins to drive debt to EBITDA to below 4x and positive free cash flow. EBITDA margins will expand driven by top line growth and disciplined cost management. The improving credit metrics better position the company to operate in the highly competitive college multimedia rights industry. RATINGS RATIONALE Learfield's Caa1 CFR reflects moderate financial leverage with the potential for further de-leveraging, high competition within the college multimedia rights industry, exposure to cyclical advertising demand and potential for higher multimedia rights fees. Learfield's debt to EBITDA declined sequentially to 4.0x (4.3x excluding Moody's standard lease adjustments) in the LTM period ending March 2024 (Q3 FY 2024) from 6.8x (7.9x excluding lease) in the LTM September 2023 (Q1 FY 2024) driven by reduced debt post-restructuring and profit expansion. The adjusted EBITDA margin has expanded to low teens percentage in LTM March 2024 from mid-single digits in FY 2023. The company has taken measures to improve its profitability by renegotiating several multimedia rights contracts with more favorable terms, foregoing deals that were not profitable, optimizing the pricing of its inventory and reducing costs. Within the ticketing segment, Learfield partnered with SeatGeek, a ticketing platform, to deliver secondary tickets with better terms compared to its previous partnership. In addition, the company divested its venue technologies segment which was a capital intensive and low margin business. The company is also operating under a more sustainable capital structure following the comprehensive debt restructuring in September 2023. Revenue growth for collegiate sports media rights will be supported by overall strength in sports assets and the underpenetrated advertising levels compared to professional sports rights. Moody's expect the company will continually look for new opportunities to expand sponsorship revenues which would benefit existing and renewed contracts with expanded media rights. Learfield benefits from its significant size in the collegiate multimedia rights industry following the merger with IMG College in 2018. The strong fan base for college sports and the underpenetrated nature of college media rights compared to professional sports are positive and will support higher sponsorship revenue over time. Learfield also operates with long contract periods with its collegiate multimedia rights partners and has a substantial amount of pre-sold ad inventory which improves revenue visibility. While Learfield's multimedia rights business accounts for a significant portion of operations, the company is also focused on improving its licensing and ticketing businesses. Moody's expect Learfield to maintain good liquidity over the next 12-18 months supported by cash holdings of $258 million as of Q3 FY 2024 following the $150 million equity rights offering completed as part of the restructuring in September 2023 and access to an undrawn $125 million revolving credit facility. Moody's expect free cash flow to turn positive in the range of $10 million to $15 million in FY 2024; however, operating cash flow is seasonal quarter over quarter due to the rights fee payments concentrated in Q2 (ending in December) and Q4 (ending in June). The company's basic cash uses include annual interest expense of approximately $60 million, the mandatory 1% amortization per annum on the first lien term loan equivalent to $5.7 million, capital expenditures and working capital needs. Learfield's debt maturity profile is well-positioned with its revolver set to expire in December 2027 and first lien term loan due June 2028. While the term loan is covenant-lite with no financial maintenance covenants, the revolver contains a springing first lien net leverage covenant set wide with a step down beginning the quarter ending March 2025 that is applied when more than 35% of the facility is outstanding. The first lien credit agreement also contains a mandatory excess cash flow sweep depending on the level of the first lien net leverage ratio. The senior secured first lien revolving credit facility and senior secured first lien term loan are each rated Caa1, the same as the Caa1 CFR due to all first lien debt in the capital structure. The Caa1-PD PDR reflects a 50% mean family recovery rate in the event of default given lack of financial maintenance covenants. Learfield's ESG Credit Impact Score is CIS-5 driven by the company's exposure to governance risks. While the debt restructuring lowered leverage levels, extended debt maturities and improved the free cash flow generation of the business, the recently completed debt restructuring highlights an inconsistent track record of performance and a history of operating with elevated leverage. Learfield is owned largely by former debt holders which are likely to pursue an exit of their ownership position over time. The positive outlook reflects Moody's expectation of Learfield's continued revenue and profit growth resulting in expanding free cash flow generation and deleveraging with maintenance of good liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Learfield demonstrates a track record of continued positive organic revenue growth and expanding profitability along with an expectation of positive free cash flow generation post restructuring. A good liquidity position with meaningful revolver availability and prudent financial policies would also be required. The ratings could be downgraded if Moody's adjusted leverage (excluding lease adjustments) remains above 7x due to lost multimedia rights contracts or overall weak operating performance. A deteriorating liquidity position could also lead to negative ratings pressure. Learfield Communications, LLC (Learfield) (dba Learfield IMG College) is an operator in the collegiate sports multimedia rights and marketing industry with partnerships with approximately 200 premier collegiate athletic organizations. In September 2023, a debt restructuring was completed with former debt holders. The company is headquartered in Plano, TX with satellite sales offices located on or near college campuses across the country. The company reported consolidated revenue of $1.28 billion as of LTM Q3 FY 2024. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. LITHIUM TECHNOLOGIES: Sixth Street Marks $60.7MM Loan at 23% Off ---------------------------------------------------------------- Sixth Street Specialty Lending, Inc has marked its $60,749,000 loan extended to Lithium Technologies LLC to market at $46,625,000 or 77% of the outstanding amount, as of June 30, 2024, according to a disclosure contained in Sixth Street's Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission. Sixth Street is a participant in a First Lien Loan to Lithium Technologies LLC. The loan accrues interest at a rate of 16.33% Payment in Kind (SOFR + 11%) per annum. The loan matures in January 2025. Sixth Street is a Delaware corporation formed on July 21, 2010. The Company was formed primarily to lend to, and selectively invest in, middle-market companies in the United States. The Company has elected to be regulated as a business development company under the 1940 Act. In addition, for tax purposes, the Company has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Company is managed by Sixth Street Specialty Lending Advisers, LLC. On June 1, 2011, the Company formed a wholly-owned subsidiary, TC Lending, LLC, a Delaware limited liability company. On March 22, 2012, the Company formed a wholly-owned subsidiary, Sixth Street SL SPV, LLC, a Delaware limited liability company. On May 19, 2014, the Company formed a wholly-owned subsidiary, Sixth Street SL Holding, LLC, a Delaware limited liability company. On December 9, 2020, the Company formed a wholly-owned subsidiary, Sixth Street Specialty Lending Sub, LLC, a Cayman Islands limited liability company. Sixth Street is led by Joshua Easterly, Chief Executive Officer; and Ian Simmonds, Chief Financial Officer. The fund can be reach through: Joshua Easterly Sixth Street Specialty Lending, Inc 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Tel: (469) 621-3001 Lithium Technologies, LLC develops software applications. The Company offers online community, social media management, analytic, technology products, social marketing, customer support, and crowdsourcing idea solutions. Lithium Technologies serves customers in the United States. LL FLOORING: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of LL Flooring Holdings, Inc. and its affiliates. The committee members are: 1. Singapore Lioncore Industries Pte Ltd. Attn: James Wong 6 Raffles Quay #14-06 Raffeles Quay, Singapore 048580 Phone: +86-13761168889 Email: jameswong@lioncore-vn.com 2. Ansen Technology Co., Ltd. Attn: Alex Tao 88/8-88/9 Moo 10 Khao Khansong Sri Racha, Chonburi Thailand 20110 ' Phone: +86 15167211311 Email: alextao@sendabamboo.com 3. Welspun Global Brands Limited Attn: Sandeep Kumar, 6th Floor Welspun House, Kamala Mills Compound Lower Parel Mumbai, Maharashtra India 400013 Phone: +91 22 6613 6000 Email: companysecretary_wgbl@welspun.com 4. Beasley Flooring Products, Inc. Attn: Truss Beasley 770 Uvalda Highway Hazelhurst, GA 31539 Phone: 912-375-5174 Email: truss.beasley@beasleygroup.com 5. United Surface Solutions LLC Attn: Johnny Barnes 1996 Highway 225 South Chatsworth, GA 30705 Phone: 770-608-0655 Email: jbarnes@unitedsurfaces.com 6. Novalis US, LLC Attn: Mark Hansen 200 Munekata Drive SE Dalton, GA 30721 Phone: 716-523-7105 Email: mark.hansen@novalis-intl.com 7. Macon Hardwood LLC Attn: Justin Duke P.O. Box 538 Bolingbroke, GA 31004 Phone: 478-405-2299 Email: justin@maconhardwood.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About LL Flooring Holdings LL Flooring Holdings, Inc. is a specialty retailer of flooring. The company carries a wide range of hard-surface floors and carpets in a range of styles and designs, and primarily sells to consumers or flooring-focused professionals. LL Flooring and four of its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11680) on August 11, 2024. In the petitions signed by Holly Etlin as chief restructuring officer, LL Flooring disclosed total assets of $501,117,025 and total debt of $416,298,035 as of July 31, 2024. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as counsel. Houlihan Lokey Capital Inc. serves as the Debtors' investment banker, AlixPartners LLP acts as the Debtors' financial advisor, and Stretto, Inc. acts as the Debtors' claims and noticing agent. LOS TRECE TEXAS: Hires Barron & Newburger as Legal Counsel ---------------------------------------------------------- Los Trece Texas, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Barron & Newburger, PC as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in the continued management of its assets; (b) review the nature and validity of claims asserted against the property of the Debtor and advise concerning the enforceability of such claims; (c) prepare on behalf of the Debtor all necessary legal documents and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, legal papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The firm will be paid at these rates: Stephen Sather, Esq. $600 per hour Other Attorneys $250 to $450 per hour Legal Assistants $40 to $100 per hour The firm will also seek reimbursement for expenses incurred. The firm received a retainer in the amount of $12,500 from the Debtor. Stephen Sather, Esq., an attorney at Barron & Newburger, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen W. Sather, Esq. Barron & Newburger PC 7320 N. MoPac Expy., Ste. 400 Austin, TX 78731 Telephone: (512) 476-9103 Facsimile: (512) 279-0310 Email: ssather@bn-lawyers.com About Los Trece Texas, LLC Los Trece Texas LLC is a destination for events, weekly live music, food, and hand-crafted cocktails. Los Trece Texas LLC sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10768) on July 1, 2024. In the petition signed by Carrie Wells, as manager, the Debtor estimated assets and liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Shad Robinson oversees the case. The Debtor is represented by: Stephen W Sather, Esq. BARRON & NEWBURGER, P.C. 7320 N. MoPac Expressway 400 Austin, TX 78731 Tel: (512) 649-3243 Email: ssather@bn-lawyers.com LUCKY NUMBER: Hires ERA Ranch as Real Estate Broker --------------------------------------------------- Lucky Number Seven, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ ERA Ranch and Sea Realty/Juncal Real Estate as real estate broker. The firm will market and sell the Debtor's real property located at 898 North E. Street, San Bernardino, CA 92410. The firm will be paid a commission of 5 percent of the sales price. Cessly Bartlett, a partner at ERA Ranch and Sea Realty/Juncal Real Estate, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Cessly Bartlett ERA Ranch and Sea Realty/Juncal Real Estate 2963 Carlsbad Blvd. Carlsbad, CA 92008 Tel: (760) 720-0600 About Lucky Number Seven, Inc. Lucky Number Seven, Inc. owns two properties in Bernardino, CA having a total comparable sale value of $1.07 million. Lucky Number Seven, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-15263) on July 2, 2024. In the petition signed by Micaiah James Ernest Barber, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $1 million in liabilities. Anthony O. Egbase, Esq., at A.O.E. Law & Associates, APC serves as the Debtor's bankruptcy counsel. LUNA DAIRY: Hires Hilda Pino Gonzalez as Realtor ------------------------------------------------ Luna Dairy, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Hilda Pino Gonzalez as realtor. The firm will provide these services: a. offer the property located at Barrio Florida, Florida, Puerto Rico, for sale in accordance with established local practices; b. assist Debtors in any negotiations for the sale of the property; c. advertise and offer the property at its own expenses; d. perform all duties of a real estate Broker with respect to the property; e. provide the Debtor with information concerning the person and/or entities to which the property has been offered the property; d. assist debtor in developing and organizing the property date of the property. The firm will be paid as follows a. 5 percent of the sale amount payable upon the execution of the corresponding deed of sale. b. The broker fully understand that its fees must be approved by the Court upon a proper application and notice thereof and has agreed to consult with the Debtor and Debtor's attorney at all times Hilda Pino Gonzalez, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Hilda Pino Gonzalez 3071 Alejandrino Avenue, Suite 250 Guaynabo, Puerto Rico 00969 7035 Telephone: (787) 287-0100 Facsimile: (787) 287-0105 About Luna Dairy, Inc. Luna Dairy Inc. is engaged in the production of cows' milk and other dairy products and in raising dairy heifer replacements. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 23-02837) on September 9, 2023. In the petition signed by Jorge Lucena Betancourt, president, the Debtor disclosed $4,102,639 in assets and $11,316,130 in liabilities. Judge Edward A. Godoy oversees the case. Carmen D. Conde Torres, Esq., at C. Conde & Associates, represents the Debtor as legal counsel. M&M HOLDINGS: Hires Michelle Steel as Bookkeeper ------------------------------------------------ M&M Holdings of Charleston, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Virginia to employ Michelle Steele as bookkeeper. The firm will provide these services: a. review all financial statements; b. prepare and assist in the preparation and filing of the Debtor's monthly Operating Reports; and c. assist Debtor's counsel in preparation of financial projections to be used in connection with a Disclosure Statement and Plan. The Debtor intends to use the accountants Gray, Griffith & Mays to prepare tax returns. The firm will be paid at the rate of $75 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in court filings, Ms. Steele does not represent interests adverse to the Debtor or the estate in the matters upon which she has been engaged. The professional can be reached at: Michelle Steele Michelle Steele Accounting Solutions, Inc. 5306 Dalewood Drive Cross Lanes, WV 25313 Telephone: (304) 553-2294 About M & M Holdings of Charleston M&M Holdings of Charleston, LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. W. Va. Case No. 24-20099) on May 9, 2024, with as much as $1 million in both assets and liabilities. Judge B. Mckay Mignault oversees the case. Joseph Caldwell, Esq., at Caldwell & Riffee, PLLC and Matthew M. Johnson, Esq., serve as the Debtor's counsel. MACLEOD ALE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: MacLeod Ale Brewing Company, LLC 14741 Calvert St. Van Nuys CA 91411 Business Description: Established in 2014, MacLeod Ale Brewing Company offers a huge selection of craft beer, brewed in Van Nuys, including traditional British Cask ale. Chapter 11 Petition Date: August 22, 2024 Court: United States Bankruptcy Court Central District of California Case No.: 24-11399 Judge: Hon. Martin R Barash Debtor's Counsel: Lovee D. Sarenas, Esq. DINSMORE & SHOHL LLP 550 S. Hope Street, Suite 1765 Los Angeles, CA 90071 Tel: (213) 335-7737 Email: lovee.sarenas@dinsmore.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jennifer A. Febre as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/T765ITY/MacLeod_Ale_Brewing_Company_LLC__cacbke-24-11399__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/TQSYRMA/MacLeod_Ale_Brewing_Company_LLC__cacbke-24-11399__0001.0.pdf?mcid=tGE4TAMA MANNING LAND: Case Summary & One Unsecured Creditor --------------------------------------------------- Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Manning Land Company, LLC 24-16757 9531 Beverly Road Pico Rivera CA 90660 Manning's Beef, LLC 24-16758 9531 Beverly Road Pico Rivera CA 90660 ADD Enterprises, Inc., 24-16759 94 Old Brook Road Dix Hills NY 11746 Charlie DiMaria & Son Inc., 24-16760 9531 Beverly Road Pico Rivera CA 90660 RNCK, Inc. 24-16761 94 Old Brook Road Dix Hills NY 11746 Business Description: The Debtors operate a meat product manufacturing business. Chapter 11 Petition Date: August 22, 2024 Court: United States Bankruptcy Court Central District of California Judge: Hon. Vincent P Zurzolo (24-16757) Hon. Barry Russell (24-16758) Hon. Neil W Bason (24-16759) Hon. Sandra R Klein (24-16760) Debtors' Counsel: Leonard M. Shulman, Esq. SHULMAN BASTIAN FRIEDMAN & BUI LLP 100 Spectrum Center Drive, Suite 600 Irvine, California 92618 Tel: (949) 340-3400 Fax: (949) 340-3000 Email: LShulman@shulmanbastian.com Manning Land's Estimated Assets: $10 million to $50 million Manning Land's Estimated Liabilities: $10 million to $50 million Manning's Beef's Estimated Assets: $1 million to $10 million Manning's Beef's Estimated Liabilities: $10 million to $50 million ADD Enterprises' Estimated Assets: $500,000 to $1 million ADD Enterprises' Estimated Liabilities: $1 million to $10 million Charlie DiMaria's Estimated Assets: $100,000 to $500,000 Charlie DiMaria's Estimated Liabilities: $10 million to $50 million RNCK, Inc.'s Estimated Assets: $1 million to $10 million RNCK, Inc.'s Estimated Liabilities: $1 million to $10 million The petitions were signed by Salvatore Anthony DiMaria as managing member. Full-text copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/S4HSYKQ/Manning_Land_Company_LLC_a_California__cacbke-24-16757__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ABNN7XA/Mannings_Beef_LLC_a_California__cacbke-24-16758__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/AOWT5CI/ADD_Enterprises_Inc_a_Delaware__cacbke-24-16759__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ALAHQTQ/Charlie_DiMaria__Son_Inc_a_California__cacbke-24-16760__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/KJZB25Q/RNCK_Inc_a_New_York_Corporation__cacbke-24-16761__0001.0.pdf?mcid=tGE4TAMA Manning Land's Sole Unsecured Creditor: Entity Nature of Claim Claim Amount 1. Producers Livestock Trade Debt $1,284,639 Marketing P.O. Box 105 Salina, UT 84654 Attn: Rick Obrien Tel: 801-652-5538 MERCY HOTEL: Plan Exclusivity Period Extended to Nov. 10 -------------------------------------------------------- Judge Sage M. Sigler of the U.S. Bankruptcy Court for the Northern District of Georgia extended Mercy Hotel Group, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Nov. 10, 2024 and Jan. 9, 2025, respectively. As shared by Troubled Company Reporter, Batson-Cook Company filed a Motion for (1) Relief from the Automatic Stay and (2) to Compel Arbitration on July 16, 2024 (the "Arbitration Motion"). Batson Cook asserts an approximately $2,400,000 secured claim against Debtor. The Debtor disputes Batson Cook's value of its claim. The parties have engaged in limited settlement discussions without a resolution. The Debtor explains that facts and circumstances of this Chapter 11 case warrant the requested extension of the Exclusivity Periods. Debtor cannot formulate a plan of reorganization or solicit acceptances of a plan until the amount of the Batson Cook claim is determined. The Batson Cook claim is a significant claim in this case and its resolution plays a pivotal role in the plan provisions. The Debtor asserts that the request for an extension will not unfairly prejudice or pressure its creditors or grant Debtor any unfair bargaining leverage. Debtor needs creditor support to confirm any plan, so Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. Debtor seeks an extension of the Exclusivity Periods to advance the case and to determine the extent and amount of Batson Cook's claim. The Debtor further asserts that termination of the current Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. Mercy Hotel Group, LLC is represented by: Will B. Geer, Esq. Rountree Leitman Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Facsimile: (404) 704-0246 Email: wgeer@rlkglaw.com About Mercy Hotel Group Mercy Hotel Group, LLC, is engaged in activities related to real estate. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-53760) on April 12, 2024. In the petition signed by Aziz Dhanani, manager and member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Sage M. Sigler oversees the case. Will B. Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, is the Debtor's legal counsel. MR. KNICKERBOCKER: Hires TCB Tax and Bookkeeping as Accountant -------------------------------------------------------------- Mr. Knickerbocker, Inc. seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ TCB Tax and Bookkeeping, LLC as accountant. The firm will assist the Debtor in completing all the necessary bookkeeping and tax reporting for the Debtor. The firm will be paid at $475 per month. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jacqueline Reynolds, a partner at TCB Tax and Bookkeeping, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jacqueline Reynolds TCB Tax and Bookkeeping, LLC 6717 Highway 76 Pendleton, SC 29670 Tel: (864) 646-7555 About Mr. Knickerbocker Mr. Knickerbocker, Inc. is a retailer of apparel and accessories in Clemson, S.C. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. S.C. Case No. 24-02433) on July 5, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christine Brimm, Esq., serves as Subchapter V trustee. Judge Helen E. Burris presides over the case. W. Harrison Penn, Esq., at Penn Law Firm, LLC represents the Debtor as bankruptcy counsel. NEVADA COPPER: Committee Hires Thornton Grout as Canadian Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of Nevada Copper, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Thornton Grout Finnigan LLP as Canadian counsel. The firm's services include: a. monitoring the Canadian Proceeding, reporting and providing advice to the Committee with respect to the impact of the Canadian Proceeding upon the Committee's position in these Chapter 11 Cases; b. representing the Committee at hearings before the Canadian Court; c. preparing any material necessary for such hearings or proceedings; and d. performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law relating to Canadian law or the Canadian Proceeding. The firm will be paid at these rates: Attorneys CDN $500 to $1,250 per hour Law clerks CDN $375 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Blake Houston, Esq., a partner at Thornton Grout Finnigan LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Blake Houston, Esq. Thornton Grout Finnigan LLP 100 Wellington Street West, Suite 3200 Toronto-Dominion Centre Toronto, ON M5K 1K7 Canada Phone: (416) 304-0559 E-mail: djmiller@tgf.ca About Nevada Copper, Inc. Nevada Copper, Inc. and affiliates have been in the business of mining copper and other minerals and operating a processing plant that refines copper ore into copper concentrate, with the bulk of the debtors' operations focused on their Pumpkin Hollow project, which is located outside of Yerington, Nevada. The project, which contains substantial mineral reserves and resources, including copper, gold, silver, and iron magnetite, consists of an underground mine and processing facility, together with an open-pit project that is in the pre-feasibility stage of development. The debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 24-50566) on June 10, 2024. In the petition signed by Gregory J. Martin, executive vice president and chief financial officer, Nevada Copper disclosed $500,000,001 to $1 billion in assets and $100 million to $500 million in liabilities. Judge Hilary L. Barnes oversees the cases. The debtors tapped Allen Overy Shearman Sterling US, LLP, as general bankruptcy counsel; McDonald Carano, LLP, as Nevada bankruptcy counsel; AlixPartners, LLP, as financial and restructuring advisor; Torys, LLP, as special Canadian and corporate counsel; Moelis & Company, LLC, as financial advisor and investment banker; and Epiq Corporate Restructuring, LLC, as notice and claims agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Nevada Copper, Inc. and Nevada Copper Corp. NEW FORTRESS: Moody's Affirms 'B1' CFR & Alters Outlook to Neg. --------------------------------------------------------------- Moody's Ratings affirmed ratings of New Fortress Energy Inc.'s (NFE), including its B1 corporate family rating, B1-PD probability of default rating, and B1 and Ba3 ratings on its senior secured notes and senior secured term loan B respectively. The SGL-3 Speculative Grade Liquidity rating (SGL) remains unchanged. The outlook was changed to negative from stable. RATINGS RATIONALE The change of the outlook to negative reflects heightened financial risks pending conclusion of the refinancing effort in 2024 and successful resolution of the material claim raised by NFE in relation to the recent amendment of its natural gas supply contracts in Puerto Rico that should bring significant cash proceeds. The negative outlook also reflects NFE's heightened leverage, that will exceed 5x debt/EBITDA level, that Moody's view as appropriate for the B1 CFR. The affirmation of B1 CFR recognizes continuous effort to reduce execution and operating risks, including recent launch of the first LNG facility (FLNG1) in July 2024, optimization of the asset footprint in Puerto Rico, as well as some growth in earnings in Brazil and a number of other Caribbean markets. In 2024 and 2025, Moody's expect NFE to generate steady earnings and derive the majority of projected EBITDA and operating cash flow in Puerto Rico, including under the amended long term contract to supply LNG to the emergency power plants recently sold by NFE. In June 2024, NFE agreed to sell the two power plants and reorganize its power supply arrangement into a long term supply contract. The company has submitted $659 million compensation claim in recognition of its forgone revenue resulting from the reorganization of the emergency power supply contracts. NFE is expanding its LNG production capacity and is managing substantial operational risks inherent to construction and commissioning of modular LNG facilities. The company has successfully started operations at its first FLNG1 facility offshore Mexico in July 2024 and plans are advancing to construct the second onshore LNG facility (FLNG2) in Mexico. NFE CAPEX guidance for 2024 is $1.5 billion, down from $2.8 billion invested in 2023. With a large part of the capital investment in the construction of the FLNG2 facility planned for 2024, Moody's expect capex to decline significantly in 2025, allowing NFE to become free cash flow positive in 2025 and thereafter. To fund construction of the FLNG2 facility, NFE recently entered into a $700 million term loan agreement. The term loan (unrated) is a senior secured obligation of NFE and benefits from the same guarantee and security package as its 2025, 2026 and 2029 notes. In addition, the new term loan is secured by the assets comprising the FLNG2 project. The B1 CFR assumes that the company will proactively manage its refinancing requirements in near term, will turn free cash flow positive and will extend its debt maturity profile and reduce debt and leverage through further optimization of its asset footprint. NFE's financial risks are high given the much higher than expected financial leverage and refinancing requirements in 2025 and 2026. NFE's liquidity is sufficient to fund its operations, but the company needs to execute on its debt reduction and refinancing plans to maintain adequate liquidity consistent with its SGL-3 rating. NFE has flexibility to raise capital through sale of some of its infrastructure assets, and is working to raise cash through the claim it submitted in relation to the reorganization of emergency power supply in Puerto Rico. Timing and valuation of such sales and claims are inherently uncertain. In 2024, NFE sold two generation facilities in Puerto Rico and its liquefaction and storage facility in Miami, raising about $465 million. While Moody's expect NFE to reduce capex and start generating positive free cash flow in 2025, it won't be sufficient to address its bond maturity in 2025. At June 30, 2024, NFE reported $133 million in cash and $165 million in restricted cash balances, and had no availability under its $1 billion senior secured revolver facility. The company has $875 million and $1.5 billion notes maturing in 2025 and 2026 respectively. The $1 billion revolver facility will mature in 2026, if the 2025 notes are refinanced, or alternatively the facility will mature approximately sixty days prior to the maturity of the September 2025 notes. NFE's $856 million term B loan facility matures in 2028 and the new $700 million term loan will mature in 2027. However, both of these term loan maturities will accelerate to July 2025, or July 2026, in advance of the existing 2025 or 2026 secured notes maturities if those notes remain outstanding. NFE's senior secured term B loan facility is rated Ba3, one notch above the CFR and the B1 rating of the senior secured 2025, 2026 and 2029 notes. The Ba3 rating is supported by its first priority claim on significant additional collateral related to the pledge of the FLNG1 facility, shared pro rata with the lenders under the revolver facility, but not with the holders of the existing notes. The term B loan facility also shares on a pari passu basis the collateral and guarantees of the other operating subsidiaries, that support obligations under NFE's existing revolver facility and the senior secured notes. NFE also maintains a number of secured facilities raised at the level of operating companies, including notably facilities guaranteed and secured by its operating and holding subsidiaries in Brazil, that do not guarantee obligations under the 2025, 2026 and 2029 notes, the revolver and the new term B loan facility. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The B1 ratings may be downgraded if NFE's liquidity position weakens as a result of delay in the refinancing, or if its leverage remains above 5x debt/EBITDA as a result of delays in asset sales or if it is unsuccessful in its claims related to Puerto Rico. Moody's may also downgrade the ratings if risks related to the expansion exceed initial expectations, including an adverse change in natural gas market conditions, or rising technological, execution and construction risks resulting in cost overruns, construction delays or lower returns on capital. Given the complexity of the capital structure and differing collateral claims, the ratings on existing debt could be downgraded based on the issuance of new debt and varying collateral claims. The B1 CFR could be upgraded if the company is able to reduce debt and achieve greater simplification in the funding structure, while building a track-record of steady operating and financial performance and optimizing its asset footprint, supporting higher returns on capital employed. The upgrade would require achieving good liquidity, reducing refinancing risk and demonstrating reduced reliance on rising debt to support future growth in earnings and operations through better utilization of the existing assets. The company increasing the stability of its cash flows through long term contracts that minimize both price and volume risk would also support an upgrade. New Fortress Energy Inc. is a US-listed, high growth energy infrastructure company with liquefaction, regasification and distribution natural gas operations in Puerto Rico, Mexico, Jamaica, Nicaragua and Brazil. The principal methodology used in these ratings was Midstream Energy published in February 2022. NEWFOLD DIGITAL: S&P Downgrades ICR to 'B-' on Lower Cash Flow -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Newfold Digital Holdings Inc. to 'B-'. S&P also lowered its rating on the company's first-lien debt and secured notes to 'B-' and unsecured notes to 'CCC' as a result. S&P said, "The stable outlook reflects our belief that Newfold will generate low but positive free cash flow over the next two years because it will benefit from lower floating interest rates. We also expect debt to EBITDA in the high-6x due to revenue stability. "Newfold's free cash flow generation is significantly below what we previously expected primarily due to lower EBITDA and higher interest. The company has $2.5 billion of unhedged floating rate debt, which has burdened cash flow as floating interest rates rose, and the company also priced its secured notes issued last year at a higher rate than we expected. In addition, the company paid an extra $37 million of cash interest in the first half of 2024 due to changing the timing of its interest payments. "Operating trends have also been weaker than expected. Revenue was down 1% year to date through the first half, compared with our prior expectations for 2%-3% growth for full-year 2024. The company attributes its sales decline to delays in benefits from new growth initiatives, continued weakness in aftermarket sales, and the discontinuation of an unprofitable business from a 2022 acquisition. "The impact of lower revenue is compounded by higher sales and marketing expenses in pursuit of faster revenue growth. We expect Newfold will continue to incur high customer acquisition costs because it is paying a higher cost-per-click for online advertising due to competitive dynamics and changes in Google's algorithms for marketing affiliates. The company is also engaging in search engine optimization to improve brand recognition. We believe its brands lack the recognition of key competitor GoDaddy. "We now forecast free cash flow in the 0%-3% range through 2025, which is weaker than most 'B' rated companies. We project free operating cash flow (FOCF) to debt between 0%-1% in 2024 (1%-2% without the extra timing-related $37 million of cash interest). S&P Global economists project the federal funds rate will likely fall to 3.75%-4.00% by the end of 2025 from the current range of 5.25%-5.50%, with 50 basis points of cuts coming this year and another 100 basis points of cuts next year. We estimate this would boost cash flow by more than $20 million in 2025 and $50 million in 2026 compared with 2024 levels. We anticipate this will lead to FOCF to debt improving to 2.5%-3.0% in 2025, which is still more in line with companies rated 'B-'. Without an unexpected improvement in EBITDA, we project FOCF to debt will not approach mid-single-digit percent until 2026 and will rely on rates dropping as planned. "While we believe there is upside to our forecast if its growth initiatives gain traction, our view reflects the company's underperformance and lagging growth compared to peers. Newfold's largest competitor GoDaddy (Go Daddy Operating Co. Inc., BB/Stable) increased revenue 7% in the first half of 2024, exceeding its guidance. Other peers such as Wix (not rated) grew 12%, Shopify (not rated) grew 21%, and Squarespace (not rated) grew 29%. In our view, Newfold has little flexibility to pull back on sales and marketing; otherwise, it risks falling further behind peers. In fact, we believe the possibility of further increases in marketing spending and customer acquisition costs is a key risk. "We could revise our assessment of the company's liquidity if the revolver is not refinanced before it becomes current in February 2025. Our base-case forecast assumes the company can extend the revolver on satisfactory terms before it becomes current, given its relatively stable subscription-based revenue, positive cash flow, and position as one of the largest players in the market. However, there is some risk given recent performance and the $223 million currently outstanding on the revolver as of June 30, 2024. We expect cash flow in the second half of the year will be better than in the first half; however, we still don't anticipate enough cash generation for meaningful repayment, so the company will likely have to renew it while carrying a significant balance. If it does not refinance before the revolver becomes current, we would likely revise our liquidity assessment to less than adequate and lower the rating. "The stable outlook reflects our belief that Newfold will generate low but positive free cash flow over the next two years because it will benefit from lower floating interest rates. We also expect debt to EBITDA in the high-6x due to revenue stability. "We could lower our rating on Newfold if it fails to refinance its revolver on satisfactory terms before it becomes current in February 2025, or if we believe it will engage in a distressed debt exchange or repurchase transaction that we view as tantamount to default." S&P could also lower its rating on the company if it believes its capital structure is unsustainable, evidenced by a combination of: -- Persistent negative cash generation after debt service; -- Depleted cash balances or limited revolver availability; -- Leverage approaching 9x; -- Minimal covenant cushion; or -- Insufficient EBITDA to cover fixed charges. S&P could raise its rating on the company if it is able to improve and sustain FOCF to debt above 3% and leverage remains below 7x. This would likely require lower floating interest rates and good execution on the company's growth initiatives such that it does not have to significantly increase sales and marketing spending to restore revenue growth. NEXII BUILDING: Horizon Tech Marks $577,000 Loan at 77% Off ----------------------------------------------------------- Horizon Technology Finance Corporation has marked its $577,000 loan extended to Nexii Building Solutions Inc to market at $129,000 or 23% of the outstanding amount, according to a disclosure contained in Horizon Tech's Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission. Horizon Tech is a participant in a Term Loan to Nexii Building Solutions Inc. The Loan accrues interest at a rate of 15.5% (Prime+ 7%, 10.25% Floor) per annum. The loan was scheduled to mature on March 31, 2024. Horizon Tech was organized as a Delaware corporation on March 16, 2010 and is an externally managed, non-diversified, closed-end investment company. Horizon Technology Finance Corporation has elected to be regulated as a business development company under the 1940 Act. In addition, for tax purposes, has elected to be treated as a regulated investment company as defined under Subchapter M of the Internal Revenue Code of 1986, as amended. Horizon Tech is led by Robert D. Pomeroy, Jr., Chief Executive Officer and Chairman of the Board; and Daniel R. Trolio, Chief Financial Officer. The fund can be reach through: Robert D. Pomeroy, Jr. Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT, 06032 Tel No.: (860) 676 8654 Nexii Building Solutions Inc. is a Canadian construction company that builds and designs low-emission buildings. NEXII BUILDING: Horizon Tech Marks $616,000 Loan at 76% Off ----------------------------------------------------------- Horizon Technology Finance Corporation has marked its $616,000 loan extended to Nexii Building Solutions Inc to market at $149,000 or 24% of the outstanding amount, according to a disclosure contained in Horizon Tech's Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission. Horizon Tech is a participant in a Term Loan to Nexii Building Solutions Inc. The Loan accrues interest at a rate of 15.5% (Prime+ 7%, 10.25% Floor) per annum. The loan was scheduled to mature on March 31, 2024. Horizon Tech was organized as a Delaware corporation on March 16, 2010 and is an externally managed, non-diversified, closed-end investment company. Horizon Technology Finance Corporation has elected to be regulated as a business development company under the 1940 Act. In addition, for tax purposes, has elected to be treated as a regulated investment company as defined under Subchapter M of the Internal Revenue Code of 1986, as amended. Horizon Tech is led by Robert D. Pomeroy, Jr., Chief Executive Officer and Chairman of the Board; and Daniel R. Trolio, Chief Financial Officer. The fund can be reach through: Robert D. Pomeroy, Jr. Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT, 06032 Tel No.: (860) 676 8654 Nexii Building Solutions Inc. is a Canadian construction company that builds and designs low-emission buildings. NEXII BUILDING: Horizon Tech Marks $773,000 Loan at 76% Off ----------------------------------------------------------- Horizon Technology Finance Corporation has marked its $773,000 loan extended to Nexii Building Solutions Inc to market at $188,000 or 24% of the outstanding amount, according to a disclosure contained in Horizon Tech's Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission. Horizon Tech is a participant in a Term Loan to Nexii Building Solutions Inc. The Loan accrues interest at a rate of 15.5% (Prime+ 7%, 10.25% Floor) per annum. The loan was scheduled to mature on March 31, 2024. Horizon Tech was organized as a Delaware corporation on March 16, 2010 and is an externally managed, non-diversified, closed-end investment company. Horizon Technology Finance Corporation has elected to be regulated as a business development company under the 1940 Act. In addition, for tax purposes, has elected to be treated as a regulated investment company as defined under Subchapter M of the Internal Revenue Code of 1986, as amended. Horizon Tech is led by Robert D. Pomeroy, Jr., Chief Executive Officer and Chairman of the Board; and Daniel R. Trolio, Chief Financial Officer. The fund can be reach through: Robert D. Pomeroy, Jr. Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT, 06032 Tel No.: (860) 676 8654 Nexii Building Solutions Inc. is a Canadian construction company that builds and designs low-emission buildings. NEXII BUILDING: Horizon Tech Marks $8.8MM Loan at 75% Off --------------------------------------------------------- Horizon Technology Finance Corporation has marked its $8,871,000 loan extended to Nexii Building Solutions Inc to market at $2,189,000 or 25% of the outstanding amount, according to a disclosure contained in Horizon Tech's Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission. Horizon Tech is a participant in a Term Loan to Nexii Building Solutions Inc. The Loan accrues interest at a rate of 15.5% (Prime+ 7%, 10.25% Floor) per annum. The loan was scheduled to mature on March 31, 2024. Horizon Tech was organized as a Delaware corporation on March 16, 2010 and is an externally managed, non-diversified, closed-end investment company. Horizon Technology Finance Corporation has elected to be regulated as a business development company under the 1940 Act. In addition, for tax purposes, has elected to be treated as a regulated investment company as defined under Subchapter M of the Internal Revenue Code of 1986, as amended. Horizon Tech is led by Robert D. Pomeroy, Jr., Chief Executive Officer and Chairman of the Board; and Daniel R. Trolio, Chief Financial Officer. The fund can be reach through: Robert D. Pomeroy, Jr. Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT, 06032 Tel No.: (860) 676 8654 Nexii Building Solutions Inc. is a Canadian construction company that builds and designs low-emission buildings. NU STYLE LANDSCAPE: Unsecureds to Get Share of Income for 5 Years ----------------------------------------------------------------- Nu Style Landscape & Development, LLC, filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement describing Chapter 11 Plan dated August 1, 2024. Michael Moilanen, President of the Debtor, stated the Debtor's business in October of 2005, doing custom residential projects. Debtor then moved into production for home builders and commercial installations for general contractors. As a result of poor accounting practices instituted by Debtor's former bookkeepers, in addition to vendors and customers refusing to pay certain accounts receivable owed to the Debtor, Debtor has been forced to take out several loans and lines of credit, all of which had high interest rates. Accordingly, Debtor could no longer afford to repay loans and other expenses outside of the confines of a Chapter 11 bankruptcy and reorganization. Following Confirmation of the Plan, the Debtor intends to continue operations, which shall provide the income necessary to fund the Plan. In particular, the Debtor contemplates establishing two different payment funds that will ultimately fund the Plan, the MCA Payment Fund and the Unsecured Payment Fund. Upon the Effective Date of the Plan, and once Debtor obtains a Working Capital Reserve of $500,000.00, the Debtor shall make pro rata payments into both the MCA Payment Fund and the Unsecured Payment Fund, allocated pro rata between the same, with such accounts being governed by the requirements of Section 345 of the Bankruptcy Code. These accounts shall be escrowed and segregated from all other accounts held or created by Debtor and not funds shall be distributed from the accounts until further order of the Court. The Debtor will continue to operate and use revenues generated from operations to pay operating expenses and creditors. Net Income, as defined in the Plan and after accumulation of $500,000.00 in Working Capital Reserves, shall be paid pro rata to Allowed Unsecured creditors and Allowed MCA Creditors as between the total claims within each Fund over the 5-year Plan term. The $500,000.00 in Working Capital Reserves equals approximately two to three months of payroll. Class Five consists of the Allowed General Unsecured Claims. Allowed Unsecured Claims totaling $8,288,780.26. The unsecured creditors shall receive semi-annual payments pro rata over the Plan term of five years from Net Income in amounts not to exceed allowed claims. Class Five is Impaired under the Plan. Until the holders of Allowed Claims in Class Five are determined by the issuance of a Final Order by the Bankruptcy Court, the amounts to be paid to the Class Five claimholders shall be placed in Escrow and held in Escrow in the Unsecured Payment Fund. Payments to Class Five claimholders shall commence when all Class Five, Nine, Ten and Eleven Claims are determined to be Allowed Claims by the Bankruptcy Court or the Debtor's objection to claims otherwise included in Class Five, Nine, Ten and Eleven are sustained, in either case by a Final Order from the Bankruptcy Court. Class Twelve consists of the Interests of the Debtor. Specifically, Class Twelve consists of the equitable interests of Michael Moilanen, the holder of 100% of the Debtor's ownership interests. The holder of Class Twelve interests will receive no distribution under the Plan. They will retain their interests to the same extent that it held such interests prior to the filing of the Bankruptcy. Class Twelve is Unimpaired under the Plan. The Debtor will continue to operate its business. The Debtor will make monthly payments to holders of claims in Classes One through Four, Six and Seven. The Debtor's Net Income shall be used to pay holders of Allowed Unsecured Claims and Allowed MCA Creditor claims. A full-text copy of the Disclosure Statement dated August 1, 2024 is available at https://urlcurt.com/u?l=ICC4On from PacerMonitor.com at no charge. Nu Style Landscape & Development, LLC, is represented by: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Telephone: (303) 534-4499 Email: JWeinman@allen-vellone.com BPompea@allen-vellone.com About NU Style Landscape & Development Nu Style Landscape & Development, LLC, a company in Denver, Colo., filed Chapter 11 petition (Bankr. D. Colo. Case No. 23-14475) on Oct. 2, 2023, with $1 million to $10 million in both assets and liabilities. Michael Moilanen, managing member, signed the petition. Judge Thomas B. McNamara oversees the case. Allen Vellone Wolf Helfrich & Factor, PC, serves as the Debtor's legal counsel. NUZEE INC: Incurs $1.44 Million Net Loss in Third Quarter --------------------------------------------------------- Nuzee Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.44 million on $366,888 of net revenues for the three months ended June 30, 2024, compared to a net loss of $2.03 million on $268,023 of net revenues for the three months ended June 30, 2023. For the nine months ended June 30, 2024, the Company reported a net loss of $5.24 million on $1.64 million of net revenues, compared to a net loss of $6.18 million on $1.21 million of net revenues for the nine months ended June 30, 2023. As of June 30, 2024, the Company had $2.75 million in total assets, $2.94 million in total liabilities, and a total stockholders' deficit of $193,613. Going Concern Nuzee said, "Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets, raising capital and the commercialization and manufacture of its single serve coffee products. The Company has grown revenues from its principal operations; however, there is no assurance of future revenue growth similar to historical levels. As of June 30, 2024, the Company had cash of $374,458 and working capital of $(801,812). The Company has not attained profitable operations since inception. The accompanying consolidated financial statements have been prepared in accordance with GAAP, which contemplates continuation of the Company as a going concern. The Company has had limited revenues, recurring losses and an accumulated deficit. These items raise substantial doubt as to the Company's ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company's continued existence is dependent upon management's ability to develop profitable operations and to raise additional capital for the further development and marketing of the Company's products and business." Management Comments Ms. Jianshuang Wang, co- chief executive officer of NUZEE, commented, "NUZEE is in the early stages of transforming itself into a leading digital marketing, sales and distribution company for consumer products. We have recently announced leadership changes and an exclusive sales and distribution agreement with a leading maca producer in Asia, and we expect to continue expanding our sales channels and product breadth." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1527613/000149315224033132/form10-q.htm About Nuzee Inc. NUZEE, INC. is a digital marketing, sales and distribution company for various consumer products with focuses on food and beverages. Dedicated to reshaping the digital marketing and distribution with technological applications, the Company endeavors to create greater commercial value for its business partners and therefore enhance its own enterprise value and shareholders' value of their stake in the Company. The Company has a professional brand and marketing management system, which can quickly help partnering enterprises achieve the connection, management, and operation of marketing channels domestically and globally. OPTICSLAH LLC: Seeks to Hire C.R. Hyde PLC as Bankruptcy Counsel ---------------------------------------------------------------- Opticslah LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire The Law Offices of C.R. Hyde, PLC as counsel. The firm's services include: a) providing the Debtor with legal advice and assistance as to his powers and duties as debtor-in-possession in the continued operation of its affairs; b) providing legal advice and assistance to the Debtor as is necessary to preserve and protect assets, to arrange for a continuation of the working capital and other financing, to prepare all necessary applications, answers, orders, reports and other legal documents; c) appearing before the Bankruptcy Court to represent and protect the interests of the Debtor and the bankruptcy estate; d) negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; e) providing other legal services as may be necessary during the course of the bankruptcy proceedings; and f) formulating a plan that has a reasonable prospect of being confirmed under subchapter 5 of Chapter 11 of the Bankruptcy Code. The firm will be paid $400 per hour for the services rendered by an attorney and $150 per hour for paralegals. The firm received a retainer in the amount of $27,000. Charles R. Hyde, a partner of the Law Offices of C.R. Hyde, PLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Law Offices of C.R. Hyde can be reached at: Charles R. Hyde, Esq. LAW OFFICES OF C.R. HYDE, PLC 2810 N. Swan Road, Suite 160 Tucson, AZ 85712 Tel: (520) 270-1110 E-mail: crhyde@gmail.com About Opticslah LLC Opticslah LLC provides measurement instruments. The Company develops high-performance spectroscopy and sensing systems. Opticslah serves clients in the United States. Opticslah LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06327) on August 1, 2024. In the petition filed by Jeremy Yeak, as manager and sole member, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Charles R. Hyde, Esq. at LAW OFFICES OF C.R. HYDE, PLC. ORENGO AIR: Hires Jaqueline I Rivera Gonzalez as Accountant ----------------------------------------------------------- Orengo Air Corporation seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jaqueline I Rivera Gonzalez as accountant. The firm will provide these services: a. review accounting records for preparation of month and year end accounting and financial reports; b. prepare monthly reconciliations of all bank accounts; c. accumulate payroll transactions to produce quarterly and annual payroll tax returns; and d. prepare liquidation analysis, financial projections, claim reconciliation and related financial documents as support for a Plan of Reorganization. The firm will be paid at flat fee of $500 monthly. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jaqueline I Rivera Gonzalez, an accountant, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jaqueline I Rivera Gonzalez San Antonio 2030 Calle Drama Ste. 104 Ponce, Puerto Rico 00728 Telephone: (787) 843-1679 Facsimile: (787) 812-0187 About Orengo Air Corporation Orengo Air Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-01434) on April 9, 2024, listing $2,366,403 in assets and $5,312,448 in liabilities. The petition was signed by Luis D. Torres Orengo as president. Jose M Prieto Carballo, Esq. at JPC LAW OFFICES represents the Debtor as counsel. ORIGINCLEAR INC: Posts $3.6 Million Net Income in Fiscal Q2 ----------------------------------------------------------- OriginClear, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $3,607,348 with no revenue for the three months ended June 30, 2024, compared to a net loss of $7,684,843 on $6,573 for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $12,288,935 on $6,573 of revenue, compared to a net loss of $4,602,808 on $13,146 of revenue for the same period in 2023. As of June 30, 2024, the Company had $2,632,339 in total assets, $46,314,606 in total liabilities, $7,307,822 in commitments and contingencies, and $50,990,089 in total shareholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/swnaax8r About OriginClear Headquartered in Clearwater, Fla., OriginClear was founded as OriginOil in 2007 and began trading on the OTC in 2008. In 2015, it was renamed as OriginClear to reflect its new mission to develop breakthrough businesses in the industrial water sector. Today, OriginClear structures itself as the Clean Water Innovation Hub and intends to use its well-developed retail investor development capabilities to help bring potentially disruptive companies to market. For the foreseeable future, however, OriginClear intends to devote its entire capabilities to the success of its subsidiary, Water On Demand, Inc. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 18, 2024, citing that the Company suffered a net loss from operations and used cash in operations, which raises substantial doubt about its ability to continue as a going concern. OriginClear reported a net loss of $11.63 million for the 12 months ended Dec. 31, 2023, compared to a net loss of $10.79 million for the 12 months ended Dec. 31, 2022. PARTNERS REAL: Hires Darby Law Firm as Co-Counsel ------------------------------------------------- Partners Real Estate Development seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Darby Law Firm as co-counsel. The firm will provide these services: a. assist and advise the Debtor in its consultations with creditors relating to the administration of this Case; b. assist the Debtor in its analysis of, and negotiations with third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing transactions and the terms of a plan of reorganization or liquidation for the Debtor; c. review, analyze, and advise the Debtor with respect to applications, orders, statements of operations and schedules filed with the Court; d. assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and e. perform such other services as may be required and are deemed to be in the interests of the Debtor in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: During the 90-day period prior to the Petition Date, the firm received payments and advances in the aggregate amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffery S. Darby, Esq., a partner at Darby Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffery S. Darby, Esq. Darby Law Firm 8127 Mesa Dr., Ste. B206-149 Austin, TX 78759 Tel: (512) 970-0149 Email: jdarby@darbylawfirm.com About Partners Real Estate Development LLC Partners Real Estate Development LLC is part of the residential building construction industry. Partners Real Estate Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10797) on July 8, 2024. In the petition filed by John F. Patton, as manager, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Clay M. Taylor, Esq. DENTONS US LLC 2000 McKinney Ave, Ste. 1900 Dallas, TX 75201 Tel: (214) 647-2496 Email: clay.taylor@dentons.com PARTNERS REAL: Hires Dentons US LLP as Counsel ---------------------------------------------- Partners Real Estate Development seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Dentons US LLP as counsel. The firm will provide these services: a. advise the Debtor with respect to its rights, duties and powers in this Case; b. assist and advise the Debtor in its consultations with creditors relating to the administration of this Case; c. assist the Debtor in analyzing the claims of creditors, the Debtor's capital structure, and in negotiating with the holders of claims and, if appropriate, equity interests; d. assist the Debtor's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and other parties involved with the Debtor and of the operation of the Debtor's business; e. assist the Debtor in its analysis of, and negotiations with third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing transactions and the terms of a plan of reorganization or liquidation for the Debtor; f. represent the Debtor at all hearings and other proceedings; g. review, analyze, and advise the Debtor with respect to applications, orders, statements of operations and schedules filed with the Court; h. assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and i. perform such other services as may be required and are deemed to be in the interests of the Debtor in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: Clay Taylor, Partner $950 per hour Casey Daugherty, Counsel $850 per hour David Cook, Sr. Managing Associate $750 per hour Samantha Hayes, Paralegal $300 per hour The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Clay M. Taylor, Esq., a partner at Dentons US LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Clay M. Taylor Dentons US LLP 100 Crescent Court, Suite 900 Dallas, TX 75201 Telephone: (214) 647-2496 E-mail: clay.taylor@dentons.com About Partners Real Estate Development LLC Partners Real Estate Development LLC is part of the residential building construction industry. Partners Real Estate Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10797) on July 8, 2024. In the petition filed by John F. Patton, as manager, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Clay M. Taylor, Esq. DENTONS US LLC 2000 McKinney Ave, Ste. 1900 Dallas, TX 75201 Tel: (214) 647-2496 Email: clay.taylor@dentons.com PCP GROUP: Examiner Hires Klestadt Winters as Legal Counsel ----------------------------------------------------------- Fred Stevens, the court-appointed examiner for PCP GROUP, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Klestadt Winters Jureller Southard & Stevens, LLP as counsel. The firm will provide these services: a. represent and assist the Examiner in the discharge of his duties and responsibilities under the Examiner Order, other orders of this Court, and applicable law; b. assist the Examiner in the preparation of reports and represent him in the preparation of motions, applications, notices, orders, and other documents necessary in the discharge of the Examiner's duties; c. represent the Examiner at hearings and other proceedings before this Court (and, to the extent necessary, any other court); d. analyze and advise the Examiner regarding any legal issues that arise in connection with the discharge of his duties; e. assist the Examiner with interviews, examinations, and the review of documents and other materials in connection with the Examiner's investigation; f. perform all other necessary legal services on behalf of the Examiner in connection with the Chapter 11 Case; and g. assist the Examiner in undertaking any additional tasks or duties that the Court might direct or that the Examiner might determine are necessary and appropriate in connection with the discharge of his duties. The firm will be paid at these rates: Tracy L. Klestadt $950 per hour Ian R. Winters $825 per hour John E. Jureller, Jr. $825 per hour Fred N. Stevens $825 per hour Sean C. Southard $825 per hour Brendan M. Scott $750 per hour Kathleen M. Aiello $750 per hour Stephanie R. Sweeney $695 per hour Lauren C. Kiss $695 per hour Christopher Reilly $550 per hour Andrew Brown $550 per hour Paralegals $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sean Southard, Esq., a partner at Klestadt Winters, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Sean Southard, Esq. Klestadt Winters Jureller Southard & Stevens, LLP 200 West 41st Street, 17th Floor New York, NY 10036-7203 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: ssouthard@klestadt.com About PCP GROUP, LLC PCP Group LLC, a company in Clearwater, Fla., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-42448) on June 10, 2024, with up to $50,000 in assets and up to $50 million in liabilities. John S. Haskell, chairman and chief executive officer, signed the petition. Judge Nancy Hershey Lord oversees the case. The Debtor is represented by Brian J. Hufnagel, Esq., at Morrison Tenenbaum, PLLC. PIECEMAKERS: Hires Curtis-Rosenthal as Real Estate Appraiser ------------------------------------------------------------ Piecemakers seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Curtis-Rosenthal, Inc. as real estate appraiser. The firm will render real estate appraisal to the Debtor's commercial property located at 1720 Adams Ave., Costa Mesa, California 92626-4863. The firm will be paid $4,000 for opinion, appraisal, and analysis of the property, and a retainer of $2,000. For court testimony, the firm will be paid $550 per hour for court preparation, and $625 per hour for depositions, hearing attendance or testimony. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Douglas Follette, a partner at Curtis-Rosenthal, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Douglas Follette Curtis-Rosenthal, Inc. 5901 W. Century Blvd., Suite 1230 Los Angeles, CA 90045 Tel: (310) 215-0482 About Piecemakers Piecemakers was established in 1978, Piecemakers has grown from a tiny quilt shop to a full-service construction company and thriving country store which offers gifts, quilts, antiques, fabrics, notions, books and patterns. In addition to its location at 1720 Adams Avenue in Costa Mesa, California, the Company has an extensive online store which carries quilt calendars, books, patterns, fine hand sewing needles, hand crafted quilts, home decor and gift items. Piecemakers sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11522) on June 17, 2024. In the petition signed by Douglas Follette, general partner, the Debtor disclosed estimated assets and liabilities between $1 million and $10 million each. Judge Theodor Albert oversees the case. Ralph Ascher, Esq., at Ascher & Associates, P.C. serves as the Debtor's counsel. QUANTUM CORP: Posts $20.8-Mil. Net Loss for Quarter Ended June 30 ----------------------------------------------------------------- Quantum Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $20.8 million on $71.3 million of total revenue for the three months ended June 30, 2024, compared to a net loss of $9.1 million on $92.5 million of total revenue for the three months ended June 30, 2023. "Results for the quarter were largely in-line with our expectations, reflecting further rotation of our business toward our long-term initiatives," stated Jamie Lerner, Chairman and CEO of Quantum. "We are also seeing improving traction for Myriad and ActiveScale products. However, during the quarter we experienced a temporary headwind to gross margin caused by product mix and supply constraints of certain hardware that prevented us from shipping a portion of our higher margin deals. This also resulted in an increase to our current order backlog to above normal levels." "As part of our ongoing strategic and financial initiatives, we have reached an agreement with our current lenders that significantly improves our liquidity, allows us to take action on improving our operational initiatives and focus on driving Myriad, ActiveScale and the rest of our businesses to the next level. With this newly restructured financing in place, we have improved our overall capital structure and balance sheet. Additionally, we continue to maintain strong cost and discretionary spending controls as we execute toward profitable growth." "We are fully dedicated to executing on our business initiatives toward achieving sustainable operating performance that is driven by tangible proof points, including accelerated growth of new products, divestment of non-core products and assets, and restructuring our organization to become a more focused and operationally efficient business." As of June 30, 2024, the Company had $173.1 million in total assets, $314.3 million in total liabilities, and $141.3 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2yfdxmzt About Quantum Corp. Based in San Jose, California, Quantum Corp. (NYSE) -- http://www.quantum.com-- provides technology and services that store and manage video and video-like data, delivering streaming for video and rich media applications, along with low-cost, high-density, massive-scale data protection and archive systems. The Company helps customers capture, create, and share digital data and preserve and protect it for decades. Henderson, Nev.-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated June 28, 2024, citing that as of March 31, 2024, the Company was in default of certain debt covenants of its term debt and credit facility and obtained a waiver from its lenders. All defaults existing at March 31, 2024, were waived by the lenders through July 2024. The Company believes it is probable that it will be in violation of certain debt covenants at the next testing date of July 2024. The Company's plan contemplates the Company obtaining additional covenant waivers or refinancing the existing term debt and credit facility. Additionally, the Company is evaluating strategies to obtain additional funding, including potential asset sales. In the event the Company is unable to obtain an extension of the waiver, additional funding will be required to pay the amount due on the revolver and term loan. However, the Company may be unable to obtain an extension of the waiver or obtain additional funding. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all. The Company's ability to achieve this plan is uncertain and raises substantial doubt about its ability to continue as a going concern. RESHAPE LIFESCIENCES: Reports Net Loss of $1.6MM in Fiscal Q2 ------------------------------------------------------------- ReShape Lifesciences Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.6 million on $2 million of revenue for the three months ended June 30, 2024, compared to a net loss of $3.5 million on $2.3 million 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 $3.8 million on $3.9 million of revenue, compared to a net loss of $6.2 million on $4.5 million of revenue for the same period in 2023. Gross Profit for the three months ended June 30, 2024 was $1.1 million, which was slightly below $1.2 million for the same period in 2023. Gross profit as a percentage of total revenue for the three months ended June 30, 2024, was 57.7% compared to 53.0% for the same period in 2023. Gross profit for the six months ended June 30, 2024 and 2023, was $2.3 million and $2.4 million, respectively. Gross profit as a percentage of total revenue for the six months ended June 30, 2024, was 58.8% compared to 53.2% for the same period in 2023. The increase in gross profit percentage is due to the reduction in overhead related costs, primarily payroll, as the Company had a reduction of employees late in 2023. Sales and Marketing Expenses for the three months ended June 30, 2024 decreased by $1.5 million, or 69.2%, to $0.7 million, compared to $2.2 million for the same period in 2023. Sales and marketing expenses for the six months ended June 30, 2024, decreased by $2.7 million, or 61.3%, to $1.7 million, compared to $4.4 million for the same period in 2023. The decrease of $1.5 million for the three months ended June 30, 2024 and $2.7 million for the six months ended June 30, 2024, respectively, is primarily due to a decrease in advertising and marketing expenses, including consulting and professional marketing services, as the Company has reevaluated its marketing approach and has moved to a targeted digital marketing campaign, resulting in a reduction of costs. Additionally, there were reductions in payroll-related expenditures, including commissions, stock compensation expense and travel, due to changes in sales personnel and a reduction in sales. General and Administrative Expenses for the three months ended June 30, 2024, decreased by $0.3 million, or 13.3%, to approximately $2.1 million, compared to $2.4 million for the same period in 2023. General and administrative expenses for the six months ended June 30, 2024, decreased by $2.7 million, or 40.1%, to approximately $4.0 million, compared to $6.7 million for the same period in 2023. The decrease for both three and six months of 2024 is due a reduction in payroll-related expenditures, from a decline in staffing levels and a reduction in rent expense, as the Company moved its headquarters at the end of the second quarter of 2023 to a small facility to reduce costs and professional fees. In addition, in the first quarter of 2023, the Company incurred approximately $1.5 million in one-time adjustments for professional services related to the February 2023 public offering. The three-month decrease was offset by an increase of $0.1 million in legal costs due to the merger and asset purchase transaction that was entered into during July 2024. Research and Development Expenses for the three months ended June 30, 2024, decreased by $0.2 million, or 31.3% to $0.4 million, compared to $0.6 million for the same period in the prior year. Research and development expenses for the six months ended June 30, 2024, decreased by $0.2 million, or 14.5% to $0.9 million, compared to approximately $1.0 million for the same period in the prior year. The primary reason for the decrease is due to a reduction in consulting and clinical trials, as the Company has paused all clinical work to preserve cash. Cash and Cash Equivalents As of June 30, 2024, the Company had net working capital of approximately $2.9 million, primarily due to cash and cash equivalents and restricted cash of $1.2 million. "We continued to execute on our 2024 cost reduction plan, leading to approximately 45% lower operating expenses for the first half of the year, compared to last year. This, in turn, has stabilized our gross profit margin, even with lower sales due to the adoption of GLP-1s," stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. "In July, we coordinated both the merger agreement with Vyome Therapeutics and the concurrent asset purchase agreement with Biorad, successfully maximizing value for our stockholders. Beginning in December of last year, we conducted a high priority search for synergistic merger and acquisition opportunities, having engaged Maxim Group LLC, on an exclusive basis, to assist in this process. To that end, following an extensive evaluation of multiple strategic options and engaging in discussions with a number of other potential merger and acquisition candidates, our board of directors unanimously recommended the merger with Vyome, along with a concurrent asset sale to Biorad. We believe this presents a significant opportunity for our shareholders to capitalize on the potential of the newly formed entity, post-merger. Additionally, we express our gratitude to our Series C preferred stockholders for their willingness to substantially lower their liquidation preference, thereby enabling our common stockholders to recognize the potential value of the merger. I am very enthusiastic about the shareholder value and growth potential resulting from these transactions." As of June 30, 2024, the Company had $6.4 million in total assets, $3.4 million in total liabilities, and $3.04 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/24td8zc2 About ReShape Lifesciences ReShape Lifesciences Inc. (Obalon Therapeutics, Inc.) is a weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. ReShape Lifesciences reported a net loss of $11.38 million for the year ended Dec. 31, 2023, compared to a net loss of $46.21 million for the year ended Dec. 31, 2022. Irvine, California-based RSM US LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has suffered recurring losses from operations and negative cash flows. The Company currently does not generate revenue sufficient to offset operating costs and anticipates such shortfalls to continue. This raises substantial doubt about the Company's ability to continue as a going concern. RICH LUCKY: Seeks to Hire Raymond W. Verdi Jr. as Legal Counsel --------------------------------------------------------------- Rich Lucky Food Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ The Law Office of Raymond W. Verdi, Jr. as counsel. The firm will render these services: a. assist in preparing and filing schedules, statements, monthly financial statements, and other necessary and appropriate documents; b. prepare legal documents; c. appear at all appropriate meetings; d. explain the Debtor's responsibilities under chapter 11; e. represent in negotiations with creditors and committees; f. assist in formulating a plan of reorganization and disclosure statement; and g. perform other legal services. The firm will be paid at these rates: Members $450 per hour Legal Assistants $125 per hour The firm received a retainer in the amount of $25,000. Raymond Verdi, Jr., Esq., disclosed in a court filing that his firm does not hold or represent any entity that holds an adverse interest in the Debtor's case. The firm can be reached through: Raymond W. Verdi Jr., Esq. Law Offices of Raymond W. Verdi Jr., PC 178 East Main Street Patchogue, NY 11772 Telephone: (516) 380-9064 About Rich Lucky Food Group LLC Rich Lucky Food Group LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-41818) on April 29, 2024, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Nancy Hershey Lord presides over the case. Law Offices of Raymond W. Verdi, Jr, PC represents the Debtor as counsel. ROCA C LLC: Seeks to Hire Logan A. Weinkauf PC as Counsel --------------------------------------------------------- Roca C LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Logan A. Weinkauf, P.C. as counsel. The firm's services include: (i) advising the Debtor with respect to its duties as debtor-in-possession; (ii) advising the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan of reorganization; (iii) representing the Debtor at all hearings in this matter; (iv) preparing all necessary and appropriate applications, motions, answers, proposed orders, reports, pleadings and other documents, and review all financial and other reports to be filed in the Chapter 11 proceeding; (v) reviewing and analyzing the nature and validity of any liens asserted against the Debtor's property; (vi) reviewing and analyzing claims against the Debtor, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; and (vii) performing all other legal services as may be necessary or appropriate during the course of the Debtor's bankruptcy proceeding. The firm will charge $375 per hour for its services. Prior to filing the Chapter 11 proceeding, the Debtor paid the firm the sum of $5,000 for prepetition work, $10,000 as a retainer, and an additional $1,738 as payment towards the Chapter 11 filing fee. As disclosed in the court filings, Logan A. Weinkauf is a disinterested person as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: 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 Roca C LLC Roca C LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 24-11483) on July 25, 2024, disclosing under $1 million in both assets and liabilities. The Debtor is represented by LOGAN A. WEINKAUF, P.C. ROTI RESTAURANTS: Files for Chapter 11 Bankruptcy Protection ------------------------------------------------------------ Roti, a fast-casual restaurant group known for its vibrant Mediterranean flavors and commitment to quality, on August 23, 2024, announced that it has taken a significant step in its ongoing efforts to strengthen its business by filing for Chapter 11 bankruptcy protection. The company intends to use Chapter 11 to seek new investors or purchasers on an accelerated time frame while reorganizing its finances and ensuring that Roti locations across Chicago, Minneapolis, and the Washington, D.C. metro areas continue to operate. It plans to continue to offer its entire menu, catering, loyalty programs, and distinctive make-line experience across its locations. An Original Vision Founded in 2006 in Chicago, Roti pioneered a new category by bringing the rich, diverse flavors of the eastern Mediterranean to the fast-casual dining scene. "Our vision to create happier, healthier and more flavorful lives comes to life by providing our guests with exceptional food experiences - even in the face of current headwinds," said Justin Seamonds, CEO and Prime Minister of Fun at Roti. "After careful consideration, filing for bankruptcy protection was the best way to address our challenges - including financial performance, higher costs, mixed location performance and tough market conditions - while staying open and focused on delivering Food For A Full Life to each and every guest." Continuing to Serve Our Customers and Communities As Roti navigates this restructuring process, the plan is to collaborate with landlords and suppliers to keep locations open and the team employed and engaged in serving our unique inspired and healthful bowls, salads and pitas. The COVID pandemic disproportionately affected Roti, as 50% of its restaurants were based in downtown business districts - but Roti made it through with the support of investors and consumers only to find itself in a current restaurant climate mired in a consumer spending downturn. "With the restaurant industry in turmoil, we are proud of our transparency with our team, and the goodwill we've earned over time with our vendor and landlord communities during a tough four years. Bankruptcy is a process designed to provide companies like us with the tools to stay open, keep our exceptional team members employed and explore future prospects for Roti. We expect our loyal, flavor-seeking guests to continue to enjoy us while we tackle this necessary next step in our journey," said Seamonds. Looking Toward the Future This process will accelerate the process of attracting a transformational event to Roti and address the demands of a challenging consumer environment for smaller restaurant chains. About Roti Roti offers an endlessly customizable menu of Eastern Mediterranean favorites made from wholesome, healthy ingredients. SCIONTI CONSTRUCTION: Hires Beighley Myrick as Local Counsel ------------------------------------------------------------ Scionti Construction Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Beighley, Myrick, Udell, Lynne & Zeichman as local counsel. The firm will assist the Debtor with complying with its obligations as a Debtor in Chapter 11 in the Southern District of Florida. The firm will be paid at these rates: Thomas G. Zeichman $450 per hour Associates $300 per hour Partners $700 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm will be paid a retainer of $5,000. Thomas G. Zeichman, Esq., a partner at Beighley, Myrick, Udell, Lynne & Zeichman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas G. Zeichman, Esq. Beighley, Myrick, Udell, Lynne & Zeichman 2385 NW Executive Center Drive, Boca Raton, FL 33431-8579 Tel: (561) 549-9036 Email: tzeichman@bmulaw.com About Scionti Construction Group LLC Scionti Construction Group LLC is the owner of real property located at 7454 School House Road valued at $1.65 million and eight unimproved properties in Ocala valued at $360,000. Scionti Construction Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22427) on May 14, 2024. In the petition signed by Joseph Anthony Scionti, as managing member, the Debtor reports total assets of $2,040,000 and total liabilities of $3,874,749. Honorable Bankruptcy Judge Sean H Lane oversees the case. The Debtor is represented by H. Bruce Bronson, Jr., Esq. at Bronson Law Offices, P.C. SONIDA SENIOR: Incurs $9.82 Million Net Loss in Second Quarter -------------------------------------------------------------- Sonida Senior Living, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $9.82 million on $70.21 million of total revenues for the three months ended June 30, 2024, compared to a net loss of $12.21 million on $62.85 million of total revenues for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported net income of $17.20 million on $137.65 million of total revenues, compared to net income of $11.93 million on $124.93 million of total revenues for the six months ended June 30, 2023. As of June 30, 2024, the Company had $652.25 million in total assets, $635.11 million in total liabilities, $51.25 million in series A convertible preferred stock, and a total shareholders' deficit of $34.11 million. Management Comments "Continued momentum through focused execution on our operational, financial and strategic growth initiatives resulted in another quarter of exceptional performance. In the second quarter, revenue, community net operating income, resident rates and occupancy all exhibited meaningful and accelerating gains both year-over-year and quarter-over-quarter. In addition to its strong operating performance, Sonida continued leaning into its strategic expansion goals by acquiring nine communities either outright or through joint ventures, creating further density in existing markets and entering new and attractive markets. Overall, I am encouraged by our progress in the first half of 2024, and we remain focused on providing value and care to our residents, all while advancing and strengthening the Company for our communities and stakeholders," said Brandon Ribar, president and CEO. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0001043000/000162828024036747/snda-20240630.htm About Sonida Senior Living Dallas, Texas-based Sonida Senior Living, Inc. -- www.sonidaseniorliving.com -- is an owner, operator and investor in independent living, assisted living and memory care communities and services for senior adults. As of June 30, 2024, the Company operated 78 senior housing communities in 19 states with an aggregate capacity of approximately 8,700 residents, including 66 owned senior housing communities (4 through a joint venture) and 12 communities that the Company third-party manages, which provide compassionate, resident-centric services and care as well as engaging programming. Sonida Senior reported a net loss of $21.11 million in 2023, compared to a net loss of $54.40 million in 2022. As of Dec. 31, 2023, the Company had $621.46 million in total assets, $688.01 million in total liabilities, $48.54 million in series A convertible preferred stock, and a total shareholders' deficit of $115.09 million. STRAWBERRY HILL: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Strawberry Hill Povitica, Inc. About Strawberry Hill Povitica Strawberry Hill Povitica, Inc. is engaged in the retail sale of bakery products in Merriam, Kansas. Strawberry Hill Povitica filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Kan. Case No. 24-20923) on July 2, 2024, listing $519,520 in assets and $2,847,467 in liabilities. Dennis K. O'Leary, president, signed the petition. Judge Dale L Somers presides over the case. Colin Gotham, Esq., at Evans & Mullinix, P.A. represents the Debtor as legal counsel. SUNPOWER CORP: Court Stays Berkeley Assurance's Case ---------------------------------------------------- Judge Jessica G.L. Clarke of the United States District Court for the Southern District of New York stayed Berkley Assurance Company's case against SunPower Corporation pursuant to 11 U.S.C Sec. 362. as a result of SunPower's Chapter 11 filing. SunPower is directed to file a status update every 90 days. The first status update shall be filed by November 6, 2024. A copy of the Court's decision dated August 8, 2024, is available at https://urlcurt.com/u?l=C7LNPu About SunPower Headquartered in Richmond, California, SunPower (NASDAQ: SPWR) -- https://www.sunpower.com/ -- is a residential solar, storage, and energy services provider in North America. SunPower offers solar + storage solutions that give customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. SunPower Corporation and nine of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 24-11649) on August 5, 2024. In the petition signed by Matthew Henry as chief transformation officer, the Debtors disclosed total assets of $1,219,276,283 and total debts of $1,119,141,312 as of December 31, 2023. The Debtors have engaged Richards, Layton & Finger, P.A. and Kirkland & Ellis LP as bankruptcy counsel. Alvarez & Marsal North America, LLC serves as financial advisor to the Debtors. Moelis & Company LLC acts as investment banker to the Debtors, and Epiq Systems Inc. acts as notice and claims agent. TA PARTNERS: Hires Ackman-Ziff Real as Capital Coordinator ---------------------------------------------------------- TA Partners Apartment Fund II LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Hires Ackman-Ziff Real Estate Group LLC as capital coordinator. The firm will provide these services: a. assist in the arrangement of a sale of the property located at 6055 West Center Drive, Los Angeles, California 90045; and b. arrange debt and equity financing for the Property The firm will be paid to a commission 2.5 percent of Gross Sale Proceeds, and (ii) in the event of a Financing, the Firm shall be entitled to 1 percent of the aggregate principal amount of the commitment for a Financing. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David Harte, a principal at Ackman-Ziff Real Estate Group LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Harte Ackman-Ziff Real Estate Group LLC 711 Third Avenue, 11th Floor New York, NY 10017 Tel: (212) 697-3333 Email: info@ackmanziff.com About TA Partners Apartment Fund II LLC TA Partners is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). TA Partners Apartment Fund II LLC, a California limited liability company, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11279) on May 20, 2024, listing $100 million to $500 million in assets and $10 million to $50 million in liabilities. The petition was signed by Johnny Lu as authorized representative. Judge Theodor Albert presides over the case. Garrick A. Hollander, Esq. at WINTHROP GOLUBOW HOLLANDER, LLP represents the Debtor as counsel. TIJUANA FLATS: Plan Exclusivity Period Extended to Nov. 15 ---------------------------------------------------------- Judge Jason A. Burgess of the U.S. Bankruptcy Court for the Middle District of Florida extended Tijuana Flats Restaurants, LLC and Tijuana Flats #176, LLC's exclusive periods to file their plan of reorganization, and solicit acceptances thereof to November 15, 2024 and January 14, 2025, respectively. The Debtors explain that they are making substantial progress towards rehabilitation, though such progress is not necessarily reflected in the pleadings being filed with the Court. The Debtors have made significant operational changes since the Chapter 11 was filed which should improve earnings and increase the Debtor's ability to pay creditors over time. The Debtors claim that they have also taken a very measured approach to lease assumptions, assuming the leases of those landlords willing to restructure their leases before addressing the assumption of the leases of less accommodating landlords. This measured approach conserves cash flow and allows the Debtors to spend funds on refurbishment and marketing before having to cure all lease defaults. Such an approach is beneficial to all creditors as management strives to build a more viable enterprise. Though the Debtor's hope to present their plan(s) of reorganization well before the end of the requested extensions, the 90 day extensions of the Exclusivity Periods will allow new management to focus on critical operational improvements instead of rushing into a reorganization plan which may prove infeasible or which does not necessarily provide the best result for parties in interest. Importantly, the requested extensions coincide with the recently granted extension of time period within which the Debtors may assume their unexpired leases of non-residential real property. The Debtor's Counsel: Richard R. Thames, Esq. THAMES | MARKEY 50 North Laura Street Suite 1600 Jacksonville, FL 32202 Tel: 904-358-4000 E-mail: rrt@thamesmarkey.law About Tijuana Flats Restaurants Tijuana Flats Restaurants, LLC, is a fast-casual Tex-Mex restaurant founded in 1995 in Winter Park, Fla. The Company has 63 company-owned locations throughout Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01128) on April 19, 2024. In the petition signed by Joseph D. Christina, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Jason A. Burgess oversees the case. Richard R. Thames, Esq., at THAMES | MARKEY, represents the Debtor as legal counsel. TJJ TRANSPORT: Seeks Approval to Hire Estelle Miller as Accountant ------------------------------------------------------------------ TJJ Transport Inc. seeks approval from the U.S. Bankrutpcy Court for the Eastern District of New York to hire Estelle Miller, a certified public accountant practicing at Bellmore, New York. The accountant's services include: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; and (b) prepare monthly operating report for the Debtor. The accountant will be paid at $300 per report plus reimbursement for expenses incurred. The accountant received a retainer in the amount of $3,000 from the Debtor. Ms. Miller disclosed in a court filing that she is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller, CPA Bellmore, NY 11710 Telephone: (347) 570-7002 Email: estellemillercpa@gmail.com 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. at the LAW OFFICES OF ALLA KACHAN, P.C. TMK HAWK: New Mountain Marks $2.8MM Loan at 15% Off --------------------------------------------------- New Mountain Finance Corporation has marked its $2,814,000 loan extended to TMK Hawk Parent Corp to market at $2,378,000 or 85% of the outstanding amount, according to a disclosure contained in New Mountain's Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission. New Mountain is a participant in a First Lien Loan to TMK Hawk Parent Corp. The loan accrues interest at a rate of 8.34% (SOFR + 11%) (2%/ Payment in Kind + 1%)) per annum. The loan matures in June 2029. New Mountain is a Delaware corporation that was originally incorporated on June 29, 2010 and completed its initial public offering on May 19, 2011. NMFC is a closed-end, non-diversified management Investment Company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. New Mountain Finance Advisers BDC, L.L.C., its Investment Adviser, is a wholly owned subsidiary of New Mountain Capital Group, L.P. New Mountain Capital is a firm with a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. New Mountain is led by John R. Kline, Chief Executive Officer; and Kris Corbett, Chief Financial Officer and Treasurer. The fund can be reach through: John R. Kline New Mountain Finance Corporation 1633 Broadway, 48th Floor New York, New York 10019 Telephone: (212) 720-0300 TMK Hawk Parent Corp. is the holding company of TriMark USA, LLC, a foodservice equipment and supplies distributor. TONY'S EXPRESS: Hires Stenger Tax Advisory LLC as Accountant ------------------------------------------------------------ Tony's Express, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Stenger Tax Advisory LLC as accountant. The firm's services include: a) preparation of the Debtor's annual Business Income Tax Return, including (i) Federal Form 1120-S with applicable schedules, and (ii) any applicable State and Local income tax returns; b) electronic filing of tax returns where available to taxing authorities; and c) discussion on safe harbor estimated tax payments for the following year. The firm will be paid a flat fee of $5,600 to prepare and complete the services related to the Tax Returns. Christopher Jordan, a partner at Stenger Tax Advisory LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher Jordan Stenger Tax Advisory LLC 400 E Diehl Rd Suite 550-C Naperville, IL 60563 Tel: (630) 912-8504 About Tony's Express, Inc. Tony's Express is a 70-year-old California-based less-than-truckload carrier. Tony's Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-14879) on June 20, 2024. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Vincent P. Zurzolo oversees the case. The Debtor is represented by: Eve H. Karasik, Esq. Levene, Neale, Bender, Yoo & Golubchik Monica Y Kim, Esq. Levene, Neale, Bender, Yoo & Brill L.L.P. TRANSOCEAN LTD: Board Amends Organizational Regulations ------------------------------------------------------- Transocean Ltd. disclosed in a Form 8-K filed with the Securities and Exchange Commission that effective Aug. 15, 2024, the Organizational Regulations of the Company were amended by the Company's Board of Directors to reflect the combination of the Health, Safety, Environment & Sustainability Committee and the Corporate Governance Committee into the Governance, Safety & Environment Committee and to provide updates to Section 3.06(a) of the Organizational Regulations in relation to Attendance Quorum, Resolutions and Minutes. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Transocean owns or has partial ownership interests in and operates a fleet of 36 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and eight harsh environment floaters. Transocean reported a net loss of $954 million in 2023, a net loss of $621 million in 2022, and a net loss of $591 million in 2021. * * * As reported by the TCR on Sept. 28, 2023, S&P Global Ratings raised its issuer credit rating on offshore drilling contractor Transocean Ltd. to 'CCC+' from 'CCC'. S&P said, "The upgrade reflects improved rig demand, higher day rates, and our view that there is reduced near-term risk of a distressed debt exchange or balance sheet restructuring." TRINITY PLACE: Posts $1.7 Million Net Loss in Fiscal Q2 ------------------------------------------------------- Trinity Place Holdings Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss attributable to common stockholders of $1.7 million for the three months ended June 30, 2024, compared to a net loss attributable to common stockholders of $10.9 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net income attributable to common stockholders of $7.1 million, compared to a net loss attributable to common stockholders of $17.2 million for the six months ended June 30, 2023. On February 14, 2024, the Company consummated the transactions contemplated by the Stock Purchase Agreement, dated as of January 5, 2024, between the Company, TPHS Lender LLC, the lender under the Company's Corporate Credit Facility and TPHS Investor LLC, an affiliate of the Company Investor, pursuant to which (i) the Company Investor purchased 25,112,245 shares of common stock, par value $0.01 per share of the Company for a purchase price of $0.30 per share, (ii) the Company and the JV Investor entered into an amended and restated limited liability company operating agreement of TPHGreenwich, pursuant to which the JV Investor was appointed the initial manager of, and acquired a 5% interest in, TPHGreenwich, as described in more detail below, and TPHGreenwich continues to own, indirectly, all of the real property assets and liabilities of the Company, and (iii) TPHGreenwich entered into an asset management agreement with a newly formed subsidiary of the Company, pursuant to which TPHGreenwich hired the TPH Manager to act as initial asset manager for TPHGreenwich for an annual management fee. Under the Recapitalization Transactions, the real estate assets and related liabilities as well as the Corporate Credit Facility became part of TPHGreenwich, with the Company retaining the substantial federal, state and local tax NOLs and other tax loss carry forwards, intellectual property and a 95% equity interest in TPHGreenwich. In addition, the maturity date of each of the mortgage loan agreement and mezzanine loan agreement for 77 Greenwich, both of which were assumed by TPHGreenwich, was extended to October 23, 2025 with an option to extend for an additional year, and the maturity date of the Corporate Credit Facility was extended to June 30, 2026. Following the Recapitalization Transactions, the Company's primary business is owning approximately $700 million of federal, and various state and local NOLs and other tax loss carryforwards and a variety of intellectual property assets focused on the consumer sector, as well as a 95% interest in TPHGreenwich and acting as asset manager for the properties owned by TPHGreenwich. "We have a limited amount of unrestricted cash and liquidity available for working capital and our cash needs are variable under different circumstances," the Company stated. "If the Asset Management Agreement does not remain in place and the related fees are not increased significantly, the Company's cash and cash equivalents will not be sufficient to fund the Company's operations and corporate expenses beyond the next few months, unless we are able to raise additional capital or enter into a strategic transaction, creating substantial doubt about our ability to continue as a going concern." With the Company now unencumbered by its real estate and related liabilities, the Company continues to focus on exploring a range of strategic and financing alternatives to maximize stockholder value and to engage with parties that have expressed interest in the Company's attributes and assets and may see the Company as a potential vehicle for growth, with potential opportunities to recapitalize the Company at a lower cost of capital. The Company engaged Houlihan Lokey and Ackman-Ziff to act as advisors in connection with its strategic review process and to assist in identifying and evaluating potential alternatives, including among others securing an equity and/or debt financing of the Company, refinancing of existing debt, and/or a sale or merger or reverse merger of the Company. There is no assurance that the Company will be successful in consummating any such strategic transaction on terms or a timeframe acceptable to the Company or at all. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/4az6z9j4 About Trinity Place Trinity Place Holdings Inc. is a real estate holding, investment, development, and asset management company. On Feb. 14, 2024, the Company's real estate assets and related liabilities were contributed to TPHGreenwich Holdings LLC, which is owned 95% by the Company, with an affiliate of the lender under the Company's corporate credit facility owning a 5% interest in, and acting as manager of, such entity. These real estate assets include: (i) the property located at 77 Greenwich Street in Lower Manhattan, which is substantially complete as a mixed-use project consisting of a 90-unit residential condominium tower, retail space, and a New York City elementary school; (ii) a 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York; and (iii) a property occupied by retail tenants in Paramus, New Jersey. Trinity Place reported a net loss attributable to common stockholders of $39.02 million in 2023, a net loss attributable to common stockholders of $20.69 million in 2022, and a net loss attributable to common stockholders of $20.80 million in 2021. As of June 30, 2024, the Company had $4.5 million in total assets, $2.6 million in total liabilities, and $1.8 million in total stockholders' equity. On Jan. 4, 2024, the Company was notified by the NYSE American that it had determined that the Company's securities had been selling for a low price per share for a substantial period of time and, pursuant to Section 1003(f)(v) of the Guide, the Company's continued listing was predicated on it effecting a reverse stock split of its shares of common stock or otherwise demonstrating sustained price improvement by no later than July 4, 2024. The notice stated that, as a result of the foregoing, the Company had become subject to the procedures and requirements of Section 1009 of the Guide, which could, among other things, result in the initiation of delisting proceedings unless the Company cures the deficiency in a timely manner. The NYSE American could also take accelerated delisting action if the common stock trades at levels viewed to be abnormally low. On Feb. 21, 2024, the NYSE American notified the Company that it had reviewed the Plan that the Company submitted to the NYSE American and determined to accept the Plan and grant a cure period through May 29, 2025. As a result of the acceptance of the Company's Plan, the Company's listing is being continued pursuant to an extension. The NYSE American will review the Company periodically for compliance with the initiatives outlined in the Plan. If the Company is not in compliance with the continued listing standards by May 29, 2025, or if the Company does not make progress consistent with the Plan during the cure period, the NYSE American staff will initiate delisting proceedings as appropriate. TROTTA TIRES: Hires Harold C. Klaskin as Special Counsel -------------------------------------------------------- Trotta Tires, II, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Harold C. Klaskin, APC as special litigation counsel. The firm will represent the Debtor in defending a prepetition certain collection lawsuit with Horizon Tire, Inc. currently pending in the Superior Court of the State of California. The firm will be paid at $400 per hour, and a retainer of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Harold Klaskin, a partner at Harold C. Klaskin, APC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Harold Klaskin, Esq. Harold C. Klaskin, APC 12021 Wilshire Boulevard Suite 510 Los Angeles, CA 90025 Tel: (310) 559-7788 Email: haroldklaskin@gmail.com About Trotta Tires II, LLC Trotta Tires is a seller of tires serving South Florida since 1995. The Company has a wide selection of brands in its inventory including: Hankook, Windforce, Goodyear, Michelin, Continental, and BFGoodrich. Trotta Tires II, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-16441) on June 27, 2024. The petition was signed by Jose M Soto, manager. At the time of filing, the Debtor estimated $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Peter D Russin presides over the case. Philip J. Landau, Esq. at LANDAU LAW, PLLC represents the Debtor as counsel. TRUCK & TRAILER: Hires Modestas Law Offices as Bankruptcy Counsel ----------------------------------------------------------------- Truck & Trailer Leasing Avenue, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Modestas Law Offices, P.C. as its bankruptcy counsel. The firm's services include: (a) negotiating with creditors; (b) preparing a plan and financial statements; (c) examining and resolving claims filed against the estate; (d) preparing pleadings filed in the case; (e) interacting with the trustee in this case; (f) attending court hearings; and (g) representing the Debtor in matters before the Court. Saulius Modestas, Esq., founder of Modestas Law, will charge $530 per hour for his services. Mr. Modestas assured the court that he does not hold or represent an interest adverse to the Estate, and that he is a disinterested person within the meaning of Sec. 327(a). The firm can be reached through: Saulius Modestas, Esq. Modestas Law Offices, P.C. 401 S. Frontage Rd. Burr Ridge, IL 60527-7115 Telephone: (312) 251-4460 Facsimile: (312) 277-2586 Email: smodestas@modestaslaw.com About Truck & Trailer Leasing Avenue, LLC Truck & Trailer Leasing Avenue LLC filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-04137) on March 21, 2024. The Debtor estimated assets and debt of $10 million to $50 million as of the bankruptcy filing. MODESTAS LAW OFFICES, P.C., led by Saulius Modestas, is the Debtor's counsel. U.S. LIGHTING: Delays Q2 2024 Report Due to Borgers Scandal ----------------------------------------------------------- US Lighting Group, Inc. disclosed via Form 12b-25 filed with the U.S. Securities and Exchange Commission that it is unable to timely file its Form 10-Q for the quarter ended June 30, 2024, due to additional review procedures resulting from charges brought by the Securities and Exchange Commission against its former principal independent registered public accounting firm, BF Borgers CPA PC, Lakewood, Colorado. On May 3, 2024, the SEC announced that it had charged Borgers with systemic failures to comply with Public Company Accounting Oversight Board standards in its audits and reviews. US Lighting Group engaged Borgers on February 22, 2023, and dismissed them on September 20, 2023, and Borgers reviewed its financial statement for the quarter ended June 30, 2023 that are included in the June 30, 2024 Form 10-Q. Although the Company did not find any errors in its financial statements for the second quarter of 2023, its expanded review of the prior year results has delayed the completion of this quarter's Form 10-Q. The Company expects to file its Form 10-Q within the five-day extension period provided by Rule 12b-25. About US Lighting Headquartered in Euclid, Ohio, US Lighting Group, Inc., is an innovative composite manufacturer utilizing advanced fiberglass technologies in growth sectors such as high-end recreational vehicles (RVs), prefabricated off-grid houses, and high-performance powerboats. The Company derives expertise and inspiration from the marine industry, where the harshest conditions are expected and met with superior engineering and the latest in composite technology. The Company plans to expand its manufacturing footprint, enhance production techniques, and develop more products in the RV, marine, and composite housing sectors. Its current R&D efforts are focused on future tow-behind camper models under the Cortes Campers brand, as well as the prefabricated housing segment. Columbus, Ohio-based GBQ Partners LLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2024, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. For the year ended December 31, 2023, US Lighting Group reported a net loss of $1,104,968, compared to a net loss of $8,990,320 for the year ended December 31, 2022. As of March 31, 2024, US Lighting Group had $3.01 million in total assets, $8.09 million in total liabilities, and a total shareholders' deficit of $5.09 million. UPHEALTH HOLDINGS: Plan Exclusivity Period Extended to Sept. 16 --------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended UpHealth Holdings, Inc., and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to Sept. 16 and Nov. 15, 2024, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have been required to devote a significant amount of time, energy, and resources to tasks other than formulating a chapter 11 plan and related disclosure statement(s) given the size and complexity of these Chapter 11 Cases. Since entry of the First and Second Exclusivity Extension Orders, the Debtors' management team has been focused on the TTC sale process, completion of the Cloudbreak sale and attendant repurchase offer (which directly benefited the Debtors through, among other things, the escrowing of funds that will go to pay down secured notes on which they are obligated), reconciling the claims by PillDrill and the IRS, effectuating the relief obtained from the ICA in relation to Glocal and responding to litigation commenced by the Respondents here and in India. The Debtors believe that the requested extensions of the Exclusive Periods will afford the Debtors and other key parties in interest time to increase the liquidity from UpHealth Holdings' assets, obtain favorable results from claims objections or recovery on causes of action of UpHealth Holdings, then negotiate and draft a chapter 11 plan for each Debtor without leading to any unnecessary complications and costs associated with soliciting competing plans. Accordingly, the Debtors submit that this factor weighs in favor of the requested extension of the Exclusive Periods. UpHealth Holdings and its affiliates are represented by: Stuart M. Brown, Esq. DLA PIPER LLP (US) 1201 N. Market Street, Suite 2100 Wilmington, DE 19801 Tel: (302) 468-5700 Email: stuart.brown@us.dlapiper.com - and - Richard A. Chesley, Esq. Jamila Justine Willis, Esq. DLA PIPER LLP (US) 1251 Avenue of the Americas New York, NY 10020 Tel: (212) 335-4500 Email: richard.chesley@us.dlapiper.com jamila.willis@us.dlapiper.com About UpHealth Holdings UpHealth Holdings Inc. is a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management. UpHealth Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11476) on Sept. 19, 2023. In the petitions filed by Samuel J. Meckey, chief executive officer, UpHealth Holdings disclosed up to $500 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Stuart M. Brown, Esq., at DLA Piper LLP (US) as counsel; Morrison & Foerster LLP as litigation counsel; and FTI Consulting, Inc. as financial advisor. Omni Agent Solutions is the Debtors' claims agent and administrative agent. UPHEALTH INC: Delays Form 10-Q Filing Due to Time Constraints ------------------------------------------------------------- UpHealth, Inc. disclosed via Form 12b-25 filed with the U.S. Securities and Exchange Commission that the compilation, dissemination and review by the Company of the information required to be presented in its Form 10-Q for the period ended June 30, 2024, has imposed time constraints that have rendered timely filing of the Form 10-Q impracticable without undue hardship and expense to the registrant. The Company expects to file the Form 10-Q on or before the fifth calendar day following the prescribed due date. About UpHealth UpHealth, Inc. -- https://uphealthinc.com -- is a provider of a full continuum of behavioral health solutions through the utilization of evidence-based treatments and services. Operating through its TTC Healthcare, Inc. subsidiary, UpHealth targets mental health issues and substance use disorders with services provided by psychiatrists, physicians, neurologists, licensed therapists, and clinical social workers. The company's levels of care include detox, residential, partial hospitalization programs, intensive outpatient programs, outpatient, and telehealth. UpHealth's clients include health plans, healthcare providers, and community-based organizations. UpHealth reported a net loss of $56.4 million for the year ended Dec. 31, 2023, compared to a net loss of $223 million for the year ended Dec. 31, 2022. As of March 31, 2024, the Company had $269.73 million in total assets, $187.95 million in total liabilities, and $81.79 million in total stockholders' equity. San Jose, California-based BPM LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 4, 2024, citing that the Company's recurring losses from operations, available cash, cash used in operations, and the Chapter 11 bankruptcy proceedings involving certain subsidiaries of the Company raise substantial doubt about the Company's ability to continue as a going concern. VALARIS PLC: Court Excludes Expert Testimony in Bardwell Lawsuit ---------------------------------------------------------------- Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas upheld an order sustaining an objection to expert testimony in support of the Emergency Motion for Relief from the Discharge and Plan Injunctions filed by Jeffery Bardwell against Valaris plc and its affiliates. On May 4, 2019, Bardwell was allegedly injured on a Debtor-affiliated rig. On August 19, 2020, Debtors filed for bankruptcy. Stretto, the claims agent for the Bankruptcy Case, served Bardwell with notice of the Petition, the general claims bar date, hearings related to the approval of the disclosure statement and confirmation of the plan, and the effective date. Bardwell did not file a claim before the bar date. After the effective date of the plan, Bardwell sued Valaris and Ensco Ltd. in state court for the rig injury. Valaris and Ensco Ltd. moved to dismiss the state court suit. Bardwell filed an Emergency Motion for Relief from the Discharge and Plan Injunctions in this case to allow him to pursue his state court claims. Debtors filed an Opposition to Bardwell's Emergency Motion for Relief from the Discharge and Plan Injunctions. Before the hearing on the Relief Motion, Debtors filed the Emergency Motion in Limine to Exclude Expert Testimony to exclude testimony from Dr. Matthew Hyzy in support of Bardwell's Relief Motion. Hyzy is a medical doctor who was hired to create a life care plan for Bardwell. Bardwell opposed Debtors' request. On November 6, 2023, the Court held a hearing on Bardwell's Relief Motion and allowed Hyzy to begin testifying. Hyzy testified he considers "all information at hand, which includes subjective medical records, imaging studies, the patient reported, symptoms or subjective history, medical history," and an exam with the patient when diagnosing and treating patients. Hyzy reviewed Bardwell's medical records and conducted a video conference with Bardwell to create Bardwell's life care plan. Hyzy concluded Bardwell suffers from adjustment disorder, anxiety, and depression. In diagnosing Bardwell's physical injury, Hyzy asked Bardwell about "the specific story of the injury [and] . . . how it [a]ffects his life, his symptoms, his function, and . . . his past medical history . . . ." But Hyzy did not receive information from Bardwell about his personal life. Hyzy did ask whether there were other stressors in Bardwell's life that might cause Bardwell's anxiety. Bardwell did not mention marital issues. Hyzy also did not ask Bardwell about marital issues; he asked about Bardwell's "general past medical history . . . ." Hyzy never discussed Bardwell's relationship with his ex-wife in diagnosing and recommending a treatment plan for anxiety. Hyzy also never discussed with Bardwell whether Bardwell's breakup with his ex-wife caused Bardwell's depression. The Court ordered additional briefing on "whether a physician who is going to determine that future anxiety results from one event would be required to inquire about other events that might also cause anxiety." Bardwell now, after the hearing, asserts Hyzy "did consider other potential causes of anxiety both before and after the injury Bardwell sustained" and that additional testimony would clarify the "confusion." On November 29, 2023, Hyzy signed a declaration stating he "explored potential causes of Mr. Bardwell's anxiety that could have arisen both before and after the crush injury he sustained on May 4, 2019." Hyzy asserted "[i]t is not [his] opinion, nor [has he] testified at any point in this case, that Mr. Bardwell's future anxiety is solely caused by the May 4, 2019, crush injury. Other factors, such as a divorce, death of a person Mr. Bardwell is close with, or otherwise may also cause anxiety. But that does not change the validity of Mr. Bardwell's crush injury causing future anxiety." After the Court excluded Hyzy's testimony, Bardwell filed a Motion for Reconsideration or Revision of the Court's Order Sustaining Objection to Expert Testimony. The Reorganized Debtors filed a Supplemental Opposition to Bardwell's Motion. Bardwell filed a Reply. The Court held a hearing on the Motion on July 22, 2024. Bardwell asserts the nature of Hyzy's testimony was to testify as to Bardwell's physical injuries, not anxiety. Therefore, Bardwell asserts the Court should not have excluded Hyzy's testimony in its entirety based on Hyzy's diagnosis of anxiety. According to Judge Isgur, the issue before the Court is whether Hyzy reliably applied the standard principles and methods of the practice. The Court must determine whether it is accepted medical practice to not explore other potential causes of anxiety before expressing views about anxiety. The Court points out while "the basis of an expert's opinion usually goes to the weight, not the admissibility, of the testimony," this is not true if the basis is so weak that the testimony itself cannot actually help the trier of fact in reaching a finding. The Court finds Hyzy did not consider Bardwell's marital problems in reaching his diagnosis of Bardwell's anxiety. But it is unclear whether Hyzy considered any other factors. Whether Bardwell was having marital problems that could contribute to his anxiety is an obvious alternative factor that Hyzy should have considered, the Court notes. And while Hyzy does not need to rule out all other causes of Bardwell's anxiety, Hyzy was responsible for considering an obvious alternative factor like marital problems, the Court says. Hyzy's diagnosis should have involved, at minimum, asking about more than general medical history. Hyzy could have specifically asked about, for instance, relationship issues, family stressors, or other life problems. According to the Court, expert conclusions based on incorrect assumptions may be unreliable. Bardwell's failure to tell Hyzy about the marital problems does not change the fact that Hyzy did not account for the alternative cause in his diagnosis of anxiety. Whether it was Hyzy's application of his methodology, or his insufficient bases for producing a reliable conclusion, Hyzy's failure to consider this obvious alternative factor makes Hyzy's opinion unreliable, the Court states. Because "[a]n expert's testimony must be reliable at each and every step or else it is inadmissible," Hyzy's entire expert testimony is inadmissible, the Court concludes. A copy of the Court's decision dated August 6, 2024, is available at http://urlcurt.com/u?l=Kyt67X About Valaris PLC Valaris plc (NYSE: VAL) provides offshore-drilling services. It is an English limited company with its corporate headquarters located at 110 Cannon St., London. On the Web: http://www.valaris.com/ On Aug. 19, 2020, Valaris and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-34114). The Debtors had total assets of $13,038,900,000 and total liabilities of $7,853,500,000 as of June 30, 2020. The Debtors tapped Kirkland & Ellis LLP and Slaughter and May as their bankruptcy counsel, Lazard as investment banker, and Alvarez & Marsal North America LLC as their restructuring advisor. Stretto is the claims agent, maintaining the page http://cases.stretto.com/Valaris Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer & Feld LLP serve as legal advisors to the consenting noteholders while Houlihan Lokey Inc. serves as their financial advisor. VALIANT FITNESS: Hires Lane Law Firm PLLC as Counsel ---------------------------------------------------- Valiant Fitness LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Lane Law Firm, PLLC as counsel. The firm will provide these services: a. assist, advise and represent the Debtor relative to the administration of the Chapter 11 case; b. assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; c. attend meetings and negotiate with the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of Debtor before said Courts and the United States Trustee; and g. perform all other necessary legal services in these case. The firm will be paid at these rates: Robert C. Lane $595 per hour Joshua Gordon, Managing Associate $550 per hour Associate Attorney $425 to $500 per hour Paralegals/legal assistants $190 to $250 per hour The firm will be paid a retainer in the amount of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert C. Lane, Esq., a partner at Lane Law Firm, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert C. Lane, Esq. Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com About Valiant Fitness LLC Valiant Fitness LLC -- https://www.rumbleboxinggym.com – doing business as Rumble Boxing, Valiant Fitness LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-42700) on August 1, 2024. In the petition filed by Michael Valentin, as owner, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Honorable Bankruptcy Judge Edward L. Morris oversees the case. The Debtor is represented by: Robert Lane, Esq. The Lane Law Firm PLLC 4813 Hughes Cir Flower Mound, TX 75022-2942 VICTORIA EDWARD: Hires Mickler & Mickler LLP as Counsel ------------------------------------------------------- Victoria Edward Spa & Wellness Center, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire the Law Offices of Mickler & Mickler, LLP as counsel. The firm will render general representation of the Debtor in the bankruptcy proceeding and the performance of all legal services for the Debtor which may be necessary. The firm will be paid at the rate of $300 to $400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryan K. Mickler, Esq., a partner at Law Offices of Mickler & Mickler, LLP disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 3211 Tel: (904) 725-0822 Fax: (904) 725-0855 Email: bkmickler@planlaw.com About Victoria Edward Spa & Wellness Victoria Edward Spa & Wellness Center, LLC is an upscale day spa located in Winter Springs, Fla., specializing in massage facials, nail and hair services. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02373) on August 9, 2024, with $217,172 in assets and $1,319,710 in liabilities. On August 13, 2024, the case was transferred from Jacksonville Division to Orlando Division and was assigned a new case number (Case No. 24-04229). Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. VUZIX CORP: Reports $40.6 Million Net Loss in Fiscal Q2 ------------------------------------------------------- Vuzix Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $40,612,193 for the three months ended June 30, 2024, compared to a net loss of $9,044,920 for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $50,659,775, compared to a net loss of $19,285,503 for the same period in 2023. The Company had net cash outflows from operations of $14,440,335 for the six months ended June 30, 2024; $26,277,824 for the year ended December 31, 2023; and $24,521,082 for the year ended December 31, 2022. As of June 30, 2024, the Company had an accumulated deficit of $344,644,568. The Company's cash outflows for investing activities were $2,234,041 for the six months ended June 30, 2024; $19,280,966 for the year ended December 31, 2023; and $21,170,816 for the year ended December 31, 2022. These factors initially raise substantial doubt about the Company's ability to continue as a going concern. Management's plans to alleviate the conditions that raise substantial doubt include the implementation of operational improvements and the curtailment of certain development programs, both of which the Company expects will preserve cash. The Company's cash requirements going forward are primarily for funding operating losses, research and development, working capital and capital expenditures. The higher cash outflows for investments in the years ending December 31, 2023 and 2022 were mainly for the Company's exclusive technology license and equity investment in microLED technology via Atomistic. The Company paid $32,500,000 to Atomistic in the last two fiscal years. The Company's license was terminated on July 1, 2024. As a result, the Company will not be paying further licensing development fees to Atomistic. "Our cash requirements related to funding operating losses depend upon numerous factors, including new product development activities, our ability to commercialize our products, our products' timely market acceptance, selling prices and gross margins, and other factors. Historically, the Company has met its cash needs primarily through the sale of equity securities," the Company stated. The Company's management intends to take actions necessary to continue as a going concern. The Company will need to grow its business significantly to become profitable and self-sustaining on a cash flow basis or it will be required to cut its operating costs significantly or raise new equity and/or debt capital. Management's plans concerning these matters and managing the Company's liquidity include, among other things: * Reductions in the Company's cash annual operating expenses by approximately $8,000,000 for 2024 across all operating areas, representing a reduction of at least 20% as compared to 2023 levels, including the areas of Research and Development, Sales and Marketing and General and Administrative; * Implementation of a voluntary Company-wide payroll reduction program for all individuals with optional salary reductions of 10% to 50% depending upon the respective base salary level for the period running from May 1, 2024 to April 30, 2025. The expected cash savings will be approximately $2,100,000 and will result in the issuance of stock awards or stock options, at a rate of 150% or 200%, respectively, of the net cash wage reductions; * After the impact of payroll reduction program for equity and two major rounds of staff reductions, including another round at the end of June 2024, the Company's current weekly gross cash salary costs are now approximately $162,000 versus $263,000 at the beginning of 2024, a decrease of $101,000 per week or 38.4% (or a total of $5,252,000 on an annual basis); * Right-sizing of operations across all areas of the Company, including head-count hiring freezes or head-count reductions; * Further reductions in the rate of research and development spending on new technologies, particularly the use of external contractors; * Delaying or curtailing discretionary and non-essential capital expenditures not related to near-term product and manufacturing needs and reducing other investing activities for its 2024 fiscal year as compared to 2023 and, now that its waveguide manufacturing plant expansion has substantially been completed and the license fees payments under the Atomistic License have been completed; * The expected margin contribution upon the commencement of volume manufacturing and sales of waveguides from its new waveguide manufacturing plant, particularly to OEM customers; * Continued pursuit of licensing and strategic opportunities around its waveguide technologies with potential OEMs, which would include the receipt of upfront licensing fees and on-going supply agreements; * Reduction in the rate of new product introductions and further leveraging of existing platforms to reduce new product development and engineering costs; and * Reduction in its existing products selling prices and higher volume discount levels to turn as much of the Company's inventory of finished products into cash and pursue external manufacturers for Vuzix non-waveguide production needs. The Company has historically sold equity securities and currently has a new Registration Statement on Form S-3 that became effective in May 2024, which includes a sales agreement with an investment banking firm for the issuance and sale of up to $50,000,000 of the Company's common stock that may be issued and sold from time to time in an "at the market" offering. Management monitors the capital markets on an ongoing basis and may consider raising capital if favorable market conditions develop. If the Company's actual results are less than projected or the Company needs to raise capital for additional liquidity, the Company may be required to pursue additional equity financings, further curtail expenses, or enter into one or more strategic transactions. However, management can make no assurance that the Company will be able to successfully complete any of the forementioned pursuits on terms acceptable to the Company, or at all. While there can be no assurance the Company will be able to successfully reduce operating expenses or raise additional capital, management believes its historical ability to manage its cash flows and to obtain capital will continue into the foreseeable future. However, as a result of this uncertainty, doubt about the Company continuing as a going concern has not been fully alleviated to the satisfaction of its external auditors as noted in their audit report included with to the Company's 10-K filed with the SEC on April 15, 2024. As of June 30, 2024, the Company had $38,234,380 in total assets, $2,827,268 in total liabilities, and $35,407,112 in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yc3wf9h5 About Vuzix Incorporated in Delaware in 1997, Vuzix Corporation -- www.vuzix.com -- is a designer, manufacturer, and marketer of Smart Glasses and Augmented Reality (AR) technologies and products for the enterprise, medical, defense, and consumer markets. The Company's products include head-mounted (or HMDs or heads-up displays or HUDs) smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays, and augmented reality, as well as OEM waveguide optical components and display engines. The Company's wearable display devices are worn like eyeglasses or attach to a head-worn mount. These devices typically include cameras, sensors, and a computer that enable the user to view, record, and interact with video and digital content, such as computer data, the internet, social media, or entertainment applications, as well as interact and receive information from cloud-based Artificial Intelligence agents. The Company's wearable display products integrate display technology with its advanced optics to produce compact high-resolution display engines, less than half an inch diagonally, which when viewed through its Smart Glasses products, create virtual images that appear comparable in size to that of a computer monitor, smartphone, tablet, or a large-screen television. Vuzix incurred net losses of $50,149,077 for the year ended December 31, 2023, $40,763,573 for the year ended December 31, 2022, and $40,377,160 for the year ended December 31, 2021. Buffalo, New York-based Freed Maxick CPAs, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 15, 2024, citing that the Company has suffered recurring losses from operations and has future cash requirements to fund operating losses. This raises substantial doubt about the Company's ability to continue as a going concern. WC 56 EAST: Amends Unsecured Claims Details ------------------------------------------- WC 56 East Avenue, LLC submitted an Amended Disclosure Statement for Amended Plan of Reorganization dated August 1, 2024. WC 56 East Avenue, LLC ("WC") is the managing member of the Debtor. The Debtor owns 56 East Avenue, a 1.12-acre parcel (the "Property") located in the Rainey Street District in downtown Austin. The primary asset of the Debtor is the land located at 56 East Avenue, Austin, TX 78701, which Debtor estimates to be worth at least $48,000,000. The Lender’s debt on the Property as of the date of the filing of the bankruptcy is $30,089,957.62. The other secured debts against the Property include $1,267,174.06 in tax loans to Caz Creek and $1,241,474.39 in ad valorem property taxes to Travis County. In addition, Travis County has filed a claim for $665,998.98 in ad valorem taxes which the Debtor believes are disallowed by law. In the Debtor's estimation, the secured lenders are oversecured, and therefore, interest and fees are accruing on the debts pursuant to the Bankruptcy Code, the contracts with the Lender and the tax lender, and the Texas Tax Code with respect to Travis County. Class 4 consists of Allowed Unsecured Claims. Each holder of an Allowed Unsecured Claim shall receive payment in full of the allowed amount of each holder's claim, to be paid within 30 days of the Confirmation Date. The allowed unsecured claims total $1,454.27. This Class will receive a distribution of 100% of their allowed claims. Allowed Unsecured Creditors in Class 4 include (a) City of Austin, in the amount of $803.38; (b) Empire Roofing Companies, Inc., in the amount of $555.87; (c) Spectrum Business, in the amount of $95.02; and (d) Texas Gas Service, in the amount of $69.21. Class 5 consists of Allowed Equity Interests. Each holder of an Equity Interest shall retain such interests but shall not receive any distribution on account of such interests until Class 1, 2, 3, and 4 are paid in full. All Cash necessary for the Reorganized Debtor to make payments pursuant to the Plan shall be obtained from proceeds of sale, proceeds of a refinance or rental receipts. A full-text copy of the Amended Disclosure Statement dated August 1, 2024 is available at https://urlcurt.com/u?l=Eszhyc from PacerMonitor.com at no charge. Attorney for the Debtor: Mary Elizabeth Heard, Esq. Grable Martin PLLC 7700 Broadway St, Ste 104 PMB 308 San Antonio, TX 78209 Tel: (210) 572-4925 Email: meheard@grablemartin.com About WC 56 East Avenue WC 56 East Avenue, LLC in Austin TX, filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tex. Case No. 24-10364) on April 1, 2024, listing $50 million to $100 million in assets and $10 million to $50 million in liabilities. Natin Paul as authorized signatory, signed the petition. Judge Christopher G. Bradley oversees the case. HAYWARD PLLC serves as the Debtor's legal counsel. WC 5TH AND WALLER: Amends Plan; Confirmation Hearing Sept. 5 ------------------------------------------------------------ WC 5th and Waller, LLC submitted a Second Amended Disclosure Statement for Plan of Reorganization dated August 1, 2024. The primary asset of the Debtor is the land and improvements located at 501 Waller, Austin, TX 78702, which Debtor estimates to be worth $18,000,000. The Debtor estimates the Lender's current debt on the property as of the date of the filing of the bankruptcy as approximately $12,000,000.00. The other secured debts against the property include approximately $200,000.00 in tax loans to a tax lender, and approximately $160,000.00 in ad valorem property taxes to Travis County. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 4 consists of Allowed Unsecured Claims. Each holder of an Allowed Unsecured Claim shall receive payment in full of the allowed amount of each holder's claim, to be paid within 30 days of the Confirmation Date. City of Austin has an unsecured claim in the amount of $523.15. This Class will receive a distribution of 100% of their allowed claims. This Class is impaired. * Class 5 consists of Equity Interests. Each holder of an Equity Interest shall retain such interests but shall not receive any distribution on account of such interests until Class 1 (Lender's Allowed Secured Claim), Class 2 (Tax Lender Allowed Secured Claim), Class 3 (Travis County's Allowed Secured Claim), and Class 4 (Allowed Unsecured Claims) are paid in full. All Cash necessary for the Reorganized Debtor to make payments pursuant to the Plan shall be obtained from proceeds of sale, proceeds of a refinance or rental receipts. On August 1, 2024, after notice and a hearing, the Bankruptcy Court approved this Disclosure Statement as containing information of a kind and in sufficient detail adequate to enable the holders of Claims against the Debtor to make an informed judgment to accept or reject the Plan. Ballots indicating acceptance or rejection of the Plan must be filed on September 3, 2024. The Bankruptcy Court has entered an order fixing September 5, 2024 at 9:30 a.m., in Bankruptcy Courtroom 2 for the Hon. Christopher G. Bradley, 903 San Jacinto, Austin, Texas 78701 as the date, time and place for the initial commencement of a hearing on confirmation of the Plan, and fixing September 3, 2024 at 5 p.m. as the time by which all objections to confirmation of the Plan must be filed with the Bankruptcy Court and served on counsel for the Debtor. A full-text copy of the Second Amended Disclosure Statement dated August 1, 2024 is available at https://urlcurt.com/u?l=XMAAx7 from PacerMonitor.com at no charge. Attorney for the Debtor: Mary Elizabeth Heard, Esq. Grable Martin PLLC 7700 Broadway St, Ste 104 PMB 308 San Antonio, TX 78209 Tel: (210) 572-4925 Email: meheard@grablemartin.com About WC 5th and Waller WC 5th and Waller, LLC, in Austin TX, owns 501 Waller, a city block that runs from East Fifth Street to Waller Street to Attayac Street (the "Property") located in the Plaza Saltillo District in East Austin. WC 5th and Waller filed for Chapter 11 protection (Bankr. W.D. Tex. Case No. 24-10366) on April 1, 2024, listing as much as $10 million to $50 million in both assets and liabilities. Natin Paul as authorized signatory, signed the petition. Judge Christopher G. Bradley oversees the case. HAYWARD PLLC serves as the Debtor's legal counsel. WEISS MULTI-STRATEGY: Plan Exclusivity Period Extended to Dec. 27 ----------------------------------------------------------------- Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York extended Weiss Multi-Strategy Advisers LLC and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 27, 2024 and February 24, 2025, respectively. As shared by Troubled Company Reporter, the Debtors submit that "cause" exists for the Court to extend the Exclusive Periods requested in this Motion. Specifically, the following factors all weigh in favor of granting the requested extensions: * Less than 3 months have passed since the Initial Debtors Petition Date; * Until the general bar date and governmental bar date have passed, the Debtors will not know what claims have been filed. Extension of the Exclusive Periods will enable the Debtors to analyze the full universe of claims against the estates prior to proposing a chapter 11 plan. * The Debtors are not seeking an extension of their Exclusive Periods to exert pressure on any party. * The Debtors are proceeding diligently toward completion of the Chapter 11 Cases and will propose a plan as soon as practicable. Counsel to the Debtors: KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP Tracy L. Klestadt, Esq. John E. Jureller, Jr., Esq. Lauren C. Kiss, Esq. Stephanie R. Sweeney, Esq. 200 West 41st Street, 17th Floor New York, NY 10036 Telephone: (212) 972-3000 Facsimile: (212) 972-2245 About Weiss Multi-Strategy Advisers Weiss Multi-Strategy Advisers LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-10743) on Apr. 29, 2024. In the petition signed by George Weiss, manager, the Debtor disclosed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Martin Glenn oversees the case. The Debtor tapped Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP as counsel and Omni Agent Solutions, Inc. as claims and noticing agent. WHAIRHOUSE LIMITED: Seeks to Extend Plan Exclusivity to November 22 ------------------------------------------------------------------- Mark Politan, the Chapter 11 Trustee for Whairhouse Limited Liability Company and Taylor Court Apartments LLC, asked the U.S. Bankruptcy Court for the District of New Jersey to extend his exclusivity period to file c chapter 11 plan to November 22, 2024. On April 30, 2024, the Chapter 11 Trustee filed a Motion to Sell Property Free and Clear of Liens Under Section 363(f) for the real property owned by Taylor (the "Sale Motion"). The initial sale contract for the Sale Motion contemplated a purchase price of $1,950,000. There were several parties interested in bidding on the real property being sold pursuant to the Sale Motion. As a result, the Chapter 11 Trustee's counsel held a spirited telephonic auction between the interested parties. The Sale Motion resulted in a purchase price of $3,200,000. On June 18, 2024, this Court entered an Order approving the Sale Motion. The sale transaction closed on August 7, 2024. The Chapter 11 Trustee has received the proceeds in connection with the Sale Motion. The Chapter 11 Trustee has made some progress in connection with liquidation efforts, however, additional time is required in order to prepare and finalize a plan of liquidation. The Chapter 11 Trustee filed amended schedules on July 17, 2024. He continues to evaluate best avenues to preserve the value of the estates for the benefit of creditors. Given the skeletal information filed with the commencement of these cases and the efforts required through formal subpoenas and informal requests to obtain the necessary information from the debtors' principals and former advisors, the administration of these cases towards a confirmable plan has been slowed. For the reasons set forth, cause exists to provide additional time for the Chapter 11 Trustee to discharge his duties and propose a plan on an exclusive basis. Counsel for Mark Politan, Ch. 11 Trustee: Anthony Sodono, III, Esq. McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue, Second Floor Roseland, NJ 07068 Tel: (973) 622-1800 E-mail: asodono@msbnj.com About Whairhouse LLC and Taylor Court Apartments Taylor Court Apartments, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 23-16641) on August 2, 2023, with $1 million to $10 million in both assets and liabilities. On August 4, 2023, Whairhouse Real Estate Investments, LLC filed a voluntary Chapter 11 petition (Bankr. D. N.J. Case No. 23-16723), with $1 million to $10 million in both assets and liabilities. On August 22, 2023, an involuntary petition was filed against Whairhouse Limited Liability Company by RG3, LLC and eight other creditors (Bankr. D.N.J. Case No. 23-17272). The creditors are represented by Sean Mack, Esq., at Pashman Stein Walder Hayden, PC. Judge Rosemary Gambardella oversees the cases. Mark Politan was appointed the Chapter 11 trustee on October 16, 2023. The trustee is represented by McManimon, Scotland & Baumann, LLC. On April 19, 2024, the court ordered the joint administration of the cases of Whairhouse LLC and Taylor under Case No. 23-17272, and on April 23, 2024, ordered the dismissal of Whairhouse RE's case. Whairhouse LLC and Taylor are represented by the Law Firm of Brian W. Hofmeister. WINDTREE THERAPEUTICS: Posts $12.02 Million Net Loss in 2nd Quarter ------------------------------------------------------------------- Windtree Therapeutics, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $12.02 million for the three months ended June 30, 2024, compared to a net loss of $6.60 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $1.81 million compared to a net loss of $10.71 million for the six months ended June 30, 2023. As of June 30, 2024, the Company had $28.71 million in total assets, $18.26 million in total liabilities, $6.95 million in total mezzanine equity, and $3.49 million in total stockholders' equity. "If we fail to raise sufficient capital, we potentially could be forced to limit or cease our development activities, as well as modify or cease our operations, either of which would have a material adverse effect on our business, financial condition, and results of operations. In addition, sales of a substantial number of shares of our common stock in the public market or the perception that these sales might occur, including pursuant to our existing equity line of credit or our recent private placement transactions, could depress the market price of our common stock and could impair our ability to raise capital through the sale of additional equity securities. These conditions raise substantial doubt regarding our ability to continue as a going concern." Management Comments "The second quarter of 2024 was marked with significant progress with our lead asset, istaroxime in development for the treatment of cardiogenic shock. We expect the istaroxime Phase 2 SEISMiC Extension study to complete enrollment in the next few weeks and we plan to report topline data by the end of the third quarter of 2024. We are also supporting our regional partner, Lee's Pharmaceutical, in their planned istaroxime Phase 3 program in acute heart failure," said Craig Fraser, Chairman and CEO. "With trial execution and active operations comes the need for capital and we successfully completed transactions providing resources for our near-term needs as well as secured an equity line of credit to potentially support future requirements," Mr. Fraser added. "Looking to the next several months, besides the important data read out on the istaroxime SEISMiC Extension Study, based on available resources, we plan to accelerate enrollments in the istaroxime SCAI Stage C cardiogenic shock study as well as provide guidance on our strategy and planned activities with our oncology preclinical aPKCi inhibitor assets. Finally, we are excited about our two new independent board directors, Saundra Pelletier and Jed Latkin, who have joined our Board at a pivotal time and we look forward to their contributions to the next phase of our progress." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/946486/000143774924027232/wint20240630_10q.htm About Windtree Therapeutics Headquartered in Warrington, Pennsylvania, Windtree Therapeutics, Inc. -- www.windtreetx.com -- is a biotechnology company focused on advancing early and late-stage innovative therapies for critical conditions and diseases. Windtree's portfolio of product candidates includes istaroxime, a Phase 2 candidate with SERCA2a activating properties for acute heart failure and associated cardiogenic shock, preclinical SERCA2a activators for heart failure and preclinical precision aPKCi inhibitors that are being developed for potential in rare and broad oncology applications. Windtree also has a licensing business model with partnership out-licenses currently in place. YERUSHA LLC: Hires AvenueOne Realty as Real Estate Agent -------------------------------------------------------- YERUSHA LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ AvenueOne Realty Grou as real estate agent. The firm will sell the real estate owned by the Debtor and to sell the properties for a fair market price. The firm will be paid as follows (a) a listing fee of $500 for each listing with contiguous parcels being treated as one listing; and (b) a commission of 6 percent of the sales price for any of the parcels that successfully go under contract and successfully close. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ronald Ohr Nicholas Ohr AvenueOne Realty 7652 Madison Avenue Forest Park, IL 60130 Tel: (773) 622-4663 About Yerusha LLC Yerusha, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case No.24-01640) on February 6, 2024, with $500,001 to $1 million in both assets and liabilities. Judge Deborah L. Thorne oversees the case. Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. YH&R CONSTRUCTION: Property Sale Proceeds to Fund Plan ------------------------------------------------------ YH&R Construction, LLC, filed with the U.S. Bankruptcy Court for the Western District of Texas a Disclosure Statement describing Plan of Reorganization dated August 1, 2024. The Debtor is principally engaged in the business of construction. The Debtor owns real property described as 1.247538 Acre track of land situated in Guadalupe County, Texas. Its value is $2,039,113.00 and has claims against it in the approximate amount of $1,086,039.00 plus accrued interest. After the filing of the Voluntary Petition, the Debtor have continued to operate the Debtor's business. The Debtor have continued to pay all obligations on post-petition debts while under protection of the Bankruptcy Code and have paid all normal operating business expenses. The Debtor has continued to remain current on its postpetition tax liability and make agreed upon cash collateral payments, if any. Future income and expenses under the Plan are irrelevant. Currently, the Debtor has received permission from this Court to sell the real property free and clear of all liens, claims and encumbrances. Currently, that matter is before the title company, but as of this date, the closing has not occurred. It is not anticipated that the Debtor will not have a future inasmuch as when the matter is closed and the property is sold, the Debtor will seek a dismissal of this bankruptcy case. The Plan is simple in concept. Basically, it contemplates distributions from the proceeds from the Debtor's future business. A full-text copy of the Disclosure Statement dated August 1, 2024 is available at https://urlcurt.com/u?l=jJxIJy from PacerMonitor.com at no charge. Attorney for the Debtor: James S. Wilkins, Esq. James S. Wilkins, PC 1100 NW Loop 410, Suite 700 San Antonio, TX 78205 Telephone: (210) 271-9212 Facsimile: (210) 271-9389 Email: jwilkins@stic.net About YH&R Construction YH&R Construction, LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-51383) on Oct. 6, 2023. In the petition signed by Sandor Gonzalez, chief executive officer, the Debtor disclosed up to $50,000 in estimated assets and up to $10 million in estimated liabilities. Judge Craig A. Gargotta oversees the case. James S. Wilkins, Esq., serves as the Debtor's counsel. YIELD10 BIOSCIENCE: Posts $3.2 Million Net Loss in Fiscal Q2 ------------------------------------------------------------ Yield10 Bioscience, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $3.2 million for the three months ended June 30, 2024, compared to a net loss of $3.7 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $5.7 million, compared to a net loss of $7.5 million for the same period in 2023. As of June 30, 2024, the Company had $2.97 million in total assets, $9.21 million in total liabilities, and $6.24 million in total shareholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/ye26rrt6 About Yield10 Yield10 Bioscience, Inc. -- http://www.yield10bio.com/-- is an agricultural bioscience company focused on the large-scale production of low-carbon sustainable products from processing Camelina seed using the oilseed Camelina sativa as a platform crop. The Company is pursuing Camelina seed oil products for two market opportunities and value chains. Each product has its own set of scale requirements, value proposition, and challenges. The first product is seed oil produced by Camelina, which has been genetically engineered to enable the production of high levels of the omega-3 fatty acids eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). The second product is Camelina seed oil for use as a low-carbon intensity feedstock oil for biofuels, including biodiesel, renewable diesel, and sustainable aviation fuel. West Palm Beach, Florida-based Berkowitz Pollack Brant Advisors+CPAs, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 1, 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. [*] 31st Distressed Investing Conference: Early Bird Discount! -------------------------------------------------------------- Registration is now open for the 31st Annual Distressed Investing Conference, presented by Beard Group, Inc. Access Early Bird discounted pricing through Sept. 16. 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; * 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: * C Street Advisory Group * Katten Muchin Rosenman LLP * Kobre & Kim This year's Media Partners: * BankruptcyData; * Debtwire; * Dow Jones * 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 [*] Kroll Reports 16% Yearly Rise in July Insolvencies ------------------------------------------------------ Sarah Rayment, Head of Global Restructuring at Kroll, said: Today's insolvency stats paint a relatively calm picture, while compared to 2023 we've seen a 16% increase this isn't cause for alarm. Certainly, compared to recent years, looking at the big picture, there are reasons to be cheerful. We are keeping a watchful eye on inflation, but broadly there is growth, as well as confidence and economists expect more cuts to the Base Rate over the next few months. There is therefore more natural activity with businesses looking to expand and acquire. "However, green shoots do not immediately translate into good news for all companies. Borrowing costs are still high and many companies are looking to refinance in the coming months. The question is whether they will have enough financial headroom with higher borrowing costs or whether their lenders will give them enough leeway. It is perhaps more likely that we will see more restructuring activity. Reflecting on Company Administrations which Kroll tracks and which generally reflect larger businesses "Company administrations are returning to pre-pandemic levels. While we normally expect to manufacturing and construction businesses affected – what's particularly interesting is the surge of media and tech businesses this year, where the appetite of private equity investors has become much more selective and as a result many businesses are being restructured. Real estate is also one to watch and there is a lot of activity as many landlords with buildings in less prime locations struggle to maximise occupancy and have little or no capital to reinvest to make it more attractive to potential tenants." Kroll also tracks another form of insolvency, administrations, throughout the year. The following table breaks down a comparison of the top 10 administrations by sector in July 2024. Industry Number of Total Administrations administrations in July in 2024 Media & Tech 18 89 Real Estate 18 87 Manufacturing 13 110 Retail 13 72 Leisure & Hospitality 13 55 Construction 11 96 Recruitment 9 29 Financial Services 7 25 Professional Services 7 24 Healthcare 4 29 Total 113 616 [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 99 ACQUISITION G NNAGU US 78.5 (2.9) (0.9) AGENUS INC AGEN US 292.4 (220.8) (170.7) ALCHEMY INVESTME ALCYU US 124.6 (5.8) (0.7) ALCHEMY INVESTME ALCY US 124.6 (5.8) (0.7) ALNYLAM PHARMACE ALNY US 4,009.6 (3.1) 2,117.6 ALPHAVEST ACQUIS ATMVU US 52.2 (0.9) (0.9) ALTRIA GROUP INC MO US 34,387.0 (2,966.0) (4,242.0) AMC ENTERTAINMEN AMC US 8,594.7 (1,696.6) (575.7) AMERICAN AIRLINE AAL US 64,125.0 (4,746.0) (9,815.0) AMNEAL PHARM INC AMRX US 3,509.9 (4.1) 371.1 ANNOVIS BIO ANVS US 5.0 (1.8) 1.0 APPIAN CORP-A APPN US 554.6 (45.7) 70.3 AQUESTIVE THERAP AQST US 117.6 (35.5) 90.1 AULT DISRUPTIVE ADRT/U US 0.8 (5.3) (2.6) AUTOZONE INC AZO US 17,108.4 (4,838.2) (1,903.1) AVEANNA HEALTHCA AVAH US 1,664.5 (119.0) (25.1) AVIS BUDGET GROU CAR US 33,882.0 (482.0) (406.0) BATH & BODY WORK BBWI US 5,221.0 (1,676.0) 696.0 BAUSCH HEALTH CO BHC US 26,495.0 (227.0) 842.0 BAUSCH HEALTH CO BHC CN 26,495.0 (227.0) 842.0 BELLRING BRANDS BRBR US 804.1 (243.2) 346.3 BEYOND MEAT INC BYND US 711.2 (590.0) 233.7 BIOCRYST PHARM BCRX US 472.4 (475.6) 258.9 BIOHARVEST SCIEN BHSC CN 17.5 (4.3) (7.8) BIOTE CORP-A BTMD US 92.9 (141.7) 15.5 BOEING CO/THE BA US 142,720.0 (17,982.0) 17,809.0 BOLT PROJECTS HO BSLK US 6.5 (12.8) (7.0) BOMBARDIER INC-A BBD/A CN 12,603.0 (2,144.0) 283.0 BOMBARDIER INC-A BDRAF US 12,603.0 (2,144.0) 283.0 BOMBARDIER INC-B BBD/B CN 12,603.0 (2,144.0) 283.0 BOMBARDIER INC-B BDRBF US 12,603.0 (2,144.0) 283.0 BOOKING HOLDINGS BKNG US 28,541.0 (4,276.0) 3,087.0 BRIDGEBIO PHARMA BBIO US 794.4 (1,082.1) 481.9 BRIDGEMARQ REAL BRE CN 194.8 (54.9) (75.6) BRIGHTSPHERE INV BSIG US 533.1 (18.8) - CALUMET INC CLMT US 2,670.9 (320.8) (424.5) CANTOR PA CEP US 0.0 (0.3) (0.4) CARDINAL HEALTH CAH US 45,121.0 (3,212.0) (756.0) CARTESIAN THERAP RNAC US 347.7 (101.5) 98.7 CENTURION ACQUIS ALFUU US 0.5 (0.0) (0.5) CENTURION ACQUIS ALF US 0.5 (0.0) (0.5) CHENIERE ENERGY CQP US 17,515.0 (756.0) (658.0) CHOICE HOTELS CHH US 2,518.9 (146.8) (3.9) CHURCHILL CAPITA CCIXU US 0.2 (0.0) - CHURCHILL CAPITA CCIX US 0.2 (0.0) - CINEPLEX INC CGX CN 2,247.5 (14.1) (277.7) CINEPLEX INC CPXGF US 2,247.5 (14.1) (277.7) CLIPPER REALTY I CLPR US 1,274.6 (4.7) - COMMSCOPE HOLDIN COMM US 8,821.0 (2,124.5) 93.7 COMMUNITY HEALTH CYH US 14,411.0 (879.0) 1,027.0 COMPOSECURE IN-A CMPO US 213.4 (209.1) 87.5 CONSENSUS CLOUD CCSI US 608.5 (124.4) 3.5 CONTANGO ORE INC CTGO US 66.2 (34.0) (23.7) COOPER-STANDARD CPS US 1,767.0 (160.9) 218.9 CORE SCIENTIFIC CORZ US 761.5 (1,083.9) 43.0 CPI CARD GROUP I PMTS US 321.4 (44.6) 110.8 CROSSAMERICA PAR CAPL US 1,164.7 (8.2) (39.8) DELEK LOGISTICS DKL US 1,623.3 (51.3) 26.5 DELL TECHN-C DELL US 80,190.0 (2,723.0) (13,107.0) DENNY'S CORP DENN US 459.9 (53.2) (60.9) DIGITALOCEAN HOL DOCN US 1,536.8 (253.8) 323.6 DINE BRANDS GLOB DIN US 1,693.5 (231.7) (74.6) DOMINO'S PIZZA DPZ US 1,856.0 (3,891.1) 478.3 DOMO INC- CL B DOMO US 204.4 (163.5) (94.0) DROPBOX INC-A DBX US 2,718.5 (371.3) 47.4 ELUTIA INC ELUT US 41.9 (64.3) (9.5) EMBECTA CORP EMBC US 1,267.5 (763.7) 410.4 ETSY INC ETSY US 2,448.1 (635.0) 794.5 EXCO RESOURCES EXCE US 1,032.7 (1,026.5) (421.2) FAIR ISAAC CORP FICO US 1,708.8 (829.3) 293.9 FENNEC PHARMACEU FRX CN 63.2 (1.4) 54.4 FENNEC PHARMACEU FENC US 63.2 (1.4) 54.4 FERRELLGAS PAR-B FGPRB US 1,487.7 (262.7) 148.3 FERRELLGAS-LP FGPR US 1,487.7 (262.7) 148.3 FOGHORN THERAPEU FHTX US 328.6 (14.3) 238.8 GCM GROSVENOR-A GCMG US 543.9 (93.7) 125.0 GOAL ACQUISITION PUCKU US 4.0 (10.4) (12.7) GOOSEHEAD INSU-A GSHD US 338.2 (19.7) 6.3 GP-ACT III ACQUI GPATU US 1.3 (0.2) (1.2) GP-ACT III ACQUI GPAT US 1.3 (0.2) (1.2) GRINDR INC GRND US 435.0 (41.7) 8.1 GUARDANT HEALTH GH US 1,609.3 (1.6) 1,088.4 HAWAIIAN HOLDING HA US 4,242.8 (105.5) 155.0 HERBALIFE LTD HLF US 2,602.2 (1,037.2) 237.6 HILTON WORLDWIDE HLT US 15,737.0 (3,078.0) (1,537.0) HP INC HPQ US 37,433.0 (916.0) (6,246.0) HUMACYTE INC HUMA US 138.3 (28.3) 78.4 ILEARNINGENGINES AILE US 156.7 2.9 92.3 IMMUNITYBIO INC IBRX US 444.3 (697.4) 180.7 INSEEGO CORP INSG US 149.6 (101.8) (146.0) INSPIRED ENTERTA INSE US 326.6 (77.4) 47.8 INTUITIVE MACHIN LUNR US 140.1 (10.4) (1.9) IRONWOOD PHARMAC IRWD US 395.6 (321.7) 132.7 JACK IN THE BOX JACK US 2,745.2 (845.8) (249.2) LESLIE'S INC LESL US 1,105.2 (168.2) 171.1 LIFEMD INC LFMD US 63.8 (2.1) (6.6) LINDBLAD EXPEDIT LIND US 858.3 (155.5) (99.0) LOWE'S COS INC LOW US 44,934.0 (13,763.0) 4,091.0 MADISON SQUARE G MSGS US 1,346.3 (266.3) (305.0) MADISON SQUARE G MSGE US 1,552.7 (23.2) (286.7) MANNKIND CORP MNKD US 443.8 (225.8) 245.9 MARBLEGATE ACQ-A GATE US 7.0 (15.8) (0.4) MARBLEGATE ACQUI GATEU US 7.0 (15.8) (0.4) MARRIOTT INTL-A MAR US 25,740.0 (2,091.0) (4,783.0) MARTIN MIDSTREAM MMLP US 535.1 (57.9) 26.3 MATCH GROUP INC MTCH US 4,368.9 (130.1) 773.6 MBIA INC MBI US 2,304.0 (1,985.0) - MCDONALDS CORP MCD US 53,801.0 (4,824.0) 295.0 MCKESSON CORP MCK US 71,670.0 (1,381.0) (4,182.0) MEDIAALPHA INC-A MAX US 198.2 (78.0) 11.5 METTLER-TOLEDO MTD US 3,249.2 (152.8) (102.9) MSCI INC MSCI US 5,456.8 (734.5) (61.4) NATHANS FAMOUS NATH US 58.5 (25.5) 30.8 NEW ENG RLTY-LP NEN US 383.7 (67.0) - NOVAGOLD RES NG CN 121.6 (27.5) 110.1 NOVAGOLD RES NG US 121.6 (27.5) 110.1 NOVAVAX INC NVAX US 1,818.6 (431.7) 45.6 NUTANIX INC - A NTNX US 2,774.9 (619.5) 955.7 O'REILLY AUTOMOT ORLY US 14,393.2 (1,583.4) (2,443.7) OMEROS CORP OMER US 356.3 (124.6) 143.5 OTIS WORLDWI OTIS US 9,858.0 (4,882.0) (1,657.0) OUTLOOK THERAPEU OTLK US 47.1 (83.7) 3.1 PAPA JOHN'S INTL PZZA US 838.4 (445.2) (49.5) PELOTON INTERA-A PTON US 2,185.2 (519.1) 580.8 PHATHOM PHARMACE PHAT US 319.4 (233.8) 257.8 PHILIP MORRIS IN PM US 65,782.0 (7,942.0) (1,388.0) PITNEY BOWES INC PBI US 4,078.4 (427.9) (72.4) PLANET FITNESS-A PLNT US 2,974.0 (319.8) 221.7 PRIORITY TECHNOL PRTHU US 1,673.4 (64.6) 23.6 PRIORITY TECHNOL PRTH US 1,673.4 (64.6) 23.6 PROS HOLDINGS IN PRO US 384.9 (83.0) 36.2 PTC THERAPEUTICS PTCT US 1,916.4 (963.7) 748.1 RAPID7 INC RPD US 1,526.6 (52.9) 95.8 RE/MAX HOLDINGS RMAX US 571.4 (69.2) 45.1 REDFIN CORP RDFN US 1,181.5 (12.8) 171.0 REVANCE THERAPEU RVNC US 494.8 (129.7) 256.5 RH RH US 4,186.5 (289.9) 179.5 RIGEL PHARMACEUT RIGL US 128.4 (29.9) 36.1 RINGCENTRAL IN-A RNG US 1,831.8 (328.8) 66.5 RMG ACQUISITION RMGUF US 7.0 (11.0) (7.5) RMG ACQUISITION RMGCF US 7.0 (11.0) (7.5) RUBRIK INC-A RBRK US 1,166.4 (514.6) 114.9 SABRE CORP SABR US 4,666.4 (1,476.9) 80.5 SBA COMM CORP SBAC US 9,786.2 (5,275.9) (1,999.6) SCOTTS MIRACLE SMG US 3,489.3 (146.2) 684.0 SEAGATE TECHNOLO STX US 7,739.0 (1,491.0) 233.0 SEMTECH CORP SMTC US 1,376.5 (313.1) 314.4 SHOULDERUP TEC-A SUAC US 21.7 (1.0) (4.2) SHOULDERUP TECHN SUACU US 21.7 (1.0) (4.2) SIM ACQUISITION SIMAU US 0.1 (0.0) (0.1) SIRIUS XM HOLDIN SIRI US 11,185.0 (2,113.0) (1,458.0) SIX FLAGS ENTERT FUN US 2,347.8 (682.1) (268.5) SLEEP NUMBER COR SNBR US 883.6 (447.0) (723.2) SOLARMAX TECHNOL SMXT US 54.7 (0.6) (9.1) SPECTRAL CAPITAL FCCN US 0.1 (0.3) (0.3) SPIRIT AEROSYS-A SPR US 6,858.6 (1,513.5) 870.9 SQUARESPACE IN-A SQSP US 1,000.9 (242.9) (140.4) STARBUCKS CORP SBUX US 30,111.8 (7,937.4) (841.6) STARDUST POWER I SDST US 1.9 (22.3) (11.4) SYMBOTIC INC SYM US 1,558.4 379.3 323.2 TORRID HOLDINGS CURV US 479.7 (198.6) (40.0) TOWNSQUARE MED-A TSQ US 579.6 (64.1) 26.4 TPI COMPOSITES I TPIC US 715.4 (274.3) 0.7 TRANSDIGM GROUP TDG US 21,828.0 (2,510.0) 5,210.0 TRAVEL + LEISURE TNL US 6,693.0 (884.0) 675.0 TRINSEO PLC TSE US 2,847.8 (413.8) 431.8 TRISALUS LIFE SC TLSI US 17.9 (34.9) (1.2) TRIUMPH GROUP TGI US 1,492.8 (119.6) 446.6 TUCOWS INC-A TC CN 758.2 (33.1) (15.2) TUCOWS INC-A TCX US 758.2 (33.1) (15.2) UNISYS CORP UIS US 1,867.8 (160.6) 315.7 UNITED PARKS & R PRKS US 2,756.9 (364.9) (92.7) UNITI GROUP INC UNIT US 5,119.2 (2,492.4) - VECTOR GROUP LTD VGR US 1,094.0 (713.3) 401.4 VERISIGN INC VRSN US 1,505.1 (1,816.4) (430.1) VERITONE INC VERI US 321.8 (5.7) (39.7) WAYFAIR INC- A W US 3,436.0 (2,760.0) (385.0) WINGSTOP INC WING US 451.8 (437.5) 78.3 WINMARK CORP WINA US 44.7 (42.2) 21.5 WORKIVA INC WK US 1,242.7 (77.7) 426.2 WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3) WYNN RESORTS LTD WYNN US 13,289.8 (902.0) 771.5 XPONENTIAL FIT-A XPOF US 475.2 (100.8) (6.1) YELLOW CORP YELLQ US 2,147.6 (447.8) (1,098.0) YUM! BRANDS INC YUM US 6,395.0 (7,630.0) 499.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. 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