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251017.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, October 17, 2025, Vol. 29, No. 289 Headlines 12 E 72ND LLC: Public Sale Auction Set for December 11 1918 CONSTANCE: Claims to be Paid from Property Sale Proceeds 23ANDME HOLDING: Court Approves Amended Disclosure Statement 23ANDME HOLDING: Nov. 6, 2025 Plan Confirmation Hearing Set 27 CURIOUS OAK: Case Summary & One Unsecured Creditor 27 CURIOUS: Seeks Chapter 11 Bankruptcy in California 35 WELLSONA: Case Summary & Nine Unsecured Creditors 35 WELLSONA: Seeks Chapter 11 Bankruptcy in California 5 STONES AND A SLING: Taps Julio E. Portilla P.C. as Counsel 5410 30TH STREET: Case Summary & Six Unsecured Creditors 5410 30TH STREET: Seeks Chapter 11 Bankruptcy in Maryland 604 ESPLANADE: Claims to be Paid from Property Sale Proceeds 694 NCH APARTMENTS: Involuntary Chapter 11 Case Summary 8787 RICCHI: Court Extends Cash Collateral Access to Oct. 23 891 LAGUNA CANYON: Involuntary Chapter 11 Case Summary ACCORD LEASE: Court Extends Cash Collateral Access to Nov. 14 ACCURADIO LLC: Gets Extension to Access Cash Collateral ALGORHYTHM HOLDINGS: Replaces Berkowitz With M&K CPAs as Auditor ALL IN PROFITS: Leon Jones Named Subchapter V Trustee ALLSTAR PROPERTIES: Gets Extension to Access Cash Collateral APPLIED ENERGETICS: Appoints David Spence as Chief Product Officer APPLIED ENERGETICS: Closes $10.8 Million Private Placement Offering APPLIED ENERGETICS: Director Allen Andrews Discloses 1.3M Shares ARC-IV LLC: Unsecureds' Recovery "TBD" in Plan ARC-V INC: Unsecureds' Recovery "TBD" in Plan ARCHANGEL DISCIPLINES: Employs Precision Books as Accountant ARCHDIOCESE OF NEW ORLEANS: Bondholders Plan to Upend Settlement ASN INVESTMENT: Leona Mogavero Named Subchapter V Trustee ASSET DISCOVERY: Unsecured Creditors to Split $6K over 5 Years ATARA BIOTHERAPEUTICS: Cuts 29% of Workforce, Expects $1.3M Charges ATLANTIC NATURAL: Amends Plan; Confirmation Hearing November 12 AURORA MOBILE: Kevin Heard Named Subchapter V Trustee AZALEA TOPCO: Moody's Puts 'B3' CFR Under Review for Upgrade BAUDAX BIO: Seeks to Extend Plan Exclusivity to December 13 BAUSCH HEALTH: Shareholders OK Amended Rights Plan Agreement BE PLASTICS: Chris Quinn Named Subchapter V Trustee BEELINE HOLDINGS: Six Directors Elected, Equity Grants OK'd BELLE MEADE: Case Summary & 14 Unsecured Creditors BELLE MEADE: Seeks Chapter 11 Bankruptcy in Florida BIG STORM BREWERY: Gets Extension to Access Cash Collateral BIOMERICA INC: Expands Board, Appoints Gary Huff as Director BOOTLEGGER'S BREWERY: Case Summary & 20 Top Unsecured Creditors BORDER PROPERTIES: Claims to be Paid from Continued Operations BOY SCOUTS: Victims Move to Void Deals With Mass Tort Law Firm BROOKDALE SENIOR: Interim EVP of Operations Holds 38,837 Shares BTG TEXTILES: Files Amendment to Disclosure Statement CABALLITO LLC: Hires JPC Law Office as Legal Counsel CANO HEALTH: S&P Downgrades ICR to 'D' on Completed Debt Exchange CAPITOL STREET: Voluntary Chapter 11 Case Summary CAPSTONE GREEN: Registers 1M Shares for 2023 Incentive Plan CAUSEY STREETER: Tamara Miles Ogier Named Subchapter V Trustee CEDAR VALLEY: Case Summary & 20 Largest Unsecured Creditors CENTERFIELD MEDIA: Moody's Ups CFR to B2 & Alters Outlook to Stable CES ENERGY: S&P Affirms 'B+' Rating on C$75MM Add-On CHARLES & COLVARD: Ethara Capital Holds 1,353,180 Common Shares CHINN BAKER: U.S. Trustee Unable to Appoint Committee CLEARSIDE BIOMEDICAL: Regains Nasdaq Compliance After Reverse Split CLIFF DRIVE: Involuntary Chapter 11 Case Summary CLOVERLEAF ELECTRIC: Section 341(a) Meeting of Creditors on Nov. 12 COLLABORATION SOFTWARE: Seeks to Sell Software Biz at Auction COLLABORATION SOFTWARE: Todd Hennings Named Subchapter V Trustee COLLABORATIVE TECHNOLOGY: Seeks Subchapter V Bankruptcy in Colorado CONSTELLATION INSURANCE: Moody's Affirms 'Ba1' Unsec. Debt Rating CONTEMPORARY MEDICAL: Gerard Luckman Named Subchapter V Trustee CORIZON HEALTH: Robinson Urges Court to Stay Claim Dismissal CORVIAS CAMPUS: Deadline to File Claims Set for Nov. 3, 2025 COURTESY SECURITY: Lisa Holder Named Subchapter V Trustee COWBOY CARES: Hires Brannan & Hessel CPA LLC as Accountant CREATIVE STARS: Steven Nosek Named Subchapter V Trustee DAOVENQUY LLC: Todd Headden Named Subchapter V Trustee DAOVENQUY88 LLC: Todd Headden Named Subchapter V Trustee DMCC 26TH: To Sell Assets to Elevation Strategic for $18.3MM ECUBE LABS: Section 341(a) Meeting of Creditors on November 17 EDGAR BENJAMIN: Court Rejects Bid to Restart Sale Process EL DORADO: Court Okays Fee Application for CR3 Partners ELITA 7 LLC: Court Extends Cash Collateral Access to Jan. 15 ELIZABETH I LLC: Seeks Chapter 11 Bankruptcy in Massachusetts ENKB-MONTICELLO: Gets Interim OK to Use Cash Collateral FCI SAND: Hires MACCO Restructuring Group as Financial Advisor FELT & FAT: Case Summary & 20 Largest Unsecured Creditors FERRELLGAS PARTNERS: S&P Upgrades ICR to 'B' on Refinancing FIRST BRANDS: Examiner Appointment Could Trip DIP Covenant FIRST BRANDS: Lenders Hold Talks on Bringing in New Ch. 11 Advisers FIRST CLASS MOVING: Wins Bid to Use Cash Collateral FIRST CLASS: Gets Extension to Access Cash Collateral FOREST GOOD: Gets One-Month Extension to Use Cash Collateral GEC TRANSPORT: Court Okays Bid to Use Cash Collateral GENERAL ENTERPRISE: Raises $6.3M From PIPE Offering GENERAL ENTERPRISE: Wesley Bolsen Appointed CEO, Director GENERAL MOTORS: Wins Motion to Enforce 2009 Bankruptcy Sale GEORGIA VASCULAR: Gets Final OK to Use Cash Collateral GG ROCK: Seeks Subchapter V Bankruptcy in Florida GREENWICH RETAIL: Court Extends Cash Collateral Access to Nov. 3 H2 DEVELOPMENT: Seeks Chapter 11 Bankruptcy in New York HEISLER LAGUNA: Involuntary Chapter 11 Case Summary HERITAGE GRILLE: Court Extends Cash Collateral Access to Oct. 31 HIGHLAND PROPERTY: Seeks Chapter 7 Bankruptcy in Pennsylvania HOLOHAN MANAGEMENT: Seeks Chapter 7 Bankruptcy in New York HUDSON RIVER: Moody's Hikes CFR to Ba1 & Alters Outlook to Stable IAMGOLD CORP: S&P Upgrades ICR to 'BB-', Outlook Stable IGO MARKETING: Salvatore LaMonica Named Subchapter V Trustee IT IS WELL: Section 341(a) Meeting of Creditors on November 14 J.R. BUTLER: Hires Michael Best & Friedrich LLP as Counsel JOHN BENNETT: Leon Jones Named Subchapter V Trustee JOHN FITZGIBBON HOSPITAL: Fitch Lowers LongTerm IDR to 'C' JOSEPH A. GRASSO: Court Dismisses Chapter 11 Bankruptcy Case KAL FREIGHT: Trust Claims Previous Owners Misappropriated Money KX 84: Todd Hennings Named Subchapter V Trustee LATITUDE 46 NORTH: Joli Lofstedt Named Subchapter V Trustee LEFLO 4 CONDOS: Seeks Chapter 11 Bankruptcy in Florida LINQTO INC: Judge Rejects Shareholders' Bid for Equity Committee LUXURBAN HOTELS: UST Wants to Takeover Hotel Citing Negligence MARFA CABINETS: Gets Interim OK to Use Cash Collateral Until Oct 31 MARQUIE GROUP: Issues One Million Shares in Golf Asset Sale MG510 LLC: Voluntary Chapter 11 Case Summary MOUNTAIN VIEW: Case Summary & 20 Largest Unsecured Creditors N.K.G. CORP: Seeks Subchapter V Bankruptcy in New York NASITRA LLC: Tom Howley of Howley Law Named Subchapter V Trustee NASITRA: Gets Court OK to Use Cash Collateral NAVIDEA BIOPHARMACEUTICALS: D. Klauder Named Subchapter V Trustee NORTHPOINT DEVELOPMENT: Gets Extension to Access Cash Collateral NOVA LIFESTYLE: Appoints Yizhou Zhao as COO, Corporate Secretary ONDAS HOLDINGS: Closes $407M Underwritten Stock, Warrant Offering ORION HEALTHCORP: To Sell Condo to Phoebe Johnson & Robert Diamond OUTER AISLE: Gets Final OK to Use Cash Collateral Until March 27 OVG BUSINESS: S&P Places 'B-' ICR on CreditWatch Positive PARIS312 LLC: Case Summary & 20 Largest Unsecured CreditorsPARIS312 PERASO INC: Registers 1,019,047 Shares for Possible Resale PLANET GREEN: Registers 7M Shares Under 2025 Equity Incentive Plan PREDICTIVE ONCOLOGY: Closes $343.5M PIPEs to Support ATH Strategy PROSOURCE MACHINERY: Gets OK to Use Cash Collateral Until Nov. 30 PSYCARE LLC: Tamara Miles Ogier Named Subchapter V Trustee PURDUE PHARMA: Court Tosses Claimant's Several Motions QVC GROUP: Schedules Q3 2025 Earnings Conference Call for Nov. 5 RAZZOO'S INC: U.S. Trustee Appoints Creditors' Committee REBORN COFFEE: Sehan Kim, Jennifer Tan Resign as Directors RYVYL INC: Closes $5 Million PIPE Financing SAMYS OC: Cairo Loses Bid to Appoint Trustee SARASOTA SEAFOOD: Ruediger Mueller Named Subchapter V Trustee SCILEX HOLDING: Names Stephen Ma as Chief Operating Officer SEAGATE TECHNOLOGY: S&P Upgrades ICR to 'BB+', Outlook Stable SECURITY TRANSPORT: Case Summary & 20 Largest Unsecured Creditors SERVICE LOGIC: Moody's Alters Outlook on 'B3' CFR to Positive SHARING SERVICES: Heng Fai Chan and Affiliates Hold 99.7% Stake SHIVSANYA CORP: Case Summary & One Unsecured Creditor SIMPLIA INC.: Taps Levene Neale Bender as Bankruptcy Counsel SIX COOKS: Gets Interim OK to Use Cash Collateral Until Nov. 12 SJ ASSET: Leon Jones Named Subchapter V Trustee SOLUNA HOLDINGS: Partners With KULR to Host 3.3 MW Bitcoin Mining SONOMA PHARMACEUTICALS: COO to Retire Dec. 2; Position Eliminated SONOMA PHARMACEUTICALS: Updates CEO's Employment Agreement SPAC RECOVERY: Seeks $500,000 DIP Loan From SPV Lit Fund SPECIAL ENFORCEMENT: Gregory Jones Named Subchapter V Trustee SPEEDHAUS 405: U.S. Trustee Unable to Appoint Committee SRX HEALTH: Additional Reverse Stock Split, Share Increase OK'd SUNRISE FINANCIAL: Hires Orantes Law Firm as Bankruptcy Counsel TACTICAL TOWING: Seeks Subchapter V Bankruptcy in Illinois TASTY PEACH STUDIOS: Case Summary & 20 Top Unsecured Creditors TBB DEEP: Gets Interim Order Amending Cash Collateral Budgets THRILL INTERMEDIATE: Lenders Seek to Prohibit Cash Collateral Use TITAN ENVIRONMENTAL: Frank Celli Steps Down as Director TRICOLOR AUTO: Explores Sale, Seeks Funding as Fraud Probe Advances TRUTANKLESS INC: Reports $1.6M Net Loss for Q1 2025 TURNONGREEN INC: Steven Caspi, SJC Lending Hold 7.3% Stake TURQUOISE LLC: Hires Ag & Business as Legal Counsel VIVAKOR INC: Issues $647.5K Convertible Note, Grants 82.5K Shares VIVAKOR INC: J.J. Astor Converts $900K Note Into 6.49M Shares VSM PROPERTIES: Section 341(a) Meeting of Creditors on Nov. 14 WAVE ASIAN: Court Denies Bid to Use Cash Collateral WFL BUILDERS: Charles Persing Named Subchapter V Trustee WOHALI LAND: Trustee Employs Foley & Lardner LLP as Counsel XEROX HOLDINGS: Hires Advisers to Help w/ Cash Flow, Revenue Issues XWELL INC: Cancels 2025 Annual Meeting, Withdraws Proxy Proposals ZIONS BANCORPORATION: Moody's Affirms 'Ba1(hyb)' Pref. Stock Rating ********* 12 E 72ND LLC: Public Sale Auction Set for December 11 ------------------------------------------------------ NYC Multifamily Portfolio LLC, successor-in-interest to Axos Bank ("secured party") will offer for sale at public auction (i) 100% of the limited liability membership interests in 12 E 72nd LLC ("pledged entity"), held by Edward L. Croman, Steven Croman, Harriet Croman and 12 East 72nd Manager ("grantors) as set forth in that certain pledged and security agreement dated of Aug. 25, 2023 ("pledged agreement"), together with (ii) all cash payments in kind, principal, interest, fees, commissions, reimbursements, and other payment of any kind and all conversions, substitutions, exchanges and replacements made pursuant to the Articles of Organization and Limited Liability Company Agreement of Pledged Entity, in each case relating to the membership interests in Pledged Entity ("collateral"). The sale will take place on Dec. 11, 2025, at 2:00 p.m. Eastern Time in compliance with Uniform Commercial Code Section 9-610 both (i) at Moritt Hock & Hamroff LLP, 1407 Broadway, 39th Floor, New York, New York 10018, and (ii) virtually via online video conference. The URL address and password for the online video conference will be provided to all registered participants. The sale is being made in connection with foreclosure on a pledge of the collateral to the secured party by pledged entity under the pledge agreement, pursuant to which grantors have granted to the Secured Party a first priority lien on the collateral as collateral for a loan in the original principal amount of $31,000,000 ("loan") from Secured Party to Pledged Entity and grantor Steven Croman ("borrowers"). The loan was made pursuant to that certain note dated Aug. 25, 2023, entered into between the secured party that the default is in default. An online datasite for the sale is available at http://12East72ndStUCCSale.com. Further information and questions regarding the sale contact Brett Rosenberg, senior managing director at JLL Capital Markets at (212) 812-5926 or Brett.Rosenberg@jll.com. 1918 CONSTANCE: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------- 1918 Constance Street, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Plan of Liquidation dated October 7, 2025. The Debtor is a Louisiana limited liability company that was formed on October 16, 2018. It does not have any employees. Its sole asset is a residential property located at 1918 Constance Street, New Orleans, Louisiana. The property was purchased by the Debtor with the intention of remodeling the property and selling it. Once completed, the Debtor estimates the value of the property at $1 million. Property insurance has been placed by the mortgage lender, 1900 Capital Trust II, by U.S. Bank Trust National Association, not in Its Individual Capacity but Solely as Certificate Trustee ("Lender"). Flood insurance is not required. The bankruptcy filing was the result of a foreclosure due to health issues of Michael Baker, an owner of the Debtor. Although he had prepared to be out of work for a month or two, Mr. Baker was not ready for over a year without any income from his real estate practice. It was nearly six months after returning to work before Mr. Baker received a commission check, and it wasn't until January 2025 that Mr. Baker's income finally returned to pre surgery levels. While Mr. Baker was out of commission, he was unable to make the required payments to the mortgage lender. The Debtor's inability to pay the mortgage resulted in the Lender seeking to foreclose. The Debtor is liquidating its sole asset and the proceeds from the sale will pay the Lender in full. The Debtor has no other creditors. Holders of Equity Interests shall retain their interest in the Reorganized Debtor. The holders of Allowed Equity Interests shall not be entitled to receive any Distribution under the Plan until all Administrative and Class 1 claims are paid in full. This Plan will be funded by the sale of the property located at 1918 Constance Street, New Orleans, Louisiana. The Debtor intends to retain the current owners as management after the Effective Date. Management will not receive compensation until the property has been sold and all Administrative and Class 1 Claims are paid in full. The Debtor does not anticipate any other payments to insiders in the foreseeable future. Upon completion of repairs to the property, the Debtor will retain Ann de Montluzin Farmer of de Montluzin Investments Realtors, LLC, to serve as broker for the sale of 1918 Constance Street. A full-text copy of the Liquidating Plan dated October 7, 2025 is available at https://urlcurt.com/u?l=59uP99 from PacerMonitor.com at no charge. The firm can be reached at: Patrick S. Garrity, Esq. Eric J. Derbes, Esq. Derbes Law Firm, L.L.C. 3027 Ridgelake Drive Metairie, LA 70002 Telephone: (504) 207-0913 Facsimile: (504) 832-0327 Email: pgarrity@derbeslaw.com About 1918 Constance Street 1918 Constance Street is a New Orleans-based construction entity likely involved in residential building construction (NAICS 2361). 1918 Constance Street sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11438) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $500,000 and $1 million. Bankruptcy Judge Meredith S. Grabill handles the case. The Debtors are represented by Patrick S. Garrity, Esq. at The Derbes Law Firm, LLC. 23ANDME HOLDING: Court Approves Amended Disclosure Statement ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Missouri approved the adequacy of the second amended disclosure statement for the second amended joint Chapter 11 plan of Chrome Holding Co. fka 23andMe Holding Co. Deadline to vote to accept or reject the Debtors' amended Chapter 11 plan is on Nov. 6, 2025, at 4:00 p.m. (prevailing Central Time). According to the Troubled Company Reporter on Oct. 13, 2025, The Amended Proposed Plan, the Second Amended Proposed Plan, the Amended Proposed Disclosure Statement and the Second Amended Disclosure Statement have been updated to reflect, among other terms: a) two additional classes of claims against the Debtors, b) a new settlement agreement between the Debtors and certain litigation plaintiffs, and c) a toggle structure whereby the Chrome Debtors (as defined in the Second Amended Proposed Plan) may enter into an Equity Sale Transaction (as defined in the Second Amended Proposed Plan) pursuant to which the Chrome Debtors may continue in existence, reorganize, and/or reinstate or otherwise preserve the equity interests of the Chrome Debtors in order to maximize the value of their estates for the benefit of their stakeholders. Although the Debtors intend to pursue the objectives and the terms set forth in the Second Amended Proposed Plan and the Second Amended Proposed Disclosure Statement, there can be no assurance that the Court will approve the Second Amended Proposed Plan or that the Debtors will be successful in consummating the transactions set forth in the Second Amended Proposed Plan or any similar transaction, on different terms or at all. The Bankruptcy Code does not permit solicitation of acceptances of a chapter 11 plan until the Court enters an order approving the disclosure statement relating to the chapter 11 plan. Accordingly, neither the Debtors' filing of the Second Amended Proposed Plan and Second Amended Proposed Disclosure Statement, nor this Current Report on Form 8-K, is a solicitation of votes to accept or reject the Second Amended Proposed Plan. Any such solicitation will be made pursuant to and in accordance with applicable law, including orders of the Court. Copies of the Amended Proposed Plan, the Amended Proposed Disclosure Statement, the Second Amended Proposed Plan, and the Second Amended Proposed Disclosure Statement are available at https://tinyurl.com/5frjxeyp, https://tinyurl.com/mr2z6nbn, https://tinyurl.com/5hesr9ar, and https://tinyurl.com/bdd2avha, respectively. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 23ANDME HOLDING: Nov. 6, 2025 Plan Confirmation Hearing Set ----------------------------------------------------------- The Hon. Brian C. Walsh of the U.S. Bankruptcy Court for the Eastern District of Missouri will hold a hearing on Nov. 19, 2025, at 1:30 p.m. (prevailing Central Time) at the U.S. Bankruptcy Court, 5th Floor North, Thomas F. Eagleton U.S. Courthouse, 111 South Tenth Street, St. Louis, Missouri 63102, to confirm second amended joint Chapter 11 plan of Chrome Holding Co. fka 23andMe Holding Co. Objection to the confirmation of the Debtor's amended Chapter 11 plan, if any, must be filed no later than 4:00 p.m. (Prevailing Central Time) on Nov. 6, 2025. About 23andMe Holding Co. 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 27 CURIOUS OAK: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: 27 Curious Oak LLC 15442 Ventura Blvd, Suite 101 Sherman Oaks, CA 91403 Business Description: 27 Curious Oak LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B), holding its primary property at 27 Wellsona Road in Paso Robles, California. Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11903 Judge: Hon. Victoria S Kaufman Debtor's Counsel: Jeffrey I. Golden, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Email: jgolden@go2.law Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Claude Zdanow as Manager of Zorada Drive Investments, LLC, Managing Member of the Debtor. According to the Debtor, its sole unsecured creditor is Farmers & Merchants Bank, Attn: Manager, at 123 W Huron Street, Berlin, Wisconsin 54923, with a claim totaling $2.84 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/SIWQAYQ/27_Curious_Oak_LLC__cacbke-25-11903__0001.0.pdf?mcid=tGE4TAMA 27 CURIOUS: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------- On October 14, 2025, 27 Curious Oak LLC sought Chapter 11 protection in the Central District of California Bankruptcy Court. Court documents show the company disclosed liabilities total between $1 million and $10 million. The filing further notes that 27 CURIOUS OAK LLC has 1 to 49 creditors. About 27 Curious Oak LLC 27 Curious Oak LLC is a single asset real estate company. 27 Curious Oak LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11903) on October 14, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor is represented by Jeffrey I. Golden, Esq. of Golden Goodrich LLP. 35 WELLSONA: Case Summary & Nine Unsecured Creditors ---------------------------------------------------- Debtor: 35 Wellsona Holdings, LLC 15442 Ventura Blvd., Suite 101 Sherman Oaks, CA 91403 Business Description: 35 Wellsona Holdings, LLC is a single-asset real estate company that owns property at 35 Wellsona Road in Paso Robles, California. Chapter 11 Petition Date: October 13, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11900 Debtor's Counsel: Jeffrey I. Golden, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Email: jgolden@go2.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Claude Zdanow as Manager of Zorada Drive Investments, LLC, Managing Member of the Debtor. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6AYMI5Q/35_Wellsona_Holdings_LLC__cacbke-25-11900__0001.0.pdf?mcid=tGE4TAMA 35 WELLSONA: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ 35 Wellsona Holdings LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Central District of California on October 13, 2025. According to court documents, the company listed liabilities between $1 million and $10 million. The filing indicates that the company has between one and 49 creditors. About 35 Wellsona Holdings LLC 35 Wellsona Holdings LLC is a single asset real estate company. 35 Wellsona Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No 25-11900) on October 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Jeffrey I Golden, Esq. of Golden Goodrich LLP. 5 STONES AND A SLING: Taps Julio E. Portilla P.C. as Counsel ------------------------------------------------------------ 5 Stones and A Sling LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Office of Julio E. Portilla, P.C. to serve as counsel to the Debtor in its Chapter 11 case. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession all necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary in this case; and (d) represent the Debtor in any adversary proceedings and all other matters related to the bankruptcy case. The firm will charge hourly rates of $475 to $575 for attorneys and $125 per hour for paralegals. JEP Law received a $6,000 retainer, of which $1,738 was applied to the filing fee. According to court filings, the Law Office of Julio E. Portilla, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Julio E. Portilla, Esq. Law Office of Julio E. Portilla, P.C. 380 Lexington Avenue, Suite 446 New York, NY 10168 Telephone: (212) 365-0292 Facsimile: (212) 365-4417 About 5 Stones and A Sling LLC 5 Stones and A Sling LLC is a limited liability company. 5 Stones and A Sling LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42243) on May 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtors are represented by Julio E. Portilla, Esq. at JULIO E. PORTILLA. 5410 30TH STREET: Case Summary & Six Unsecured Creditors -------------------------------------------------------- Debtor: 5410 30th Street DC LLC 2011 Brooks Drive, #130 District Heights MD 20747 Chapter 11 Petition Date: October 14, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-19605 Judge: Hon. Lori S Simpson Debtor's Counsel: Deirdre T. Johnson, Esq. DEIRDRE T. JOHNSON, ATTORNEY AT LAW 9701 Apollo Dr, Suite 301 Upper Marlboro MD 20774 Tel: 301-742-5385 Email: dtjesq@dtjohnsonlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Zanetta Williams as sole member. A copy of the Debtor's list of six unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QM3JM2Y/5410_30th_Street_DC_LLC__mdbke-25-19605__0001.3.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T3Q67AQ/5410_30th_Street_DC_LLC__mdbke-25-19605__0001.0.pdf?mcid=tGE4TAMA 5410 30TH STREET: Seeks Chapter 11 Bankruptcy in Maryland --------------------------------------------------------- On October 14, 2025, 5410 30th Street DC LLC voluntarily sought Chapter 11 bankruptcy protection in the District of Maryland. The filing indicates that the company's debts fall between $1 million and $10 million. Court documents also show that company has between 1 and 49 creditors. About 5410 30th Street DC LLC 5410 30th Street DC LLC is a limited liability company. 5410 30th Street DC LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-19605) on October 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lori S. Simpson handles the case. The Debtor is represented by Deirdre Theresa Johnson, Esq. 604 ESPLANADE: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------ 604 Esplanade, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana an Original Subchapter V Plan of Reorganization dated October 7, 2025. The Debtor is a Louisiana limited liability company. The Debtor's sole member is Earl Weber. The Debtor's sole manager is Jonathan Weber. Earl and Jonathan are father and son. The Debtor was organized in 2015 to acquire, renovate, and sell immovable (real) property located as 604 Esplanade Avenue, New Orleans, LA 70116 (the "Property"). The Property originally consisted of four separate condo units. The Debtor sold Units 101 and 102. The Property now consists of two separate condo units Unit 103 and Unit 104. Unit 103 is a three-bedroom condo whereas Unit 104 is a two-bedroom condo. Unit 103 and Unit 104 were appraised by G. Geoffrey Lutz on March 25, 2025 for $675,000.00 and $495,000, respectively. Despite marketing Units 103 and 104, the Debtor has been unable to sell these two properties. To bridge the gap, the Debtor attempted to lease Units 103 and 104. However, the Debtor was unable to consistently rent each unit because of the uncertainty and controversy in the New Orleans short-term rent ("STR") market. Because the Debtor was unable to consistently service the Northeast Bank debt, Northeast Bank commenced a foreclosure proceeding in the Civil District Court (the "CDC") for the Parish of Orleans. The Debtor commenced this Subchapter V case on the Petition Date to stop the foreclosure. This Plan proposes to pay unsecured creditors from the proceeds of the sale of Unit 104, which is greater than the liquidation value. The Plan proposes that the Debtor will: (a) surrender Unit 103 to Northeast Bank for a credit of $675,000; (b) make interest only payments to Northeast Bank until it can sell Unit 104; and (c) pay holders of Allowed Claims from the sale of Unit 104. Class 2 consists of holders of Allowed General Unsecured Claims. Holders of Allowed General Unsecured Claims shall be paid from the remaining proceeds of the sale of Unit 104 after payment of all Allowed Secured, Administrative, and Priority Claims. This Class is impaired. Class 3 consists of the holders of Equity Securities. Holders of Equity Securities shall retain their interests. The Debtor will implement this Plan through the orderly sale and transfer of Unit 103 by dation en paiement to Northeast Bank and the marketing and sale of Unit 104 by a qualified real estate broker retained within twenty-eight days of the Effective Date. The Debtor shall utilize proceeds of the sale of Unit 104 to satisfy, in the order set forth in this Plan, all Allowed Secured Claims, Administrative Expense Claims, Priority Tax Claims, and General Unsecured Claims. The Debtor anticipates that ordinary course revenues, including any rental income or incidental operating receipts from Unit 104 prior to its sale, will be sufficient to fund the interest-only payments due to Northeast Bank and the quarterly payments of Allowed Professional Fee Claims during the Plan term. To the extent that such revenues are temporarily insufficient to meet Plan-payment obligations, the Debtor's insiders, Jonathan Weber and Earl Weber, have agreed to personally backstop and advance the funds necessary to ensure that all payments required under this Plan are timely made. Any insider advances shall be treated as post-petition capital contributions that are subordinate to all Allowed Claims provided for under the Plan and shall not accrue interest or be repayable until all Plan obligations have been fully satisfied. This insider commitment provides additional assurance of feasibility and constitutes appropriate "remedies" and "adequate means for implementation" within the meaning of Section 1123(a)(5) and 1191(c)(3)(B) of the Bankruptcy Code. A full-text copy of the Subchapter V Plan dated October 7, 2025 is available at https://urlcurt.com/u?l=1YrKCJ from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan J. Richmond, Esq. Sternberg, Naccari & White, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 Email: ryan@snw.law About 604 Esplanade 604 Esplanade, LLC, is a real estate company that owns property located at 604 Esplanade Street in New Orleans, Louisiana. 604 Esplanade sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-11439) on July 9, 2025, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Jonathan Weber, manager, signed the petition. Ryan J. Richmond, Esq., at Sternberg, Naccari & White, LLC represents the Debtor as legal counsel. 694 NCH APARTMENTS: Involuntary Chapter 11 Case Summary ------------------------------------------------------- Alleged Debtor: 694 NCH Apartments, LLC 520 Newport Center Drive Suite 480 Newport Beach CA 92660 Business Description: 694 NCH Apartments, LLC is a single-asset real estate debtor under 11 U.S.C. Section 101(51B), owning one income-producing property. Involuntary Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12896 Petitioners' Counsel: David Haberbush, Esq. HABERBUSH, LLP 444 West Ocean Blvd., Suite 1400 Long Beach, CA 90802 Tel: 562-435-3456 Email: dhaberbush@lbinsolvency.com A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VV227QQ/694_NCH_Apartments_LLC__cacbke-25-12896__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Specialty DIP LLC $1,500,100 5175 Princess Anne Rd La Canada CA 91011 Vierergruppe Management Inc. $155,000 1932 E. Deere Ave Suite 150 Santa Ana CA 92705 Coastline Santa Monica Investments LLC $30,017,726 520 Newport Center Drive Newport Beach CA 92660 8787 RICCHI: Court Extends Cash Collateral Access to Oct. 23 ------------------------------------------------------------ 8787 Ricchi, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. The court issued its seventh interim order authorizing the Debtor to use cash collateral from October 10 to 23 in accordance with its budget, subject to a 10% variance. The Debtor projects total monthly operational expenses of $51,601.91 for September and October. As protection, 87STE Lending, LLC, through U.S. Marshals Service, will be granted a replacement lien on property currently owned or acquired by the Debtor after the petition date similar to the lender's pre-bankruptcy collateral. 87STE Lending has a security interest in the Debtor's deposit accounts and rent and the proceeds thereof, which constitute cash collateral under Section 363(a) of the Bankruptcy Code. The U.S. government, acting by and through the U.S. Marshals Service, is presently empowered to exercise the rights and remedies related thereto pursuant to a court order. The Debtor's authority to use cash collateral terminates upon occurrence of certain events including conversion of its Chapter 11 case, appointment of a trustee or default, subject to seven-day cure rights. A final hearing is scheduled for October 23, with objections due by October 20. About 8787 Ricchi 8787 Ricchi, LLC is a commercial real estate company that owns and manages properties in Dallas, Texas. 8787 Ricchi sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-31144) on March 31, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Stacey G. Jernigan handles the case. The Debtor is represented by: Frank Jennings Wright, Esq. Law Offices of Frank J. Wright, PLLC Tel: 214-935-9100 Email: frank@fjwright.law 891 LAGUNA CANYON: Involuntary Chapter 11 Case Summary ------------------------------------------------------ Alleged Debtor: 891 Laguna Canyon Road, LLC 520 Newport Center Drive Suite 480 Newport Beach CA 92660 Business Description: 891 Laguna Canyon Road, LLC designates itself a single-asset real estate debtor within the meaning of 11 U.S.C. Section 101(51B). Involuntary Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12899 Judge: Hon. Scott C Clarkson Petitioners' Counsel: David Haberbush, Esq. HABERBUSH, LLP 444 West Ocean Blvd, Suite 1400 Long Beach CA 90802 Tel: 562-435-3456 Email: dhaberbush@lbinsolvency.com A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/RGP3QEA/891_Laguna_Canyon_Road_LLC__cacbke-25-12899__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Specialty DIP LLC $1,500,100 5175 Princess Anne Rd La Canada CA 91011 Vierergruppe Management Inc. $155,000 1932 E. Deere Ave Suite 150 Santa Ana CA 92705 Coastline Santa Monica Investments LLC $30,017,726 520 Newport Center Drive Newport Beach CA 92660 ACCORD LEASE: Court Extends Cash Collateral Access to Nov. 14 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois issued its 12th interim order extending Accord Lease, Inc.'s authority to use its lenders' cash collateral through November 14. The interim order signed by Judge Deborah Thorne authorized the Debtor to use the cash collateral of BMO Bank N.A., and 11 other lenders to pay operating expenses in accordance with its budget and an earlier order issued by the court on Jan. 8. The Debtor projects total operational expenses of $106,732.02. The next hearing is set for November 12. BMO Bank, N.A. and 11 other lenders assert interests in the Debtor's cash collateral, which includes funds on deposit in accounts maintained by the Debtor and lease fees generated by the Debtor's property in which they have liens. The property purportedly secures an indebtedness of approximately of $5,432,758.20. About Accord Lease Inc. Accord Lease Inc. operates an automotive leasing and renting business in Elgin, Ill. Accord Lease filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-16518) on November 1, 2024, listing total assets of $3,773,857 and total liabilities of $5,800,404. Igor Tsapar, president of Accord Lease, signed the petition. Judge David D. Cleary handles the case. O. Allan Fridman, Esq., at the Law Office of O. Allan Fridman is the Debtors legal counsel. BMO Bank N.A., as lender, is represented by: James P. Sullivan, Esq. Chapman and Cutler, LLP 320 South Canal Street Chicago, IL 60606 Tel: 312.845.3000 jsullivan@chapman.com ACCURADIO LLC: Gets Extension to Access Cash Collateral ------------------------------------------------------- AccuRadio, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The Debtor was authorized to use cash collateral to pay ordinary and necessary business expenses for the period from May 15 to November 14, as set forth in its budget, subject to a 10% variance. The budget projects monthly operational expenses of $478,500. As adequate protection, Sound Exchange, Inc. was granted replacement liens on the Debtor's property, including the secured creditor's cash collateral and pre-bankruptcy collateral. In addition, Sound Exchange will continue to receive monthly royalty payments of $210,000, subject to adjustment. The order will remain effective until the earlier of November 14 or entry of a final order. A status hearing is set for November 10. About AccuRadio Inc. AccuRadio Inc. is a Chicago-based company that offers streaming radio service. Accuradio sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07366) on May 14, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Judge Michael B. Slade handles the case. The Debtor is represented by Derek D. Samz, Esq., at Golan Christie Taglia, LLP. ALGORHYTHM HOLDINGS: Replaces Berkowitz With M&K CPAs as Auditor ---------------------------------------------------------------- Algorhythm Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it dismissed Berkowitz Pollack Brant, Advisors + CPAs as independent registered public accounting firm effective on that date. The dismissal of Berkowitz was approved by the Audit Committee of the Board of Directors of the Company. Berkowitz did not issue an audit report on the Company's financial statements. During the period commencing June 2, 2025, which is the date the Company engaged Berkowitz, through October 6, 2025, which is the date of the Current Report on Form 8-K: (i) there were no "disagreements" (within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions under the Securities Exchange Act of 1934, as amended) between the Company and Berkowitz on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Berkowitz, would have caused Berkowitz to make reference to the subject matter of the disagreements in its reports on the financial statements of the Company for such years; and (ii) there were no "reportable events" (within the meaning of Item 304(a)(1)(v) of Regulation S-K and the related instructions under the Exchange Act), except for the material weaknesses in the Company's internal control over financial reporting as reported in Part II, Item 9A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (as audited by the Company's previous independent registered public accounting firm), as filed with the Securities and Exchange Commission on April 15, 2025. The Company provided Berkowitz with a copy of this Current Report on Form 8-K prior to filing it with the SEC and requested that Berkowitz furnish the Company with a letter addressed to the SEC stating whether or not Berkowitz agrees with the statements made by the Company under Item 4.01(a) of this Form 8-K. A copy of Berkowitz's letter, dated October 9, 2025, is available at https://tinyurl.com/mr3ah3a7 Engagement of New Independent Registered Public Accounting Firm Following Berkowitz's dismissal, the Company engaged M&K CPAs PLLC as the Company's new independent registered public accounting firm for the fiscal year ending December 31, 2025. During the Company's nine-month period ended December 31, 2023, the Company's fiscal year ended December 31, 2024, and the subsequent period through October 6, 2025, which is the date of this Current Report on Form 8-K, neither the Company nor anyone on the Company's behalf consulted with M&K CPAs regarding: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and M&K CPAs did not provide any written or oral advice that was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) any matter that was either the subject of a "disagreement" (within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions under the Exchange Act), or a "reportable event" (within the meaning of Item 304(a)(1)(v) of Regulation S-K and the related instructions under the Exchange Act). About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company 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. As of Dec. 31, 2024, the Company had $18,302,000 in total assets, $28,823,000 in total liabilities, and a total stockholders' deficit of $10,521,000. ALL IN PROFITS: Leon Jones Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for All In Profits, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About All In Profits LLC All In Profits, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61537) on October 6, 2025. ALLSTAR PROPERTIES: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Allstar Properties, LLC and its affiliates received second interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral to fund operations. The second interim order authorized the Debtors to use cash collateral through October 22 to pay post-petition operating expenses in accordance with the budget, subject to a 10% variance per line item (excluding insurance, which may exceed that limit as needed). Creditors with potential security interests in the properties and rents include banks and lenders such as Bank of America N.A., AgSouth Farm Credit ACA, and Synovus Bank. To protect the interests of secured creditors, the Debtors will grant replacement liens on post-petition assets, with the same validity and extent as their pre-bankruptcy liens. These liens do not extend to potential proceeds from avoidance actions. A final hearing is scheduled for October 22. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/bHbMu from PacerMonitor.com. Bank of America is represented by: William A. DuPre, IV, Esq. Clayton A. Smith, Esq. Miller & Martin, PLLC Regions Plaza, Suite 2100 1180 West Peachtree Street NW Atlanta, GA 30309 bill.dupre@millermartin.com clayton.smith@millermartin.com AgSouth is represented by: Roy E. Manoll, III, Esq. Fortson, Bentley and Griffin, PA 2500 Daniellâ€™s Bridge Rd. Building 200, Suite 3A Athens, GA 30606 (706) 548-1151 rem@fbglaw.com About Allstar Properties LLC Allstar Properties, LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by: Anna Mari Humnicky Small Herrin, LLP Tel: 770-857-4770 Email: ahumnicky@smallherrin.com APPLIED ENERGETICS: Appoints David Spence as Chief Product Officer ------------------------------------------------------------------ Applied Energetics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company appointed Dr. David Spence to serve as its Chief Product Officer effective October 3, 2025. Dr. Spence, 59, has more than 25 years of experience in the conception, design, and commercialization of advanced laser technologies across industrial, scientific, and defense markets. He has held leadership roles at Spectra-Physics, Newport Corporation, and most recently, was Senior Engineering Manager, Advanced Technology Development Group for MKS Instruments, where he directed cross-functional teams developing next-generation ultrashort pulse laser systems, nonlinear optical solutions, and diode-pumped solid-state amplifiers. Dr. Spence is also an Optica Fellow, holds over a dozen issued patents, and has authored numerous scientific publications. Dr. Spence holds a Ph.D. in Laser Physics from the University of St. Andrews in Scotland and a B.Sc. in Physics with First Class Honors from the University of Stirling. "We are thrilled to welcome Dave to our leadership team. His deep expertise in ultrashort pulse lasers and nonlinear optics, combined with his proven track record of guiding complex R&D into successful products, will be invaluable as we accelerate the development and deployment of our ultrashort pulse laser systems," commented Chris Donaghey, Chief Executive Officer of Applied Energetics. "David's leadership is expected to strengthen our ability to translate breakthrough science into scalable, mission-ready solutions for our defense and commercial customers." "Applied Energetics is at the forefront of an exciting transformation in directed energy and ultrashort pulse lasers," added Dr. David Spence, newly appointed Chief Product Officer. "I am honored to join this exceptional team and help drive the company's vision of delivering innovative, fieldable technologies that address critical national security challenges. My focus will be on aligning our world-class science and engineering with customer needs to deliver products that define the future of laser applications." In connection with Dr. Spence's appointment, him and the Company have entered into an Executive Employment Agreement setting forth the terms of his service as Chief Product Officer. The agreement is for a term of three years and is renewable thereafter for sequential one-year periods and may be terminated by the Company for "Cause" or by Dr. Spence for "Good reason" both of which terms are defined in the agreement. The agreement may also be terminated, without Cause or Good Reason, by either party upon ninety days' written notice to the other. In the event of a termination of the agreement by Dr. Spence with Good Reason, or by the Company without cause, the Company must pay him any unpaid base compensation due as of the termination date as well as any pro rata unpaid bonus and or expenses. The agreement calls for: (i) a cash salary of $250,000 per annum, payable monthly, and eligibility for a discretionary bonus within 60 days of the end of each year, and (ii) incentive stock options to purchase up to 500,000 shares of common stock at an exercise price of $1.71 per share under the company's 2018 Incentive Stock Plan. These options vest in four equal annual instalments commencing on the first anniversary of the grant date. The agreement also calls for a moving allowance and standard benefits. A full-text copy of the Executive Employments Agreement is available at: https://tinyurl.com/5f6me4v2 About Applied Energetics Headquartered in Tucson, Arizona, Applied Energetics, Inc. -- http://www.appliedenergetics.com-- specializes in the development and manufacture of advanced high-performance lasers and optical systems, and integrated guided energy systems, for prospective defense, national security, industrial, biomedical, and scientific customers worldwide. As of June 30, 2025, the Company had $3,531,171 in total assets, $1,831,658 in total liabilities, and a total stockholders' equity of $1,699,513. Las Vegas, Nev.-based RBSM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 28, 2025, citing that the Company has suffered recurring losses from operations and will require additional capital to fund its current operating plan, that raises substantial doubt about the Company's ability to continue as a going concern. APPLIED ENERGETICS: Closes $10.8 Million Private Placement Offering ------------------------------------------------------------------- Applied Energetics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company completed the placement of 5,995,675 shares of its common stock, par value, $0.001 per share, some of which were underlying pre-funded common stock purchase warrants, in a private sale to individual purchasers at a price of $1.80 per share (or $1.799 per underlying share for pre-funded warrants), for aggregate proceeds in the amount of $10,789,999. The Company intends to use the proceeds for product development, recruitment and retention of employees, investment in one or more strategic partnerships, preparation for a potential uplisting to a national market or exchange, and general corporate purposes. The pre-funded warrants are exercisable immediately at a price of $0.001 per share but may not be executed in any amount which would cause the holder thereof to beneficially own in excess of 4.99% of the company's common stock. The Company has agreed to use its best efforts to include the shares for registration with the Securities and Exchange Commission in the registration statement it files. All of the purchasers are accredited, sophisticated investors, and the issuance of the shares was not in connection with any public offering in accordance with Section 4(a)(2) of the Securities Act of 1933. Titan Partners Group, a division of American Capital Partners, acted as financial advisor to the Company in connection with the Private Placement. About Applied Energetics Headquartered in Tucson, Arizona, Applied Energetics, Inc. -- http://www.appliedenergetics.com-- specializes in the development and manufacture of advanced high-performance lasers and optical systems, and integrated guided energy systems, for prospective defense, national security, industrial, biomedical, and scientific customers worldwide. As of June 30, 2025, the Company had $3,531,171 in total assets, $1,831,658 in total liabilities, and a total stockholders' equity of $1,699,513. Las Vegas, Nev.-based RBSM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 28, 2025, citing that the Company has suffered recurring losses from operations and will require additional capital to fund its current operating plan, that raises substantial doubt about the Company's ability to continue as a going concern. APPLIED ENERGETICS: Director Allen Andrews Discloses 1.3M Shares ---------------------------------------------------------------- Allen Scott Andrews, Director of Applied Energetics, Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of June 3, 2025, he beneficially owns 1,298,775 shares of common stock, par value $0.001 per share, directly, as well as non-qualified stock options to purchase 250,000 shares of common stock at an exercise price of $1.70 per share, which vest in two equal installments of 125,000 shares on the first and second anniversaries of the June 4, 2025 grant date. Allen Scott Andrews may be reached at: C/O Applied Energetics, Inc. 9070 S Rita Road, Suite 1500 Tucson, Ariz. 85747 Tel: 520-628-7415 A full-text copy of the SEC Report is available at https://tinyurl.com/44apnwy6 About Applied Energetics Headquartered in Tucson, Arizona, Applied Energetics, Inc. -- http://www.appliedenergetics.com-- specializes in the development and manufacture of advanced high-performance lasers and optical systems, and integrated guided energy systems, for prospective defense, national security, industrial, biomedical, and scientific customers worldwide. As of June 30, 2025, the Company had $3,531,171 in total assets, $1,831,658 in total liabilities, and a total stockholders' equity of $1,699,513. Las Vegas, Nev.-based RBSM LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 28, 2025, citing that the Company has suffered recurring losses from operations and will require additional capital to fund its current operating plan, that raises substantial doubt about the Company's ability to continue as a going concern. ARC-IV LLC: Unsecureds' Recovery "TBD" in Plan ---------------------------------------------- ARC-IV, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated October 7, 2025. The Debtor is a corporation, incorporated under the State of California on September 12, 2019. The Debtor's equity security holders are ARC-1, LLC with a 54.1% equity interest in the Debtor and Sean D. Cronin with a 45.9% equity interest in the Debtor. On August 13, 2025, Citibank, N.A. filed an interpleader complaint against the Debtor, its related entity, ARC-IV, LLC, Brian Cronin, Natalie Cronin, Joel Bernknopf, John Lamorte, Eric A. Ferraco and Andrea V. Ferraco as Co-Trustees of the Ferraco Family Trust, Sean Stellar, R. Kent Tracy, Ron T. Merritt, James Carroll, and Peter Korchin, Case No: 1:25-ap-01050 (the "Interpleader Action"). The Interpleader Action concerns a certain Escrow Account held at Citibank, where the Debtor and ARC-IV, LLC assert an interest in the funds held in the Escrow Account as property of each respective Debtor's bankruptcy estate. The Interpleader Action is still pending. The outcome of this action is material to the distribution that will be offered to creditors holder allowed claims under this Plan. This Plan of Reorganization proposes to pay creditors of the Debtor from the business operation. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately "TBD" cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. The total amount of the allowed general unsecured claims is approximately $14,078,777.81. The outcome of the pending interpleader action filed by Citibank, N.A. is material to the Debtor's financial projections and overall feasibility of the Plan. The resolution of that proceeding will determine the availability and allocation of funds that may affect the Debtor's liquidity and payments to creditors in Class 3 under the Plan. The projections will be prepared after the final ruling of the Court of the interpleader action. This Class is impaired. The outcome of the pending interpleader action filed by Citibank, N.A. is material to the Debtor's financial projections and overall feasibility of the Plan. The resolution of that proceeding will determine the availability and allocation of certain funds that may affect the Debtor's liquidity and payments to creditors under the Plan. The projections will be prepared after the final ruling of the Court on the interpleader action. A full-text copy of the Plan of Reorganization dated October 7, 2025 is available at https://urlcurt.com/u?l=covF5Q from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.berger@bankruptcypower.com About ARC-IV, LLC ARC-IV, LLC is a limited liability company based in Sherman Oaks, California. ARC-IV sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11215) on July 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Martin R. Barash oversees the case. The Debtor is represented by the Law Offices of Michael Jay Berger. ARC-V INC: Unsecureds' Recovery "TBD" in Plan --------------------------------------------- ARC-V, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization for Small Business dated October 7, 2025. The Debtor is a corporation, incorporated under the State of California on September 11, 2018. The Debtor's equity security holders are ARC-1, LLC with a 54.1% equity interest in the Debtor and Sean D. Cronin with a 45.9% equity interest in the Debtor. On August 13, 2025, Citibank, N.A. filed an interpleader complaint against the Debtor, its related entity, ARC-IV, LLC, Brian Cronin, Natalie Cronin, Joel Bernknopf, John Lamorte, Eric A. Ferraco and Andrea V. Ferraco as Co-Trustees of the Ferraco Family Trust, Sean Stellar, R. Kent Tracy, Ron T. Merritt, James Carroll, and Peter Korchin, Case No: 1:25-ap-01050 (the "Interpleader Action"). The Interpleader Action concerns a certain Escro Account held at Citibank, where the Debtor and ARC-IV, LLC assert an interest in the funds held in the Escrow Account as property of each respective Debtor's bankruptcy estate. The Interpleader Action is still pending. The outcome of this action is material to the distribution that will be offered to creditors holder allowed claims under this Plan. This Plan of Reorganization proposes to pay creditors of the Debtor from the business operation. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately "TBD" cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. The total amount of the allowed general unsecured claims is approximately $8,073,002.84. The outcome of the pending interpleader action filed by Citibank, N.A. is material to the Debtor's financial projections and overall feasibility of the Plan. The resolution of that proceeding will determine the availability and allocation of funds that may affect the Debtor's liquidity and payments to creditors in Class 3 under the Plan. The projections will be prepared after the final ruling of the Court of the interpleader action. This Class is impaired. The outcome of the pending interpleader action filed by Citibank, N.A. is material to the Debtor's financial projections and overall feasibility of the Plan. The resolution of that proceeding will determine the availability and allocation of certain funds that may affect the Debtor's liquidity and payments to creditors under the Plan. The projections will be prepared after the final ruling of the Court on the interpleader action. A full-text copy of the Plan of Reorganization dated October 7, 2025 is available at https://urlcurt.com/u?l=ihURcX from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.berger@bankruptcypower.com About ARC-V, LLC ARC-V Inc. is a healthcare company likely specializing in orthopedic products and prosthetics based in Sherman Oaks, California. ARC-V Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11216) on July 1, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtors are represented by Michael Jay Berger, Esq. ARCHANGEL DISCIPLINES: Employs Precision Books as Accountant ------------------------------------------------------------ Archangel Disciplines LLC, d/b/a Stemtree Education Center, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Marilynn Ugarte of Precision Books Advisors, LLC to provide accounting services in its Chapter 11 case. Ms. Ugarte, the Founder and CEO of Precision Books Advisors, will render these professional services: (a) providing bookkeeping services, recording daily financial transactions such as revenue, expenses, receipts, and payments; (b) preparing financial statements including balance sheets, profit and loss statements, and cash flow statements for compliance and decision-making; (c) offering tax planning and filing services, including advising on tax minimization strategies, preparing tax returns, and ensuring compliance with applicable tax authorities; and (d) conducting auditing services, reviewing financial records to ensure accuracy and compliance with standards or regulations. Compensation for these services is a flat monthly fee of $555, subject to Court approval. To the best of the Debtor's knowledge, neither Ms. Ugarte nor Precision Books Advisors, LLC holds or represents any interest adverse to the Debtor, its estate, or creditors. Both are "disinterested persons" within the meaning of 11 U.S.C. §101(14). The firm can be reached at: Marilynn Ugarte Precision Books Advisors, LLC 2525 Ponce de Leon Blvd., #300 Coral Gables, FL 33134 Phone: (305) 209-2185 Email: info@pbapros.com About Archangel Disciplines Archangel Disciplines, LLC, doing business as Stemtree Education Center, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18962) on August 1, 2025. At the time of the filing, the Debtor reported up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Robert A. Mark presides over the case. Jesus Santiago, Esq., represents the Debtor as legal counsel. ARCHDIOCESE OF NEW ORLEANS: Bondholders Plan to Upend Settlement ---------------------------------------------------------------- Stephanie Riegel of nola.com reports that the long-running bankruptcy of the Archdiocese of New Orleans faces new turbulence as a group of bondholders challenges a proposed settlement that had recently gained widespread support from survivors of clergy sexual abuse. The bondholders, owed nearly $30 million, claim the archdiocese negotiated in bad faith and that the proposed $3 million payout—just 10% of what they are owed—is grossly unfair, according to the report. The group's attorneys questioned Archbishop Gregory Aymond and his top financial advisers under oath, seeking clarity on the church's asset valuations. Additional depositions are expected as the dispute intensifies. The bondholders' opposition could jeopardize the upcoming plan confirmation hearing set for late November, potentially forcing U.S. Bankruptcy Judge Meredith Grabill to reconsider the case's direction, according to report. Legal experts say the bondholders' leverage could either delay or derail the archdiocese's efforts to exit Chapter 11 after more than five years. "They have the ability to stop plan confirmation," noted Penn State law professor Marie T. Reilly, an expert on church bankruptcies. "Could they be posturing? Yes. We will see." Both the bondholders and the archdiocese have declined to comment publicly on the matter. The proposed settlement, worth $180 million, would create a trust for abuse survivors funded by the archdiocese, insurers, parishes, and affiliated charities, with an additional $50 million expected from property sales. It also introduces stricter child protection protocols. While survivor support for the plan appears solid, the bondholders' claims of fraud and inequitable treatment may trigger a "cramdown" process, where Judge Grabill decides if the plan can move forward despite creditor opposition, the report states. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ASN INVESTMENT: Leona Mogavero Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for ASN Investment Group, LLC. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About ASN Investment Group LLC ASN Investment Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14054) on October 6, 2025, with up to $50,000 in assets and liabilities. Judge Derek J. Baker presides over the case. Maggie S. Soboleski, Esq., represents the Debtor as legal counsel. ASSET DISCOVERY: Unsecured Creditors to Split $6K over 5 Years -------------------------------------------------------------- Asset Discovery, LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas an Amended Plan of Reorganization dated October 7, 2025. The Debtor purchases homes with an eye towards repairing and reselling those homes. This bankruptcy case filing was filed to prevent the foreclosure of its primary assets: two parcels of real property commonly known as: 125 E. Pleasant Rund Road; and 135 E. Pleasant Rund Road. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 3 consists of Non-priority unsecured claims. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor from an unsecured creditor pool, which pool shall be funded at the rate of $100.00 per month ($6,000.00 over the life of the plan). Payments from the unsecured creditor pool shall be paid quarterly, for a period not to exceed 5 years (20 quarterly payments) and the first quarterly payment will be due on the twentieth day of the first full calendar month following the last day of the first quarter. The Debtor estimates the aggregate of all Allowed Class 3 Claims is approximately $685,000.00 based upon the Debtor's review of the Court's claim register, the Debtor's bankruptcy schedules, and anticipated claim objections. Class 4 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Bankruptcy Code. A full-text copy of the Amended Plan dated October 7, 2025 is available at https://urlcurt.com/u?l=HG2Icf from PacerMonitor.com at no charge. Counsel to the Debtor: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. Demarco Mitchell, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com mike@demarcomitchell.com About Asset Discovery Asset Discovery, LLC, doing business as VW Builders, provides residential construction and real estate asset recovery services from Duncanville, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-33361) on August 29, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Vincent Walker, managing member, signed the petition. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. ATARA BIOTHERAPEUTICS: Cuts 29% of Workforce, Expects $1.3M Charges ------------------------------------------------------------------- Atara Biotherapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission a reduction in its workforce that will impact approximately 29% of its current employees, retaining approximately 15 employees essential to executing on the Company's strategic priorities. The Company expects to complete the workforce reduction by January 2026 and expects to recognize approximately $1.3 million for severance and related benefits for employees laid off under the reduction in force. Approximately fifty percent of these charges are salary continuation payments and wages for the 60-day notice period in accordance with the California Worker Adjustment and Retraining Notification Act. The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the workforce reduction. Additional details will be provided in the Company's Quarterly Report on Form 10-Q for the period ending September 30, 2025. About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 7, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recurring losses from operations raises substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Atara Biotherapeutics had $109.1 million in total assets, $206.4 million in total liabilities, and a total stockholders' deficit of $97.28 million. ATLANTIC NATURAL: Amends Plan; Confirmation Hearing November 12 --------------------------------------------------------------- Atlantic Natural Foods, LLC submitted an Amended Disclosure Statement for Plan of Liquidation dated October 8, 2025. The Plan contemplates a basic "waterfall" structure whereby the estate liquidates its assets, and all proceeds thereof are distributed to Holders of Allowed Claims pursuant to the priority established by the Bankruptcy Code. To effectuate this, the Debtor will, as of the Effective Date of the Plan, take on the role of the "Wind-Down Debtor" and will, pursuant to the terms of Plan, take all necessary actions to wind down the Debtor's estate (such process, the "Wind Down"), monetize any remaining assets, and make distributions to creditors in accordance with the Plan. Upon completion of the Wind Down, the Wind Down Debtor will take appropriate action to dissolve or terminate its existence. Specifically, under the terms of the Plan, Holders of Claims and Interests will receive the following treatment in full and final satisfaction, compromise, settlement, release, and in exchange for such Holders' Claims and Interests: * Holders of Allowed Secured Claims will receive: (a) payment in full in Cash of such Holder's Allowed Secured Claim, (b) the collateral securing such Holder's Allowed Secured Claim, or (c) such other treatment rendering such Holder's Allowed Secured Claim Unimpaired. * Each Holder of an Allowed Other Priority Claim shall receive: (a) payment in full in Cash of such Holder's Allowed Other Priority Claim, or (b) such other treatment rendering such Holder's Allowed Other Priority Claim Unimpaired. * On the Effective Date, or as soon as reasonably practicable, except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, and release of and in exchange for each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the General Unsecured Claims Recovery. * Each Allowed Interest in the Debtor shall be canceled, released, and extinguished, and will be of no further force or effect and no Holder of Interests in the Debtor shall be entitled to any recovery or distribution under the Plan on account of such Existing Interests. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 3 consists of General Unsecured Claims. On the Effective Date, or as soon as reasonably practicable, except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, compromise, settlement, and release of and in exchange for each Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of the General Unsecured Claims Recovery until paid in full. The allowed unsecured claims total $3,000,000.00 to $9,500,000. * Each Allowed Interest shall be canceled, released, and extinguished, and will be of no further force or effect and no Holder of Interests shall be entitled to any recovery or distribution under the Plan on account of such Interests. The Wind-Down Debtor will fund distributions under the Plan with Cash available on the Effective Date by or for the benefit of the Debtor or Wind-Down Debtor including the proceeds of the Sale Transaction(s) and the proceeds of any non-Cash assets held by the Wind-Down Debtor. For votes to be counted, ballots must be properly completed, executed, and delivered as directed, so that ballots are actually received by the Debtor on or before the Voting Deadline, i.e., November 5, 2025. The Bankruptcy Court has scheduled the Confirmation Hearing for November 12, 2025 at 1:00 p.m. The Confirmation Hearing may be adjourned from time to time without further notice. Objections to Confirmation must be filed and served on the Debtor, and certain other parties, by no later November 5, 2025 in accordance with Scheduling Order that accompanies this Disclosure Statement. A full-text copy of the Amended Disclosure Statement dated October 8, 2025 is available at https://urlcurt.com/u?l=ArdlAV from PacerMonitor.com at no charge. Atlantic Natural Foods, LLC is represented by: Tristan Manthey, Esq. Cherie Dessauer Nobles, Esq. Joseph A. Caneco, Esq. Fishman Haygood LLP 201 St. Charles Avenue, Suite 4600 New Orleans, LA 70170 Telephone: (504) 586-5252 Facsimile: (504) 586-5250 Email: tmanthey@fishmanhaygood.com About Atlantic Natural Foods Atlantic Natural Foods, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-10676) on April 7, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. J. Douglas Hines, manager, signed the petition. Judge Meredith S. Grabill oversees the case. The Debtor tapped Tristan Manthey, Esq., at Fishman Haygood, LLP as counsel and Malcom M. Dienes LLC as accountant. AURORA MOBILE: Kevin Heard Named Subchapter V Trustee ----------------------------------------------------- J. Thomas Corbett, the U.S. Bankruptcy Administrator for the Northern District of Alabama, appointed Kevin Heard, Esq., at Heard, Ary & Dauro, LLC as Subchapter V trustee for Aurora Mobile IV & Wellness, LLC. The Subchapter V trustee can be reached at: Kevin D. Heard Heard, Ary & Dauro, LLC 303 Williams Avenue SW Park Plaza Suite 921 Huntsville, AL 35801 256-535-0817 Email: kheard@heardlaw.com About Aurora Mobile IV & Wellness LLC Aurora Mobile IV & Wellness, LLC (Bankr. N.D. Ala. Case No. 25-82023) on October 6, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Clifton R. Jessup Jr. presides over the case. Stuart M. Maples, Esq., at Thompson Burton, PLLC represents the Debtor as legal counsel. AZALEA TOPCO: Moody's Puts 'B3' CFR Under Review for Upgrade ------------------------------------------------------------ Moody's Ratings placed its ratings for Azalea TopCo, Inc. (PG Forsta) under review for upgrade, including the B3 corporate family rating and B3-PD probability of default rating. Concurrently, Moody's placed PG Forsta's instrument ratings under review for upgrade, which include the B3 ratings on the company's $350 million senior secured first lien revolving credit facility due 2029 and $1,811 million senior secured first lien term loan due 2031. Previously, the outlook was stable. The rating action follows the announcement that the company has entered into a definitive agreement to be acquired by Quartz AcquireCo, LLC (Qualtrics) (B1 negative). Qualtrics is acquiring PG Forsta for $6.75 billion and the consideration will be paid with a combination of cash and equity. The transaction is subject to receipt of required regulatory approvals and satisfaction or waiver of other customary closing conditions, and is expected to close in the coming months. Moody's reviews of the ratings will focus on the combined company's credit profile and pro forma capital structure upon closing of the transaction. PG Forsta's debt may be repaid as part of the acquisition. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings were placed on review for upgrade based on potential ownership by Qualtrics, which will result in a larger and more diverse business with access to greater financial resources. PG Forsta's established patient experience business will benefit from the technology resources that are available to Qualtrics. PG Forsta's business strategy focus over the past few years has been to integrate technology enabled services into its large database of patient experience measures. This acquisition will accelerate that strategy. Headquartered in South Bend, Indiana, PG Forsta is a leading provider of performance measurement and improvement services to US healthcare providers including hospitals, medical practices and alternate-site providers. PG Forsta is owned by private equity sponsors Ares Management and Leonard Green & Partners. Moody's expects the company to generate approximately $920 million in revenue in FY 2025. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. PG Forsta's B3 rating is two notches below the scorecard-indicated outcome. The difference is explained by the company's high leverage compared to other B1 rated companies and risks related to an acquisitive business profile. BAUDAX BIO: Seeks to Extend Plan Exclusivity to December 13 ----------------------------------------------------------- Baudax Bio, Inc., asked the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to December 13, 2025 and February 11, 2026, respectively. This Motion is the Debtor's ninth request for an extension of its exclusive periods and represents a proposed extension of 60 days for each period. In the instant case, cause for an additional extension of exclusivity exists because the Debtor requires additional time to analyze the claims of ordinary and alleged administrative creditors, organize its creditors into appropriate classes, and craft a plan of reorganization that can accommodate various and previously unanticipated forms of monetizing the Debtor's intellectual property. The Debtor explains that it would be premature (at best), as well as a waste of time, effort and resources, including judicial resources, to require the Debtor to file a plan by October 14, 2025 to maintain its right to exclusivity. The Debtor claims that it should be afforded a full and fair opportunity to negotiate, propose, and seek acceptances of a confirmable plan of reorganization. The Debtor believes that the extension of the exclusive periods is warranted and appropriate under the circumstances and should be granted. The Debtor submitted that, particularly in light of the anticipated liquidation plan to be proposed by the Debtor, the extension requested will not prejudice the legitimate interests of any creditor and will likely afford parties in interest an opportunity to pursue to fruition the beneficial objectives of a consensual reorganization. Baudax Bio, Inc., is represented by: David B. Smith, Esq. Nicholas M. Engel, Esq. SMITH KANE HOLMAN, LLC 112 Moores Road, Suite 300 Malvern, PA 19355 Telephone: (610) 407-7215 Facsimile: (610) 407-7218 Email: dsmith@skhlaw.com About Baudax Bio, Inc. Baudax Bio, Inc. is a biotechnology company focused on developing T cell receptor therapies utilizing human regulatory T cells, as well as a portfolio of clinical stage neuromuscular blocking agents and an associated reversal agent. Baudax Bio, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-10583) on February 22, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Gerri Henwood as chief executive officer. Judge Magdeline D. Coleman presides over the case. David B. Smith, Esq., at SMITH KANE HOLMAN, LLC, is the Debtor's counsel. BAUSCH HEALTH: Shareholders OK Amended Rights Plan Agreement ------------------------------------------------------------ Bausch Health Companies Inc. held a Special Meeting of Shareholders during which the shareholders of the Company voted on the approval of an ordinary resolution ratifying, confirming and approving the adoption of the Company's Amended and Restated Shareholder Rights Plan Agreement dated April 14, 2025, as amended and restated on August 25, 2025, which is described in detail in the Company's Management Proxy Circular and Proxy Statement dated August 27, 2025. The shareholders approved the ordinary resolution ratifying, confirming and approving the adoption of the Rights Plan Agreement with the results: Votes For: 178,244,775 Votes Against: 40,130,633 About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of March 31, 2024, the Company had $26.91 billion in total assets, $27.09 billion in total liabilities, and $174 million in total deficit. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) (collectively, BHC) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. Fitch has subsequently withdrawn all ratings due to commercial reasons. Fitch will therefore no longer provide rating or analytical coverage on Bausch. BE PLASTICS: Chris Quinn Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for BE Plastics, Inc. Mr. Quinn will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com About BE Plastics Inc. BE Plastics, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35842) on October 3, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Eduardo V Rodriguez presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. BEELINE HOLDINGS: Six Directors Elected, Equity Grants OK'd ----------------------------------------------------------- Beeline Holdings, Inc. held its 2025 Annual Meeting of Stockholders. At the 2025 Annual Meeting, the Company's stockholders voted on: (i) the election of six members of the Company's Board of Directors for a one-year term expiring at the next annual meeting of stockholders (Proposal 1); (ii) approval of the Company's Amended and Restated 2025 Equity Incentive Plan (the "2025 Plan") (Proposal 2); (iii) approval of the increase in shares of Common Stock issuable under the Company's Series G Convertible Preferred Stock and Warrants, and (iv) approval of an adjournment of the 2025 Annual Meeting to a later date or time, if necessary, to permit further solicitation and vote of proxies if there are not sufficient votes at the time of the Annual Meeting to approve any of the proposals presented for a vote at the 2025 Annual Meeting (Proposal 4), all as described in more detail in the Company's definitive proxy statement filed with the Securities and Exchange Commission on August 18, 2025. Voting results on each matter submitted to the stockholders at the 2025 Annual Meeting: Proposal 1. The Company's stockholders voted to elect the following six individuals as directors to hold office until the next annual meeting of stockholders: 1. Nicholas R. Liuzza, Jr. * Votes For: 6,023,159 * Abstentions: 16,015 * Broker Non-Votes: 6,020,654 2. Joseph Caltabiano * Votes For: 5,916,224 * Abstentions: 122,950 * Broker Non-Votes: 6,020,654 3. Eric Finnsson * Votes For: 5,895,475 * Abstentions: 143,699 * Broker Non-Votes: 6,020,654 4. Joseph Freedman * Votes For: 5,890,015 * Abstentions: 36,474 * Broker Non-Votes: 6,020,654 5. Francis Knuettel, II * Votes For: 6,002,700 * Abstentions: 36,474 * Broker Non-Votes: 6,020,654 6. Stephen Romano * Votes For: 6,019,667 * Abstentions: 19,507 * Broker Non-Votes: 6,020,654 Proposal 2. The Company's stockholders voted to approve the Company's 2025 Plan. * Votes For: 5,726,389 * Votes Against: 295,941 * Broker Non-Votes: 16,844 Proposal 3. The Company's stockholders voted to approve the increase in Common Stock issuable under the Company's Series G Convertible Preferred Stock and Warrants. * Votes For: 5,649,905 * Votes Against: 182,387 * Broker Non-Votes: 206,882 As there were sufficient votes to approve Proposals 1 through 3, Proposal 4 was moot. Equity Grants: As a result of the stockholders' approval of the 2025 Plan at the 2025 Annual Meeting, the following equity grants took effect on October 2, 2025, as such grants were subject to stockholder approval in accordance with the rules of The Nasdaq Stock Market, LLC: * Nicholas R. Liuzza, Jr., the Company's Chief Executive Officer, director and principal stockholder, was granted 50,000 stock options exercisable for 10 years at an exercise price of $1.01376 per share, vesting annually in equal amounts over two years from May 28, 2025, subject to continued service on the applicable vesting date. * Christopher R. Moe, the Company's Chief Executive Officer was granted 235,000 stock options and Tiffany Milton, the Company's Chief Accounting Officer was granted 35,000 stock option, each exercisable for 10 years at an exercise price of $1.01376 per share, and vesting annually in equal amounts over two years from May 28, 2025, subject to continued service on the applicable vesting date. * Joseph Freedman, a director of the Company, was granted 10,000 shares of restricted stock vesting on October 2, 2025, 30,000 shares vesting one-third annually over three years from May 28, 2025, 18,333 shares for prior work as of April 30, 2025, vesting on May 28, 2026; and 30,000 restricted stock units vesting on the earlier of one year from the grant date or delivery of a final report by the applicable committee. * Joseph Caltabiano, a director of the Company, was granted 10,000 shares of restricted stock vesting on October 2, 2025, 30,000 shares vesting one-third annually over three years from May 28, 2025, 18,333 shares for prior work as of April 30, 2025, vesting on May 28, 2026, and 30,000 restricted stock units vesting on the earlier of one year from the grant date or delivery of a final report by the applicable committee. * Eric Finnsson, a director of the Company, was granted 10,000 shares of restricted stock vesting on October 2, 2025 and 30,000 shares vesting one-third annually over three years from May 28, 2025. * Francis Knuettel II, a director of the Company, was granted 10,000 shares of restricted stock vesting on October 2, 2025 and 30,000 shares vesting one-third annually over three years from May 28, 2025. * Stephen Romano, a director of the Company, was granted 10,000 shares of restricted stock vesting on October 2, 2025, 30,000 shares vesting one-third annually over three years from May 28, 2025,and 5,666 shares for prior work as of April 30, 2025, vesting on May 28, 2026. About Beeline Holdings Beeline Financial Holdings, Inc. is a trailblazing mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $66.5 million in total assets, against $17.5 million in total liabilities. As of June 30, 2025, the Company had $68.57 million in total assets, against $13.02 million in total liabilities. BELLE MEADE: Case Summary & 14 Unsecured Creditors -------------------------------------------------- Debtor: Belle Meade Studios LLC 7625 Biscayne Blvd, Suite 1 Miami, FL 33138 Business Description: Belle Meade Studios LLC, located in Miami, Florida, offers creative services such as audio recording, video production, and photography, operating from a professional studio at 7625 Biscayne Blvd, Suite 1, catering to artists and content creators. Chapter 11 Petition Date: October 13, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-22016 Debtor's Counsel: Scott Alan Orth, Esq. LAW OFFICES OF SCOTT ALAN ORTH, P.A. 3860 Sheridan Street, Suite A Hollywood, FL 33021 Tel: 305-757-3300 Email: scott@orthlawoffice.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Rachel Dugger signed the petition as authorized manager. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/E66IC4Q/Belle_Meade_Studios_LLC__flsbke-25-22016__0001.0.pdf?mcid=tGE4TAMA BELLE MEADE: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- On October 13, 2025, Belle Meade StudiosS LLC voluntarily filed for Chapter 11 bankruptcy in the Southern District of Florida. Bankruptcy documents show liabilities estimated between $1 million and $10 million. The debtor identified between one and 49 creditors in its petition. About Belle Meade StudiosS LLC Belle Meade StudiosS LLC is a limited liability company. Belle Meade StudiosS LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22016) on October 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by Scott Alan Orth, Esq. BIG STORM BREWERY: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Big Storm Brewery, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division to use cash collateral. The fourth interim order signed by Judge Roberta Colton authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors, including Briar Capital Real Estate Fund, LLC, the U.S. Small Business Administration, and The Center for Special Needs Trust Administration, Inc. This authorization will continue until November 3 or until further order of the court. The Debtor projects total operational expenses of $63,762 for the period from October 1 to November 9. Each creditor with a security interest in cash collateral will have a perfected post-petition lien on the cash collateral to the same extent and with the same validity and priority as its pre-bankruptcy lien. As further protection, the Debtor was ordered to keep its property insured in accordance with its loan agreements with the secured creditors. The next hearing is scheduled for November 3. About Big Storm Brewery Big Storm Brewery, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04026) on June 16, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Roberta A. Colton oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's bankruptcy counsel. Briar Capital Real Estate Fund, LLC, as secured creditor, is represented by: Zachary J. Bancroft, Esq. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 200 South Orange Avenue, Suite 2050 Orlando, FL 32801 Telephone: (407) 422-6600 zbancroft@bakerdonelson.com achentnik@bakerdonelson.com bkcts@bakerdonelson.com BIOMERICA INC: Expands Board, Appoints Gary Huff as Director ------------------------------------------------------------ Biomerica, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors elected to increase its size from five directors to six directors and appointed Mr. Gary Huff to serve as an independent member of the Board, effective immediately. The new member of the Board was appointed to fill the vacancy on the Board created by the increase of the size of the Board. The Board has determined that Mr. Huff is an independent director within the meaning of Nasdaq Rule 5605 and the Securities Exchange Act of 1934, as amended. The Board also appointed Mr. Huff to serve as a member of the Company's Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. Mr. Huff will stand for election to the Board at our 2025 Annual Meeting of Stockholders. Mr. Huff, a distinguished leader in the healthcare industry, has over 35 years of experience in the laboratory field. As the co-founder of Starboost Health and the founder and president of Take Charge, LLC, he is highly regarded for his strategic advisory services, which he provides to private equity firms, hospitals, health systems, and independent clinical and anatomic pathology laboratories. Notably, he is well respected by hospital and health system executives for guiding them through the laboratory outreach asset sales process. Mr. Huff has held several executive roles, including Chief Executive Officer of LabCorp Diagnostics, Chief Executive Officer of Baylor Genetics, and Chief Operating Officer of Solstas Lab Partners. His background includes working with Fortune 500 companies and leading various types of laboratories, from public and private equity-backed organizations to health system-owned entities. Mr. Huff's extensive and successful leadership experience in large clinical labs, private equity, and academic institutions gives him a unique industry perspective. His service on various healthcare boards and his reputation for guiding organizations through significant challenges highlight his ability to provide strategic and innovative leadership. In connection with his appointment to the Board, Mr. Huff will receive an annualized cash fee of $45,000 (paid quarterly). Mr. Huff will not receive any equity-based compensation in connection with his appointment. Mr. Huff does not have a family relationship with any of the executive officers or directors of the Company. There are no arrangements or understandings between Mr. Huff and any other persons pursuant to which he was selected as a director, and there are no transactions in which he has an interest requiring disclosure under Item 404(a) of Regulation S-K. Additionally, on October 7, 2025, Dr. Jane Emerson, a member of the Board, communicated to the Board that she has determined not to stand for re-election to the Board at the 2025 Annual Meeting, which is set for December 12, 2025. Dr. Emerson serves on the Compensation and Audit Committees of the Board and as Chairperson of the Nominating & Governance Committee. Dr. Emerson's resignation was not the result of any dispute or disagreement with the Company or the Board. Dr. Emerson had served on the Board since 2007. The Company thanks Dr. Emerson for her dedicated service to the Company. As a result of Dr. Emerson's decision, the Board has approved a reduction in the size of the Board to five members to be effective as of the Annual Meeting. About Biomerica, Inc. Headquartered in Irvine, Calif., Biomerica, Inc. is a global biomedical technology Company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products. The Company's diagnostic test kits are utilized in the analysis of blood, urine, nasal, or fecal samples for the diagnosis of various diseases, food intolerances, and other medical conditions. These kits also measure levels of specific hormones, antibodies, antigens, and other substances, which may exist in the human body at extremely low concentrations. The Company's products are designed to enhance health and well-being while reducing overall healthcare costs. As of May 31, 2025, the Company had total assets of $5.95 million, $1.84 million in total liabilities, and $4.11 million in total shareholders' equity. Irvine, Calif.-based Haskell & White LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May. 31, 2025, citing that the Company has experienced recurring losses and negative cash flows from operations and has an accumulated deficit and limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. BOOTLEGGER'S BREWERY: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Bootlegger's Brewery, LLC 130 S. Highland Ave. Fullerton, CA 92832 Business Description: Bootlegger's Brewery, LLC, in Fullerton, California, produces a range of craft beers, including year-round and seasonal varieties. Founded in 2008, it serves both on-site visitors and local consumers in North Orange County. Its operations focus on brewing, tastings, and community engagement within the alcoholic beverages industry. Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12907 Judge: Hon. Mark D Houle Debtor's Counsel: Andrew Bisom, Esq. LAW OFFICE OF ANDREW S. BISOM 300 Spectrum Center Drive, Ste. 400 Irvine, CA 92618 Tel: (714) 643-8900 Email: abisom@bisomlaw.com Total Assets: $156,358 Total Liabilities: $1,865,389 The petition was signed by Aaron M. Barkenhagen as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K5Z2SMA/Bootleggers_Brewery_LLC__cacbke-25-12907__0001.0.pdf?mcid=tGE4TAMA BORDER PROPERTIES: Claims to be Paid from Continued Operations -------------------------------------------------------------- Border Properties Group, LLC filed with the U.S. Bankruptcy Court for the Western District of Texas a Disclosure Statement describing Plan of Reorganization dated October 8, 2025. The Debtor was established on June 1, 2018. The main objective of the Debtor was to own and manage real estate investments made by Keith Boyd. Currently, al of the real estate investments owned by the Debtor are leased and utilized as locations for Midas(R) franchises owned and operated by Border Services Group, LLC (an entity owned 100% by Keith Boyd). Midas(R) recruited Keith Boyd to become its franchisee for El Paso, Texas, beginning in 2018. As reflected in the Projections for Operations, the Debtor believes that available cash flow in years 2026 through 2030 should be sufficient to fund the Debtor's Plan of Reorganization, as part of the Plan, the current leases between the Debtor and Border Services Group, LLC are being rejected and re-written to assure that the rents paid by Border Services Group, LLC are sufficient for the Debtor to pay its secured creditors, real estate taxes, insurance and maintenance expenses. To assure short term cash availability for Plan performance, Claudia Boyd will inject a minimum of $250,000.00 into the Debtor on the effective date. She is committed to providing additional funding as necessary to assure Plan performance. Through confirmation and thereafter, the Debtor and its related entities shall continue to operate the fives Midas(R) franchises. The Midas(R) operations have operated profitably and at a level sufficient to service all of the described debt and pay the property taxes associated with the properties. If the Debtor were to continue to operate the five Midas(R) franchises, it believes that it could service the debt as restructured under the Plan. The Debtor shall perform the Plan as proposed. The insiders included in the Class 3 creditors shall contribute a minimum of $250,000.00 post confirmation to assure that the Debtor is able to meet its administrative expense obligations and have operating funds necessary to meet Plan obligations. The Class 3 Creditor shall have her claim converted to equity, unless a party successfully outbids her for the equity in the Reorganized Debtor. In the event the Class 3 Creditor is not the successful bidder for the equity in the Reorganized Debtor, said Class 3 Creditor shall be paid the full amount bid by any party who successfully outbids the Class 3 Creditor for the equity in the Reorganized Debtor. A full-text copy of the Disclosure Statement dated October 8, 2025 is available at https://urlcurt.com/u?l=vLtfcF from PacerMonitor.com at no charge. The Debtor's Counsel: Corey W. Haugland, Esq. JAMES & HAUGHLAND, P.C. 609 Montana Avenue El Paso, TX 79902 Tel: (915) 532-3911 Fax: (915) 541-6443 E-mail: chaugland@jghpc.com About Border Properties Group Border Properties Group, LLC is the fee simple owner of six properties located in Ruidoso, N.M., and El Paso, Texas, with a total current value of $9.96 million. Border Properties Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-30142) on February 3, 2025. In its petition, the Debtor reported total assets of $10,000,000 and total liabilities of $15,641,365. Judge Christopher G. Bradley handles the case. The Debtor is represented by Corey W. Haugland, Esq., at James & Haugland, P.C., in El Paso, Texas. BOY SCOUTS: Victims Move to Void Deals With Mass Tort Law Firm -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the survivors of child sex abuse in the Boy Scouts of America bankruptcy are seeking to void their representation agreements with Slater Slater Schulman LLP, claiming the law firm deceived thousands about their legal claims. The group's motion, filed in Delaware bankruptcy court, accuses the firm of misleading conduct while standing to earn substantial contingency fees, the report relates. According to the filing, Slater represented roughly 14,600 abuse claimants but failed to fulfill its duties of transparency and communication. The claimants argue that the firm's actions violated ethical standards and left them in the dark about the handling of their cases. This latest dispute highlights growing distrust between survivors and their attorneys as frustrations rise over the slow and complex bankruptcy process, Bloomberg Law notes. The controversy also adds pressure to ensure that legal representation in mass tort bankruptcies meets ethical and professional obligations, according to report. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BROOKDALE SENIOR: Interim EVP of Operations Holds 38,837 Shares --------------------------------------------------------------- Mary Sue Patchett, Interim EVP - Operations at Brookdale Senior Living Inc., disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of October 1, 2025, she beneficially owns 38,837 shares of common stock directly. Ms. Patchet may be reached through: Brookdale Senior Living Inc. 105 Westwood Place, Suite 400 Brentwood, Tenn. 37027. Tel: (615) 221-2250 A full-text copy of the report is available https://tinyurl.com/6yjz458e About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. As of June 30, 2024, Soluna Holdings had $6.14 billion in total assets, $6.03 billion in total liabilities, and $106.78 million in total equity. * * * Egan-Jones Ratings Company on June 16, 2025, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BTG TEXTILES: Files Amendment to Disclosure Statement ----------------------------------------------------- BTG Textiles, Inc. submitted a First Amended Disclosure Statement and Plan of Reorganization dated October 9, 2025. Following the filing of Chapter 11 bankruptcy case, the Debtor conducted a thorough analysis of its business performance over the past four years. This evaluation allowed the Debtor to identify key weaknesses and areas for improvement. Based on this analysis, and taking into account its performance from January to June of the current year, the Debtor implemented a series of strategic initiatives aimed at ensuring a successful emergence from Chapter 11. Leveraging these insights and changes, the Debtor has developed a comprehensive five-year business plan that reflects its renewed strategic direction and operational goals. The Debtor's five-year projections do not rely upon Debtor's ability to collect prepetition receivables, approximately 72% of which are, in Debtor's opinion, not collectible. Instead, the focus is on projected cash receipts and cash disbursements, based on Debtor's current performance and performance during this bankruptcy case, which has consistently shown a profit. All non-cash items such as depreciation, amortization, gains and losses are omitted. A positive number reflects a source of cash; a (negative number) reflects a use of cash. Like in the prior iteration of the Plan, each claimant in Class 2b General Unsecured Claims will be paid 100% of its claim beginning the first relevant date after the effective date over 5 years in equal monthly installments. A full-text copy of the First Amended Disclosure Statement dated October 9, 2025 is available at https://urlcurt.com/u?l=SFprvv from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Sofya Davtyan, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Phone: (310) 271-6223 Fax: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com Sofya.Davtyan@bankruptcypower.com About BTG Textiles Inc. BTG Textiles Inc. is a Montebello, California-based textile manufacturer and distributor. Founded in 1988, the company manufactures and distributes textile products to healthcare facilities, institutional laundries, janitorial services, and hospitality businesses. BTG operates manufacturing facilities in Bangladesh, Portugal, and Pakistan, maintaining its principal place of business at 710 Union Street in Montebello. BTG Textiles Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10548) on Jan. 25, 2025. In its petition, the Debtor listed assets and liabilities between $10 million and $50 million. Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger, in Beverly Hills, California. TAB Bank, as secured creditor, is represented by Michele S. Assayag, Esq. and Byron B. Mauss, Esq. at Snell & Wilmer L.L.P. CABALLITO LLC: Hires JPC Law Office as Legal Counsel ---------------------------------------------------- CABALLITO LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Jose M. Prieto Carballo, Esq., of JPC Law Office, to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) advise the debtor with respect to its duties, powers and responsibilities in this case under the laws of the United States and Puerto Rico in which the debtor in possession conducts its operations, does business, or is involved in litigation; (b) advise the debtor in connection with a determination whether a reorganization is feasible and, if not, help the debtor in the orderly liquidation of its assets; (c) assist the debtor with respect to negotiations with creditors for the purpose of arranging the orderly liquidation of assets and/or for proposing a viable plan of reorganization; (d) prepare on behalf of the debtor the necessary complaints, answers, orders, reports, memoranda of law, and other legal papers or documents; (e) appear before the bankruptcy court, or any court in which the debtor asserts a claim, interest, or defense directly or indirectly related to this bankruptcy case; (f) perform such other legal services for the debtor as may be required in these proceedings or in connection with the operation of or involvement with the debtor's business, including but not limited to notarial services; and (g) employ other professional services, if necessary. Ms. Prieto Carballo shall receive an hourly rate of $200, plus costs and expenses. A retainer of $10,000 has been required, in addition to a filing fee of $1,738. Any compensation to be received from the debtor is subject to court approval upon proper application and notice. According to court filings, JPC Law Office is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jose M. Prieto Carballo, Esq. JPC LAW OFFICE P.O. Box 363565 San Juan, PR 00936-3565 Telephone: (787) 607-2066 E-mail: jpc@jpclawpr.com About Caballito LLC Caballito LLC is a limited liability company. Caballito LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 25-04578) on October 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Mildred Caban handles the case. The Debtor is represented by Jose M. Prieto Carballo, Esq. of JPC LAW OFFICE. CANO HEALTH: S&P Downgrades ICR to 'D' on Completed Debt Exchange ----------------------------------------------------------------- S&P Global Ratings lowered all its ratings on Cano Health LLC to 'D' (default). S&P plans to reassess its ratings once it has reviewed the new capital structure and updated business plan. Cano Health LLC announced the completion of a debt amendment and exchange transaction to support its liquidity position. As part of the transaction, existing term loan and delayed draw term loan (DDTL) lenders agreed to exchange cash interest for payment-in-kind interest through the end of 2026. S&P views this transaction as distressed and tantamount to a default as the existing lenders are receiving less than originally promised. S&P said, "The downgrade follows a transaction that we view as distressed and tantamount to a default. Prior to the transaction, we viewed Cano's capital structure as unsustainable given its operating losses and cash outflows in 2025, as well as uncertainty regarding the company's path back to positive cash flow. The company has been funding its operations by utilizing its DDTL, and we believe liquidity was becoming pressured. While this transaction provides incremental liquidity, we believe a default would have been likely if it did not occur, and therefore the transaction is distressed. We also believe the existing lenders are receiving less than originally promised by forgoing cash interest for full PIK interest, and that there is not sufficient offsetting compensation. "We expect to reevaluate our issuer credit rating on Cano in the coming days. We plan to reassess the company's go-forward operating plan and revised capital structure to determine whether we believe the company has sufficient liquidity to fund its cash outflows until it can return to positive free cash flow." CAPITOL STREET: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Capitol Street Surgery Center, LLC 2007 N Capitol Ave Indianapolis IN 46202 Business Description: Capitol Street Surgery Center, LLC, based in Indianapolis, Indiana, operates an independent ambulatory surgery center offering a range of specialized surgical services, including orthopedic, general, plastic, and OB/GYN procedures. The facility is equipped with modern operating rooms and radiographic imaging technology and is located near Indiana University Health's downtown campus. It serves patients through a team of physicians in a single-story, 10,000-square-foot building with accessible facilities and on-site parking. Chapter 11 Petition Date: October 12, 2025 Court: United States Bankruptcy Court Southern District of Indiana Case No.: 25-06216 Judge: Hon. James M Carr Debtor's Counsel: KC Cohen, Esq. KC COHEN, LAWYER, PC 1915 Broad Ripple Ave. Indianapolis, IN 46220 Tel: 317-715-1845 Email: kc@esoft-legal.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Zak Khan as CEO. The Debtor filed a list of its 20 largest unsecured creditors, but the list was empty. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/37MTKRY/Capitol_Street_Surgery_Center__insbke-25-06216__0001.0.pdf?mcid=tGE4TAMA CAPSTONE GREEN: Registers 1M Shares for 2023 Incentive Plan ----------------------------------------------------------- Capstone Green Energy Holdings, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission for the purpose of registering an additional 1,000,000 shares of the Company's common stock, par value $0.001 per share, issuable under the Capstone Green Energy Holdings, Inc. 2023 Equity Incentive Plan, which increase in shares was approved by the Company's stockholders at its Annual Meeting of Stockholders on August 12, 2025. Pursuant to General Instruction E to Form S-8, the contents of the Company's Registration Statements on Form S-8 filed with the Commission on April 8, 2025 (File No. 333-286433) is hereby incorporated by reference into this Registration Statement on Form S-8 (except to the extent expressly superseded herein). A full-text copy of the Registration Statement is available https://tinyurl.com/3wepyfrv The Company may be reached through: Capstone Green Energy Holdings, Inc. Vincent Canino Chief Executive Officer 16640 Stagg Street Van Nuys, Calif. 91406 Tel: (818) 734-5300 About Capstone Green Energy Capstone Green Energy builds microturbine energy systems and battery storage systems that allow customers to produce power on-site in parallel with the electric grid or stand-alone when no utility grid is available. Capstone Green offers microturbines designed for commercial, oil and gas, and other industrial applications. Los Angeles, Calif.-based CBIZ CPAs P.C., the Company's auditor since 2017 since 2017 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated June 26, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, 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. As of June 30, 2025, the Company had $72.8 million in total assets, $80.9 million in total liabilities, and $22 million in total stockholders' deficiency. CAUSEY STREETER: Tamara Miles Ogier Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Causey Streeter CPAs, LLC. Ms. Ogier will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About Causey Streeter CPAs LLC Causey Streeter CPAs, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61703) on October 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. CEDAR VALLEY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Cedar Valley Cypress TX LLC 25-34017 3309 Elm Street 2nd Floor, Suite 0-10 Dallas, TX 75226 Cypress Operating LLC 25-34018 26 Firemens Memorial Drive Pomona NY 10970 Cypress Skilled Nursing LLC 25-34019 26 Firemens Memorial Drive Pomona NY 10970 Cedar Valley Cypress LLC 25-34020 Cedar Valley NSG & Rehab Ctr 225 South Philpot Street Cedartown GA 30125 Business Description: Cedar Valley Cypress TX LLC, Cypress Operating LLC, Cypress Skilled Nursing LLC, and Cedar Valley Cypress LLC form a network of for-profit healthcare companies that own and manage skilled nursing and rehabilitation centers. The group oversees facilities such as Cedar Valley Nursing & Rehabilitation Center in Cedartown, Georgia, and operates through related entities providing administrative and clinical support. The companies share common ownership under the Cypress structure, which manages nursing home operations in Texas, New York, and Georgia. Chapter 11 Petition Date: October 13, 2025 Court: United States Bankruptcy Court Northern District of Texas Judge: Hon. Stacey G Jernigan Debtors' Counsel: Jason S. Brookner, Esq. GRAY REED 1601 Elm Street, Suite 4600 Dallas TX 75201 Tel: (469) 320-6132 Email: jbrookner@grayreed.com Debtors' CRO Provider: ANKURA CONSULTING GROUP Cedar Valley Cypress TX LLC's Estimated Assets: $50,000 to $100,000 Cedar Valley Cypress TX LLC's Estimated Liabilities: $50,000 to $100,000 Cypress Operating LLC's Estimated Assets: $1 million to $10 million Cypress Operating LLC's Estimated Liabilities: $10 million to $50 million Cypress Skilled Nursing LLC's Estimated Assets: $1 million to $10 million Cypress Skilled Nursing LLC's Estimated Liabilities: $10 million to $50 million Cedar Valley Cypress LLC's Estimated Assets: $1 million to $10 million Cedar Valley Cypress LLC's Estimated Liabilities: $10 million to $50 million The petitions were signed by Dianne Patterson as manager. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/K3UPV7A/Cedar_Valley_Cypress_TX_LLC__txnbke-25-34017__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LCZKW3Q/Cypress_Operating_LLC__txnbke-25-34018__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LLRM3NQ/Cypress_Skilled_Nursing_LLC__txnbke-25-34019__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LTTUKUA/Cedar_Valley_Cypress_LLC__txnbke-25-34020__0001.0.pdf?mcid=tGE4TAMA CENTERFIELD MEDIA: Moody's Ups CFR to B2 & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded Centerfield Media Parent, Inc.'s (Centerfield) corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD. Moody's also assigned a B2 rating to the proposed senior secured first lien notes. The B3 rating on the existing backed senior secured first lien notes remains unchanged. The outlook was changed to stable from negative. The upgrade reflects Centerfield's significantly improved operating performance, stronger credit metrics, and the proposed refinancing of its senior secured first lien notes. Moody's projects year-end 2025 financial leverage, measured as total debt-to-EBITDA including Moody's standard adjustments, to decline to approximately 4.5x, a meaningful improvement from 6.8x for the trailing twelve months ended June 30, 2025. Net proceeds from the proposed offering will be used to repay the company's existing backed senior secured first-lien notes due August 2026. Upon closing of the transaction and full repayment of outstanding amounts, Moody's anticipates withdrawing the ratings on the existing notes. The B2 rating assigned to the $785 million senior secured first lien notes due 2030, the same rating as the corporate family rating (CFR), reflects their priority position and the collateral securing the notes. RATINGS RATIONALE Centerfield's B2 rating reflects its modest, though rapidly expanding, revenue scale, exposure to macroeconomic volatility, and customer concentration risk. In both 2023 and 2024, Centerfield experienced consecutive annual revenue declines, primarily due to the loss of two key clients. This underscores the impact of its reliance on a concentrated customer base, with the top five clients contributing a significant portion of total revenue. These client departures negatively affected profitability and placed pressure on liquidity. At the same time, Moody's assessments also considers Centerfield's strong long-term growth prospects and consistently attractive EBITDA margins. The company holds a solid competitive position within its operating verticals and benefits from exposure to the secular tailwinds driving digital advertising. Through its owned portfolio of digital media properties and paid placements on third-party search engines, Centerfield connects online consumers with the products and services of its clients. Its proven pay-for-performance revenue model, where Centerfield assumes marketing risk and shares in the incremental upside, has been instrumental in attracting and retaining clients, with an average customer tenure of approximately 10 years. Despite operational setbacks in 2023 and 2024, Centerfield has successfully onboarded new Fortune 500 clients to replace those that departed, helping to stabilize performance and enhance its credit profile. Year to date, sales and earnings across all segments (home, business, and insurance services) have meaningfully increased, driven by continued optimization efforts, expansion among existing clients, and new revenue streams from an acquisition completed in Q4 2024. Excluding the acquisition sales contributions, Moody's projects revenue and EBITDA growth of approximately 30%, for 2025. On a pro forma basis including the acquisition, growth is expected to approach 80%, reflecting the strong momentum Centerfield is generating from its expansion into eCommerce. Centerfield's ESG Credit Impact Score is CIS-4. The score indicates the rating is lower than it would have been if ESG risk exposures did not exist. The score reflects the company's aggressive financial policy, and history of elevated leverage and exposures to potential breaches of customers' personal data. Moody's expects Centerfield to maintain good liquidity over the next 12 to 18 months, supported by several key factors: (i) approximately $75 million in cash on hand as of June 30, 2025; (ii) access to a $150 million revolving credit facility maturing in 2030, which includes a springing maximum first-lien net leverage covenant of 8.75x (with no step-downs), tested only if more than 40% of the facility is drawn; and (iii) Moody's expectations for positive free cash flow generation of roughly $30 million in 2026. Under Moody's base case, Moody's projects $60 million will be drawn from the revolver in the second half of 2025 to support working capital needs, with repayment anticipated in the first half of 2026. Moody's expects Centerfield to maintain adequate covenant headroom over the next 12 months. The stable outlook reflects Moody's expectations that, over the next 12 to 18 months, Centerfield will benefit from favorable trends in the digital advertising market, achieve strong revenue growth, maintain healthy EBITDA margins, and resume generating solid free cash flow. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to grow revenue and EBITDA, and materially improve free cash flow generation, total debt-to-EBITDA (inclusive of Moody's adjustments) is sustained below 4.0x, and the company maintains good liquidity. The ratings could be downgraded if operating performance and credit metrics fail to steadily improve, total debt-to-EBITDA is sustained above 5.0x, and liquidity deteriorates. Headquartered in Los Angeles, CA, Centerfield Media Parent, Inc. owns a portfolio of digital media properties that provide authoritative editorial content and drive traffic from millions of targeted prospective customers across the home services, B2B and products/services verticals. As of June 30, 2025, the last twelve months revenue totaled roughly $538 million. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CES ENERGY: S&P Affirms 'B+' Rating on C$75MM Add-On ---------------------------------------------------- S&P Global Ratings revised its recovery rating on Canada-based CES Energy Solutions Corp.'s C$200 million 6.875% senior unsecured notes due May 2029 to '4' from '3' and affirmed the 'B+' issue-level rating following the company's announced C$75 million tack-on offering. S&P revised its recovery rating to '4', indicating its expectation for average (30%-50%; rounded estimate: 45%) recovery to creditors in the event of a payment default, to reflect the additional fixed-rate debt in CES' capital structure. The company plans to use the proceeds from the add-on to pay down a portion of the outstanding borrowing under its revolving credit facility and for general corporate purposes. As of June 30, 2025, CES had C$179 million drawn on its C$550 million revolving credit facility (32% drawn). Issue Ratings--Recovery Analysis Key analytical factors -- S&P rates the company's $275 million (pro forma for the $75 million add-on) senior unsecured notes due May 2029 'B+' with a '4' recovery rating. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 45%) recovery in a default scenario. -- S&P's simulated default scenario contemplates a sustained period of weak crude oil and natural gas prices globally that leads to a significant reduction in drilling and completion activity and an associated decline in the demand for the company's products. -- S&P valued CES on a going-concern basis using a 5.5x multiple of its projected emergence EBITDA. This multiple is in line with our standard assumptions for the oilfield services sector. -- S&P estimates administrative expenses reduce the value available to distribute to the company's creditors by 5%. -- S&P assumes the C$550 million cash flow revolver facility is C$450 million drawn at hypothetical default, reflecting limitations on additional credit facility debt under the company's note indenture (the greater of C$450 million or 30% of consolidated tangible assets [estimated at C$430 million]). Simulated default assumptions -- Simulated year of default: 2029 -- EBITDA at emergence: C$115 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): C$602 million -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to secured creditors: C$602 million -- Secured first-lien debt: C$467 million --Recovery expectations: Not applicable -- Total value available to unsecured claims: C$136 million -- Senior unsecured debt and pari passu claims: About C$285 million --Recovery expectations: 30%-50% (rounded estimate: 45%) Note: All debt amounts include six months of prepetition interest. CHARLES & COLVARD: Ethara Capital Holds 1,353,180 Common Shares --------------------------------------------------------------- Ethara Capital LLC, a 10% owner of Charles & Colvard Ltd. (NASDAQ: CTHR), disclosed in a Form 3 filed with the U.S. Securities and Exchange Commission that as of August 29, 2025, it beneficially owns 1,353,180 shares of common stock directly. Ethara Capital LLC may be reached at: 50 West 47th Street Suite 1711 New York, N.Y. 10036. Tel: 212 278 0905 A full-text copy of the SEC Report is available at https://tinyurl.com/3avph9kz About Charles & Colvard Ltd. Charles & Colvard, Ltd., a North Carolina corporation, was founded in 1995. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Company's premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab-grown diamonds and finished jewelry featuring lab grown diamonds and created color gems for sale in the worldwide fine jewelry market. As of March 31, 2025, the Company had $29.11 million in total assets, $10.02 million in total liabilities, and total stockholders' equity of $19.09 million. The Company concluded in the quarterly period ended March 31, 2025 that its existing cash and cash equivalents and availability of other resources combined will not be sufficient to meet working capital and capital expenditure needs over the next 12 months, and therefore, there is substantial doubt about the Company's ability to continue as a going concern. CHINN BAKER: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Chinn Baker Properties, LLC. About Chinn Baker Properties Chinn Baker Properties, LLC filed Chapter 11 petition (Bankr. E.D. Va. Case No. 25-12069) on October 7, 2025, listing between $500,001 and $1 million in assets and between $100,001 and $500,000 in liabilities. The Debtor is represented by: Jonathan B. Vivona, Esq. Vivona Pandurangi, PLC 211 Park Avenue Falls Church, VA 22046 Phone: 703-739-1353 jvivona@vpbklaw.com CLEARSIDE BIOMEDICAL: Regains Nasdaq Compliance After Reverse Split ------------------------------------------------------------------- Clearside Biomedical, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a letter from the Nasdaq Hearings Panel, notifying the Company that it has regained compliance with the Minimum Bid Price Requirement. Accordingly, the Panel determined that the Company has regained compliance with Nasdaq's Listing Rules. To regain compliance with the Minimum Bid Price Requirement, the Company's common stock was required to maintain a closing bid price of $1.00 per share or more for at least 10 consecutive business days. As previously disclosed, on February 7, 2025, the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that it was non-compliant with Nasdaq Listing Rule 5450(a)(1) for continued listing on the Nasdaq Global Market, as the minimum bid price of the Company's common stock was less than $1.00 per share for the previous 30 consecutive business days. As the Company did not regain compliance with the Minimum Bid Price Requirement within the 180-calendar day grace period set forth by Listing Rule 5810(c)(3)(A) by August 6, 2025, Nasdaq notified the Company by letter dated August 11, 2025, that the Company's securities are subject to delisting from Nasdaq unless the Company timely requested a hearing before a Panel. The Company submitted a timely request for a hearing before the Panel, which automatically stayed any suspension or delisting of the Company's securities. On September 16, 2025, the Company attended its hearing before the Panel, during which it presented its plan to regain compliance with the Minimum Bid Price Requirement, which included the implementation of a stockholder-approved reverse stock split effective on September 12, 2025. Since the Company is now compliant with all applicable Nasdaq continued listing rules, this matter is now closed About Clearside Biomedical, Inc. Clearside Biomedical, Inc. is a biopharmaceutical company focused on revolutionizing the delivery of therapies to the back of the eye through the suprachoroidal space. Incorporated in the State of Delaware on May 26, 2011, the Company has its corporate headquarters in Alpharetta, Georgia. Atlanta, Georgia.-based Ernst & Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has recurring losses, negative cash flows from operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $15.33 million in total assets, $64.07 million in total liabilities, and $48.73 million in total stockholders' deficit. CLIFF DRIVE: Involuntary Chapter 11 Case Summary ------------------------------------------------ Alleged Debtor: Cliff Drive Properties DE, LLC 520 Newport Center Drive Suite 480 Newport Beach CA 92660 Business Description: Cliff Drive Properties DE is classified as a single-asset real estate debtor in accordance with 11 U.S.C. Section 101(51B). Involuntary Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12894 Petitioners' Counsel: David Haberbush, Esq. HABERBUSH, LLP 444 West Ocean Blvd., Suite 1400 Long Beach, CA 90802 Tel: 562-435-3456 Email: dhaberbush@lbinsolvency.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VN3ETDQ/Cliff_Drive_Properties_DE_LLC__cacbke-25-12894__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Specialty DIP LLC $1,500,100 5175 Princess Anne Rd La Canada CA 91011 Vierergruppe Management Inc. $155,000 1932 E. Deere Ave Suite 150 Santa Ana CA 92705 Coastline Santa Monica Investments LLC $30,017,726 520 Newport Center Drive Newport Beach CA 92660 CLOVERLEAF ELECTRIC: Section 341(a) Meeting of Creditors on Nov. 12 ------------------------------------------------------------------- On October 14, 2025, Cloverleaf Electric LLC filed Chapter 11 protection in the Eastern District of Michigan. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 12, 2025 at 01:00 PM By Telephone. About Cloverleaf Electric LLC Cloverleaf Electric LLC provides residential, commercial, and industrial electrical contracting services across Michigan. It installs, repairs, and maintains electrical systems for homes, businesses, and manufacturing facilities, covering wiring, lighting, control systems, and breaker panels. Founded in 2011 and based in Troy, Michigan, the Company serves clients across the region. Cloverleaf Electric LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-50310) on October 14, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mark A. Randon handles the case. The Debtor is represented by Mark H. Shapiro, Esq. of STEINBERG SHAPIRO & CLARK. COLLABORATION SOFTWARE: Seeks to Sell Software Biz at Auction ------------------------------------------------------------- Collaboration Software Partners LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to sell substantially all Assets through auction, free and clear of liens, claims, interests, and encumbrances. The United States Trustee appointed Todd E. Hennings as subchapter V trustee of the case. The Debtor has identified Collaboration Software Partners Acquisition, LLC as the proposed stalking horse bidder and, subject to this Court's approval, has entered into that certain stalking horse asset purchase agreement with the Stalking Horse Bidder. The Debtor commenced this Chapter 11 Case with the intention of pursuing a value-maximizing transaction through Bankruptcy Code. The Debtor believes that a formal marketing and sale process will allow the Debtor to fulfill its fiduciary duties and explore restructuring and sale options. The Debtor also seeks an order establishing certain dates and deadlines, subject to modification as needed, relating to competitive bidding and approval of the Sale. -- Hearing on approval of the Bidding Procedures: October 21, 2025 at 10:30 a.m. -- Deadline for Debtor to Provide Notice of Potential Assumption and Assignment: October 27, 2025 -- Deadline to File Cure Costs/Assignment and Sale Objections: November 14, 2025 at 12:00 p.m. -- Bid Deadline: November 14, 2025 at 4:00 p.m. -- Determination of Qualified Bids: November 17, 2025 at 12:00 p.m. -- Auction: November 18, 2025 at 10:30 a.m. -- Sale Hearing: November 19, 2025 at 10:00 a.m. The Debtor has launched a third-party marketing process to solicit proposals for a Transaction involving the Assets. The Debtor believes that the marketing process ensures a value maximizing path forward. To preserve the value of the Debtor’s estate -- and to offer the Debtor a chance to increase the ultimate value provided by the monetization and disposition of its Assets -- the Debtor proposes the bidding procedures attached as Exhibit 1 in https://tinyurl.com/4y3myf3n The Debtor will consider all viable options in accordance with the Bidding Procedures before determining if selling Assets will, in its business judgment, maximize value for its estate. To become an "Acceptable Bidder", each Potential Bidder must, on or before the Bid Deadline, satisfy the bidding requirements by submitting to the Debtor certain documents, including a duly executed binding agreement for the sale of the relevant Assets and information about the Potential Bidder's financial condition and its financial capacity to consummate the proposed sale transaction. Each Bid must clearly set forth the purchase price to be paid, assuming a purchase of the applicable Assets and any assumption of liabilities, identify separately the cash and noncash components of the Purchase Price, and indicate the allocation of the Purchase Price among the applicable Assets. Any Bid for substantially all the Assets must also include a statement as to whether the Bid is conditioned on purchasing all Assets or whether the Qualified Bid should be viewed as a separate Bid for one or more sets of Assets. Each bid that is not the Stalking Horse Bid must have a value to the Debtor, as determined by the Debtor, in consultation with the DIP Lender, that is greater than or equal to the sum of the value offered under the Stalking Horse Bid, plus the amount of the Bid Protections, plus $50,000. Each Bid must include a written acknowledgement that the Acceptable Bidder: has had an opportunity to conduct any and all due diligence regarding the Transaction prior to making its offer. Each Bid shall provide that the Acceptable Bidder will serve as a Back-Up Bidder the Acceptable Bidder's Bid is the next highest or otherwise best bid with respect to the applicable Assets. Any bidder holding a perfected security interest in any of the Assets may seek to credit bid all, or a portion of, such bidder’s claims for its respective collateral, To facilitate the Sale, the Debtor seeks authority to assume and assign to the Successful Bidder certain executory contracts and unexpired leases as selected by such Successful Bidder in its Successful Bid. The Debtor submits that the Auction Notice constitutes good and adequate notice of the Auction and the proceedings with respect in compliance with, and satisfaction of, the applicable requirements of Bankruptcy Rule 2002. About Collaboration Software Partners LLC Collaboration Software Partners LLC provides cloud-based human capital management (HCM)and workforce management solutions, delivering integrated technology platforms alongside implementation, training, and client support services. The Company partners with providers such as UKG, Everything Benefits, MasterTax, NatPay, Spentra, HireCredit, and Nephele Consulting Services to offer a unified suite that addresses workforce and HR challenges. It operates in the HCM and workforce management sector, focusing on seamless deployment, integration, and ongoing client support. Collaboration Software Partners LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21412) on October 3, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Leah Fiorenza McNeill, Esq. of ALSTON & BIRD LLP. COLLABORATION SOFTWARE: Todd Hennings Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Collaboration Software Partners, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About Collaboration Software Partners LLC Collaboration Software Partners, LLC provides cloud-based human capital management (HCM)and workforce management solutions, delivering integrated technology platforms alongside implementation, training, and client support services. The Company partners with providers such as UKG, Everything Benefits, MasterTax, NatPay, Spentra, HireCredit, and Nephele Consulting Services to offer a unified suite that addresses workforce and HR challenges. It operates in the HCM and workforce management sector, focusing on seamless deployment, integration, and ongoing client support. Collaboration Software Partners sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21412) on October 3, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. The Debtor is represented by Leah Fiorenza McNeill, Esq., at Alston & Bird, LLP. COLLABORATIVE TECHNOLOGY: Seeks Subchapter V Bankruptcy in Colorado ------------------------------------------------------------------- On October 9, 2025, Collaborative Technology Solutions International LLC filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports $1,092,702 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Collaborative Technology Solutions International LLC Collaborative Technology Solutions International LLC provides technology consulting and cloud-based solutions to small and mid-market organizations worldwide, offering advisory services, project implementations, and ticket-based support for CRM and other cloud platforms. The Company customizes its services to meet individual business needs and integrates technologies from providers such as Microsoft, Amazon Web Services, Zapier, Opero, ZoomInfo, Formstack, HubSpot, ActiveCampaign, Conga, DocuSign, and QuickBooks. It partners with firms including Owls Head, Cloudstreet, and Insycle to enhance its service offerings. Collaborative Technology Solutions International LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16557) on October 9, 2025. In its petition, the Debtor reports total assets of $380,763 and total liabilities of $1,092,702. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Aaron A. Garber, Esq. of WADSWORTH GARBER WARNER CONRARDY, P.C. CONSTELLATION INSURANCE: Moody's Affirms 'Ba1' Unsec. Debt Rating ----------------------------------------------------------------- Moody's Ratings has affirmed the Ba1 senior unsecured debt rating of Constellation Insurance, Inc. (Constellation). Moody's also affirmed the Baa1 insurance financial strength (IFS) rating and the Baa3 (hyb) surplus notes rating, of AuguStar Life Insurance Company (ALIC), and the Baa1 IFS rating of AuguStar Life Assurance Corporation (ALAC). The outlook for all the entities remains stable. RATINGS RATIONALE The Ba1 senior unsecured debt rating on Constellation and the Baa1 IFS ratings of its insurance company subsidiaries are based on Constellation's good asset quality and stable capitalization. Constellation's capitalization benefits from the effective management of its inforce business that results in consistent capital generation, and the ongoing financial commitment to infuse $500 million over multiple periods into ALIC. The ratings also reflect the company's continued progress to enhance its business profile, and manage the risks associated with its VA business including its VA GMIB exposure with affiliated and unaffiliated reinsurance transactions. These strengths are offset by challenges to improve the quality of capital when including captives, profitably grow its businesses through multiple distribution channels with organic or flow activity, and acquire blocks of business through large transactions that will take time to develop. Constellation's earnings growth could come under pressure as the company continues to grow its businesses in highly competitive markets. The stable outlook reflects the company's improving market position. Leveraging its AuguStar Financial brand with distributors and consumers, Constellation's sales growth has increased through its retirement segment with its retail annuity products, a successful re-launch into the protection market with its indexed universal life and whole life products, and through its three other business segments - Institutional Markets that includes M&A / Reinsurance transactions, Investments, and Latin America operating in Chile, Peru, and Brazil. Moody's expects Constellation will continue to profitably enhance its business profile utilizing multiple distribution channels and further expand its diversified product mix, and manage capital, reserves and collateral across multiple jurisdictions including VA segment earnings volatility and the run-off of the closed VA block. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The following factors could lead to an upgrade of Constellation's ratings: 1) improved organic net capital generation, 2) execution of the business plan reflected by improving commercial activity leading to increased sales and net inflows, balanced business mix of retirement and protection-oriented products, and increased profitability, 3) continued reduction of VA GMIB financial risk with meaningful improvement in its anticipated capital position (including captives) post a stress scenario, 4) adjusted financial leverage (excluding AOCI) consistently around 25% or less. Conversely, the following factors could lead to a downgrade of Constellation's ratings: 1) limited success in the implementation of its business plan adversely affecting profitability, and commercial activity leading to declining or uneven sales growth, 2) adjusted financial leverage (excluding AOCI) consistently over 35%, 3) changes in financial policies that result in excessive stockholder dividends or intercompany arrangements from Constellation or its operating companies, 4) the company experiences a significant deterioration in its capital or liquidity levels, or demonstrates a marked increase in its risk appetite, or 5) inability to materially reduce exposure in its VA GMIB exposure. The principal methodology used in these ratings was Life Insurers published in April 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AuguStar Life Insurance Company, the lead insurance subsidiary of Constellation is headquartered in Cincinnati, Ohio. As of June 30, 2025, ALIC reported total statutory assets of $27.1 billion and total capital and surplus of approximately $2.2 billion. CONTEMPORARY MEDICAL: Gerard Luckman Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Contemporary Medical Services, PC. Mr. Luckman will be paid an hourly fee of $695 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Contemporary Medical Services PC Contemporary Medical Services, PC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73888) on October 8, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Sheryl P. Giugliano presides over the case. Joseph S. Maniscalco, Esq., at Lamonica Herbst Maniscalco represents the Debtor as legal counsel. CORIZON HEALTH: Robinson Urges Court to Stay Claim Dismissal ------------------------------------------------------------ Plaintiff Jason Robinson on Oct. 14 provided his response to the Court's Order to Show Cause as to his claims against Dr. Stewart and Corizon Health. Given that the Bankruptcy Court's orders are final, Robinson contends, dismissal of his claims against Dr. Stewart prior to the PI/WD Trust process could be construed as collaterally attacking the Bankruptcy Court's final Confirmation Order and risk extinguishing Plaintiff's preserved right to recover through the bankruptcy-created claims process. Accordingly, Robinson requests that the Court stay dismissal until his options to end the case via the PI/WD Trust are exhausted and allow his claims against Dr. Stewart to remain pending consistent with the Plan's channeling scheme. Robinson acknowledges that this Court made several references to the continuation of his claims against Dr. Stewart prior to the entry of the Channeling Injunction in March 2025. Specifically, the Chapter 11 Plan and Confirmation Order entered in Corizon Health's bankruptcy cases include a Channeling Injunction which, by its terms, is intended to redirect tort claims against certain "Released Parties" (including designated physicians/agents like Dr. Stewart) into the PI/WD Trust structure or otherwise block direct collection actions. Robinson submits that dismissal of the Stewart claims now would be improper and unjust because: (a) today, the Channeling Injunction from the confirmed Tehum plan preserves the ability to proceed (or at least avoid forfeiture) of claims against Dr. Stewart in the PI/WD Trust or liability insurance process; (b) Dr. Stewart had a direct connection to the debtor's operations as a Corizon employee and is indemnified by Corizon; and (c) the equities and procedural posture of the case today favor continuing the case through the PI/WD Trust settlement conference scheduled for December 2025. Robinson contends that dismissing his claims now would conflict with the purpose and structure of the Bankruptcy Plan's releases, injunctions, and trust process as it would undermine the integrity of the stipulated resolution between the debtor, Tehum (Corizon), and the entire class of injured inmates (or families), who were severely injured and impacted by Corizon's employees. The result would be to deny Plaintiff recovery via the PI/WD Trust, he says. On Aug. 22, 2025, the Court issued an order to show cause why Plaintiff's claims against Dr. Stewart should not be dismissed for failure to prosecute and why Plaintiff's claims against Corizon are not fully resolved by the bankruptcy plan. On Sept. 5, 2025, Plaintiff responded to the Court's show-cause order, indicating that the Chapter 11 Bankruptcy Plan includes several options for Plaintiff to resolve his claims against Corizon and Dr. Stewart and that Plaintiff is hopeful his claims will be resolved via one of these options. Plaintiff's response also indicates that the bankruptcy court issued a "Channeling Injunction" that, according to Plaintiff, preserves his rights during the final months of the Bankruptcy Plan, so his claims against Corizon and Dr. Stewart must remain active in order for him to have the ability to pursue recovery from insurance proceeds or through the [personal injury/wrongful death] trust claim process. On Sept. 22, Judge Dominic W. Lanza of the United States District Court for the District of Arizona ordered Robinson to file by Sept. 29 a memorandum not to exceed 10 pages showing cause why his claims against Dr. Stewart should not be dismissed for failure to prosecute. According to the Court, the response fails to address the points made in the show-cause order (and previous orders) -- that Corizon's earlier bankruptcy filing did not result in the imposition of an automatic stay as to Plaintiff's claims against Dr. Stewart, that all of the deadlines pertaining to Plaintiff's claims against Dr. Stewart thus expired long ago, and that Judge Bibles ordered that those deadlines would not be extended another time. Given that backdrop, the show-cause order provided Plaintiff an opportunity to explain why his claims against Dr. Stewart should not be dismissed for failure to prosecute, but the response does not address the relevant factors bearing on that issue -- instead, it simply asserts that the issuance of the Channeling Injunction changes the calculus and precludes (or weighs against) dismissal. The Court held that it remains inclined to dismiss Plaintiff's claims against Dr. Stewart for failure to prosecute. The Court considers five factors when determining whether to dismiss a case for failure to prosecute or for failure to comply with court orders: (1) the public's interest in expeditious resolution of litigation; (2) the court's need to manage its docket; (3) the risk of prejudice to the defendants; (4) the public policy favoring disposition of cases on their merits; and (5) the availability of less drastic alternatives. These factors seem to support dismissal without prejudice under these circumstances, where Plaintiff's non-compliance and failure to prosecute have thwarted the public's interest in expedited resolution of litigation and interfered with the Court's ability to manage its docket. As forth in detail in earlier orders, Plaintiff failed to prosecute his claims against Dr. Stewart despite being warned many times that he must do so and despite many extensions of deadlines pertaining to Dr. Stewart. Additionally, Dr. Stewart faces a risk of prejudice from further delay. These considerations outweigh the public policy favoring disposition of cases on their merits, and a without-prejudice dismissal is the only feasible alternative to a with-prejudice dismissal. With all of that said, the Court recognized that the issues raised are somewhat obscure and that it has perhaps overlooked some relevant detail in the confirmation plan/Channeling Injunction -- Plaintiff offered only a cursory discussion of that dense, 129-page attachment in his response. Thus, the Court will give Plaintiff one final opportunity, in light of the additional concerns and observations raised in this order, to show cause why his claims against Dr. Stewart should not be dismissed for failure to prosecute. On Sept. 29, the Court granted Robinson's request for Extension of Time to Respond to Order to Show Cause. Robinson was given until Oct. 14 to respond. The case is captioned as Jason Robinson, Plaintiff, v. Corizon Health Incorporated, et al., Defendants, 21-cv-00608-DWL-CDB (D. Ariz.). About Tehum Care Services Tehum Care Services Inc., doing business as Corizon Health Services Inc., is a privately held prison healthcare contractor in the United States. It is based in Brentwood, Tenn. Tehum Care Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb. 13, 2023. In the petition filed by Russell A. Perry, as chief restructuring officer, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. Judge Christopher M. Lopez oversees the case. The Debtor is represented by Jason S Brookner, Esq., at Gray Reed & McGraw, LLP. CORVIAS CAMPUS: Deadline to File Claims Set for Nov. 3, 2025 ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware set Nov. 3, 2025, at 5:00 p.m. (Prevailing Eastern Time) as the last date and time for persons or entities to file proofs of claim against Corvias Campus Living - USG LLC. The Court also set Dec. 15, 2025, at 5:00 p.m. (Prevailing Eastern Time) as the deadline for all governmental units to file their claims against the Debtor. A proof of claim may be filed in paper form. An original, signed copy of the proof of claim must be sent so as to be actually received on or before the applicable Bar Date as follows: a) If by First-Class Mail: Donlin, Recano & Company, LLC Re: CCL-USG, LLC P.O. Box 2053 New York, NY 10272-2042 b) If by Hand Delivery or Overnight Mail: Donlin, Recano & Company, LLC c/o Angeion Group Re: CCL-USG, LLC 200 Vesey Street, 24th Floor New York, NY 10281 A proof of claim may be filed electronically at https://bankruptcy.angeiongroup.com/Clients/cclu/FileClaim. A claim must be submitted so as to be actually received on or before the applicable Bar Date. Proofs of claim sent by means other than as described above, including by means of email or fax, will not be accepted. About Corvias Campus Living-USG Corvias Campus Living-USG, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214 on June 25, 2025, listing between $10 million and $50 million in assets and between $500 million and $1 billion in liabilities. Thelma Edgell, president, signed the petition. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell, LLP as counsel; CohnReznick LLP as financial advisor; and Donlin, Recano & Company LLC as administrative advisor. COURTESY SECURITY: Lisa Holder Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 17 appointed Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif., as Subchapter V trustee for Courtesy Security, Inc. Ms. Holder will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Holder declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lisa Holder, Esq. 3710 Earnhardt Drive Bakersfield, CA 93306 Phone: (661) 205-2385 Email: lholder@lnhpc.com About Courtesy Security Inc. Courtesy Security, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 25-25444) on October 2, 2025, listing between $1 million and $10 million in assets and between $50,001 and $100,000 in liabilities. Judge Christopher D. Jaime presides over the case. Robert L. Goldstein, Esq., represents the Debtor as legal counsel. COWBOY CARES: Hires Brannan & Hessel CPA LLC as Accountant ---------------------------------------------------------- Cowboy Cares, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Brannan & Hessel CPA LLC, doing business as Heroic Solutions, as accountant in its Chapter 11 case. Brannan & Hessel will provide these services: (a) preparation of federal, state, and local tax returns; (b) consultation on tax planning and compliance issues arising during the Chapter 11 case; (c) assistance with preparation of financial reports and statements required by the Bankruptcy Code; (d) accounting and advisory services related to restructuring and reorganization matters; and (e) such other services as may be agreed upon and authorized by the Court. Brannan has agreed to charge these hourly rates for services: Partner $300 Manager $200 Staff $150 The firm has requested, and Cowboy Cares has agreed, to provide a $2,500 retainer to be held in trust and applied only to fees and expenses as approved by the Court. According to court filings, Brannan and Heroic Solutions are disinterested with respect to Cowboy Cares and hold no interest adverse to the estate. The firm can be reached at: Ian Hessel Brannan & Hessel CPA LLC Heroic Solutions 161 N Main St. Williston, FL 32696 Telephone: (352) 528-6558 E-mail: Williston@Heroic.cpa About Cowboy Cares Inc. Cowboy Cares Inc., based in Lyman, Wyoming, provides home health and hospice services, including skilled nursing, therapy, and patient support. Cowboy Cares Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20375) on August 29, 2025. In its petition, the Debtor reports total assets of $417,140 and total liabilities of $5,605,776. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Clark D. Stith, Esq. CREATIVE STARS: Steven Nosek Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for Creative Stars Academy, LLC. Mr. Nosek will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.com About Creative Stars Academy LLC Creative Stars Academy, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-33151) on October 3, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey Butwinick, Esq., at Butwinick Law Office, represents the Debtor as legal counsel. DAOVENQUY LLC: Todd Headden Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 7 appointed Todd Headden as Subchapter V trustee for Daovenquy, LLC. Mr. Headden will charge $425 per hour for his services as Subchapter V trustee and $150 per hour for his support staff. The trustee will also seek reimbursement for work-related expenses incurred. Mr. Headden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd Headden 7600 Burnet Rd., Ste. 530 Austin, TX 78757 Telephone: (737) 881-7104 theadden@haywardfirm.com About Daovenquy LLC Daovenquy, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas Case No. 25-52392) on October 7, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Michael M. Parker presides over the case. Robert Chamless Lane, Esq., at The Lane Law Firm, PLLC represents the Debtor as bankruptcy counsel. DAOVENQUY88 LLC: Todd Headden Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed Todd Headden as Subchapter V trustee for DaoVenQuy88, LLC. Mr. Headden will charge $425 per hour for his services as Subchapter V trustee and $150 per hour for his support staff. The trustee will also seek reimbursement for work-related expenses incurred. Mr. Headden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd Headden 7600 Burnet Rd., Ste. 530 Austin, TX 78757 Telephone: (737) 881-7104 theadden@haywardfirm.com About DaoVenQuy88 LLC DaoVenQuy88, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-52391) on October 7, 2025, with up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Craig A. Gargotta presides over the case. Robert Chamless Lane, Esq., at The Lane Law Firm PLLC represents the Debtor as bankruptcy counsel. DMCC 26TH: To Sell Assets to Elevation Strategic for $18.3MM ------------------------------------------------------------ DMCC 26th Ave LLC and its affiliates, DMCC 6nd Ave LLC, DMCC CENTRAL Ave LLC, DMCC Charles Ave LLC, DMCC Colonial LLC, DMC Edgewater LLC, DMCC Hermits Trail LLC, DMCC Highway 19 LLC, DMCC Tech Blvd LLC, and DMCC Westemonte LLC, seek permission from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors are the owner of ten parcels of real property and the address of the Property are attached as Exhibit A in https://tinyurl.com/yncb7x29 The Plan incorporates a court-approved settlement between the Debtors and Wilmington, as Trustee for the holders of DBGS 2018-C1 Mortgage Trust Commercial Mortgage PassThrough Certificates, Series 2018-C1. Under the Plan and Wilmington Settlement, the Debtors were required to make a $1,500,000 Paydown to Wilmington by the earlier of September 1, 2025, or the Effective Date, as a condition to maintaining the treatment under the restructured loan treatment as provided for under the Plan. The Plan further provides, the Debtors were required to make monthly payments of $126,348.59 to Wilmington through April 2026, representing interest at 8% on a remaining principal balance of $16,370,295.39 and principal amortized over a 25-year term. The Plan further provides that if the Debtors fail to make the Paydown or any required payment, Wilmington retains the right to enforce its liens and compel a sale of the Property. However, a disinterested third party has come forward to purchase the Properties and provide an immediate cash payment to Wilmington in lieu of title to real property and becoming a landlord. The Debtors seek an order from the Court approving the proposed sale of substantially all of its assets for $18,300,000.00 in accordance with the terms set forth in the Purchase Agreement and terms of the Plan and incorporated Wilmington Settlement. The Purchaser is an outside third party and the Purchase Agreement was negotiated in good faith and at arms-length. The Debtor believes that the purchase price for this Property is at market value for all the properties collectively. The proposed sale contemplates a vested deposited schedule with benchmarks after approval by the bankruptcy court and 30,60 and 90 days after the entry of the sale order. The proposed sale is the required implementation of the Debtors' confirmed Joint Plan of Reorganization, which mandates sale of the properties upon default under the Wilmington Settlement. The Debtors entered into a Purchase Agreement with Elevation Strategic Holdings, LLC subject to final approval of the Court. The Debtors shall sell and convey to Buyer the right, title, and interest in al to all tenements, hereditaments, improvements, easements, and rights-of-way; and all improvements, fixtures, and personal property in the real property. The material terms of the Purchase Agreement are as follows: (a) Purchased Assets: The Real Property, consisting of the 10 Debtor properties. (b) Purchase Price: The aggregate consideration for the Real Property shall be $18,300,000.00. (c) Method of Payment: Cash at closing. (d) Deposit: $1,500,000.00 ($50,000.00 within 5 days after the Effective Date and $1,450,000.00 within 5 business days of an order approving Purchaser as the successful purchasers of the Real Property) (e) Closing Date: December 20, 2025 The Debtors have determined that assumption and assignment of the Assumed Contracts is an appropriate exercise of their sound business judgment and necessary to convey a going concern interest consistent with the Plan and the Wilmington Settlement. To the extent any cure amounts are owed, such amounts will be paid in full at or prior to the Closing Date, and Purchaser has agreed to provide adequate assurance of future performance. Debtor believes that the purchase price to be paid by Purchaser for the Real Property is fair and reasonable, and represents the best value for the sale of the Real Property. The Plan expressly provides that all junior liens and encumbrances were stripped upon confirmation, and Wilmington's lien remains the only lien of record against the Real Property. To the extent there are any unpaid taxes on the Real Property, the Debtor expects the County Tax Collector to be paid in full from the sale proceeds, and accordingly, the Debtor expects they will consent to the present Motion. Likewise, Wilmington may assert a lien on the Real Property, however, Debtors and Wilmington agreed to the liquidation of the Real Property, in accordance with the Plan and Wilmington Settlement. Purchaser and the Debtor have negotiated the terms of the Purchase Agreement in a proper, arms-length manner and Purchaser has acted in good faith in proceeding to purchase the Real Property. About DMCC 26th Ave LLC DMCC 26th Ave, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03657) with $500,001 to $1 million in assets and $500,001 to $1 million in liabilities. Judge Jason A. Burgess oversees the case. The Debtor is represented by Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP. ECUBE LABS: Section 341(a) Meeting of Creditors on November 17 -------------------------------------------------------------- On October 10, 2025, Ecube Labs Co. filed Chapter 11 protection in the Northern District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 17, 2025 at 03:00 PM by TELEPHONE. About Ecube Labs Co. Ecube Labs Co., doing business as Haulla, arranges waste collection, junk removal, and dumpster rental services for commercial customers by connecting them with local haulers. The Company manages and coordinates disposal services to help businesses reduce costs and improve efficiency. Founded in 2017 and based in Alhambra, California, Haulla serves clients including restaurants, retail stores, offices, auto shops, and other commercial establishments in markets such as Los Angeles, Dallas, Houston, Austin, and Baltimore. Ecube Labs Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43950) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Emily S. Chou, Esq. of VARTABEDIAN HESTER & HAYNES LLP. EDGAR BENJAMIN: Court Rejects Bid to Restart Sale Process --------------------------------------------------------- Avery Bleichfeld of The Bay State Banner reports that a Suffolk County Superior Court judge has blocked an effort to restart the sale of the Edgar Benjamin Healthcare Center, ruling that further delays would jeopardize the financially struggling Mission Hill nursing home. Judge Anthony Campo, in his October 14, 2205 decision, said the motion to intervene by Dr. Kenya Hanspard and the Mattapan Community Development Corporation was untimely and risked harming residents. "Time is of the essence to improve this situation," Campo wrote. The motion challenged the sale of the facility to Allaire Health Services, a New Jersey-based for-profit operator chosen by court-appointed receiver Joseph Feaster. Hanspard and the Mattapan CDC, both former bidders, alleged that the receiver mishandled the process and failed to explain why Allaire was selected over local proposals. They also raised concerns about Allaire's past staffing violations in New Jersey, according to report. Feaster defended his recommendation, emphasizing that Allaire's $6.5 million purchase offer and planned capital improvements could stabilize the facility. He said restarting the process would threaten payroll and care continuity. Attorneys representing the receivership, the Commonwealth, and guardians for residents unanimously urged the court to deny the motion, citing the urgency of completing the sale, the report states. Campo agreed, saying restarting the process would waste valuable time and resources. The court confirmed that the sale remains on track for completion after state review. Feaster said he remains committed to moving "as efficiently and expeditiously as possible" to ensure the facility's long-term stability, the report states. About Edgar Benjamin Healthcare Edgar Benjamin Healthcare is a non-profit skilled Nursing and Rehabilitation Center, which services the greater Boston community. EL DORADO: Court Okays Fee Application for CR3 Partners ------------------------------------------------------- The United States Bankruptcy Court for the Southern District of Mississippi granted El Dorado Gas & Oil, Inc.'s fourth interim application for compensation and reimbursement of necessary expenses for CR3 Partners, LLC, as financial advisor to the Chapter 11 Trustee, Dawn Ragan. The request covers the period from on or about May 1, 2025, through and including August 31, 2025, and is for the sum of $200,268.50 in compensations and expenses of $30.20, plus additional expenses of $1,220.40 for a total award request of $201,519.10. The Court finds CR3, as financial advisor, is entitled to an administrative expense for interim compensation and expenses in the total amount of $201,519.10, and the Chapter 11 trustee should be authorized to pay the 20% holdback amount of $40,053.70 plus additional expenses of $1,220.40 as funds become available in the ordinary course. An order was entered on February 2, 2024, approving the appointment of Dawn Ragan as the Chapter 11 trustee for this case, and an order was entered on January 22, 2024, approving the appointment of Dawn Ragan as the Chapter 11 trustee for Hugoton Operating Company, Inc. An order granting application to employ CR3 Partners, LLC, effective January 22, 2024, as financial advisor for the Chapter 11 trustee was entered in each case by the Court on March 28, 2024. An order was entered on March 12, 2024, in El Dorado and in Hugoton granting joint administration of these two cases. Thereafter, an order was entered on May 22, 2024, in this case granting joint administration with Bluestone Natural Resources II - South Texas, LLC, 24-50223 JAW, and World Aircraft, Inc., 24-50224-JAW After fully reviewing this matter, finding that no objections to the application were filed and being otherwise fully advised in the premises, this Court is of the opinion that the application is well-taken and should be granted and approved in all respects. According to the Court, the services rendered to the Chapter 11 trustee by CR3, as financial advisor, represent substantial services. The services rendered and expenses incurred benefitted the estates and the trustee. The time, skill and experience utilized by the financial advisor for the Chapter 11 trustee justify the approval of this application and an interim award of an administrative expense for the compensation and expenses approved. A copy of the Court's Order dated October 8, 2025, is available at https://urlcurt.com/u?l=0uImOU from PacerMonitor.com. Attorneys Dawn Ragan, Chapter 11 Trustee: R. Michael Bolen. Esq. Hood & Bolen, PLLC 3770 Hwy. 80 WEST Jackson, MI 39209 Tel: (601)923-0788 E-mail: rmb@hoodbolen.com - and - Nancy Ribaudo, Esq. Katherine Hopkins, Esq. KELLY HART & HALLMAN LLP 201 Main Street, Suite 2500 Fort Worth, TX 76102 E-mail: nancy.ribaudo@gmail.com katherine.hopkins@kellyhart.com joseph.austin@kellyhart.com Tel: (817) 878-9377 Fax: (817) 878-9280 Counsel for Bluestone Natural Resources II-South Texas, LLC and World Aircraft, Inc: Patrick A. Sheehan, Esq. SHEEHAN & RAMSEY, PLLC 429 Porter Avenue Ocean Springs, MS 39564 Tel: (228) 875-0572 Fax: (228) 875-0895 E-mail: pat@sheehanramsey.com About El Dorado Gas & Oil Inc. and Hugoton Operating Company 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 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 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. Judge Jamie A. Wilson oversees the cases. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is counsel to Debtor 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. ELITA 7 LLC: Court Extends Cash Collateral Access to Jan. 15 ------------------------------------------------------------ Elita 7, LLC and Victoria Light, LLC received another extension from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral to fund operations. The court extended the Debtors' authority to use the cash collateral of lenders until the earlier of either the sale of their assets or January 15, 2026. The lenders' cash collateral consists of cash accounts, receivables and inventory. The value of the cash collateral is estimated at $168,000, according to court documents filed in December last year. The Debtors are liable to DMT SPE I, the primary secured lender, on a loan made last year in the original principal amount of $6.1 million. Meanwhile, the Debtors have given security interest in receivables or sales of future receivables to other creditors including Capybara Capital LLC, Dependence Platinum, Forward Financing, EN OD Capital, Stage Advance LLC, and Unique Funding Solutions, LLC. The next hearing is scheduled for January 15. About Elita 7 and Victoria Light Elita 7, LLC operates a 60-bed Rest Home located at 16 Marble Street, Worcester, Mass. Elita 7 and its affiliate, Victoria Light, LLC, filed Chapter 11 petitions (Bankr. D. Mass. Lead Case No. 24-41303) on December 20, 2024. At the time of the filing, the Debtors reported $1 million to $10 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the cases. John O. Desmond, Esq., is the Debtors' legal counsel. Secured lender DMT SPE I, LLC is represented by: Douglas K. Clarke, Esq. Riemer & Braunstein, LLP 100 Cambridge Street, 22nd Floor Boston, MA 02114-2527 Phone: (617) 880-3485 Fax: (617) 692-3485 Email: dclarke@riemerlaw.com ELIZABETH I LLC: Seeks Chapter 11 Bankruptcy in Massachusetts ------------------------------------------------------------- On October 14, 2025, Elizabeth I LLC sought Chapter 11 bankruptcy protection in the District of Massachusetts Bankruptcy Court. Court documents show the company listed liabilities ranging from $1 million to $10 million. The petition further indicates that Elizabeth I LLC has 1 to 49 creditors. About Elizabeth I LLC Elizabeth I LLC is a single asset real estate company. Elizabeth I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12201) on October 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christopher J. Panos handles the case. ENKB-MONTICELLO: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, issued an interim order authorizing ENKB-Monticello, LLC to use the cash collateral of Golden Bank, N.A. and grant adequate protection to the lender. The Debtor was authorized to use cash collateral to fund operations under a monthly budget, subject to a 5% per line item and 10% overall variance. The Debtor projects total operational expenses of $188,608 for October. As adequate protection for the Debtor's use of its cash collateral, Golden Bank will be granted replacement liens and security interests in the Debtor's post-petition assets, co-extensive with its pre-bankruptcy liens. These liens are automatically perfected without further filings and exclude Chapter 5 causes of action. In addition, the Debtor must make monthly payments to Golden Bank beginning this month, equal to the pre-bankruptcy amounts for principal, interest, and tax escrows; maintain insurance on the collateral; and deposit all post-petition accounts receivable into a designated debtor-in-possession account subject to Golden Bank's first lien. The interim order also provides a carveout only for U.S. Trustee fees under 28 U.S.C. Section 1930(a). A final hearing is scheduled for October 23. Golden Bank is represented by: Morris D. Weiss, Esq. William R. Nix, Esq. Abigail Rogers, Esq. Kane Russell Coleman & Logan, PC 401 Congress Ave., Suite 2100 Austin, TX 78701 Telephone: (512) 487-6650 mweiss@krcl.com tnix@krcl.com arogers@krcl.com About ENKB-Monticello LLC ENKB-Monticello, LLC and affiliates own and operate multifamily residential properties in Texas, including Monticello Apartments, La Plaza Apartments, Mar Del Sol Apartments, and Villa Nueva Apartments. The Debtors provide rental housing across their respective communities and are managed as part of a real estate investment portfolio based in Houston, Texas. ENKB-Monticello and affiliates, La Plaza 2022, LLC, Mar De Sol 2021, LLC, TX Nueva 2021, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-80418) on September 7, 2025. In its petition, ENKB-Monticello reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors are represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. FCI SAND: Hires MACCO Restructuring Group as Financial Advisor -------------------------------------------------------------- FCI Sand Operations, LLC and FCI South, LLC seek approval from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to employ MACCO Restructuring Group, LLC as their financial advisor in their jointly administered Chapter 11 cases. MACCO will provide these services: (a) assist the Debtors in preparing operating budgets, cash flow forecasts, and financial projections; (b) assist in the development and evaluation of business plans and financial restructuring alternatives; (c) analyze the Debtors’ financial condition, including their historical and projected results; (d) assist in negotiations with creditors and other parties in interest; (e) assist in the preparation of monthly operating reports, statements, and schedules required by the Bankruptcy Code; and (f) provide such other financial advisory and consulting services as may be requested by the Debtors and approved by the Court. MACCO will be compensated at hourly rates of $650 for Managing Directors and $400 for Directors, plus reimbursement for reasonable out-of-pocket expenses. According to court filings, MACCO Restructuring Group, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew R. Hale MACCO Restructuring Group, LLC 3200 Park Center Drive, Suite 950 Costa Mesa, CA 92626 Telephone: (949) 943-9999 E-mail: mhale@maccollc.com About FCI Sand Operations LLC FCI Sand Operations LLC is a sand mining and processing company based in Marble Falls, Texas. FCI Sand Operations LLC and FCI South, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80481) on July 30, 2025. In its petition, FCI Sand Operations reports estimated assets and liabilities between $100 million and $500 million each. Judge Michelle V. Larson oversees the case. The Debtors are represented by Davor Rukavina, Esq. at Munsch Hardt Kopf & Harr, P.C. FELT & FAT: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Felt & Fat, LLC 3750 M Street Philadelphia, PA 19124 Case No.: 25-14162 Business Description: Felt & Fat, LLC, based in Philadelphia, Pennsylvania, produces handcrafted ceramic tableware and home goods, including plates, bowls, drinkware, vases, and decorative pieces. The Company operates a studio and production facility creating custom and small-batch sets for restaurants, hospitality clients, and retail customers, focusing on artisanal craftsmanship. Chapter 11 Petition Date: October 14, 2025 Court: United States Bankruptcy Court Eastern District of Pennsylvania Judge: Hon. Patricia M Mayer Debtor's Counsel: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN 1905 Spruce Street Philadelphia, PA 19103 Tel: 215-557-3550 Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Nathaniel Mell as authorized officer. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZVX74AY/Felt__Fat_LLC__paebke-25-14162__0001.3.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZBG5KBI/Felt__Fat_LLC__paebke-25-14162__0001.0.pdf?mcid=tGE4TAMA FERRELLGAS PARTNERS: S&P Upgrades ICR to 'B' on Refinancing ----------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Ferrellgas Partners L.P. to 'B' from 'CCC'. S&P said, "At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the proposed senior unsecured notes and raised our issue-level rating on the partnership's other unsecured debt to 'B' from 'CCC'. Our '3' recovery rating on the existing senior unsecured notes are unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. "The stable outlook reflects our expectation that Ferrellgas will maintain S&P Global Ratings-adjusted leverage in the 6.0x-6.5x range over our forecast period." Ferrellgas Partners L.P.'s operating subsidiary, Ferrellgas L.P., announced its intention to issue $650 million of senior unsecured notes due 2031 and a three-year $350 million revolving credit facility (RCF), which the partnership will use to refinance its existing 2026 notes. The refinancing alleviates the partnership's near-term maturity concerns and improves its liquidity position. Ferrellgas has proposed issuing $650 million of senior unsecured notes maturing in 2031 to refinance its existing 2026 notes. As part of the transaction, the partnership also upsized its RCF and extended the facility's maturity to 2028. Prior to the refinancing, both pieces of debt were current and constraining Ferrellgas' liquidity. S&P said, "Therefore, we have revised our assessment of the partnership's liquidity to adequate from weak. Pro forma for the refinancing, we estimate Ferrellgas will have about $293 million of total liquidity, including $97 million of pro forma cash and about $195 million of availability under its new RCF (after it issued about $155 million of letters of credit), which we view as sufficient to cover its liquidity needs." S&P said, "The higher rate on the new notes increases Ferrellgas' interest expense. We expect the interest rate on the new notes will be higher than the rate on Ferrellgas' existing 2026 notes, which could raise its interest expense by about $20 million-$25 million annually. That said, we do not forecast any material decline in the partnership's interest coverage, which we expect will be about 2x over the next two fiscal periods (in line with fiscal year 2024). This is because we anticipate the increase in Ferrellgas' EBITDA will offset the rise in its interest expense. Our calculation of the partnership's interest expense includes about $65 million of distributions to its preferred equity holders, given that we deem the $651 million of preferred equity as debt. "We expect Ferrellgas' fiscal-year 2025 performance will be in line with our forecast. The partnership generated S&P Global Ratings-adjusted EBITDA of $356 million for the 12 months ended April 2025, which is in line with our $350 million-$360 million forecast for fiscal year 2025 (ended July 2025). The improvement in Ferrellgas' EBITDA, relative to the $340 million it generated in fiscal year 2024, mostly stems from the frigid weather in January and February 2025, which led to an increase in its propane sales. Given our expectation for a closer-to-normal winter and that the partnership will continue to execute tuck-in acquisitions, we believe this will support an increase in its propane sales, leading to EBITDA in the $360 million-$370 million range in fiscal year 2026. Furthermore, we anticipate Ferrellgas will generate $110 million-$120 million of free operating cash flow (FOCF) annually over the next two fiscal years, which we expect it will use the majority of to fund distributions to the class B unitholders following our expectation that the restrictions placed on the distributions will be lifted as part of this transaction. "Similarly, we expect the partnership's S&P Global Ratings-adjusted debt to EBITDA will be in the 6.1x-6.4x range in fiscal year 2025, which is down slightly from 6.5x in fiscal year 2024. Our leverage calculation incorporates the remaining $37.5 million settlement associated with Ferrellgas' Eddystone litigation due January 2026, which we expect it will fund using its cash flow from operations. Therefore, we forecast the partnership's leverage will decline to the 5.8x-6.1x range in fiscal 2026. "The stable outlook on Ferrellgas reflects our expectation it will maintain leverage of less than 6.5x over our forecast horizon. We also believe the partnership will not face any liquidity issues and likely pursue growth opportunities in the form of tuck-in acquisitions." -- S&P could consider taking a negative rating action on Ferrellgas if it expects its leverage will approach 7.0x or if the partnership's business risk deteriorated. This could occur due to; -- lower propane volumes sold due to warm winters; -- customer attrition; -- competitive pressures that hurt its gross margins. While unlikely in the near term, S&P could consider taking a positive rating action on Ferrellgas if it achieves leverage of less than 5.0x on a sustained basis. This could occur if the partnership sustains a strong operational performance, improves its financial performance, and repays debt. FIRST BRANDS: Examiner Appointment Could Trip DIP Covenant ---------------------------------------------------------- Raistone Capital LLC and Raistone Purchasing LLC – Series XXXII have asked the U.S. Bankruptcy Court for the Southern District of Texas to appoint an independent examiner to investigate the issues, facts and circumstances surrounding First Brands Group, LLC's factored accounts receivable. A hearing on the request has been scheduled for Nov. 17. Objections to Raistone's request are due Nov. 5. The entry of an order by the Bankruptcy Court appointing, the filing of an application by any Debtor or any Debtor consenting to or supporting an application by any other Person, for an order seeking the appointment of, in either case without the prior written consent of the Required Lenders, an interim or permanent trustee in any Chapter 11 Case or the appointment of a receiver or an examiner under Section 1104 of the U.S. Bankruptcy Code in any Chapter 11 Case in each case with expanded powers (beyond those set forth in Sections 1106(a)(3) and 1106(a)(4) of the U.S. Bankruptcy Code) to operate or manage the financial affairs, the business, or reorganization of the Debtors, constitute an event of default under the SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT AGREEMENT Dated as of October 2, 2025, Among FIRST BRANDS GROUP, LLC (f/k/a Trico Group, LLC), as Borrower and a Debtor and Debtor-in-Possession under chapter 11 of the Bankruptcy Code, FIRST BRANDS GROUP INTERMEDIATE, LLC (f/k/a Trico Group Holdings, LLC), as Parent and a Debtor and Debtor-in-Possession under chapter 11 of the Bankruptcy Code, THE LENDERS PARTY HERETO, WILMINGTON SAVINGS FUND SOCIETY, FSB, as Administrative Agent and Collateral Agent and OPY CREDIT CORP., as Trading Agent. "[S]uch an appointment is in the best interests of creditors under section 1104(c)(1) because it allows for a thorough and independent assessment into how more than $2 billion of collections disappeared. Moreover, based on the Debtors’ admissions regarding accounting 'irregularities', the Debtors cannot credibly dispute the need for an examiner and a truly independent investigation," Raistone argues. Raistone XXXII and certain of the Debtors and their non-debtor affiliates are parties to a Sixth Amended and Restated Receivables Purchase Agreement under which Raistone XXXII purchased accounts receivable from the Debtor Sellers in connection with goods and services that the Debtor Sellers provided to non-debtor third parties. Riastone says the transactions covered in the agreement constitute "true sales" of the Purchased Receivables. As of the Sept. 29 Petition Date, Raistone claims it is entitled to no less than $172 million in connection with Purchased Receivables to which it acquired title under the Receivables Purchase Agreement. On Oct. 2, Raistone's counsel at Orrick, Herrington & Sutcliffe LLP requested further clarifications on the comments made during the First Day Hearing regarding $1.9 billion in receivables: "First, do we know whether FBG actually received $1.9 billion (no matter what happened to it)? Second, would you tell us how much is in the segregated accounts in respect of the factored receivables as of today?" In response, the Debtors' counsel responded by stating: "We don’t know," and "$0". The Debtors have appointed an Independent Special Committee to address the prepetition crises and conduct an investigation. But according to Raistone, the Debtors' management remains in place, has denied wrongdoing, and shares the same advisors with the Special Committee. "No matter how impartial any members of the Special Committee may appear, the Debtors should not be permitted to appoint the very parties that will investigate their own potential misconduct." Under the DIP Credit Agreement, certain of the Debtors' prepetition First Lien lenders have committed to provide new money term loans of up to $1.1 billion. About $500 million of the amount is available to be drawn following the entry of an interim order approving the DIP facility. The remaining $600 million will be available following entry of a final DIP order. The DIP Credit Agreement also provides for the roll up of $3 of Prepetition First Lien Loan for every $1 of New Money Term Loan. Prior to the Petition Date, certain of the Lenders provided certain secured Indebtedness to the Debtors under a First Lien Term Loan Agreement, dated as of February 2, 2018, with Jefferies Finance, LLC, as administrative agent and collateral agent. Certain of those Lenders provided $24,500,000 of Incremental Term Loans under a Prepetition Bridge Facility. Additionally, on the Petition Date, the Prepetition First Lien Term Lenders were owed about $4,625,413,695.97 in outstanding principal balance of Term Loans. Certain of those Lenders also extended financing under a Prepetition Sidecar Credit Agreement. As of the bankruptcy filing date, the Sidecar Lenders were owed $250,000,000 in outstanding principal balance. The DIP Loan imposes a minimum liquidity requirement: The Debtors must not permit Liquidity at any time to be less than $50 million. The members of the DIP Lending Syndicate are: * OPY CREDIT CORP., solely in its capacity as Trading Agent (c/o Dennis P. McNamara, SVP & Secretary) * WILMINGTON SAVINGS FUND SOCIETY, FSB, as the Administrative Agent and Collateral Agent (c/o Raye Goldsborough, Vice President); * MORGAN STANLEY SENIOR FUNDING, INC., as the Fronting Lender (c/o Brian McGowan, Managing Director) Raistone is represented in the case by: Richard Jacobsen, Esq. Laura Metzger, Esq. Emanuel Grillo, Esq. Nicholas Poli, Esq. Ariel Roytenberg, Esq. Jacob R. Herz, Esq. ORRICK, HERRINGTON & SUTCLIFFE LLP 51 West 52nd Street New York, NY 10019-6142 Telephone: (212) 506-5000 Facsimile: (212) 506-5151 Email: rjacobsen@orrick.com lmetzger@orrick.com egrillo@orrick.com npoli@orrick.com aroytenberg@orrick.com jherz@orrick.com - and - Nicholas Sabatino, Esq. ORRICK, HERRINGTON & SUTCLIFFE LLP 400 Capitol Mall, Suite 3000 Sacramento, CA 95814-4497 Telephone: (916) 329-7962 Facsimile: (916) 329-4900 Email: nsabatino@orrick.com The DIP Lenders may be reached at: Patrick Healy Raye Goldsborough Wilmington Savings Fund Society, FSB 500 Delaware Avenue, 11th Floor Wilmington, DE 19801 Email: phealy@wsfsbank.com rgoldsborough@wsfsbank.com The DIP Lenders are represented by: Jeffrey R. Gleit, Esq. ARENTFOX SCHIFF LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Email: jeffrey.gleit@afslaw.com - and - Frederick T. Lee, Esq. Eugene Y. Park, Esq. GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, NY 10166 Email: flee@gibsondunn.com eypark@gibsondunn.com About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' Claims Agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. Gibson Dunn and ArentFox Schiff LLP also advise the DIP Lenders. FIRST BRANDS: Lenders Hold Talks on Bringing in New Ch. 11 Advisers ------------------------------------------------------------------- Reshmi Basu and Eliza Ronalds-Hannon of Bloomberg News report that lenders that provided debtor-in-possession financing to First Brands Group met Wednesday, October 15, 2025, to consider bringing in an additional advisory firm to support the auto supplier's complex Chapter 11 restructuring, according to people familiar with the private discussions. The move comes as stakeholders seek more expertise to navigate ongoing financial and operational challenges. The lender group is currently advised by Gibson Dunn & Crutcher and Evercore Inc., while First Brands is represented by Weil Gotshal & Manges and investment bank Lazard Inc. Both Gibson Dunn and Evercore declined to comment on the meeting, according to report. The talks underscore growing concern among creditors about the pace and direction of First Brands' restructuring. Adding another adviser could signal lenders' intent to ensure stronger oversight and improved coordination as the case proceeds, the report states. About First Brands Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group LLC listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Kroll serves as the Debtors' Claims Agent. Gibson, Dunn & Crutcher LLP is serving as legal counsel, and Evercore is serving as investment banker to the Ad Hoc Group. FIRST CLASS MOVING: Wins Bid to Use Cash Collateral --------------------------------------------------- Judge Roberta A. Colton of the United States Bankruptcy Court for the Middle District of Florida granted First Class Moving Systems, Inc.'s emergency motion for authority to use cash collateral. The Motion seeks the entry of interim and final orders authorizing the Debtors to use "Cash Collateral" as defined in Section 363(a) of the Bankruptcy Code. The Court finds THE Notice of the Motion and the Hearing on the Motion was adequate and appropriate in the current circumstances of this Chapter 11 case as contemplated by 11 U.S.C. Sec.102(a) and Fed. R. Bankr. P. 4001(b)(2). The Motion is granted on an interim basis through the hearing to consider confirmation of the Debtors' Joint Chapter 11 Plan for First Class Moving Systems, Inc., and its Debtor Affiliates, as may be amended, to be conducted by the Court on October 23, 2025, at 10:45 a.m. in Courtroom 8A, 801 North Florida Avenue, Tampa, Florida 33602. Subject to the provisions of this Order, the Debtors are authorized to use cash collateral to pay: (a) amounts expressly authorized by this Court; (b) the current and necessary expenses and adequate protection set forth in the budget, plus an amount not to exceed ten (10) percent for each line item; and (c) such additional amounts as may be expressly approved in writing by the Lenders. Each creditor with a security interest in cash collateral shall have a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as the prepetition lien, without the need to file or execute any document as may otherwise be required under applicable non bankruptcy law. This Order is without prejudice to: (a) any subsequent request by a party in interest for modified adequate protection or restrictions on use of cash collateral; (b) any other right or remedy which may be available to any Lender. A copy of the Court's Order dated October 9, 2025, is available at https://urlcurt.com/u?l=4OXZ0h from PacerMonitor.com. About First Class Moving Systems Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. It has locations in Tampa, Miami/Fort Lauderdale; Gulfport, Miss.; Orlando, Fla.; and Bound Brook, N.J. First Class Moving Systems and its affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, First Class Moving Systems reported between $1 million and $10 million in both assets and liabilities. Judge Roberta A. Colton handles the cases. The Debtors are represented by Scott A. Stichter, Esq., and Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, P.A. Valley National Bank, as lender, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 E-mail: alennox@lennoxlaw.com clennox@lennoxlaw.com FIRST CLASS: Gets Extension to Access Cash Collateral ----------------------------------------------------- First Class Moving Systems, Inc. and its affiliates received seventh interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The seventh interim order signed by Judge Roberta Colton extended the Debtors' authority to access cash collateral pending a further hearing on October 23. The Debtors intend to use the cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in their budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by lenders. As adequate protection, each lender a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy lien. As further protection, the Debtors were ordered to keep the lenders' collateral insured. The lenders are the U.S. Small Business Administration, De Lage Landen Financial Services, Inc., and Valley National Bank. As of the petition date, the Debtors' cash collateral was comprised of cash, accounts receivable, and inventory in the aggregate amount of $2.285 million. The SBA asserts a blanket lien on the assets including cash, deposit accounts, and accounts receivable of First Class while De Lage Landen Financial Services asserts blanket liens on the cash collateral of Capital Asset Finance, Inc. Meanwhile, Valley National Bank asserts blanket liens on the assets of First Class and the cash collateral of Capital Asset Finance, First Class Moving of South Florida and FC Equipment Leasing, Inc. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/7uShr from PacerMonitor.com. About First Class Moving Systems Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. It has locations in Tampa, Miami/Fort Lauderdale; Gulfport, Miss.; Orlando, Fla.; and Bound Brook, N.J. First Class Moving Systems and its affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, First Class Moving Systems reported between $1 million and $10 million in both assets and liabilities. Judge Roberta A. Colton handles the cases. The Debtors are represented by Scott A. Stichter, Esq., and Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, P.A. Valley National Bank, as lender, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com FOREST GOOD: Gets One-Month Extension to Use Cash Collateral ------------------------------------------------------------ Forest Good Eats, LLC received fifth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral from October 1 to 31. The court's order authorized the Debtor's interim use of cash collateral to fund operations in accordance with its budget, which shows total operating expenses of $335,203.05 for the interim period. Several creditors potentially holding secured interests in the Debtor's cash or receivables include Gulf Coast Bank & Trust Company, Optimal Living, LLC, Rewards Network and the U.S. Small Business Administration. Each of these creditors will have a continuing post-petition lien on and security interest in all property of the Debtor and the proceeds thereof, with the same priority as its pre-bankruptcy lien. As further protection, the Debtor must pay $6,000 to Gulf Coast Bank & Trust by Oct. 22. The fifth interim order will remain effective until it is modified or terminated by further order; a trustee or examiner is appointed; the Debtor's Chapter 11 case is dismissed or converted; a notice of default is filed; or a subsequent order approving use of cash collateral is entered by the court. The next hearing is scheduled for October 29. About Forest Good Eats Forest Good Eats, LLC operates Real McCoy's, a restaurant and sports bar in Wake Forest, North Carolina. The establishment offers American cuisine and craft beer in a casual setting. Forest Good Eats sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02018) on May 30, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge David M. Warren handles the case. Joseph Zachary Frost, Esq., at Buckmiller & Frost, PLLC is the Debtor's legal counsel. Gulf Coast Bank & Trust Company, as secured creditor, is represented by: Lisa P. Sumner, Esq. Maynard Nexsen, PC 4141 Parklake Avenue, Suite 200 Raleigh, NC 27612 Telephone: (919) 573-7423 Facsimile: (919) 573-7454 LSumner@maynardnexsen.com GEC TRANSPORT: Court Okays Bid to Use Cash Collateral ----------------------------------------------------- Chief Judge Eduardo V. Rodriguez of the United States Bankruptcy Court for the Southern District of Texas granted GEC Transport Solutions LLC's emergency motion for entry of an order granting: (I) interim use of its secured lenders' cash collateral pursuant to 11 U.S.C. Sec. 363(c), (II) adequate protection to the secured lenders for the use of cash collateral, and (III) scheduling a final hearing pursuant to Bankruptcy Rule 4001 as to the use of cash collateral. The Court finds cause to grant the Motion. According to the Court, the Debtor requires the use of the cash collateral of Commercial Credit Group, Inc., JD Factors, LLC, the U.S. Small Business Association, and Alpine Advance 5, LLC in order to continue ordinary business operations and to maintain the value of the Debtor's bankruptcy estate. The Debtor is authorized, on a limited basis, to use Cash Collateral only as provided in strict accordance with the terms and conditions provided in this Cash Collateral Order. "Cash Collateral" includes all money on hand or in banks, accounts receivable, all rents, lease revenue, deposits and income from tenants and other third parties for the right to use any part of the Debtor's account receivables. The Debtor is permitted to use Cash Collateral solely to pay the expenses described in the expenditures contained in the budget. The Court says the Secured Lenders are entitled to, pursuant to sections 361, 362, and 363(e) of the Bankruptcy Code, to adequate protection of their interests in the Cash Collateral on account of the totality of the diminution in value of the Cash Collateral, if any, from and after October 6, 2025 in accordance with section 506(a) of the Bankruptcy Code arising from the imposition and enforcement of the automatic stay and the Debtor's use or disposition of the Cash Collateral, as the case may be a diminution. Pursuant to Bankruptcy Rule 4001, the final hearing on the Motion is scheduled for November 18, 2025 at 1:30 p.m. (Prevailing Central Time) before this Court. Objections to the requested relief must be filed with the Court no later than November 13, 2025 at 5:00 p.m. (Prevailing Central Time) and served upon: (i) the Debtor, (ii) Debtor's counsel, (iii) all secured creditors of the Debtor, and (iv) any other party that has filed a notice of appearance in this Chapter 11 case. A copy of the Court's Order dated October 7, 2025, is available at https://urlcurt.com/u?l=rIc3fv from PacerMonitor.com. About GEC Transport Solutions LLC GEC Transport Solutions LLC, based in Pharr, Texas, provides trucking and logistics services including international shipping, door-to-door delivery, dedicated transport, and cross-border logistics. Founded in 2015, the Company operates in South Texas, focusing on freight transportation and supply chain solutions. GEC Transport Solutions filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-70297) on October 6, 2025, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Benjamin Cavazos as owner. Judge Eduardo V. Rodriguez oversees the case. The Debtor is represented by: Susan Tran Adams, Esq. TRAN SINGH, LLP 2502 La Branch St. Houston, TX 77004 E-mail: stran@ts-llp.com GENERAL ENTERPRISE: Raises $6.3M From PIPE Offering --------------------------------------------------- General Enterprise Ventures, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into Securities Purchase Agreements with certain investors for the issuance and sale (the "PIPE Offering") of: (i) 420,937 shares of its Series C Convertible Preferred Stock par value $0.0001 per share for an aggregate purchase price of $6,314,062, each convertible into 3.3333 shares of the Company's common stock, par value $0.0001 per share, and (ii) warrants to purchase up to 701,563 shares of Common Stock at an offering price of $15.00 per share of Series C Preferred Stock and accompanying PIPE Warrant. The PIPE Warrants are exercisable immediately upon issuance at an exercise price of $6.00 per share, subject to customary adjustments for stock splits, reorganizations and such similar events, and will expire five years from the date of issuance. The 420,937 shares of Series C Preferred Stock are referred to herein as the "Preferred Stock Shares". The Securities Purchase Agreement includes representations, warranties, and covenants customary for a transaction of this type. There is no trading market available for the Preferred Stock Shares or the PIPE Warrants on any securities exchange or nationally recognized trading system. The Company does not intend to list the Preferred Stock Shares or PIPE Warrants on any securities exchange or nationally recognized trading system. Univest Securities, LLC acted as placement agent in connection with the PIPE Offering, pursuant to that certain Placement Agency Agreement, dated as of September 30, 2025, between the Company and the Placement Agent. Pursuant to the Placement Agency Agreement, the Company: (i) paid the Placement Agent a cash fee equal to 8% of the gross proceeds from the PIPE Offering, (ii) reimbursed the Placement Agent an amount equal to 1% of the gross proceeds from the PIPE Offering for certain out-of-pocket expenses, (iii) reimbursed the Placement Agent for legal fees in an amount equal to $350,000, and (iv) issued the Placement Agent, or its designees, warrants to purchase up to a number of shares of Common Stock equal to 5% of the total number of Common Stock issuable upon conversion of the Preferred Stock Shares and exercise of the PIPE Warrants sold in the PIPE Offering. The Placement Agent Warrants have substantially the same terms as the PIPE Warrants except that the exercise price per share of Common Stock is equal to 120% of the exercise price of the Common Warrants, or $7.20 per share. The securities being offered and sold by the Company in the PIPE Offering and the Placement Agent Warrants have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Following the PIPE Offering, the Company will have the following financial attributes as of September 30, 2025: Attribute and Amount: * Common Shares Outstanding - 17,552,912 * Common Shares in Free Float - 9,659,926 * Shareholder Equity - $11,600,000 The shareholder equity is a pro forma amount, based on the balance as of June 30, 2025, adjusted for debt and equity transactions through and including the PIPE Offering. * Shares of Series C Preferred Issued and Outstanding - 589,271 The foregoing descriptions of the Securities Purchase Agreements, PIPE Warrants, Placement Agent Agreement and the Placement Agent Warrant do not purport to be a complete description of such documents and are qualified in their entirety by reference to the full text of each document, copies of which are filed as Exhibits 4.1, 10.1, 10.2 and 10.3, respectively, available at https://tinyurl.com/3yzbtb7t About General Enterprise Headquartered in Cheyenne, WY, General Enterprise Ventures, Inc. is an environmentally sustainable flame retardant and flame suppression company for the residential home industry throughout the United States and international markets. The Company acquired Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and patents pending for environmentally sustainable flame retardant and flame suppression technology. MFB's products are currently being sold to fire departments in the State of California. San Mateo, California-based WWC, P.C., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that Company has suffered recurring losses from operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern. The Company has incurred losses since inception and has a net loss of approximately $6.9 million and revenue of $0.8 million for the year ended December 31, 2024. The Company also has a working capital deficiency of approximately $0.5 million as of December 31, 2024. In addition, the Company has been dependent on related parties to fund operations and has an amount owing to related parties of $0.6 million outstanding at December 31, 2024. As of June 30, 2025, the Company had $6.69 million in total assets, $6.50 million in total liabilities, and $2.19 million in total stockholders' deficit. GENERAL ENTERPRISE: Wesley Bolsen Appointed CEO, Director --------------------------------------------------------- General Enterprise Ventures, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective September 15, 2025, John Costa resigned as a member of the Board of Directors of the Company. This resignation was not a result of any disagreements with the Company, its Board of Directors or its management regarding any matter relating to the Company's operations, policies, or practices. Additionally, effective as of October 1, 2025, Thedore Ralston resigned as Chief Executive Officer and President of the Company. This resignation was not a result of any disagreements with the Company, its Board of Directors or its management regarding any matter relating to the Company's operations, policies, or practices. Director and Officer Appointments: Effective as of the resignations, Wesley J. Bolsen was appointed as a member of the Board of Directors of the Company to fill the vacancy created by Mr. Costa's resignation, and Mr. Bolsen was appointed as the Chief Executive Officer of the Company. Mr. Bolsen obtained a degree in electrical engineering with a minor in economics from the Rose-Hulman Institute of Technology, and thereafter obtained a masters' degree in business administration from Stanford's Graduate School of Business. In 2018, Mr. Bolsen was the founding executive and chief executive officer of LaderaTech Inc., which was sold to Perimeter Solutions, Inc. in 2020 at a time when LaderaTech Inc. distributed the world's leading wildfire prevention and protection product. Following the transaction with Perimeter Solutions, Inc., Mr. Bolsen was employed by Perimeter Solutions, Inc. to lead global wildfire prevention and protection until September 2022. He became an advisor to startup executives until April of 2024, when Mr. Bolsen was named chief executive officer of Imidex Inc., an FDA cleared AI solution for the early detection of lung cancer, which sold in April of 2025 to a public healthcare company. There are no arrangements between Mr. Bolsen and any other person pursuant to which he was selected to become the Chief Executive Officer and director of the Company. Mr. Bolsen does not have any family relationship with any executive officer or director of the Company, or with any person selected to become an officer or director of the Company. Neither Mr. Bolsen nor any member of his immediate family has any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Employment Agreements with Officers: Effective October 1, 2025, the Company entered into an employment agreement with Wesley J. Bolsen. Pursuant to the Employment Agreement, Mr. Bolsen will receive an annual base salary in the amount of $300,000.00 per year, a signing bonus of 6,250 shares of the Series C Preferred Stock, and ability to receive additional Series C Preferred Stock in connection with the Company achieving certain market capitalization milestones. The foregoing description of the Employment Agreement does not purport to be a complete description and is qualified in its entirety by reference to the Employment Agreement, which is available at https://tinyurl.com/4fmyhhc4 About General Enterprise Headquartered in Cheyenne, WY, General Enterprise Ventures, Inc. is an environmentally sustainable flame retardant and flame suppression company for the residential home industry throughout the United States and international markets. The Company acquired Mighty Fire Breaker, LLC on April 13, 2022, and formed Mighty Fire Breaker UK Ltd. on November 14, 2022. MFB owns 39 patents and patents pending for environmentally sustainable flame retardant and flame suppression technology. MFB's products are currently being sold to fire departments in the State of California. San Mateo, California-based WWC, P.C., the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that Company has suffered recurring losses from operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern. The Company has incurred losses since inception and has a net loss of approximately $6.9 million and revenue of $0.8 million for the year ended December 31, 2024. The Company also has a working capital deficiency of approximately $0.5 million as of December 31, 2024. In addition, the Company has been dependent on related parties to fund operations and has an amount owing to related parties of $0.6 million outstanding at December 31, 2024. As of June 30, 2025, the Company had $6.69 million in total assets, $6.50 million in total liabilities, and $2.19 million in total stockholders' deficit. GENERAL MOTORS: Wins Motion to Enforce 2009 Bankruptcy Sale ----------------------------------------------------------- In the case captioned as In re Motors Liquidation Company, et al., f/k/a General Motors Corp., et al., Debtors, Case No. 09-50026 (MG) (Bankr. S.D.N.Y.), Chief United States Bankruptcy Judge Martin Glenn granted the Motion by General Motors LLC and OnStar, LLC to Enforce the Bankruptcy Court's July 5, 2009 Sale Order and Injunction Against the State of Texas. The Court ordered that the State of Texas is enjoined from proceeding with allegations regarding Old GM's conduct in its lawsuit against New GM until Texas strikes those allegations from the Second Amended Complaint. The Court concluded that Texas's claims regarding Old GM's conduct predating the sale to New GM may not be asserted against New GM because the claims seek to hold New GM accountable for conduct of Old GM and are barred by the Sale Order and this Court's prior rulings. The case arose from an underlying dispute between New GM and the State of Texas taking place in the District Court for Montgomery County, Texas. Texas alleged that beginning in 2011 New GM violated the Deceptive Trade Practices-Consumer Protection Act. Texas accused New GM of operating a mass surveillance program involving the collection of data pertaining to a user's driving behavior, geolocation data, and disclosing that data to third parties without adequate disclosure to consumers. In its petition, Texas sought to incorporate a variety of allegations against New GM over a broad period of history. Certain allegations contained in the Second Amended Complaint went as far back as the 1940s. General Motors Corp. (Old GM) filed for bankruptcy on June 1, 2009, and on the same day, filed a motion to sell substantially all of its assets to a predecessor of New GM. On July 5, 2009, the Court entered the Sale Order. The Master Sale and Purchase Agreement provided the list of liabilities to be assumed by New GM (the Assumed Liabilities) and the Sale Order explicitly noted that the Purchased Assets were transferred free and clear of all liens, claims, encumbrances, and other interests of any kind or nature whatsoever, except the Assumed Liabilities. The sale closed on July 10, 2009. The State of Texas filed an objection to the sale but ultimately withdrew its objection on the record at the sale hearing. The Sale Order specified that New GM was not liable for any claims against Old GM, including claims based on Old GM's conduct and successor liability claims. New GM filed the Motion to enjoin the State of Texas from asserting allegations in its state court suit that New GM believed violated the Sale Order. New GM contended that the Sale Order's free and clear sale provision bars Texas from asserting conduct of Old GM against New GM when seeking damages for its data collection program. New GM informed Texas that it believed this Court's prior rulings barred specifically identified allegations, claims, and the request for civil penalties based thereon. Texas agreed to file a new petition, and on June 5, 2025, filed the second amended petition. New GM argued that Texas's Second Amended Petition failed to cure the impermissible allegations present in the First Amended Petition and continued to allege conduct of Old GM in violation of the Sale Order. New GM contended that the Second Amended Petition acknowledged Old GM was responsible for the complained of acts, yet it still requested that a jury consider the conduct of both New and Old GM when determining civil penalties. The State of Texas argued that this Court lacked subject matter jurisdiction over the dispute. Texas claimed New GM could not demonstrate that its sovereign immunity had been abrogated or otherwise waived. Texas also argued that the Anti-Injunction Act prevented this Court from enforcing its prior injunction. Texas's second contention was that this Court either must or should abstain from exercising jurisdiction over this matter. Texas argued that mandatory abstention was applicable pursuant to the Younger Abstention Doctrine. Texas also argued that the case warranted permissive abstention pursuant to 28 U.S.C. Section 1334(c)(1) and the Supreme Court's decision in Burford v. Sun Oil Co. Texas proceeded by arguing that the Court should deny the Motion because Texas was not asserting successor liability claims against New GM. Texas claimed that it only sought to hold New GM liable for conduct regulated by the DTPA from 2011 onward, two years after the Sale Order. Texas believed that its statutory methodology for calculating a civil penalty was not a claim as defined under the Bankruptcy Code. Texas believed the right to payment arose from New GM's violation of the DTPA, which entitled Texas to pursue civil penalties. Texas bifurcated the right to payment and the calculation of civil penalties. Texas further claimed that its allegations regarding Old GM's conduct could not be claims under the Bankruptcy Code because they did not arise before the Sale Order. At the hearing, the State of Texas stated on the record that it waived several of its arguments present in its briefing. Texas did not inform the Court of its waiver prior to the hearing. One such waived argument was that this Court lacked subject matter jurisdiction. The Court nonetheless addressed this issue and other waived arguments as they were raised in the pleadings submitted for this matter. The Court found that it possessed jurisdiction to interpret and enforce the Sale Order. This Court has jurisdiction to interpret and enforce the Sale Order. This Circuit's precedent makes clear that bankruptcy courts possess jurisdiction to interpret their own orders, including when disputes arise. The Sale Order plainly falls within the Court's arising in jurisdiction under 28 U.S.C. Section 1334(b), as it involves the enforcement of this Court's own order. Additionally, this Court has previously rejected the argument that it lacks jurisdiction over the Sale Order. The Sale Order further provided this Court with jurisdiction regarding the interpretation and enforcement of the provisions of the Sale Order. In addition to core jurisdiction, this Court also has ancillary jurisdiction to enforce the Sale Order. The Court found that sovereign immunity did not bar the Motion. Sovereign immunity does not bar this Court from exercising jurisdiction over this matter for two reasons. First, the interpretation and enforcement of the Sale Order is ancillary to this Court's exercise of its in rem jurisdiction. The ratification of the Constitution by each stuate signified its agreement not to assert any sovereign immunity defense they might have had in proceedings brought pursuant to Laws on the subject of Bankruptcies. Additionally, Congress has created an express limited waiver of certain provisions of the Bankruptcy Code. The Bankruptcy Code abrogates the sovereign immunity of governmental units for specified purposes. Section 106(a) provides for the abrogation of sovereign immunity of a governmental unit with respect to fifty-nine provisions of Title 11. Included in the enumerated provisions are sections 105 and 363 of the Code. The Court found that the Anti-Injunction Act did not bar this Court from exercising jurisdiction over this matter. Courts have widely affirmed that injunctions issued under bankruptcy law fall within the expressly authorized exception to the Anti-Injunction Act. Section 105(a) includes the authority to enjoin litigants from pursuing actions pending in other courts that threaten the integrity of a bankrupt's estate. This Court similarly found that section 363 provides an express authorization to enjoin parties to effectuate the purpose of a free and clear sale under section 363(f). The Court found that Younger abstention was inapplicable. The interpretation and enforcement of the Sale Order does not fall into any of the three categories to which Younger abstention is applicable. The Texas Lawsuit is not a state criminal proceeding. The Texas Lawsuit may be a civil enforcement that is akin to one. However, assuming the Texas Lawsuit falls under the second exceptional category, the Middlesex factors indicate that Younger abstention is unwarranted. In the present case, there is an ongoing state proceeding, but it is not parallel to the case before this Court. The underlying claims regarding the DTPA are not before this Court and the Texas Court is not tasked with interpreting and enforcing the Sale Order. The Court found that Burford abstention was inapplicable to this case. This Court has not been tasked with reviewing the merits of the dispute between New GM and the State of Texas and does not involve difficult questions of state law as the Court outlined in Burford. Moreover, although Texas claimed that the exercise of federal review would be disruptive to the Texas Court's ability to establish a coherent policy, this Court was not persuaded that review would create any such result. The Texas Court can easily remove allegations regarding Old GM's conduct, and the State of Texas can maintain a coherent policy regarding its civil penalty calculations without including the conduct of a company prior to a 363 sale. The Court found that permissive abstention was unwarranted. Permissive abstention is warranted when a case state law issues or unsettled questions of state law are pervasive in a case. However, this district's policy does not favor abstention involving a court's interpretation of its own orders. Because the Court may decide whether the Texas Lawsuit violates sections 105 and 363 of the Bankruptcy Code without the need to decide issues of state law, this Court has no reason to abstain. The Court found that mandatory abstention was inapplicable. Mandatory abstention applies only to an action related to a case under title 11 and not an action arising under title 11 or arising in a case under title 11. Having already determined that the Motion falls within this Court's arising in jurisdiction, mandatory abstention is inapplicable. The Court concluded that Texas's allegations constitute successor liability and are barred by the Sale Order. The Sale Order provides for the sale of Old GM's assets free and clear, in other words, with no successor liability. Furthermore, the Second Circuit held that the Sale Order's free and clear provision bars punitive damages claims under a theory of successor liability. Theories of successor liability are the paradigmatic example of claims barred by a sale order. This Court has also previously held that purchases of assets cannot be placed at risk of liability for claims based on seller conduct premised on the notion that the claims are not exactly for successor liability. Texas is correct that independent claims based on New GM's conduct are not barred by the Sale Order. However, an attempt to hold New GM liable for the acts of Old GM is not an independent claim, violates the Sale Order, and constitutes a form of successor liability. The Court found that Texas's claims against New GM are not wholly independent to the extent that it seeks a civil penalty based on the conduct of Old GM. Even if the underlying claim to establish liability under the DTPA is wholly independent, Texas destroys the claim's independence by seeking to base the civil penalty, even if only in part, on Old GM's conduct and merely disclaiming that Texas is not seeking successor liability is not a remedy. The Texas Lawsuit cannot be wholly independent if the conduct of Old GM is used to determine the extent of liability of New GM. Moreover, this Court has conclusively stated that New GM is not a successor in interest to Old GM. The Court rejected Texas's argument that punitive damages and civil penalties are meaningfully different in the context of asserting successor liability and violation of the Sale Order. Although Texas is correct that the Bankruptcy Code makes civil penalties non-dischargeable, section 523(a)(7) only applies to individual debtors thus it is not applicable to this matter. Furthermore, it is not clear why the fact that a civil penalty is only available to the government creates a difference so great that civil penalties cannot be analogized to punitive damages. The Court found that Texas's statutory methodology for determining civil penalties violates Section 363(f). The State of Texas argued that its methodology for the calculation of civil damages is not a claim against the New GM. The DTPA provides for liability once a violation of the DTPA has occurred. Following the determination that a violation has occurred, the DTPA authorizes penalties of not more than $10,000 for each violation. Texas contended that a jury may use the information about Old GM and similarly situated automobile manufacturers to determine the amount of civil penalties necessary to prevent the New GM from committing future crimes. Section 17.47(g)(2) of the DTPA creates liability for the past conduct of a company, in this case Old GM, without having to assert a direct claim for successor liability. The Court found that the Sale Order provides the sale of the Purchased Assets free and clear of liens, claims, encumbrances, and other interests, including rights or claims based on any successor or transferee liability. The term claim is defined in the Sale Order as having the meaning ascribed to such term in section 101(5) of the Bankruptcy Code, but the term interest is not. The Sale Order further provides that the assets are sold free and clear of other interests of any kind or nature whatsoever, which includes rights based on any theory of successor or transferee liability. The Court found that although Texas is correct that its underlying lawsuit seeks to impose liability under the DPTA for the acts of New GM alone, Texas also seeks the right to pursue additional civil penalties for conduct of Old GM arising exclusively from the assets prior to the 363 Sale. Therefore, the pursuing New GM for penalties arising from the conduct of Old GM violates section 363(f) of the Bankruptcy Code because the civil penalty constitutes the incurrence of an obligation from the Purchased Assets that is an interest that was expunged by the Sale Order. The Court found that Texas does not assert independent claims. The allegations levied by the State of Texas against New GM are not wholly independent because the penalty to be awarded depends, at least in part, on the prior bad conduct of Old GM. Texas seeks to introduce at times graphic stories regarding Old GM's conduct including: settlement of a lawsuit with Ralph Nader in 1971 for invasion of privacy, deaths related to fuel tank fires from GM vehicles including the immolation of Shannon Mosley in 1989, the McGee Family in 1991, and the Anderson Family in 1993, and deaths resulting from the ignition switch scandal. The State of Texas also alleges past violations of environmental standards from the 1990s. This is a transparent attempt to hold New GM liable for the prior bad acts of Old GM and is barred by the Sale Order. The Court found that Texas failed to demonstrate that scienter and knowledge of Old GM's history of prior violations can be imputed on New GM. Texas sought to impute knowledge of Old GM's prior unrelated bad acts to New GM because New GM inherited the debtor's knowledge about Old GM's history of prior violations, or were aware of Old GM's prior violations because they should have disclosed liabilities and debts in the Chapter 11 proceedings, or because they were matters of public record. This Court has held that imputation must be based on identified individuals or identified documents. Yet, Texas has failed to identify specific documents or individuals from which to impute knowledge to New GM. The Court found that Texas's attempt to use Old GM as a comparator was impermissible. The State of Texas attempted to end run the Sale Order by claiming it merely sought to use Old GM's conduct as a comparator to enable a jury to decide what type of penalty is necessary to deter future bad conduct. Yet, Texas does not allege similar conduct by other similarly situated corporations. Instead, Texas seeks to use Old GM's bad conduct to paint New GM in a bad light to a jury. It seeks to impose a form of successor liability in spite of the Sale Order. New GM is not a successor in interest and this Court has found that New GM, was born innocent, and the focus must be instead on its own knowledge and acts after it was born. Accordingly, the Motion is granted to the extent described herein. The State of Texas must strike allegations relating to the conduct of Old GM in the Seconded Amended Complaint. Allegations pertaining to conduct wholly of Old GM must be struck from the Seconded Amended Petition and allegations solely involving conduct of New GM may proceed. A copy of the Court's order dated October 14, 2025 is available at https://urlcurt.com/u?l=RwcjpI from PacerMonitor.com GEORGIA VASCULAR: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division entered a final order authorizing Georgia Vascular Specialists, P.C. to use cash collateral and grant adequate protection to its secured lenders. The court authorized the Debtor's final use of cash collateral to pay its operating expenses in accordance with its budget. As adequate protection for the Debtor's use of their cash collateral, lenders including JPMorgan Chase Bank, N.A., The Huntington National Bank and the U.S. Small Business Administration will be granted replacement liens on assets acquired by the Debtor after its bankruptcy filing that are similar to their pre-bankruptcy collateral. The replacement liens do not apply to any Chapter 5 avoidance actions. In addition, the Debtor must make $4,500 monthly adequate protection payments to JPMorgan Chase Bank until its Chapter 11 plan is confirmed. JPMorgan, as lender, is represented by: Eric Smith, Esq. Aldridge Pite, LLP Six Piedmont Center 3525 Piedmont Road, N.E., Suite 700 Atlanta, GA 30305 Phone: (404) 994-7400 Fax: (888) 873-6147 esmith@aldridgepite.com About Georgia Vascular Specialists P.C. Georgia Vascular Specialists P.C. provides vascular medicine and surgical services, including minimally invasive and traditional procedures for arterial, venous, and lymphatic conditions. The practice operates an accredited vascular ultrasound lab, ambulatory wound care services, and vein treatments, and offers inpatient care at Piedmont Hospital and Atlanta Medical Center. Founded in 1989, Georgia Vascular Specialists is based in Georgia. Georgia Vascular Specialists sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55352) on May 13, 2025. In its petition, the Debtor reported between $1 million andv$10 million in both assets and liabilities. Judge Paul W. Bonapfel oversees the case. The Debtor is represented by: Benjamin R. Keck, Esq. Keck Legal, LLC Tel: 470-826-6020 Email: bkeck@kecklegal.com GG ROCK: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------- On October 14, 2025, GG Rock Developments LLC voluntarily filed for Chapter 11 bankruptcy in the Southern District of Florida. The bankruptcy petition shows that the company estimated liabilities between $0 and $100,000. The company identified between one and 49 creditors in its filing. About GG Rock Developments LLC GG Rock Developments LLC is a single asset real estate company. GG Rock Developments LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22050) on October 14, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Peter D. Russin handles the case. GREENWICH RETAIL: Court Extends Cash Collateral Access to Nov. 3 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York issued a stipulation and order extending Greenwich Retail Group, LLC's authority to use cash collateral. The court approved an agreement between the Debtor and secured creditors to extend the termination date for cash collateral use through November 3. The Debtor must continue to comply with all prior interim order terms and file an updated budget. As adequate protection, the Debtor was required to pay Hanover Bank $10,000 by October 31. All other provisions of the previous interim cash collateral orders remain in full effect. About Greenwich Retail Group LLC Greenwich Retail Group, LLC operates retail clothing stores under brands including Everafter, which focuses on children's and teen apparel, and The Westside, a women's fashion boutique. Greenwich Retail Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11295) on June 9, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. Hanover Bank, as secured creditor, is represented by: Mitchell Seidman, Esq. Andrew Pincus, Esq. Seidman & Pincus, LLC 777 Terrace Avenue, Suite 508 Hasbrouck Heights, NJ 07604 Tel: (201) 473-0047 ms@seidmanllc.com ap@seidmanllc.com H2 DEVELOPMENT: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- On October 14, 2025, H2 Development Corp. voluntarily filed for Chapter 11 bankruptcy in the Eastern District of New York. According to its bankruptcy petition, the company holds liabilities between $100,001 and $1 millio. The company reported having between one and 49 creditors. About H2 Development Corp. H2 Development Corp. is a single asset real estate company. H2 Development Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case. No. 25-73949) on October 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. HEISLER LAGUNA: Involuntary Chapter 11 Case Summary --------------------------------------------------- Alleged Debtor: Heisler Laguna, LLC 520 Newport Center Drive Suite 480 Newport Beach CA 92660 Business Description: Heisler Laguna, LLC is classified as a single-asset real estate debtor in accordance with 11 U.S.C. Section 101(51B). Involuntary Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-12900 Judge: Hon. Scott C Clarkson Petitioners' Counsel: David Haberbush, Esq. HABERBUSH, LLP 444 West Ocean Blvd., Suite 1400 Long Beach, CA 90802 Tel: 562-435-3456 Email: dhaberbush@lbinsolvency.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RURWIFA/Heisler_Laguna_LLC__cacbke-25-12900__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Specialty DIP LLC $1,500,100 5175 Princess Anne Rd La Canada CA 91011 Vierergruppe Management Inc. $155,000 1932 E. Deere Ave Suite 150 Santa Ana CA 92705 Coastline Santa Monica Investments LLC $30,017,726 520 Newport Center Drive Suite 480 Newport Beach CA 92660 HERITAGE GRILLE: Court Extends Cash Collateral Access to Oct. 31 ---------------------------------------------------------------- The Heritage Grille, LLC received a one-month extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The court issued a fifth interim order authorizing the Debtor to utilize cash collateral to pay its operating expenses from October 1 to 30. Cash collateral use must conform to the budget, with a 10% variance allowed on individual items. The Debtor projects total operational expenses of $335,203.05 for the interim period. Several creditors including Gulf Coast Bank & Trust and the U.S. Small Business Administration hold potential interests in the cash collateral. These creditors will have a continuing post-petition lien on and security interest in all property of the Debtor and the proceeds thereof, with the same priority as their pre-bankruptcy lien. As further protection, Gulf Coast Bank & Trust will receive $6,000 payment by Oct. 22. The fifth interim order remains effective until modified, replaced or terminated by court order; appointment of a bankruptcy trustee; or dismissal or conversion of the Debtor's Chapter 11 case to one under Chapter 7. The next hearing is set for October 29. About Heritage Grille & Wine Bar Heritage Grille & Wine Bar, LLC, doing business as The Heritage Grille & Wine Barrel, is a fine dining restaurant based in Wake Forest, North Carolina. It serves French-inspired cuisine and offers a curated wine selection. The establishment includes a formal dining room, a speakeasy-style bar, and a bottle shop. Heritage Grille & Wine Bar sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02019) on June 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge David M. Warren handles the case. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC Tel: 919-296-5040 Email: jfrost@bbflawfirm.com HIGHLAND PROPERTY: Seeks Chapter 7 Bankruptcy in Pennsylvania ------------------------------------------------------------- On October 14, 2025, Highland Property LLC voluntarily sought Chapter 7 bankruptcy protection in the Western District of Pennsylvania. Court filings show that the company liabilities ranging from $1 million to $10 million, with 50 to 99 creditors listed. About Highland Property LLC Highland Property LLC is a limited liability company. Highland Property LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22769) on October 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Carlota M. Bohm handles the case. The Debtor is represented by Dennis J. Spyra, Esq. HOLOHAN MANAGEMENT: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------------- Holohan Management LLC filed a 7 chapter bankruptcy in the Eastern District of New York bankruptcy court on October 14, 2025. The bankruptcy petition showed liabilities in the range of $1 million - $10 million. HOLOHAN MANAGMENT LLC reports that the number of creditors is in the range of 1-49. About Holohan Management LLC Holohan Management LLC is a single asset real estate company. Holohan Management LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73956) on October 14, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. HUDSON RIVER: Moody's Hikes CFR to Ba1 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has upgraded Hudson River Trading LLC's (HRT) Corporate Family Rating to Ba1 from Ba2, its Issuer Rating to Ba2 from Ba3 and its senior secured first lien bank credit facility rating to Ba2 from Ba3. HRT's outlook changed to stable from positive. RATINGS RATIONALE The ratings upgrade reflects HRT's strong performance since 2022, characterized by robust, consistent trading profits across a more diverse range of products and strategies. This strong performance has occurred across a range of market conditions, including both less active markets and more challenging environments with rapidly shifting asset prices. The upgrade reflects the evolution of HRT's business to encompass a broader and more diverse range of uncorrelated trading strategies that profit in a variety of market environments and geographies. More conservative financial policies and an increase in retained earnings have also led to improvements in HRT's funding and liquidity, evidenced by consistent growth in trading capital, equity capital, and related improvements in its trading capital/debt and the relative mix of equity and debt in its capital structure. HRT has also maintained a highly liquid balance sheet, and has increased the level of diversification of its prime brokerage relationships. HRT's ratings are supported by its strong partnership culture and the sustained oversight of a highly-engaged leadership team. Nonetheless, HRT's ratings are constrained by the operational and market risk stemming from its rapid global expansion, especially into regions with less mature capital markets than the firm's core US operations. The stable outlook reflects Moody's expectations that HRT's strong performance will continue due to its sizeable investments in strategy development and research. The stable outlook also reflects Moody's expectations that HRT will prioritize growing and retaining equity capital, and will maintain stable levels of net trading capital and equity capital relative to its debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS HRT's ratings could be upgraded if it: (1) reports further improvements in the level and diversification of revenue and earnings, without increasing its risk appetite; and (2) continues to increase its liquidity and retained capital relative to its long-term debt while continuing to reduce reliance on key prime brokerage relationships outside of its self-cleared US equity trading. HRT's ratings could be downgraded should evidence emerge that HRT's risk appetite is growing or if its long-term capital and liquidity fail to keep pace with its growth ambitions, especially in international markets. The ratings could also be downgraded with evidence that HRT's risk awareness, risk management and legal and compliance capabilities are not operating at a level commensurate with its evolving risk environment. The ratings could also be downgraded if HRT reports declining earnings on a sustained basis, or if revenue and earnings become substantially more volatile. The principal methodology used in these ratings was Securities Industry Market Makers published in June 2024. Hudson River Trading LLC's "Assigned Standalone Assessment" score of Ba1 is set two notches below the initial "Financial Profile" score of Baa2 to reflect its inherently high level of operational and market risk and its high reliance on trading activities. IAMGOLD CORP: S&P Upgrades ICR to 'BB-', Outlook Stable ------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Toronto-based gold producer IAMGOLD Corp. to 'BB-' from 'B'. The outlook is stable. S&P also raised its issue-level rating on the company's unsecured notes to 'BB-' from 'B'. S&P's '3' recovery rating on the notes is unchanged. The stable outlook reflects S&P's view that IAMGOLD's increased earnings and lower expected debt will lead to sustainably stronger credit measures over the next few years. IAMGOLD Corp. achieved nameplate capacity at its Cote Gold mine this year and is currently ramping up production amid an extremely favorable gold price environment. S&P said, "With increasing production from Cote and strong gold prices, we expect the company will generate significantly higher earnings and free operating cash flow (FOCF) that will facilitate repayment of most of its debt over the next few quarters. We also estimate IAMGOLD will sustain S&P Global Ratings-adjusted debt to EBITDA well below 1x over the next few years." The upgrade reflects IAMGOLD's production ramp up at its Cote Gold mine, planned debt repayment and significantly higher gold prices. The company has been advancing its Cote Gold operations since reaching commercial production in August 2024 and achieved nameplate capacity in June 2025. S&P said, "The ramp-up of operations has been mostly uneventful and largely in line with our expectations, gradually contributing additional gold ounces to the company's production over the past 12 months. We expect Cote will contribute 250,000 ounces of gold output in 2025 (for IAMGOLD's 70% share) and modestly higher in the following couple of years." This year, average gold prices are 35% above 2024 averages, stemming from ongoing geopolitical tensions, demand for gold from central banks, and reduced interest rates. Increased production and higher gold prices contributed to significantly higher earnings and cash flow than S&P's previous expectations. As of June 30, 2025, the company's S&P Global Ratings-adjusted leverage improved to 1.5x from 5.2x at the end of 2023. S&P believes the company has now transitioned to positive FOCF following a few years of deficits for Cote Gold construction and ramp-up. S&P said, "We recently increased our gold price assumptions to an average of $3,700 per ounce (oz) for the remainder of 2025, $3,300/oz in 2026, $2,600/oz in 2027, and $2,300/oz thereafter. Based on this, we estimate IAMGOLD's cash flow and credit measures will strengthen further, with leverage well below 1x through 2027. We also estimate FOCF generation close to $2 billion for 2025-2027 and that IAMGOLD will use this excess cash to repay most of its debt outstanding (about $650 million of term loan and revolver draws) over the next few quarters, in line with its publicly announced debt-reduction plan. While we assume a decline in the gold price over the next few years, we note that our updated assumptions are considerably higher than earlier this year. Our long-term price of $2,300/oz is not much lower than the $2,393/oz average price in 2024, which was a record year for gold. "We expect IAMGOLD will sustain its improved leverage measures and follow a prudent financial policy. We believe IAMGOLD's lower absolute debt after its planned debt repayment will reduce volatility in its credit measures from gold price fluctuations and potential operating disruptions, further reducing its financial risk. We also estimate the company will build up its cash balance close to $1.5 billion by the end of 2027, accounting for planned debt repayment and which we do not net against debt. This provides ample capacity and financial flexibility at the rating. We assume the company would use a portion of cash for shareholder returns and production growth opportunities but expect it will pursue a prudent financial policy for the next few years to maintain strength of its balance sheet. "IAMGOLD has high asset concentration, a high cost profile, and short reserve life at Essakane. We estimate IAMGOLD's annual gold output would increase to nearly 800,000 ounces by year-end 2025 on steady state full contributions from Cote. Although production has increased over the past couple of years, this would only be 10%-15% above the 713,000 ounces in 2022, when the since-sold Rosebel mine was still in its portfolio. "We believe that the company's operating breadth is limited as its Essakane mine, located in high-risk mining jurisdiction of Burkina Faso, will account for about half of its consolidated production (but approximately 40% of its free cash flows due its high per unit cash costs), even after full production contribution from Cote. In addition, Essakane faces a short reserve life of just over three years, which potentially poses a medium-term challenge for the company to sustain its current level of production. We understand IAMGOLD is focused on resource development and potential mine life extension to 2033 and is in discussions with the government for permitting renewal. Earlier this year, the government increased its interest in the mine to 15% from 10% under the existing mining code. We believe there could be a risk of further dilution as part of the mine life extension process. Essakane's location exposes the company to elevated security and political risks that could lead to supply chain disruptions and increased operating costs. "We consider IAMGOLD as one of the higher-cost gold producers globally, with consolidated cash costs estimated in the fourth quartile of the industry cost curve, estimated in the mid-$1,400/oz area in 2025. This incorporates the increased gold royalty at current elevated prices, higher than expected operating costs at Cote, and the impact of a stronger euro on costs at Essakane. "The stable outlook reflects our view that IAMGOLD will generate sizable free cash flow and use it to repay large portion of its debt over the next 12 months, leading to robust credit measures. We estimate S&P Global Ratings-adjusted debt to EBITDA will be well below the 1x area in the next couple of years." S&P could downgrade IAMGOLD within the next 12 months if it expects S&P Global Ratings-adjusted debt to EBITDA to increase above 1.5x for a sustained period. In S&P's view, this could result from: -- Lower-than-expected gold margins; -- Operating or regulatory disruptions at its mines; or -- An aggressive financial policy that increases leverage. S&P considers upgrade unlikely, but could raise its rating on IAMGOLD within the next 12 months if the company: -- Materially increases its scale and operating breadth; and -- Improves unit cash costs while maintaining low leverage. IGO MARKETING: Salvatore LaMonica Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for IGO Marketing + Entertainment, LLC. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About IGO Marketing + Entertainment LLC IGO Marketing + Entertainment, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73840) on October 3, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sheryl P. Giugliano presides over the case. IT IS WELL: Section 341(a) Meeting of Creditors on November 14 -------------------------------------------------------------- On October 9, 2025, It Is Well Healthcare LLC filed Chapter 11 protection in the Northern District of Georgia. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 14, 2025 at 12:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 3042940. About It Is Well Healthcare LLC It Is Well Healthcare LLC provides primary care and wellness services in Dallas, Georgia. The clinic offers medical evaluations, chronic care management, physical exams, immunizations, and diagnostic testing, along with treatment for conditions such as hypertension, diabetes, and thyroid disorders. It also provides aesthetic and wellness treatments including hormone replacement therapy, facials, dermal fillers, microdermabrasion, and body contouring procedures. It Is Well Healthcare LLCsought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11533) on October 9, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by J. Nevin Smith, Esq. of SMITH CONERLY LLP. J.R. BUTLER: Hires Michael Best & Friedrich LLP as Counsel ---------------------------------------------------------- J.R. Butler, Inc., Debtor-in-Possession, seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Michael Best & Friedrich LLP, successor to Allen Vellone Wolf Helfrich & Factor P.C., as its general bankruptcy counsel in its Chapter 11 case. The firm will continue to represent the Debtor through the same attorneys previously approved by the Court. Michael Best & Friedrich LLP will provide legal advice and representation to the Debtor-in-Possession in connection with: (a) the general administration of the Estate; (b) the confirmation of any proposed plan of reorganization; (c) all contested and adversary matters that arise in this case; (d) the investigation and litigation of any avoidance or other action the Estate may have; and (e) other legal services for the Debtor related to or arising out of contested matters in this bankruptcy case. According to court filings, the firm's professionals will bill at these hourly rates: Jeffrey A. Weinman $650 Jeremy T. Jonsen $500 Bailey C. Pompea $425 Partners $475-725 Associates $350-450 Paralegals $120-225 A retainer of $31,154.50 is currently held in the Allen Vellone COLTAF account and will be transferred to the Michael Best & Friedrich LLP COLTAF account following the final fee application for Allen Vellone. Michael Best & Friedrich LLP will seek compensation and reimbursement of expenses only in accordance with the Bankruptcy Code and Rules. Michael Best & Friedrich LLP has represented that it is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code and holds no interests adverse to the Debtor, the Estate, or any creditor in this matter. The firm can be reached at: Jeffrey A. Weinman, Esq. Jeremy T. Jonsen, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 E-mail: jeffrey.weinman@michaelbest.com jeremy.jonsen@michaelbest.com bailey.pompea@michaelbest.com About J.R. Butler Inc. J.R. Butler Inc. is an Englewood, Colorado-based specializing in unitized glazing systems. The company designs, engineers, and manufactures glazing systems for commercial construction projects. J.R. Butler Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-15598) on August 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Jeffrey Weinman, Esq. at Allen Vellone Judge Thomas B. McNamara oversees the case. Wolf Helfrich & Factor P.C. JOHN BENNETT: Leon Jones Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for The John Bennett Group, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About The John Bennett Group LLC The John Bennett Group, LLC is a single asset real estate company. John Bennett filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61577) on October 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. JOHN FITZGIBBON HOSPITAL: Fitch Lowers LongTerm IDR to 'C' ---------------------------------------------------------- Fitch Ratings has downgraded John Fitzgibbon Memorial Hospital's, MO (JFMH) Long-Term Issuer Default Rating (IDR) to 'C' from 'CCC-'. Fitch has also downgraded the rating on the series 2010 Saline County Industrial Development Authority (MO) health facility revenue bonds issued on behalf of JFMH. Entity/Debt Rating Prior ----------- ------ ----- John Fitzgibbon Memorial Hospital (MO) LT IDR C Downgrade CCC- John Fitzgibbon Memorial Hospital (MO) /General Revenues/1 LT LT C Downgrade CCC- The downgrade to 'C' reflects JFMH's ongoing financial losses, which resulted in an operating loss of $4.6 million, or a negative 2.7% operating EBITDA margin, as of fiscal 2025 (unaudited YE results through April 30, 2025). This is a slight improvement from still unaudited 2024 YE results, which yielded and operating loss of $6.2 million and operating EBITDA margin of negative 3.5%, on a consolidated basis. Continued operating losses have caused JFMH to miss its debt service coverage covenant in fiscal 2024 and 2025. JFMH has engaged a consultant for revenue cycle enhancement and expense mitigation; however, Fitch expects operating losses to continue through fiscal 2026. The downgrade also reflects that a majority of bondholders have not granted a waiver for fiscal years 2024-2025 regarding debt service coverage covenant violation. Fitch expects JFMH post its fiscal 2024 audit, and subsequently its fiscal 2025 audit without the waiver. Fitch understands that without the waiver granted all debt will become current, once the audit is posted. JFMH has not declared bankruptcy and is current on all debt service payments, however is in technical default. The rating also highlights the hospital's light liquidity position, small size and challenging payor mix, which leave a a very low margin for safety. Supplemental funding expected in 2025 from the Employee Retention Tax Credit and FEMA reimbursement may extend, but not guarantee, the hospital's ability to improve operations. Fitch believes default risk remains significant, even if the hospital receives all expected funds, due to its structural operating imbalance. The hospital has no additional debt capacity. JFMH continues to implement strategic initiatives to address operational pressure. These efforts include revenue cycle enhancements, consolidation of clinics and providers, and expanding use of the 340b pharmacy program. As a result, the hospital division reported a positive 7.5% operating margin for for unaudited YE 2025, up from 3.8% for 2024, excluding the physician's group and skilled nursing facility (SNF). However, fiscal 2025 operating results remain well below budget, despite these actions, due to high labor and other expenses. Operating losses from the physician's group (negative operating margin of 79.8% through unaudited YE 2025) and The Living Center skilled nursing facility (negative operating margin of 7.9%) have forced JFMH to fund operations through cash, on a consolidated basis. As a result, days cash on hand (DCOH) remained very weak at 24 days for unaudited YE 2025. Fitch believes JFMH has a limited pathway to financial stability. SECURITY The bonds are secured by general revenues of the obligated group, a mortgage on certain system facilities, and a debt service reserve fund. KEY RATING DRIVERS Revenue Defensibility - 'bb' Declining Service Area; Considerable Outmigration of Higher Acuity Volumes Fitch's weak assessment of JFMH's revenue defensibility primarily reflects the socioeconomic indicators of the hospital's primary service area (PSA), which is within Saline County, MO. While the PSA's unemployment rate is in line with national and state averages, the county's population trends have been stable over the last five years. Wealth levels, measured by median household income, are below state and national averages, and poverty rates are above average. JFMH's market position is almost double that of its leading competitor. As of fiscal 2025, the hospital secures a leading market share of 39% with its nearest competitor at 19%. However, JFMH generally services the area's lower acuity volumes, while higher acuity cases go to either of the two closest competitors, Boone Hospital and University of Missouri Hospital. Both are about 60 miles from JFMH. The hospital's payor mix is midrange as Medicaid and self-pay accounted for 22% of gross revenues as of April 30, 2025. However, current service area conditions are contributing to an increase in self-pay patient volumes. Operating Risk - 'b' Operating Losses Continue JFMH's operating risk profile assessment is 'Very Weak' based on the hospital's continued negative operating income level for fiscal 2025 (unaudited YE results), resulting in a negative operating EBITDA margin of 2.7%. This is a marginal improvement over fiscal 2024 (unaudited YE results), which was 3.5%. However, structural operating challenges persist. Operational pressure continues to stem from the hospital's physician group and The Living Center, which posted negative operating margins of 79.8% and 7.9%, respectively for unaudited fiscal 2025. JFMH will miss its debt service coverage covenant for 2024 and 2025. Management confirms that bondholders have not indicated any intention to provide a coverage covenant waiver. If a waiver is not granted, all debt will become current and callable. Fitch does not expect bondholders to call the debt, but if they do, JFMH will be unable to meet its debt service obligations. JFMH has engaged a consultant and is implementing recommendations, including outsourcing clinical documentation, bringing inpatient coding in-house, and consolidating clinics and providers. These actions could yield up to $2.5 million in estimated expense reduction and revenue optimization. Both Fitch and JFMH's management expected more operational improvement in fiscal 2025. Management's cost efficiency initiatives, including renegotiating vendor contracts, evaluating labor productivity, enhance the revenue cycle, solidifying the 340b drug pricing program, and improving physician productivity, will continue to support operational stabilization. However, the loss of stimulus funding and significant losses at the physician group and The Living Center continue to limit the hospital's ability to break even on operations. Fitch expects management's strategic initiatives, along with the ERC credit and FEMA settlement, to result in a breakeven operating EBITDA margin in fiscal 2026. Fitch expects JFMH's capital spending to remain relatively low after fiscal 2025, as no major capital projects are planned, and the hospital will focus on improving operations. Capital spending is expected to be budgeted annually based on priority needs. The average age of plant is high at 17.6 years as of fiscal 2023, which Fitch believes may require higher capex than management's near-term forecast. Financial Profile - 'b' Financial Flexibility Remains Weak JFMH's leverage and liquidity positions have weakened over the last year. JFMH had approximately $14.1 million of total debt outstanding at unaudited FYE 2025, which includes long-term bond debt and leases. Unrestricted cash and equivalents were $4.6 million (24 days cash on hand) for unaudited YE 2025, from $4.1 million (22 days cash on hand) for unaudited YE 2024, as operating improvements showed marginal improvement. Management anticipates receiving $7.8 million in supplemental revenues in 2025, which includes $2.7 million from FEMA and $5.2 million for employer retention tax credit. JFMH could receive up to $8 million in supplemental funding from an Employee Retention Tax Credit and FEMA, but Fitch has modeled a conservative $5.2 million for FY 2026. Due to modest operating losses and Fitch's capex assumptions, Fitch's scenario analysis shows liquidity eroding over the next two years, with cash on hand and cash-to-adjusted debt between falling below zero without significant improvement to operations during the forward-look. This scenario includes the $5.2 million to be collected from FEMA and the employee retention tax credit in FY 2026. Due to JFMH's high average age of plant, Fitch believes annual capital spending will need to increase. However, structural imbalances prohibit significant spending limiting management to pursue capital projects on an as-needed basis. Fiscal 2026 and beyond may average roughly $1.0 million per year in Fitch's forward look based on current needs. This would exceed management's forecast. JFMH's portfolio is invested in 75% cash and cash equivalents, and 25% in fixed income, resulting in modest, but positive investment returns during the forward-look Asymmetric Additional Risk Considerations Very low days cash on hand of 24 days for unaudited fiscal 2025 and insufficient coverage constitute as asymmetric risk considerations for John Fitzgibbon Memorial Hospital and constrain the overall financial profile of the hospital. Management has not received indication from bondholders that a waiver will be granted following the posting of the audit 2024 or 2025 audit in October. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Operating metrics fail to recover to a level producing at least a positive operating EBITDA; - Further balance sheet dilution; - A declaration of bankruptcy, even if payments are still being made on time and in full. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Operating EBITDA margins stabilize at or around 4% based on stabilized operations; - Stabilization of unrestricted liquidity at around the current level of 75% cash-to-adjusted debt with the expectation of additional capex. PROFILE JFMH is a 60-licensed-bed hospital located in Saline County, MO, approximately 80 miles east of Kansas City. Operations also include a 99-bed SNF and several rural health clinics. Total revenues in (unaudited) fiscal 2025 were $66.9 million. Fitch reviews and cites consolidated financial data, and the consolidated entity currently comprises the obligated group. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. JOSEPH A. GRASSO: Court Dismisses Chapter 11 Bankruptcy Case ------------------------------------------------------------ Judge Patrick G. Radel of the United States Bankruptcy Court for the Northern District of New York dismissing Joseph A. Grasso's bankruptcy case for cause pursuant to 11 U.S.C. Sec. 1112(b). In March 2024, a jury returned a $5.4 million verdict in favor of LG 55 Doe and against Joseph A. Grasso, finding that Debtor sexually assaulted LG 55 Doe when LG 55 Doe was a middle school student. On Feb. 14, 2025, a $6,153,796.20 judgment was entered against Debtor and in favor of LG 55 Doe. Debtor appealed to the New York State Appellate Division, Fourth Department, on Feb. 19, 2025, but did not post a bond to stay enforcement of the Judgment pending appeal pursuant to N.Y. C.P.L.R. Sec. 5519(a)(2). On May 13, 2025, Debtor, by and through counsel, sought relief under Chapter 11 of the Bankruptcy Code. The filing automatically stayed Debtor's appeal and LG 55 Doe's collections efforts pursuant to 11 U.S.C. Sec. 362(a). On June 23, 2025, Debtor filed a motion for limited relief from the stay to allow him to pursue his State Court appeal. LG 55 Doe opposed the motion, arguing, inter alia, that this case should be dismissed as it was filed in bad faith. On Aug. 15, 2025, LG 55 Doe moved for conversion of this case to Chapter 7 pursuant to 11 U.S.C. Sec. 1112(b). The Court notes the primary (and perhaps only) goal of this bankruptcy filing is to stay LG 55 Doe's collection efforts while Debtor pursues his appeal in State Court. According to Judge Radel, "Here, Debtor's counsel's protestations notwithstanding, neither reorganization nor liquidation is reasonably in prospect -- dismissal is the ultimate end of this case irrespective of the outcome of the appeal." Debtor is retired, his income is passive (retirement funds and pension payments), he does not face financial pressure from creditors other than LG 55 Doe, and most of his assets are exempt. If Debtor's appeal fails, he cannot satisfy LG 55 Doe's claim or propose a confirmable plan of reorganization. If the appeal succeeds, Debtor can meet his other obligations and bankruptcy will no longer be necessary. Judge Radel holds, "Here, there are no significant assets for a Chapter 7 trustee to reach for the benefit of creditors, as the bulk of Debtor's property consists of retirement funds protected by exemptions. Conversion would not expedite or otherwise facilitate resolution of the key issue, i.e., Debtor's appeal, which needs to proceed in State Court in any event. Further, LG 55 Doe has commenced an adversary proceeding to determine the dischargeability of the underlying debt (AP Case No. 25-90013-1), which means a converted case could not be administered or closed until the appeal is resolved. Dismissal is the appropriate remedy." A copy of the Court's Memorandum Decision and Order is available at https://urlcurt.com/u?l=9a9bBI Counsel for Debtor: MICHAEL LEO BOYLE, ESQ. BOYLE LEGAL, LLC 64 2nd Street Troy, NY 12180 E-mail: Mike@BoyleBankruptcy.com Counsel for LG55 Doe: MARK J. SCHLANT, ESQ. ZDARSKY, SAWICKI & AGOSTINELLI LLP 1600 Main Place Tower 350 Main Street Buffalo, NY 14202 E-mail: mschlant@zsalawfirm.com Joseph A. Grasso filed for Chapter 11 bankruptcy protection (Bankr. N.D.N.Y. Case No. 25-10548) on May 13, 2025. KAL FREIGHT: Trust Claims Previous Owners Misappropriated Money --------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that the liquidating trust for Kal Freight Inc. has filed a lawsuit in Texas bankruptcy court, accusing several companies of helping the trucking firm's former owners divert millions of dollars from the debtor and its affiliates. According to the complaint, the alleged scheme continued even while Kal Freight was under Chapter 11 protection, with the business overpaying for certain expenses and being exploited through its fuel reimbursement program. The trust claims the former owners and their associates manipulated financial transactions to benefit themselves at the expense of the company's estate and creditors. These alleged actions, it says, drained resources that should have been preserved to support the company’s restructuring and eventual liquidation process, the report states. The case adds to the growing list of disputes linked to Kal Freight's bankruptcy, as the trust seeks to recover misappropriated funds and hold the responsible parties accountable. The outcome could determine how much value is ultimately restored to creditors, the report relays. About Kal Freight Established in 2014, Kal Freight Inc. is a trucking company that offers a complete range of transportation and logistics services to diverse industries across the United States. It has strategic locations across the United States with extended distribution warehouses and terminals in Fontana, Calif., Texas, New Jersey, Indiana, Tennessee, Georgia, Arizona and Arkansas. Kal Freight and its affiliates filed Chapter 11 petitions (Bankr. S.D. Tex. Case No. 24-90614) on Dec. 5, 2024, with $100 million to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal counsel; Development Specialists, Inc. as interim management services provider; and Benesch, Friedlander, Coplan & Aronoff LLP as special transportation counsel. Stretto, Inc. is the Debtors' claims and noticing agent. KX 84: Todd Hennings Named Subchapter V Trustee ----------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for KX 84, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About KX 84 LLC KX 84, LLC, a company in Norcross, Ga., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61604) on October 6, 2025. At the time of the filing, the Debtor reported between $1 million and $10 million in assets and liabilities. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. LATITUDE 46 NORTH: Joli Lofstedt Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Latitude 46 North, LLC. Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be paid an hourly fee of $390 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Latitude 46 North LLC Latitude 46 North, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-16471) on October 6, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Thomas B. Mcnamara presides over the case. Bonnie Bell Bond, Esq., represents the Debtor as legal counsel. LEFLO 4 CONDOS: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------ On October 13, 2025, Leflo 4 Condos Inc. voluntarily filed for Chapter 11 bankruptcy in the Southern District of Florida. Court documents show that company's liabilities estimated between $100,001 and $1 million. The company listed between one and 49 creditors in its bankruptcy petition. About Leflo 4 Condos Inc. Leflo 4 Condos Inc. is a single asset real estate company. Leflo 4 Condos Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22032) on October 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtor is represented by Mark S. Roher, Esq. of Law Office of Mark S. Roher, P.A. LINQTO INC: Judge Rejects Shareholders' Bid for Equity Committee ---------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that on October 15, 2025, a Texas bankruptcy judge has rejected a bid by a group of Linqto shareholders to form an equity committee in the company's Chapter 11 case, finding that there isn’t enough evidence to show the investment platform will remain solvent. The decision leaves shareholders without official representation in the ongoing restructuring process. The investors argued that a committee was necessary to safeguard their interests and ensure transparency as Linqto works through its reorganization plan. However, the court concluded that appointing such a committee would be premature given the uncertain value of the company's assets relative to its debts, according to report. The ruling highlights the difficult position of Linqto's shareholders, who may not recover any value unless the company's restructuring generates enough proceeds to cover creditor claims. The case continues to move forward under the supervision of the Texas bankruptcy court, the report states. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. LUXURBAN HOTELS: UST Wants to Takeover Hotel Citing Negligence -------------------------------------------------------------- Ethan Rothstein of Bisnow reports that the federal bankruptcy officials are pushing to remove LuxUrban Hotels' current management, accusing the company of "gross negligence" in its handling of operations both before and after entering Chapter 11. The U.S. Trustee's Office, part of the Department of Justice, filed a motion in the Southern District of New York to install an independent trustee to oversee the company's affairs, according to the report. The motion cites mounting operational failures, including hotels shutting down without notice, unpaid union employees, and stranded guests who booked rooms in closed properties. Officials described the Chapter 11 case as a "free fall," arguing that LuxUrban's leadership has shown an inability to protect the estate or fulfill basic obligations to workers and customers, the report states. The filing follows multiple complaints from labor groups representing staff at LuxUrban's New York City hotels, alleging unpaid wages and misused 401(k) contributions. Court papers indicate the hotel operator's financial distress includes under $10 million in assets and up to $50 million in debt, according to report. Judge David Jones, who is presiding over the case, moved quickly to address the concerns, allowing the U.S. Trustee's request to proceed on an expedited basis. The court could decide to appoint a trustee without a full hearing if the company's situation continues to deteriorate, the report cites. About LuxUrban Hotels Inc. LuxUrban Hotels Inc. is a New York, NY-based hotel operator. LuxUrban Hotels Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12000) on Sept. 14, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Leo Jacobs, Esq. of Jacobs P.C., is the Debtor's counsel, and David Goldwasser of FIA Capital is the financial advisor. Omni Agent Solutions is the Debtor's Claims Agent. MARFA CABINETS: Gets Interim OK to Use Cash Collateral Until Oct 31 ------------------------------------------------------------------- Marfa Cabinets, LLC received third interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court's order authorized the Debtor's interim use of cash collateral until October 31 to pay operating expenses in accordance with its budget, subject to a 10% variance. As adequate protection, secured creditors will be granted post-petition replacement liens on all cash collateral and other post-petition property of the Debtor, with the same extent, validity, and priority as their pre-bankruptcy liens. The secured creditors are Millennium Bank, National Funding, Inc., Syndicate Group USA, Inc., Knightsbridge Funding, LLC, Seamless Funding, LLC, Eminent Funding, LLC, and Liberty Funding Source, LLC. The next hearing is scheduled for October 29. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/0oVNG from PacerMonitor.com. About Marfa Cabinets LLC Marfa Cabinets LLC, formerly Marfa Cabinets, Inc., is a Chicago-based manufacturer of high-end kitchen cabinets and bathroom vanities that combines modern and traditional design elements to produce custom residential cabinetry. The Company operates a manufacturing facility in Illinois where an in-house team of designers and craftsmen produce cabinets and vanities using European-sourced materials from Italy and Spain and equipment imported from Europe. Marfa Cabinets operates in the household furniture and kitchen cabinet manufacturing sector, supplying custom, made-in-USA cabinetry for premium residential projects. Marfa Cabinets LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-12238) on August 11, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. is the Debtor's legal counsel. Shanna M. Kaminski, Esq., at Kaminski Law, PLLC represents secured creditors Syndicate Group USA, Inc., Seamless Funding, LLC, and Liberty Funding Source, LLC. The attorney may be reached through: Kaminski Law, PLLC Shanna M. Kaminski, Esq. P.O. Box 247 Grass Lake, MI 49240 Phone: (248) 462-7111 skaminski@kaminskilawpllc.com Millennium Bank, as secured creditor, is represented by: Edmond M. Burke, Esq. Chuhak & Tecson, P.C. 120 S. Riverside Plaza, Suite 1700 Chicago, IL 60606 Phone: (312) 855-4352 Fax: (312) 444-9027 eburke@chuhak.com MARQUIE GROUP: Issues One Million Shares in Golf Asset Sale ----------------------------------------------------------- The Marquie Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and its majority shareholders (the "Seller") have entered into a purchase agreement on September 18, 2025 with Jeff Foster and GETGOLF.COM, LLC (the "Buyer") whereby the Seller shall issue one million shares of its stock, including the control shares to Buyer, in exchange for monetary compensation, and certain golf assets described in the Assignment and Assumption Agreement, entered into on September 29, 2025 between Buyer and Seller. Copies of the Purchase Agreement and Assignment and Assumption Agreement are available at https://tinyurl.com/59c7mtzp and https://tinyurl.com/mswt5jfm, respectively. About Marquie Group Inc. The Marquie Group, Inc. -- www.themarquiegroup.com -- is an emerging direct-to-consumer firm specializing in marketing, product development, and media, with a focus on a dynamic radio and digital network. The Company crafts and promotes top-tier health and beauty solutions that enrich lives, showcased through engaging radio content for its audience. As of May 31, 2025, the Company had total assets of $6,247,926, $5,762,299 in total liabilities, and $485,627 in total shareholders' equity. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2025, citing that the Company suffered an accumulated deficit of $(14,863,486), net loss of $(165,456). These matters raise substantial doubt about the Company's ability to continue as a going concern. MG510 LLC: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: MG510 LLC 400 Alton Rd., Unit 510 Miami Beach, FL 33139 Business Description: MG510 LLC is a single-asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-22128 Debtor's Counsel: Nathan G. Mancuso, Esq. MANCUSO LAW, P.A. 7777 Glades Rd., Suite 100 Boca Raton, FL 33434 Tel: 561-245-4705 Email: ngm@mancuso-law.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rafael Gonzalez as manager. The Debtor has declared in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GCPRQVI/MG510_LLC__flsbke-25-22128__0001.0.pdf?mcid=tGE4TAMA MOUNTAIN VIEW: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Mountain View Health & Rehab, LLC 8369 Rivoli Drive Bolingbroke, GA 31004 Case No.: 25-51642 Business Description: Mountain View Health & Rehab, LLC operates a health and rehabilitation facility in Bolingbroke, Georgia, offering services that include long-term care, therapy, and patient rehabilitation. Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Middle District of Georgia Judge: TBD Debtor's Counsel: Wesley J. Boyer, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 Email: Wes@BoyerTerry.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael E. Winget, Sr. as manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/57WBRVI/Mountain_View_Health__Rehab_LLC__gambke-25-51642__0001.0.pdf?mcid=tGE4TAMA N.K.G. CORP: Seeks Subchapter V Bankruptcy in New York ------------------------------------------------------ On October 8, 2025, N.K.G. Corp. filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About N.K.G. Corp. N.K.G. Corp. provides residential construction and renovation services, including remodeling, woodwork, painting, electrical, and plumbing work. N.K.G. Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44858) on October 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Troy J. Lambert, Esq. of ALTER & BARBARO ESQ. NASITRA LLC: Tom Howley of Howley Law Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for Nasitra LLC. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About Nasitra LLC based in Richmond, Texas, Nasitra LLC operates in the outdoor furniture and home decor sector through its brand America's Backyards & Outdoor Living, supplying casual outdoor furnishings and accessories. It serves individual customers and commercial clients across the United States. Nasitra filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35828) on October 2, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jeffrey P. Norman presides over the case. Reese W. Baker, Esq., at Baker & Associates represents the Debtor as legal counsel. NASITRA: Gets Court OK to Use Cash Collateral --------------------------------------------- Nasitra, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. Nasitra has no other funds apart from cash collateral and, without access to it, will be unable to operate, meet payroll, or purchase inventory — all of which would jeopardize the viability of the business. The court authorized the Debtor to expend cash collateral subject to the following conditions: (i) the Debtor must maintain a combined cash balance, deposit balance, less than 60-day accounts receivable balance and inventory balance [at cost] of not less than $107,510.21, the scheduled balances as of the petition date; and (ii) the Debtor must make monthly payments of $3,300 to Small Business Financial Solutions, LLC, starting November 2. As adequate protection, all secured lenders will retain the same liens, encumbrances and security interests in post-petition cash collateral, including all proceeds, products, accounts, and profits thereof, as existed pre-petition. The Debtor's right to use cash collateral ends, temporarily or permanently, upon noncompliance with the court order. Moreover, failure to comply with the terms of the order may result in sua sponte conversion or dismissal of the Debtor's Chapter 11 case with prejudice. The Debtor said it has no other funds apart from cash collateral and, without access to it, will be unable to operate, meet payroll, or purchase inventory, all of which would jeopardize the viability of the business. The next hearing is scheduled for November 5. Based on filed schedules, Nasitra has $193,390 in total assets. The creditors that may assert interests are Small Business Financial Solutions, Funding Metrics, LLC and local taxing authorities. Small Business Financial Solutions has a first lien on all assets, subject to liens for personal property taxes. Its debt as scheduled by the Debtor is $128,652.04. About Nasitra LLC Nasitra, LLC dba America's Backyards & Outdoor Living operates as a Texas-based trading company specializing in home furnishings and outdoor living products sold through large retailers and online platforms. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35828) on October 2, 2025. In the petition signed by John Hunt, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. NAVIDEA BIOPHARMACEUTICALS: D. Klauder Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed David Klauder, Esq., at Bielli & Klauder, LLC as Subchapter V trustee for Navidea Biopharmaceuticals Inc. Mr. Klauder will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. The compensation for his paralegal is $230 per hour. Mr. Klauder declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David M. Klauder, Esq. Bielli & Klauder, LLC 1204 N. King Street Wilmington, DE 19801 Phone: (302) 803-4600 Fax: (302) 397-2557 Email: dklauder@bk-legal.com About Navidea Biopharmaceuticals Inc. Navidea Biopharmaceuticals Inc. develops precision immunodiagnostic agents and immunotherapeutics, focusing on identifying disease sites and pathways to improve diagnostic accuracy, clinical decision-making, and targeted treatment. The Company's products are based on its Manocept platform, which targets the CD206 mannose receptor on activated macrophages, and includes Tc99m tilmanocept, a commercially developed diagnostic agent. Navidea operates in the United States and engages in global partnering and commercialization efforts within the biopharmaceutical and diagnostic instruments sectors. Navidea Biopharmaceuticals sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11779) on October 1, 2025. In its petition, the Debtor reported total assets of $1,202,555 and total liabilities of $12,874,821 as of August 31, 2025. Honorable Bankruptcy Judge J. Kate Stickles handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq., at Pashman Stein Walder Hayden, P.C. Epiq Corporate Restructuring, LLC is the Debtor's claims and noticing agent. NORTHPOINT DEVELOPMENT: Gets Extension to Access Cash Collateral ---------------------------------------------------------------- Northpoint Development Holdings, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to pay its operating expenses. The court's 13th interim order authorized the Debtor to use cash collateral until October 31 in accordance with its budget, subject to a 10% variance. Any further use of cash collateral beyond October 31 requires court approval. The Debtor projects total operational expenses of $35,177.50 for October. The First National Bank of Ottawa, a secured creditor, was granted replacement liens on the cash collateral and all property acquired by the Debtor after the petition date that is similar to its pre-bankruptcy collateral. These replacement liens will have the same priority and extent as the bank's pre-bankruptcy liens. A continued hearing is scheduled for October 29. About Northpoint Development Holdings Northpoint Development Holdings, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). It is the fee simple owner of real property located at 1800 North Bloomington St., Streator, Ill., valued at $6.8 million. Northpoint filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 24-13265) on September 9, 2024, with total assets of $6,800,000 and total liabilities of $5,176,241. Keith Weinstein, manager of Greystone Develpment Holdings, LLC, signed the petition. Judge Deborah L. Thorne oversees the case. Gregory K. Stern, Esq., at Gregory K. Stern, P.C. is the Debtor's legal counsel. First National Bank of Ottawa is represented by: Cindy M. Johnson, Esq. Johnson Legal Group, LLC 140 S. Dearborn St., Ste. 1510 Chicago, IL 60603 Tel: 312-345-1306 Email: Cjohnson@jnlegal.net NOVA LIFESTYLE: Appoints Yizhou Zhao as COO, Corporate Secretary ---------------------------------------------------------------- Nova LifeStyle, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a resignation letter from Ms. Min Su to resign from her positions as the Corporate Secretary of the Company, effective immediately. Ms. Su indicated that her resignation is not because of any disagreement with the Company, its management or its directors. On October 7, 2025, the Board appointed Mr. Yizhou (Steven) Zhao, a Data Analysis Statistician at Diamond Bar Outdoors Inc., a wholly owned subsidiary of the Company, as the Chief Operating Officer and Corporate Secretary of the Company. Mr. Zhao, age 28, has worked as Data Analysis Statistician at Diamond Bar Outdoors Inc. since June 2025. Since May 2024, Mr. Zhao has been a self-directed independent investor in U.S. stock market. Mr. Zhao received his Bachelor of Science degree with Major in Statistics, Minor in Economics from Queen's University in Canada in May 2023 and his Master of Arts in Statistic from Columbia University in February 2023. In connection with his appointment, the Company entered into an employment agreement with Mr. Zhao on October 7, 2025. The Agreement has a term of one year and provides that Mr. Zhao will receive compensation in the amount of $80,000 a year, payable monthly. Mr. Zhao was not selected pursuant to any arrangement or understanding between him and any other person. There are no family relationships between Mr. Zhao and the directors, nor between Mr. Zhao and any executive officer of the Company. Mr. Zhao is not a party to any transaction that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended. The foregoing description of the Agreement is only a summary of the terms of the Agreement and does not purport to be a complete description of such document, and is qualified in its entirety by reference to the Agreement, a copy of which is available at https://tinyurl.com/yyutz5ks About Nova Lifestyle Headquartered in Commerce, Calif., Nova LifeStyle, Inc. is a distributor of contemporary styled residential and commercial furniture incorporated into a dynamic marketing and sales platform offering retail as well as online selection and global purchase fulfillment. The Company monitors popular trends and products to create design elements that are then integrated into the Company's product lines that can be used as both stand-alone or whole room and home furnishing solutions. Through its global network of retailers, e-commerce platforms, stagers, and hospitality providers, Nova LifeStyle also sells (through an exclusive third-party manufacturing partner) a managed variety of high-quality bedding foundation components. Singapore-based Enrome LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, citing that the Company incurred a net loss and operating cash outflow of $5,561,705 and $1,391,779 respectively for the year ended December 31, 2024 and accumulated deficit of $49,991,515 for the year ended December 31, 2024. These factors, raise substantial doubt about its ability to continue as going concern. As of June 30, 2025, Nova LifeStyle had $11,634,504 in total assets, $5,087,783 in total liabilities, and $6,546,721 in total stockholders' deficit. ONDAS HOLDINGS: Closes $407M Underwritten Stock, Warrant Offering ----------------------------------------------------------------- Ondas Holdings Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an Underwriting Agreement with Oppenheimer & Co. Inc., as representative of the several underwriters -- Stifel, Nicolaus & Company, Incorporated, Needham & Company, LLC, Ladenburg Thalmann & Co. Inc, Lake Street Capital Markets, LLC, Maxim Group LLC, and Northland Securities, Inc. -- named in Schedule I thereto, relating to the Company's underwritten offering of: (i) 19,560,000 shares of Company common stock, par value $0.0001 per share, or (ii) in lieu of Common Stock, pre-funded warrants to purchase up to 17,400,000 shares of Common Stock. The Common Stock Equivalents were accompanied by warrants to purchase a total of 73,920,000 shares of Common Stock. The Shares and Warrants were offered, issued, and sold pursuant to a prospectus supplement and accompanying prospectus that form part of an effective shelf registration statement on Form S-3ASR (File No. 333-290121), which was filed with the Securities and Exchange Commission and automatically became effective upon filing on September 9, 2025. On October 7, 2025, the Company closed the Offering and issued the Shares and Warrants. The Offering price for: (i) each Share and accompanying Common Warrant to purchase two (2) shares of Common Stock was $11.50 and (ii) each Pre-Funded Warrant and accompanying Common Warrant to purchase two shares of Common Stock was $11.50 (with a nominal exercise price of $0.0001 per share remaining unpaid as of the issuance date). The Pre-Funded Warrants are immediately exercisable and will expire seven years from the date of issuance. The Common Warrants have an exercise price of $20.00 per share, are exercisable upon the Company's receipt of stockholder approval to increase its authorized shares of Common Stock and will expire seven years from the date of issuance. The Company has not reserved shares of Common Stock underlying the Common Warrants and does not expect to effect any exercise of the Common Warrants unless and until the Company's receipt of stockholder approval to increase its authorized shares of Common Stock. The Common Warrants may be cash settled after January 31, 2026, if Common Stock is not then available to satisfy exercises. The net proceeds to the Company from the Offering are approximately $407.2 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company and excluding any proceeds that may be received from the exercise of the Warrants. If the Common Warrants are fully exercised on a cash basis, the Company has the potential to raise approximately $1.5 billion in additional gross proceeds. No assurance can be given that any of the Common Warrants will be exercised. The Company intends to use the net proceeds of the Offering for corporate development and strategic growth, including acquisitions, joint ventures and investments. As of October 7, 2025, the Company's cash balance was approximately $843 million and shares of Common Stock outstanding was 349,130,176, including the net proceeds received and the Shares issued in the Offering. Oppenheimer & Co. Inc., as Representative of the several Underwriters may be reached at: c/o Oppenheimer & Co. Inc. 85 Broad Street New York, N.Y 10004 The Underwriting Agreement includes customary representations, warranties, and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such Underwriting Agreement and as of specific dates, were solely for the benefit of the parties to the Underwriting Agreement and were subject to limitations agreed upon by the contracting parties. A full-text copy of the Underwriting Agreement is available https://tinyurl.com/7ykbwpr9 About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, and $16.58 million in total stockholders' equity. As of June 30, 2025, the Company had $151.95 million in total assets, $39.29 million in total liabilities, and $90.82 million in total stockholders' equity. ORION HEALTHCORP: To Sell Condo to Phoebe Johnson & Robert Diamond ------------------------------------------------------------------ Howard M. Ehrenberg, in his capacity as Liquidating Trustee of Orion HealthCorp, Inc. and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York, to sell a condominium property, free and clear of liens, claims, interests, and encumbrances. The Debtors' Property is a condominium #20FG located at 40 Broad St, New York. On February 26, 2019, the Honorable Alan S. Trust, Chief United States Bankruptcy Judge for the Eastern District of New York, entered an order confirming the Debtors' Liquidation Plan. The Plan provides for, among other things, the formation of the Liquidating Trust and the appointment of the Liquidating Trustee on the Effective Date to oversee distributions to holders of Allowed Claims and Allowed Interests and to pursue retained Causes of Action of the Debtors' Estates. In August 2025, the Liquidating Trustee retained Douglas Elliman Real Estate, a national leading brokerage firm of residential real estate sales, and specifically the Stanton Hoch Team, who is familiar with the Manhattan residential real estate market. Wesley Stanton, the broker at Douglas Elliman with primary responsibility for this engagement, has over 15 years of experience in buying and selling properties in Manhattan, and specifically in the area of Battery Park. With Douglas Elliman's assistance, the Liquidating Trustee determined that a private sale strategy would maximize the value of the Broad Street Condo. Douglas Elliman advised the Trustee with respect to the current market in the neighborhood of Battery Park and for properties of comparable size, quality and value. After studying the market for comparable sales, it was Mr. Stanton's recommendation that the Trustee should list the Broad Street Condo at $1,595,000. In connection with the listing of the Broad Street Condo, and over the course of August-September 2025, the Broad Street Condo was advertised across various media outlets including Streeteasy, Zillow, Trulia, RLS Broker Database and Wall Street Journal, NY Times, Realtor.com, Elliman.com, homes.com and various other websites and shown to many prospective purchasers. Douglas Elliman also advertised the Broad Street Condo to other licensed real estate agents who are familiar with this market in particular or whom Mr. Stanton knew had clients. On or about September 7, 2025, Mr. Stanton received an offer to purchase the Broad Street Condo for $1,530,000 from Phoebe Elaine Johnson & Robert Francis Kennedy Diamond. After several rounds of negotiations, the Liquidating Trustee had accepted an offer at $1,555,000. The Buyers' offer is an extremely competitive offer which was negotiated at arms-length with the Buyers over the course of weeks and multiple showings. Douglas Elliman and Mr. Stanton have no prior dealings with the Buyers and at all times he represented the Liquidating Trustee in good faith and with the best interest of the client involved. The prospective sale to the Buyers is a competitive, disinterested transaction reached following exposing the Broad Street Condo to the market. The salient terms of the Contract are as follows: -- The purchase price is $1,555,000.00 -- The contract deposit is 10% or $155,500. -- The personal property, to the extent existing in the Apartment: the refrigerators, freezers, ranges, ovens, built-in microwave ovens, dishwashers, garbage disposal units, cabinets and counters, lighting fixtures, chandeliers, wall-to-wall carpeting, plumbing and heating fixtures, central air-condition and/or window or sleeve units, washing machines, dryers, screens and storm windows, window treatments, switch plates, door hardware, and mirrors. Excluded from the sale are all furniture, mounted TV's and mounting brackets, and decorative items such as paintings. -- Seller is not obligated to install any equipment or appliances in the Broad Street Condo. Seller is obligated to deliver at closing the appliances, plumbing/electrical systems, and fixtures, as well as heating and air conditioning in working order. Seller is obligated to remove all furniture, furnishings and other personal property not included in the sale and repair any damage caused by such removal. -- Seller is obligated to satisfy or remove any mortgage or consensual liens against the Broad Street Condo. -- The Closing is scheduled to occur within 90 days. Douglas Elliman is the Liquidating Trustee’s real estate broker. The real estate broker for the Buyers is Compass. Pursuant to the Contract, the Seller is responsible for paying the commission of 6%, which sum will be split equally between the Buyers' and Seller's brokers. The Liquidating Trustee has worked cooperatively with the USDOJ throughout these cases and intends to comply with the terms of the Global Settlement Agreement. About Orion HealthCorp, Inc. Constellation Healthcare Technologies, Inc., is a healthcare services organization providing outsourced revenue cycle management, practice management, and group purchasing services to U.S. physicians. Orion Healthcorp, et al. -- http://www.orionhealthcorp.com/-- are a consolidated enterprise of several companies aggregated through a series of acquisitions, which operate the following businesses: (a) outsourced revenue cycle management for physician practices, (b) physician practice management, (c) group purchasing services for physician practices, and (d) an independent practice association business, which is organized and directed by physicians in private practice to negotiate contracts with insurance companies on their behalf while those physicians remain independent and which also provides other services to those physician practices. Orion has locations in Houston, Texas; Jericho, New York; Lakewood, Colorado; Lawrenceville, Georgia; Monroeville, Pennsylvania; and Simi Valley California. Constellation Healthcare Technologies, Inc., along with certain of its subsidiaries, including Orion Healthcorp, Inc., on March 16, 2018, initiated voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code to facilitate an orderly and efficient sale of its businesses. The lead case is In re Orion Healthcorp, Inc. (E.D.N.Y. Lead Case No. 18-71748). The Debtors have liabilities of $245.9 million. The Hon. Carla E. Craig is the case judge. The Debtors tapped DLA Piper US LLP as counsel; Hahn & Hessen LLP, as conflicts counsel; FTI Consulting, Inc., as restructuring advisor; Houlihan Lokey Capital, Inc., as investment banker; and Epiq Bankruptcy Solutions, LLC as claims and noticing agent. The Office of the U.S. Trustee on April 4, 2018, appointed three creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases. The Committee tapped Pachulski Stang Ziehl & Jones LLP as its legal counsel, and CBIZ Accounting, Tax and Advisory of New York, LLC, as its financial advisor. On July 5, 2018, affiliate New York Network Management, L.L.C., followed parent Orion into bankruptcy to implement a deal to sell its assets for at least $16.5 million. OUTER AISLE: Gets Final OK to Use Cash Collateral Until March 27 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division issued a final order allowing Outer Aisle Gourmet, LLC to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral through March 27, 2026, pursuant to its budget. The Debtor may spend up to 115% of budgeted amounts; anything above that requires approval from the court or secured creditors. As adequate protection, creditors with interest in the cash collateral will be granted replacement liens on the Debtor's petition cash, accounts receivable and the proceeds thereof. The replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens, excluding Chapter 5 causes of action. If the Debtor needs to use cash collateral beyond March 27, 2026, a further hearing is scheduled for March 25, 2026. The creditors asserting claims against the cash collateral include the U.S. Small Business Administration, Brevet Capital Advisors, Ventura County Tax Collector, CT Corporation System, VFI KR SPE I, LLC, Montgomery Capital Partners V, LP, Montgomery Capital Advisers, LLC, and VCTC. These creditors hold more than $11 million in secured claims. Neither Brevet nor SBA recorded a UCC-1 financing statement in the Debtor's state of incorporation, Delaware, to perfect its security interests. As such, both creditors are not entitled to adequate protection. About Outer Aisle Gourmet LLC Outer Aisle Gourmet, LLC is a Ventura-based specialty food manufacturer. Outer Aisle Gourmet sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10915) on July 9, 2025. In its petition, the Debtor reported assets between $100,000 and $500,000 and liabilities between $10 million and $50 million. Judge Ronald A. Clifford, III oversees the case. The Debtor is represented by Garrick A. Hollander, Esq., at Winthrop Golubow Hollander, LLP. OVG BUSINESS: S&P Places 'B-' ICR on CreditWatch Positive --------------------------------------------------------- S&P Global Ratings placed all its ratings on venue services and hospitality management company OVG Business Services LLC, including its 'B-' issuer credit rating, on CreditWatch with positive implications. The CreditWatch positive indicates that S&P will raise all its ratings on OVG, including its issuer credit rating to 'B' from 'B-', once the debt transaction and equity contribution are completed as proposed. OVG Business Services LLC is seeking to raise a $500 million fungible incremental term loan. It will use proceeds and meaningful sponsor-contributed common equity to redeem its increasing preferred equity, repay the outstanding revolver balance, and add cash to its balance sheet for corporate purposes including acquisitions. S&P said, "The CreditWatch positive reflects that we will raise our ratings one notch. We expect to take the action once OVG completes the term loan issuance, equity contribution, preferred equity redemption, and revolver repayment. We believe this will reduce S&P Global Ratings-adjusted gross leverage to about 6x in fiscal 2026. Proceeds from the common equity contribution by financial sponsor Silver Lake will also go to repay outstanding the revolving credit facility balance of $237 million as of Sept. 30, 2025. It was drawn to fund previously established partial repurchases of OVG management equity and for higher than budgeted contract fulfillment costs in its food and beverage segment associated with higher than budgeted new contract wins. Furthermore, OVG will fully redeem preferred shares, which we include as a debt adjustment in our credit measure calculations. "Although the proposed incremental term loan will increase cash interest expense by about $35 million on an annualized basis, we forecast OVG will likely have healthy EBITDA cash interest coverage of well above 2x in fiscal 2026 and maintain adequate liquidity for operating needs. Furthermore, the redemption of its preferred shares removes an increasing debt-like liability with a payment-in-kind interest with a high coupon rate. "Live entertainment, business wins, and revenue visibility will improve credit metrics. We expect OVG's operating performance to remain stable over the next 12-18 months, supported by consumer spending weighted toward experiences and ongoing client demand for outsourced venue management services. Furthermore, we view OVG's revenue visibility, underpinned by long-term contracts and a healthy pipeline, as a relative credit strength. The company has recently secured new venue management contracts including in Greensboro, N.C.; Mobile, Ala.; and Rhode Island. We now forecast OVG's revenue will expand about 10%-15% in 2026 on the back of continued strong demand for live events, contract wins, and fee escalations. We also expect EBITDA to increase faster, at about 20%, as the company benefits from a higher percentage of fee income (sponsorship, venue management, less food and beverage), new business, and lower one-time costs. We forecast S&P Global Ratings-adjusted EBITDA margin to improve to the 12%-14% area from 10.4% expected for fiscal 2025. "Free operating cash flow (FOCF) will be modest as a percentage of debt. We forecast FOCF to debt in the 3%-5% area in fiscal 2026 given its low capital spending requirements. However, it has unpredictable large cash outflow to fund contract fulfilment expenses some years, which could cause cash flow volatility in years with significant business wins. For example, growth capital expenditure (capex) as a percentage of revenue increased to about 9% in fiscal 2025 from about 4% in fiscal 2024 as OVG secured new clients with up-front investments. We expect these investments to result in adjusted EBITDA growth over time. For 2026, we expect the improvement from lower cash outlay for contract acquisition costs and one-time restructuring costs, up from negligible levels in fiscal 2025. Over time, we expect total capex as a percentage of revenue to steadily decline, shifting toward retention from growth capex. "OVG's financial policy under sponsor ownership remains a risk. We believe financial sponsor Silver Lake's ability to dictate strategy could lead to a more aggressive financial policy longer term, such as by pursuing debt-financed acquisitions or dividends that weaken its credit metrics. Silver Lake owns Oak View Group LLC, which owns and operates numerous arenas through majority and minority interests. OVG is established as a separate credit group. Its financial performance and funding are independent from Oak View and its owned and operated arena entities (O&O). OVG does not commingle funds or depend on Oak View's O&O projects, which are financed separately. Each individual O&O entity is a project-specific special-purpose vehicle financed with nonrecourse, project financing debt, without downstream guarantees to these O&O facilities. Therefore, there are no cross defaults or cross guarantees between OVG and O&O. We also understand that this nonrecourse debt is the only debt within Oak View and O&O. "We expect OVG to maintain a financial policy of 3x-4x long-term gross debt to EBITDA, which would correspond to about two turns higher under S&P Global Ratings adjustments under our methodology since we include operating and finance leases and contingent payments for acquisitions. We also believe there is a strong economic basis for Oak View to preserve OVG's credit quality. We don't believe a default at other Oak View entities would directly lead to a default of OVG. "We expect to resolve the CreditWatch upon the completion of the redemption of the preferred shares and repayment of its RCF balance. We expect to raise the issuer credit rating on OVG to 'B' once it completes the transaction within the proposed terms. "Under our new base-case projections we expect OVG to deliver a stable operating performance over the next 12 months with adjusted leverage of about 6x and FOCF to debt of about 5%." PARIS312 LLC: Case Summary & 20 Largest Unsecured CreditorsPARIS312 ------------------------------------------------------------------- Debtor: Paris312, LLC 1900 West Hubbard Street Chicago, IL 60622 Case No.: 25-15872 Business Description: Paris312, a U.S.-based party brand, provides Ready-To-Party decor and gifts such as balloons, florals, and accessories intended to transform spaces for celebrations, offering products and services that simplify event preparation for both personal and corporate occasions. Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Northern District of Illinois Judge: TBD Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Email: greg@gregstern.com Total Assets: $66,929 Total Liabilities: $1,837,703 The petition was signed by Alireza Shahanaghi as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NFQG6YY/Paris312_LLC__ilnbke-25-15872__0001.0.pdf?mcid=tGE4TAMA PERASO INC: Registers 1,019,047 Shares for Possible Resale ---------------------------------------------------------- Peraso Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission. The prospectus relates to the resale of up to 1,019,047 shares of common stock, $0.001 par value per share, of Peraso Inc. by the Selling Stockholders -- Brio Capital Master Fund Ltd., Ladenburg Thalmann & Co. Inc., David Coherd, Andrew Moorefield, Nicholas Stergis, and Daniel Daley -- or their permitted transferees. The shares of Common Stock registered for resale pursuant to this prospectus consist of: (i) 952,380 shares of Common Stock issuable upon the exercise of Series E warrants and (ii) 66,667 shares of Common Stock issuable upon the exercise of certain warrants issued to our placement agent and its designees. The Warrants were issued to the Selling Stockholders in a private placement offering, which closed on September 12, 2025. The Common Warrants have an exercise price of $1.25 per share and are exercisable beginning on the six-month anniversary of the date of issuance. The Common Warrants are exercisable until the five and one half-year anniversary of the initial exercise date. The Placement Agent Warrants have substantially the same terms as the Common Warrants, except that the Placement Agent Warrants have an exercise price of $1.475, are exercisable immediately upon issuance until the five-year anniversary of the date of issuance and include piggyback registration rights that are triggered if there is not an effective registration statement covering the resale of all of the Placement Agent Warrant Shares while the Placement Agent Warrants are outstanding. The Selling Stockholders may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of Common Stock or interests in their shares of Common Stock on any stock exchange, market or trading facility on which the shares of Common Stock are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. The Company will not receive any proceeds from the resale or other disposition of the shares of Common Stock by the Selling Stockholders. However, it will receive the proceeds of any cash exercise of the Warrants. The Company may be reached at: Ronald Glibbery Chief Executive Officer Peraso Inc. 2033 Gateway Place, Suite 500 San Jose, Calif.95110 Tel: (408) 418-7500 A full-text copy of the Registration Statement is available at https://tinyurl.com/mr3z8tfr About Peraso Inc. Headquartered in San Jose, California, Peraso Inc. -- www.perasoinc.com -- is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. In its report dated March 28, 2025, the Company's auditor, Weinberg & Company, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and utilized cash in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $5.53 million in total assets against $3.74 million in total liabilities. PLANET GREEN: Registers 7M Shares Under 2025 Equity Incentive Plan ------------------------------------------------------------------ Planet Green Holdings Corp. disclosed with the U.S. Securities and Exchange Commission that on August 29, 2025, the stockholders approved the Planet Green Holdings Corp. 2025 Equity Incentive Plan. The Company filed a Registration Statement on Form S-8 to register 7,000,000 shares of common stock, par value $0.001 per share, of the Company that may be issued pursuant to future grants of equity-based awards under the 2025 Plan. The Company may be reached at: Bin Zhou Chief Executive Officer Planet Green Holdings Corp. 130-30 31st Ave, Suite 512 Flushing, N.Y. Tel: (718) 799-0380 A full-text copy of the Registration Statement is available at https://tinyurl.com/3f6wrz2u About Planet Green Planet Green Holdings Corp., headquartered in Flushing, New York, functions as a Nevada-incorporated holding company rather than an operating entity in mainland China. Its business operations are conducted through subsidiaries based in the PRC, Hong Kong, and Canada. The Company engages in diverse sectors, including consumer goods, chemical products, and online advertising. In an April 11, 2025 report, auditor YCM CPA Inc. issued a "going concern" qualification, citing Planet Green's accumulated deficit, working capital deficit, continued net losses, and negative operating cash flows. These conditions raise substantial doubt about the company's ability to continue as a going concern. As of June 30, 2025, the Company had $28.14 million in total assets, $18.07 million in total liabilities, and $10.07 million in total stockholders' equity. PREDICTIVE ONCOLOGY: Closes $343.5M PIPEs to Support ATH Strategy ----------------------------------------------------------------- Predictive Oncology Inc. announced the closing of two previously announced private investment in public equity transactions ("PIPEs") totaling approximately $343.5 million to support the Company's adoption of a digital asset treasury strategy focused on ATH, the native utility token of the Aethir ecosystem. The Company raised an aggregate of approximately $343.5 million in the PIPEs from the purchase and sale of: (i) an aggregate of approximately 4.4 million shares of common stock (or pre-funded warrants to purchase shares of common stock in lieu thereof) for a purchase price of $11.6265 per share (the "Offering Price") of common stock (or per pre-funded warrant in lieu thereof) for aggregate cash gross proceeds of approximately $50.8 million (the "Cash PIPE"), and (ii) pre-funded warrants to purchase up to approximately 14.9 million shares of common stock for a purchase price of $11.6165 per pre-funded warrant in exchange for approximately $292.7 million in notional value representing approximately $173.3 million in discounted value of in-kind contributions of locked and unlocked ATH (the "Crypto PIPE"). The pre-funded warrants issued in the Crypto PIPE will become exercisable immediately following the Company's receipt of shareholder approval for the exercise of such pre-funded warrants. The PIPEs closed concurrently on October 7, 2025. On September 19, 2025, the Company's stockholders approved a one-for-fifteen (1-for-15) reverse stock split of the Company's common stock which became effective at 12:01 a.m. on Tuesday, September 30, 2025. All share and price per share information included in this press release is presented on a post-split basis. The Company intends to use the in-kind contribution of ATH to fund the Company's digital asset treasury strategy and to use the remaining net proceeds from the PIPEs primarily to fund the acquisition of ATH in the open market as well as for working capital and general corporate purposes. "This strategic investment clearly aligns with our growing computational needs and capital requirements as we continue to pursue our mission to be an industry leader in AI-driven drug discovery," said Raymond F. Vennare, Chief Executive Officer of Predictive Oncology. "At the same time, we believe that this strategic collaboration will enhance Aethir's ability to provide the foundational infrastructure crucial for the future of artificial intelligence and machine learning on a global scale. We firmly believe that this initiative will create significant and enduring value for our company and our shareholders." "I am very excited to be taking the next step in the evolution of ATH and look forward to help drive its adoption. ATH is a unique token that both exemplifies and enables the future growth of artificial intelligence," said Shawn Matthews, CEO of DNA Holdings Venture, Inc. and Former CEO of Cantor Fitzgerald, who will join Predictive Oncology's Board of Directors, as previously announced. Advisors DNA Holdings Venture, Inc. acted as the strategic advisor and an investor in the Cash PIPE. H.C. Wainwright & Co. acted as the exclusive placement agent in connection with the PIPEs. DLA Piper LLP (US) acted as counsel to the Company. Sheppard Mullin Richter & Hampton LLP acted as counsel to DNA Holdings Venture, Inc., the Company's strategic advisor. For additional information: https://vimeo.com/1121791165 About Aethir Aethir is a leading AI decentralized physical infrastructure network developed by DCI Foundation, a Panama foundation company which provides graphics processing units as-a-Service at enterprise scale for applications including artificial intelligence computation, gaming and cloud workloads. Aethir's mission is to democratize access to AI infrastructure through its globally distributed network. Due in part to the decentralized nature of the Aethir network, Aethir can facilitate the provision of GPU compute power at a significant discount to established centralized GPU compute providers, such as AWS and Google Cloud. ATH is a utility token used for GPU rentals, staking, validation and the provision of ecosystem rewards on the Aethir network. ATH functions as a proxy for a unit of GPU compute power and serves as a medium of exchange and unit of incentives for participants in the Aethir network. Participants in the Aethir network can generate yield or other rewards by staking or lending ATH or by otherwise serving as a source of ATH liquidity. About Predictive Oncology Predictive Oncology Inc., headquartered in Pittsburgh, Pennsylvania, is a science- and knowledge-driven company that leverages artificial intelligence (AI) to advance the discovery and development of optimal cancer therapies. By combining AI with a proprietary biobank of over 150,000 tumor samples, categorized by tumor type, the Company delivers actionable insights into drug compounds, enhancing the drug discovery process and increasing the likelihood of clinical success. Predictive Oncology offers a comprehensive suite of solutions that support oncology drug development from early discovery through to clinical trials, ultimately aiming to improve treatment effectiveness and patient outcomes. In its report dated March 31, 2025, the Company's auditor, KPMG LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Predictive Oncology had $3.44 million in total assets, $5.09 million in total liabilities, and a totalstockholders' deficit of $1.65 million. PROSOURCE MACHINERY: Gets OK to Use Cash Collateral Until Nov. 30 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado issued a stipulated order authorizing ProSource Machinery, LLC to use cash collateral. The Debtor was authorized to use the cash collateral of First Interstate Bank from September 29, through November 30 in accordance with its budget, with a 15% variance allowance per line item. First Interstate Bank claims a secured interest in the Debtor's assets, including inventory, accounts and general intangibles. As protection, First Interstate Bank and other secured creditors will be granted a replacement lien on the proceeds of all post-petition accounts in case of any diminution in the value of their interest in the cash collateral. The Debtor's right to use the cash collateral terminates on November 30 or upon default, whichever comes first. The Debtor said it may sell four unencumbered 2018 Ford F150 pickup trucks, with $56,928 of the sale proceeds to be paid to First Interstate Bank by August 15. First Interstate Bank is represented by: Timothy L. Woznick, Esq. Crowley Fleck PLLP P.O. Box 394 Cheyenne, WY 82003 Telephone: 307-426-4100 twoznick@crowleyfleck.com A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Luzpu from PacerMonitor.com. About ProSource Machinery ProSource Machinery, LLC sells and rents off-highway construction and mining equipment in Montana and Colorado. ProSource filed Chapter 11 petition (Bankr. D. Colo. Case No. 25-11010) on February 28, 2025, listing up to $10 million in assets and up to $50 million in liabilities. Derek Dicks, managing member of ProSource, signed the petition. Judge Kimberley H. Tyson oversees the case. David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. PSYCARE LLC: Tamara Miles Ogier Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Psycare LLC. Ms. Ogier will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About Psycare LLC Psycare LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11503) on October 6, 2025. PURDUE PHARMA: Court Tosses Claimant's Several Motions ------------------------------------------------------ Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York denies all the requested relief in the current motions filed by pro se claimant Amanda Morales, except to the extent that she seeks to deny a discharge to Purdue Pharma L.P. and its affiliates. Ms. Morales filed with the Court two motions and three letters seeking relief in the Chapter 11 proceedings of Purdue Pharma L.P. and its affiliates, including: (i) a motion to take judicial notice; (ii) a letter regarding the Judicial Notice Motion; (iii) a letter regarding the December 2024 Hearing, as amended; (iv) a letter regarding additional evidence to be included in the record; (v) a motion for stay of the Class Certification Order then-pending appeal; and (vi) a letter objecting to the Debtors' discharge. The Debtors submitted an opposition to all the filings. Ms. Morales has participated in these Chapter 11 proceedings since their inception and she has sought, on numerous occasions, to have the merits of her claim against the Debtors adjudicated. Ms. Morales' claim against the Debtors is based upon the death of her father arising from serotonin syndrome following the interaction of OxyContin and antidepressants. In connection with her efforts to adjudicate her claim on the merits, Ms. Morales has filed various motions, objections, and letters, and has been heard at various hearings throughout these proceedings. The Court has frequently explained to Ms. Morales that payment of her claim before the effective date of the Debtors' Chapter 11 plan of reorganization would violate the fundamental principles of the Bankruptcy Code of similar treatment of claims and the resolution and treatment of general unsecured claims all together under a Chapter 11 plan. Despite the Court's repeated efforts to explain to Ms. Morales that it is not the proper time to adjudicate her claim on the merits, Ms. Morales has continued to file motions, objections, and letters that -- while packaged in different forms -- ultimately seek the same thing: to adjudicate her individual claim on the merits ahead of the hundreds of thousands of other personal injury claimants in these proceedings. The Court explained that while every claim has its own "individual story," her request for recovery now on her claim is problematic because her claim must be dealt with together with all the other claims that have been filed against the Debtors through a plan of reorganization. The Court further made clear that, by waiting for the confirmation hearing on the Debtors' Plan and the related dissemination of the Disclosure Statement, Ms. Morales is not waiving or otherwise giving up any of her rights with respect to her claim. In addition to pleadings filed to seek immediate recovery on her claim in these cases, Ms. Morales has filed various motions and letters seeking class certification for essentially the same reason advanced in her prior filings: Namely, that her claim against the Debtors is different from other personal injury claimants filed in these proceedings. In December 2024, Ms. Morales filed an appeal relating to her class certification requests. On July 25, 2025, the Honorable Cathy Seibel dismissed the Class Certification Appeal. Ms. Morales' Judicial Notice Motion and Judicial Notice Letter seek to introduce documents that relate to the merits of her underlying claim against the Debtors. As previously explained, it is not appropriate to address the merits of her currently uncontested claim. But even if Ms. Morales' requests were not premature, her request for judicial notice cannot be granted because it does not satisfy the requirements for judicial notice, the Court finds. The Clarification Letter and Evidence Letter, although both phrased as attempts to correct purported "errors" by the Court, ultimately seek to introduce information relating to the merits of Ms. Morales' claim, a claim that is not a currently contested matter before the Court. Since the Clarification Letter and Evidence Letter do not seek judicial notice, nor any other affirmative relief, but rather seek to have the Court determine issues that relate to the underlying merits of Ms. Morales' claim, the Court's inquiry ends here. The Stay Motion seeks to stay the Class Certification Order that was the subject of Ms. Morales' appeal to the United States District Court. As Ms. Morales' appeal of the Class Certification Order was denied by the Honorable Cathy Seibel on July 25, 2025, this request is now moot. The text of Ms. Morales' Objection to Discharge raises arguments about the nature of her claim, arguments which are premature. At a hearing held in these cases on Sept. 17, 2025, the Court raised various requests for relief by other creditors that are still pending in these cases, including requests seeking objections to the Debtors' discharge. It makes sense to address such requests together, to the extent that they seek identical or similar relief. A copy of the Court's Memorandum of Decision and Order is available at https://urlcurt.com/u?l=LvgFTs Counsel for Debtors and Debtors in Possession: Marshall S. Huebner, Esq. Benjamin S. Kaminetzky, Esq. James I. McClammy, Esq. Eli J. Vonnegut DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 E-mail: marshall.huebner@davispolk.com ben.kaminetzky@davispolk.com james.mcclammy@davispolk.com About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and privateplaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QVC GROUP: Schedules Q3 2025 Earnings Conference Call for Nov. 5 ---------------------------------------------------------------- QVC Group, Inc. will host a conference call to discuss results for the third quarter of 2025 on Wednesday, November 5th at 8:30 a.m. E.T. Before the open of market trading that day, QVC Group will issue a press release reporting such results, which can be found at https://investors.qvcgrp.com/investors/news-events/press-releases. The press release and conference call may discuss QVC Group's financial performance and outlook, as well as other forward-looking matters. Please call InComm Conferencing at (877) 704-4234 or +1 (215) 268-9904, confirmation code 13748879, at least 10 minutes prior to the call. In addition, the conference call will be broadcast live via the Internet. All interested participants should visit the QVC Group website at https://investors.qvcgrp.com/investors/news-events/ir-calendar to register for the webcast. Links to the press release and replay of the call will also be available on the QVC Group website. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. As of June 30, 2025, QVC had $6.69 billion in total assets against $9.58 billion in total liabilities. * * * In June 2025, Fitch Ratings has downgraded QVC Group, Inc.'s (QVC) Long-Term Issuer Default Rating (IDR) to 'CCC+' from 'B-'. The downgrade reflects heightened risk regarding QVC's ability to stabilize operations and support its capital structure amid accelerating revenue declines and a challenged operating environment. In August 2025, S&P Global Ratings lowered its issuer credit rating on retailer QVC Group Inc. by one notch to 'CCC' from 'CCC+' . . . The negative outlook reflects that we could lower our ratings if we believe a default scenario is inevitable within the subsequent six months or the company announces a debt exchange that we view as distressed." RAZZOO'S INC: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Razzoo's Inc. and its affiliates. The committee members are: 1. My Tech Texas, LLC 2201 Long Prairie Rd., #107-153 Flower Mound, TX 75022 Representative: Justin Roby, COO justin@mytechtexas.com 2. South Loop Development, LLC 4010 82nd Street, Suite 100 Lubbock, TX 79423 Representative: Christian A. McClendon christy@gracorealestate.com 3. Sabine 2016-1, LLC P.O. Box 302593 Austin, TX 78703 Representative: Patrick Willis orangedoorllc@icloud.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 Razzoo's Inc. Razzoo's, Inc. operates a chain of casual dining restaurants that specialize in Cajun-inspired cuisine and Louisiana-style dishes across Texas, North Carolina, and Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90522) on September 30, 2025. In the petition signed by Philip Parsons, chief executive officer, the Debtors disclosed up to $50 million in both assets and liabilities. Judge Alfredo R. Perez oversees the case. The Debtors tapped Okin Adams Bartlett Curry, LLP as general bankruptcy counsel, Stout Risius Ross, LLC as financial advisor, Stout Capital, LLC as investments banker, and Donlin, Recano & Company, Inc. as claims, noticing, and solicitation agent. REBORN COFFEE: Sehan Kim, Jennifer Tan Resign as Directors ---------------------------------------------------------- Reborn Coffee, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Sehan Kim and Jennifer Tan provided the Board of Directors with their formal resignations from the Board and all committees thereof, effective immediately. Sehan Kim was a member of the Compensation Committee and the Audit Committee of the Board. Jennifer Tan was not a member of any committee of the Board. Neither Mr. Kim's nor Ms. Tan's respective decisions to resign were due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices (financial or otherwise). Increase in Board Size: On October 1, 2025, the Board resolved to increase the size of the Board from six members to seven members, with such increase effective October 3, 2025. Appointment of New Directors: Effective October 3, 2025, the Board appointed each of Jung Jae Lim, Mi Young Jeong, and Alex Gau to fill the vacancies on the Board created by the resignations and increase in Board size. Each of Jung Jae Lim, Mi Young Jeong, and Alex Gau will serve on the Board until the Company's next annual stockholder meeting or until his or her successor has been duly appointed and qualified or until her earlier death, resignation, retirement, disqualification, removal from office or other cause. None of Jung Jae Lim, Mi Young Jeong, or Alex Gau will be compensated for his or her service on the Board. There are no family relationships between any of Jung Jae Lim, Mi Young Jeong, or Alex Gau and any director or executive officer of the Company and none of them were selected by the Board to serve as a director pursuant to any arrangement or understanding with any person. None of Jung Jae Lim, Mi Young Jeong, or Alex Gau has engaged in any transaction that would be reportable as a related party transaction under Item 404(a) of Regulation S-K. About Reborn Coffee Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) is focused on serving high quality, specialty-roasted coffee at retail locations, kiosks, and cafes. Reborn is an innovative company that strives for constant improvement in the coffee experience through exploration of new technology and premier service, guided by traditional brewing techniques. Reborn differentiates themselves from other coffee roasters through innovative techniques, including sourcing, washing, roasting, and brewing their coffee beans with a balance of precision and craft. For more information, please visit www.reborncoffee.com. Irvine, Calif.-based BCRG Group, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. Reborn incurred recurring net losses, including net losses from operations before income taxes of $4.8 million and $4.7 million for the years ended December 31, 2024 and 2023, respectively. It used $3.5 million and $3.2 million cash for operating activities during the years ended December 31, 2024 and 2023, respectively. As of June 30, 2025, the Company had $6.38 million in total assets against $8.28 billion in total liabilities, and 1.91 million in total stockholders' deficit. RYVYL INC: Closes $5 Million PIPE Financing ------------------------------------------- As previously disclosed in the Current Reports on Form 8-K filed with the Securities and Exchange Commission on October 2, 2025, RYVYL Inc., a Nevada corporation, RYVYL Merger Sub Inc, and RTB Digital, Inc., a Delaware corporation, entered into an Agreement and Plan of Merger, dated September 28, 2025. Securities Purchase Agreement: On October 6, 2025, the Company, entered into a Securities Purchase Agreement with the purchasers named therein, pursuant to which the Company sold an aggregate of 50,000 shares of its Series C convertible preferred stock, par value $0.001 per share to the Investors in a private placement (the "PIPE financing"), which was closed on October 7, 2025. Each share of Series C Preferred Stock was sold at a purchase price of $0.40 per share to the Investors for a gross proceeds of up to $5,000,000 to the Company, before the offering expenses. The Purchase Agreement memorializes that the purchase by RTB of the Series C Preferred Stock is in furtherance of maintaining the Company's required capital during the period prior to the closing of the merger of RTB and the Company, and that regardless of whether the merger takes place, the Series C Preferred Stock shall be dilutive of the economics or voting of the Company's shares of common stock, par value $0.001 per share only at such times as the Merger Agreement is effective. The Purchase Agreement specifies that solely in the event of a Material Breach Event (as defined in the Purchase Agreement), being: (i) the termination of the Merger Agreement (x) by RTB as a result of a material breach by the Company thereof or (y) in light of the failure of any condition to RTB's obligation to close specified in Section 8.02 of the Merger Agreement arising materially from Company's action or refusal to act to satisfy such condition or (ii) Company's breach of the Purchase Agreement, Company shall issue to RTB Warrants to purchase Common Stock, as described below. If there is no Material Breach Event, then there will be no issue of Warrants. Series C Preferred Stock: Pursuant to the Certificate of Designation of Preferences, Rights and Limitations of Series C Convertible Preferred Stock, which is filed as Exhibit 3.1 to this Report, the shares of Series C Preferred Stock are convertible into an aggregate of 12,500,000 shares of Common Stock, with each share of Series C Preferred Stock being convertible into 250 shares of Common Stock. Warrants: The common warrants, if issued, will be exercisable into such number of shares equal to up to a number of shares of Common Stock equal to the quotient of (a) the aggregate purchase price paid for Preferred Stock under the Purchase Agreement divided by (b) the Exercise Price. The "Exercise Price" of the Warrants will be equal to a volume-weighted average price of the Company's Common Stock on Nasdaq for the five trading days commencing immediately upon the date that the public announcement that the transactions contemplated by the Merger Agreement failed to close. The Warrants will be issued on the first business day following the fifth trading day following the public announcement that the transactions contemplated by the Merger Agreement failed to close; provided if the transactions described in Section 1.01 of the Merger Agreement closes, the Warrants will be automatically terminated and declared void ab initio without any action required by any party. If issued, the Warrants will each have an exercise price shall not be less than $0.08 per share, which is 20% of the Nasdaq closing price of our Common Stock as of October 6, 2025. The Warrants may be exercisable at any time for a period of five years from the Issue Date. Under the terms of the Warrants, the Company may not give effect to the exercise of any such Warrant, and a holder will not be entitled to exercise any portion of any such Warrant, if, upon giving effect to such exercise, the aggregate number of shares of Common Stock beneficially owned by the holder (together with its affiliates, any other persons acting as a group together with the holder or any of the holder's affiliates, and any other persons whose beneficial ownership of Common Stock would or could be aggregated with the holder's for purposes of Section 13(d) or Section 16 of the Securities Exchange Act of 1934, as amended would exceed, at the discretion of each holder, 0% through 19.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise, which percentage may be increased or decreased at the holder's election upon notice to the Company, up to 19.99%. If a holder is subject to the Maximum Percentage upon exercise of the Series A Warrants following the Milestone Event or the Series B Warrants following the Company's election to effect a Mandatory Exercise, as applicable, they will receive, in lieu of shares of Common Stock, Pre-Funded Warrants. Registration Rights Agreement: The Company shall enter into a registration rights agreement with RTB, pursuant to which the Company shall register for resale the shares of Common Stock that are issuable upon the exercise of the Warrants. The Series C Preferred Stock to be issued and sold to the Investors under the Purchase Agreement will not be registered under the Securities Act, in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, or under any state securities laws. The Company relied on this exemption from registration based in part on representations made by the Investors. The Series C Preferred Stock may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Neither this Current Report on Form 8-K, nor the exhibits attached hereto, is an offer to sell or the solicitation of an offer to buy the Series C Preferred Stock. Nasdaq Listing Rule 5550(b)(1): As previously disclosed in a Current Report on Form 8-K filed with the SEC on April 11, 2025, on April 8, 2025 the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC notifying the Company that its amount of stockholders' equity had fallen below the $2,500,000 required minimum for continued listing set forth in Nasdaq Listing Rule 5550(b)(1). As noted in the Original 8-K, the Company had until May 23, 2025 to provide Nasdaq with a specific plan to achieve and sustain compliance. The Company submitted its plan to regain compliance on May 21, 2025, and on May 23, 2025, received written notice that, based on review of the compliance plan, the Staff had granted the Company an extension to October 6, 2025 to regain compliance with the Rule. As a result of the closing of the PIPE financing, the Company believes it has regained compliance with the minimum $2.5 million stockholders' equity requirement for continued listing as set forth in the Rule. In that regard, the Company believes that as of the date of this Report, stockholders' equity exceeds $2.5 million. Nasdaq will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement and, if at the time of its next periodic report the Company does not evidence compliance, it may be subject to delisting. Certificate of Designation: Pursuant to the terms of the Purchase Agreement, on October 7, 2025, the Company filed the Certificate of Designation with the Secretary of State of the State of Nevada, designating 50,000 shares of the Company's preferred stock as Series C Preferred Stock, $0.001 par value per share. The Series C Preferred Stock has a stated value of $100.00 per share and the number of shares of Common Stock issuable upon conversion of such preferred stock shall be determined by dividing the Stated Value by $0.40, subject to adjustment as set forth therein. Subject to the terms and limitations contained in the Certificate of Designation, if Shareholder Approval is required for the issuance of any amount of shares of Common Stock issuable by the Company upon the conversion of the Series C Preferred Stock, the Series C Preferred Stock issued in the PIPE financing will not become convertible until the Company's stockholders have approved the issuance of the Conversion Shares, in accordance with the listing rules of the Nasdaq Stock Market. Subject to the rights of holders of preferred stock of senior rank to the Series C Preferred Stock, holders of Series C Preferred Stock are entitled to receive dividends when and as declared by the board of directors of the Company. The shares of Series C Preferred Stock will rank pari passu with the shares of Common Stock with respect to voting rights and will vote together with the Common Stock on an as-converted basis. Following its issuance, the Series C Preferred Stock is immediately convertible into shares of the Company's Common Stock, subject to the terms and limitations contained in the Certificate of Designation. The foregoing descriptions of the Purchase Agreement, the Merger Agreement, the Certificate of Designation and the Warrants do not purport to be complete and are qualified in their entirety by reference to the full text of the Purchase Agreement, the Merger Agreement, the Certificate of Designation and the form of Warrants, copies of which are filed as Exhibit 10.1, 2.1, 3.1 and 4.1, respectively, to this Current Report on Form 8-K, available at https://tinyurl.com/3d2xcyey About RYVYL Inc. RYVYL Inc., headquartered in San Diego, California, develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. The Company reported a net loss of $26.83 million in 2024 following a net loss of $53.10 million in 2023. As of June 30, 2025, the Company had $20.60 million in total assets, $27.54 million in total liabilities, and a total stockholders' deficit of $6.94 million. As of Dec. 31, 2024, the Company had an accumulated deficit of $179.4 million. According to RYVYL, there can be no assurances that it will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, it will need to raise additional working capital. There is no guarantee that additional financing will be available, or that any obtained funding can be secured on terms deemed acceptable. SAMYS OC: Cairo Loses Bid to Appoint Trustee -------------------------------------------- Judge Mitchell L. Herren of the United States Bankruptcy Court for the District of Kansas denied Cairo of Western Kansas, LLC and Debt Recovery Services, Inc.'s motion to appoint a trustee in the bankruptcy case of Amro M. Samy and Darla G. Samy. Cairo of Western Kansas and Debt Recovery Services are closely related entities and have acted in unison throughout Debtors' case. At some point in 2019, Mr. Samy and his sometimes business partner, Cecil O'Brate, had a falling out. Mr. Samy and Mr. O'Brate -- or Mr. O'Brate's business entity, Cairo of Western Kansas, LLC -- co-owned or co-operated many entities in varying percentages. The details of the various disputes between the two are not relevant to the pending motion unless but suffice it to say they disagreed about ownership and operational issues. In April 2020, Cairo filed the first of many suits between the parties in state court. Over the next several years, the litigation grew to eventually include at least eight state-court suits involving Debtors or their entities and another federal court lawsuit. Those state-court lawsuits have been removed to federal court and are now in front of this Court as adversary proceedings. Many of the issues in the state court lawsuits involved the ownership or control over the entities jointly owned by Mr. Samy and Mr. O'Brate and/or Cairo. Several of the cases include claims by Samys OC, LLC and/or S&O Investments, Inc. as nominal defendants against American Warrior Construction, Inc. or Mr. Samy. In May 2024, Mr. O'Brate's entity, Debt Recovery Services, Inc., obtained an assignment of a loan agreement for which Mr. Samy and Mr. O'Brate had given individual guarantees. Debt Recovery Services, Inc. released the personal guaranty of Mr. O'Brate and then, on Aug. 12, 2024, filed a federal complaint against Mr. Samy, alleging breach of Mr. Samy's commercial guaranty. As a result, Debtors began contemplating a bankruptcy filing as early as October 2024. On Oct. 4, 2024, their legal counsel provided Debtors a list of the type of financial documents needed to prepare to file a bankruptcy petition. Mr. Samy was aware that all his assets and liabilities had to be disclosed in the bankruptcy process. In one of the state court lawsuits summary judgment was entered against Debtors in favor of Dream First Bank -- which later assigned that judgment to Debt Recovery Services, Inc. on Oct. 24, 2024. In early November 2024, Debt Recovery Services, Inc. succeeded in garnishing Debtors' accounts and sought to obtain charging orders against Debtors. Facing increasing, outward pressure, Debtors, through counsel, filed their individual Chapter 11 bankruptcy petition on Nov. 14, 2024, as a quick file, without supporting Schedules or their Statement of Financial Affairs. At the same time, three of Mr. Samy's entities -- Samys OC, LLC, S&O Investments, Inc., and American Warrior Construction, Inc. -- also filed Chapter 11 petitions. Debtors' bankruptcy estate includes the controlling interests of the three Debtor Entities and Mr. Samy is the primary executive officer for each of the Debtor Entities. Trustee Bid The unsecured creditors of Debtors Amro and Darla Samy ask this Court to order the appointment of a trustee in Debtors' Chapter 11 case under 11 U.S.C. Sec. 1104(a)(1) and (a)(2), arguing cause exists for the appointment of a trustee and that such appointment is in the interests of creditors. The moving creditors presented evidence focusing on potential claims Debtors may hold against their wholly or partially owned business entities, and relatedly, potential claims those business entities may hold against the individual Debtors. The movants assert those conflicts of interest, dealings with insiders, and additional failures to keep adequate records and make timely reports constitute gross mismanagement by Debtors. The Court concludes cause has not been shown and declines to appoint a trustee under Sec. 1104(a)(1). The Court also concludes the totality of the circumstances does not show appointment of a trustee is in the best interests of the estate under Sec. 1104(a)(2). According to Judge Herren, "There is insufficient evidence in the record to show Debtors will be or have been unable or unwilling to fulfill their duty to protect estate assets and there is insufficient evidence of dishonesty or purposeful withholding of information. Significantly, there is insufficient evidence Debtors are mismanaging their business interests. Cairo undoubtedly lacks confidence in Debtors' ability to successfully manage the cases and the business interests, but no other creditors appear to share that concern." A copy of the Court's Memorandum Opinion and Order is available at https://urlcurt.com/u?l=YPmHE1 from PacerMonitor.com. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L. Herren presides over the case. Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy counsel. Dream First Bank, as secured creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman, LLP 100 N. Broadway, Ste. 950 Wichita, KS 67202-2216 Telephone: (316) 265-7741 Facsimile: (316) 267-7803 E-mail: hill@hitefanning.com SARASOTA SEAFOOD: Ruediger Mueller Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Sarasota Seafood, Inc. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Sarasota Seafood Inc. Sarasota Seafood, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07398) on October 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Benjamin G. Martin, Esq., at the Law Offices of Benjamin Martin represents the Debtor as bankruptcy counsel. SCILEX HOLDING: Names Stephen Ma as Chief Operating Officer ----------------------------------------------------------- Scilex Holding Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors appointed Stephen Ma, 53, as the Company's Chief Operating Officer, with such appointment effective as of October 1, 2025. Mr. Ma has served as the Company's Chief Financial Officer and Senior Vice President since September 2023 and as the Company's Corporate Secretary since March 2024. Mr. Ma was appointed to the Board in September 2025. Mr. Ma previously served as the Company's Chief Accounting Officer from May 2023 until his appointment as the Company's Chief Financial Officer and as Vice President of Finance from January 2022 to April 2023. Mr. Ma has more than 15 years of finance and operational expertise across pharmaceuticals and venture backed biotechnology companies. Mr. Ma was appointed as Chief Financial Officer of Semnur Pharmaceuticals, Inc. (OTC: SMNR) on September 22, 2025. He previously served as Director of Finance and Operations for Anwita Biosciences, Inc., a clinical stage company, from August 2019 to January 2022. Prior to that, from May 2016 to August 2019, he served as the Senior Director of Finance and Controller of Semnur Inc. (f/k/a Semnur Pharmaceuticals, Inc.). Prior to that, he served as Controller for Globavir and part of the management team that worked on its initial public offering process. He also served as the Controller for Ardelyx, which went public in 2014. Prior to that, Mr. Ma served in various finance positions at PDL BioPharma, Inc. and Hyperion Therapeutics, Inc. Mr. Ma has a wealth of experience in finance, strategic planning, commercial launching, debt financing, public offerings and M&A transactions. Mr. Ma holds a B.S. in Finance and M.A. in Economics from San Jose State University. There are no family relationships between Mr. Ma and any director or other executive officer of the Company, nor are there any transactions to which the Company was or is a participant and in which Mr. Ma has a material interest subject to disclosure under Item 404(a) of Regulation S-K. There are no arrangements or understandings between Mr. Ma and any other person pursuant to which he was selected as Chief Operating Officer. The Company previously entered into its standard form of indemnification agreement with Mr. Ma in connection with his prior appointment as Chief Financial Officer. Mr. Ma's compensation has not been changed in connection his appointment as the Company's Chief Operating Officer. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 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. As of Dec. 31, 2024, Scilex Holding had $92.95 million in total assets, $285.59 million in total liabilities, and a total stockholders' deficit of $192.64 million. SEAGATE TECHNOLOGY: S&P Upgrades ICR to 'BB+', Outlook Stable ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Global hard disk drive (HDD) maker Seagate Technology Holdings PLC and its issue-level ratings on the company's senior notes to 'BB+' from 'BB'. The stable outlook reflects solid spending trends among Seagate's hyperscale data center customers, diminished exposure to declining legacy applications, improving capacity discipline among leading suppliers, and an increasing share of committed purchase agreements contributing to stable performance. Seagate reported a 30% year-over-year revenue increase with a record gross margin in the most recent quarter as the market continues recovering from a significant downturn. The upgrade reflects substantial performance and leverage recovery. S&P Global Ratings-adjusted leverage is now 1.9x with a 35% EBITDA cushion to our 3x downgrade threshold. We anticipate leverage will fall further to 1.5x in fiscal 2026 (ending in June), supported by continued operational momentum. Free operating cash flow to debt was 16% as working capital consumed nearly $1 billion in cash flow in 2025 to support a nearly 40% revenue improvement. S&P expects this ratio to expand to the low-30% area in fiscal 2026. Last quarter, Seagate reported revenue of $2.4 billion, up 30% year over year, and a gross margin of 37.9%, surpassing pre-COVID-19 pandemic highs in the low-30% area, due to constrained supply and cost controls. Cloud customers are increasingly leveraging HDDs for video-centric workloads and tiered storage, while edge AI applications in factories, hospitals, and safety systems are driving distributed storage growth. Management's build-to-order model provides visibility through mid-2026. Seagate guided to revenue of $2.5 billion next quarter, a 15% year over year expansion. Management reiterated a path toward 40% gross margin "fairly soon", which S&P takes to mean over the next several quarters, supported by higher capacity drives and continued pricing discipline. Seagate's mass capacity business drives growth. Strong demand from hyperscale data center customers contributed to the company's mass capacity revenue growth at a compound annual rate of 9% in fiscal years 2017-2025 and reflects the expansion of public cloud. Emerging demand from AI applications is starting to contribute as inferencing starts to generate larger quantities of text, image, and video data. While legacy HDD revenue declined 20% due to displacement by NAND in personal computers, it now represents a small portion of overall revenue and the drag on revenue improvement is limited. Seagate remains exposed to inventory cycles and trade actions. While S&P doesn't expect the extreme volatility of fiscal years 2023 and 2024, the company is still exposed to the inventory cycles of its large hyperscale customers. Nevertheless, the company works with enough of them that only one represented about 10% of revenue in 2025 so individual customer concentration is not very high. The industry's transition to build-to-order selling provides increased revenue visibility and helps smooth out demand fluctuations. Tariff impact is low because existing exemptions protect HDDs, but these protections could be revisited. Even the U.S.-Mexico-Canada Agreement exemption, which Seagate may use as a fallback provision and is a linchpin of tariff mitigation for U.S. technology hardware companies broadly, could be altered. Furthermore, Seagate has Chinese hyperscale customers; HDD technology is a foundational part of the technology ecosystem making it a potential target for export restrictions, although the U.S. has not indicated such intentions at this point. Seagate's heat-assisted magnetic recording (HAMR) technology should keep its cost per-bit competitive beyond the end of the decade. The prospect of NAND memory taking meaningful share in data centers has long been a risk, but HDDs have maintained a cost-per-bit advantage of several multiples. This has resulted in 87% of bits in large data centers stored on HDDs according to International Data Corp. (IDC). The transition to HAMR should preserve this advantage. Seagate is shipping Mozaic 3+ HAMR drives to multiple hyperscalers and expects them to account for most of its nearline capacity shipments by the first half of fiscal 2027. The next-generation Mozaic 4+ drives recently entered qualification with a global cloud service provider, targeting an initial volume shipments in second half of fiscal 2026. High leverage and previous financial policy actions constrain its further upgrade path. In 2020, Seagate issued $1 billion of notes to fund share buybacks that led to downgrades to speculative grade at other rating agencies. S&P said, "We did not have investment-grade ratings on Seagate at the time. The company executed debt-financed share buybacks again in fiscal 2022. We will monitor how Seagate executes its shareholder returns now that it has restored some balance sheet capacity. We would consider an upgrade if share buybacks will not put investment-grade ratings at risk. Seagate will also have to reduce leverage from 1.9x to well below 1.5x, likely multiple years. We view the risk of transformational acquisitions as low, given the concentrated nature of the HDD industry and Seagate's low spending on acquisitions over the past several years." The stable outlook reflects solid spending trends among Seagate's hyperscale data center customers and diminished exposure to declining legacy applications. S&P also expects improving capacity discipline among leading suppliers and an increasing share of committed purchase agreements contributing to stable performance. Seagate has sizable cushion to our 3x downgrade threshold. S&P could downgrade Seagate if debt to EBITDA rises above 3x due to: -- An inventory correction that leads to excess capacity and intense, supply-driven competition; -- Large hyperscale customers exercising purchasing power to drive down gross margin; -- Leveraged share buybacks or acquisitions; or -- Mistakes in technology roadmap planning or increasing competitive threats from NAND. S&P will consider upgrading Seagate if it establishes a debt-to-EBITDA ratio well below 1.5x with the support of: -- No share buybacks or acquisitions that would take leverage above 1.5x; -- Less volatile operating performance than in prior cycles, allowing Seagate to absorb an inventory correction driven by concentrated hyperscale customers while keeping leverage below 1.5x; and -- S&P's belief that demand for mass capacity HDDs will remain durable with no material cannibalization for solid-state drives (SSD). SECURITY TRANSPORT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Security Transport, Inc. 111 East 142nd Street Hammond, IN 46327 Business Description: Security Transport, Inc., headquartered in Hammond, Indiana, provides truckload transportation services for dry goods throughout the contiguous U.S. and Canada. Established in 2012, the Company operates a fleet of tractors and trailers to haul general freight, metals, beverages, paper products, and waste. Its operations concentrate on time-sensitive and value- added logistics solutions in the transportation and logistics sector. Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Northern District of Indiana Case No.: 25-22114 Debtor's Counsel: Daniel L. Freeland, Esq. DANIEL L. FREELAND & ASSOCIATES, P.C. 9105 Indianapolis Blvd Highland IN 46322 Tel: (219) 922-0800 Email: dlf9601@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $1 million The petition was signed by Robin Jacobi as owner. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EGOJ33I/Security_Transport_Inc__innbke-25-22114__0001.0.pdf?mcid=tGE4TAMA SERVICE LOGIC: Moody's Alters Outlook on 'B3' CFR to Positive ------------------------------------------------------------- Moody's Ratings affirmed Service Logic Acquisition, Inc. (Service Logic) existing ratings, including the B3 corporate family rating, the B3-PD probability of default rating, and the B2 ratings assigned to its senior secured first lien bank credit facility, including the $10 million senior secured first lien revolving credit facility due October 2025, the $125 million senior secured first lien revolving credit facility due April 2027 and the $1368 million senior secured first lien term loan due October 2027. The outlook has been changed to positive from stable. The affirmation of the B3 CFR and change in the outlook to positive reflects the improvements in the company's credit metrics thanks to solid demand for aftermarket maintenance, repairs, and replacement services for commercial HVAC equipment and the contribution from acquisitions. Moody's expects that Service Logic can sustain leverage below 6.0x debt/EBITDA over the next 12-18 months and generate positive free cash flow, which will likely be used to partially fund acquisitions. RATINGS RATIONALE Service Logic's B3 CFR reflects the company's debt funded growth strategy, which keeps its debt load and leverage at high levels. For the 12 month period ended June 30, 2025, the company's leverage stood at 5.7x debt/EBITDA. Moody's expects leverage in 2026 to trend towards the low-to-mid 5.0x range and interest coverage to improve above 2.0x. The company benefits from consistent free cash flow generation, which it uses to fund acquisitions. The rating also reflects the company's business profile as a one-stop-shop service provider across all commercial HVAC systems. The company has a predictable revenue stream stemming from the nondiscretionary nature of preventative maintenance services and pull-through capabilities of higher margin services. High customer retention rates and long standing relationships provide stability to its revenue base. Moody's expects Service Logic to maintain good liquidity over the next 12-18 months. The company's liquidity is supported by $115 million of cash on hand as of June 30, 2025, $108 million available under its $125 million senior secured first lien revolving credit facility due April 2027, as well as by Moody's expectations that the company will generate around $60 million and $30 million of positive free cash flow in 2025 and 2026, respectively. Service Logic also has a $10 million senior secured first lien revolving credit facility under the credit agreement that will mature October 30, 2025. The B2 rating on the first lien bank credit facilities, one notch higher than the B3 CFR, reflects a priority position in the capital structure ahead of $151 million senior secured second lien debt due 2028, which will absorb losses ahead of the first lien creditors in a distress scenario. The positive outlook reflects Moody's expectations that Service Logic will continue to grow organically and through bolt-on acquisitions. Moody's expects the company to achieve EBITDA growth and margin expansion through proactive price initiatives, which will support positive free cash flow and leverage remaining below 6x debt/EBITDA over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt/EBITDA is sustained below 6x, EBITA to interest is sustained above 2x, maintenance of good liquidity, RCF/net debt is sustained above 10%, and the company adopts a more conservative financial policy. The ratings could be downgraded if debt/EBITDA is sustained above 7x, EBITA to interest is sustained below 1x, or liquidity weakens materially. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Service Logic's B3 CFR is two notches below the scorecard-indicated outcome of B1 for the 12 month period ended June 30, 2025. The difference reflects the company's aggressive debt financed M&A growth strategy as well as a limited track record of sustaining debt/EBITDA and interest coverage at levels consistent with a B2 rating. Headquartered in Charlotte, North Carolina, Service Logic provides aftermarket maintenance, repairs, and replacement services for commercial HVAC equipment, chilled water systems, and building automation and controls systems. Leonard Green & Partners, L.P. acquired Service Logic in October 2020. The company recorded about $2.5 billion of revenue for the 12-month period ended June 2025. SHARING SERVICES: Heng Fai Chan and Affiliates Hold 99.7% Stake --------------------------------------------------------------- Heng Fai Ambrose Chan, together with Heng Fai Holdings Limited, Alset Inc., HWH International Inc., Alset International Limited, and Global Biomedical Pte. Ltd., disclosed in a Schedule 13D (Amendment No. 5) filed with the U.S. Securities and Exchange Commission that as of October 6, 2025, they beneficially own 59,266,999 shares of Sharing Services Global Corp's common stock, $0.0001 par value per share, representing approximately 99.7% of the 309,652 shares outstanding as of October 7, 2025. This beneficial ownership includes: * 86 shares held by Heng Fai Holdings Limited; * 2,550,305 shares held by Alset Inc., including debt convertible into 2,500,000 shares of common stock; * Debt and warrants held by HWH International Inc. convertible into 56,636,906 shares; * 30,524 shares held by Alset International Limited; * 8,904 shares held by Global Biomedical Pte. Ltd.; and * 39,650 shares held directly by Mr. Chan. Through his positions and ownership interests, Mr. Chan has the ability to exercise common control over the voting and dispositive power of these shares, thereby holding indirect beneficial ownership in addition to his direct holdings. Heng Fai Ambrose Chan and the reporting entities may be reached through: Chan Heng Fai 9 Temasek Boulevard #16-04 Suntec Tower Two Singapore 038989 011-65-6333-9181 A full-text copy of the SEC report is available at: https://tinyurl.com/5x43868u About Sharing Services Headquartered in Plano, Texas, Sharing Services Global Corporation currently markets and distributes health and wellness products primarily in the U.S. and Canada, and delivers its member-based travel services, primarily in the U.S., using a direct selling business model. The Company markets its health and wellness products through its proprietary website: www.thehappyco.com; and its member-based travel services using www.mytravelventures.com. Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated July 1, 2024, citing that the Company (i) has incurred losses and negative cash flows from operations for consecutive years, (ii) has an accumulated deficit and negative equity, which raise substantial doubt about its ability to continue as a going concern. The Company has not filed its Annual Report on Form 10-K for the year ended March 31, 2025. SHIVSANYA CORP: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Shivsanya Corp. 4600 Riverside Drive Danville, VA 24540 Business Description: Shivsanya Corp. is a single-asset real estate company that leases residential and nonresidential buildings. Chapter 11 Petition Date: October 15, 2025 Court: United States Bankruptcy Court Western District of Virginia Case No.: 25-61245 Debtor's Counsel: Andrew S. Goldstein, Esq. MAGEE GOLDSTEIN LASKY & SAYERS, P.C. Post Office Box 404 Roanoke, VA 24003-0404 Tel: (540) 529-1609 Fax: (540) 343-9898 Email: agoldstein@mglspc.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Paresh K. Suthar as president. The Debtor has identified the City of Danville Treasurer, located at PO Box 1565, Danville, Virginia 24543, as its only unsecured creditor related to real estate taxes. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H3M37FY/Shivsanya_Corp__vawbke-25-61245__0001.0.pdf?mcid=tGE4TAMA SIMPLIA INC.: Taps Levene Neale Bender as Bankruptcy Counsel ------------------------------------------------------------ Simplia, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to employ Levene, Neale, Bender, Yoo & Golubchik L.L.P. as general bankruptcy counsel in its Chapter 11 Subchapter V case. LNBYG will provide these services: (a) advise the Debtor on the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, and the Office of the U.S. Trustee; (b) advise on the rights and remedies of the bankruptcy estate and the interests of creditors; (c) represent the Debtor in all proceedings and hearings in the Bankruptcy Court; (d) conduct examinations and represent the Debtor in any adversary proceedings; (e) assist in preparing schedules, statements, pleadings, and reports required in the bankruptcy process; (f) represent the Debtor in matters involving use of debtor-in-possession financing and cash collateral; (g) assist in any asset sale process; (h) negotiate, formulate, and prepare a plan of reorganization and disclosure statement; and (i) perform other legal services necessary in the representation of the Debtor. The Debtor paid LNBYG a total retainer of $235,100, of which $15,772.50 was applied prepetition, leaving a balance of $219,327.50 on the petition date. According to court filings, LNBYG is a "disinterested person" as defined under Section 101(14) of the Bankruptcy Code and holds no adverse interest to the Debtor or its estate. The firm can be reached at: Eve H. Karasik, Esq. Todd M. Arnold, Esq. Robert M. Carrasco, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 Facsimile: (310) 229-1244 E-mail: EHK@LNBYG.com TMA@LNBYG.com RMC@LNBYG.com About Simplia Inc. Simplia Inc., based in Los Angeles, California, provides digital marketing and AI solutions, focusing on services such as website development, social media management, and search engine optimization for small businesses. The Company offers AI-powered tools designed to streamline digital marketing processes and tailor solutions to client budgets. It operates within the marketing and advertising services industry. Simplia Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18664) on September 30, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Eve H. Karasik, Esq. of LEVENE, NEALE, BENDER, YOO & GOLUBCHICK, LLP. SIX COOKS: Gets Interim OK to Use Cash Collateral Until Nov. 12 --------------------------------------------------------------- Six Cooks, LLC received third interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division to use cash collateral. The third interim order authorized the Debtor to use cash collateral through November 12, for ordinary, necessary business expenses as listed in the budget. The Debtor may exceed any line item by up to 10%. The Debtor projects total operational expenses of $171,855 for the period from October 16 to November 15. As adequate protection, the U.S. Small Business Administration and other secured creditors will be granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor has to make monthly payment of $2,538 to the SBA by November 1, or default may be declared. The order remains effective until November 12 unless earlier terminated by an event of default, which includes noncompliance with the order and dismissal or conversion of the Debtor's Chapter 11 case. A third interim hearing is scheduled for November 6. About Six Cooks LLC Six Cooks LLC, doing business as Blue Forest Market, Industrial Puppy, Wild Baby, and Pro Nutrition Labs, operates as a limited liability company managing multiple businesses under various DBAs including Blue Forest Market, Industrial Puppy, Wild Baby, and Pro Nutrition Labs. The Company's operations span retail sales of toys and household goods, manufacturing and sales of service animal products, nutritional supplements, and other specialized product lines. Six Cooks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03043) on August 8, 2025. In its petition, the Debtor reports total assets of $630,133 and total liabilities of $2,103,297. Honorable Bankruptcy Judge David M. Warren handles the case. The Debtor is represented by David J. Haidt, Esq., at Ayers & Haidt, PA. SJ ASSET: Leon Jones Named Subchapter V Trustee ----------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for SJ Asset Holdings, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About SJ Asset Holdings LLC SJ Asset Holdings, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61578) on October 6, 2025. SOLUNA HOLDINGS: Partners With KULR to Host 3.3 MW Bitcoin Mining ----------------------------------------------------------------- Soluna Holdings, Inc. announced a new hosting partnership with KULR Technology Group, Inc., a Bitcoin+ treasury company that builds a portfolio of frontier technology businesses ranging from high-performance energy systems to AI Robotics. Under this agreement, Soluna will operate approximately 3.3 MW of Bitcoin mining capacity for KULR at its Project Sophie facility in Kentucky. The excitingpartnership marks the first time Soluna has partnered with a Bitcoin treasury-focused company, expanding the Company's customer base beyond traditional Bitcoin miners and hyperscalers. "This partnership represents a new chapter in how we serve the market," said John Belizaire, CEO of Soluna. "Treasury companies like KULR are increasingly seeking sustainable, high-performance computing infrastructure to diversify their digital asset strategies. We're proud to pioneer a flexible hosting model that meets this evolving demand." The agreement reflects Soluna's strategy to adapt its renewable-powered hosting model to meet the developing demand profiles of Bitcoin mining and adjacent industries. "This collaboration supports KULR's commitment to strategic innovation in digital asset management," said Michael Mo, CEO of KULR Technology Group. "Partnering with Soluna allows us to engage in Bitcoin mining through a renewable, reliable, and operationally efficient framework." Mo continued, "This is only the beginning. As KULR expands beyond Bitcoin mining and migrates into Battery Backup Unit ('BBU') solutions, Soluna stands out as the ideal partner for future projects focused on sustainable, low-cost AI data center hosting powered by stranded renewable energy." As per the BBU Market analysis conducted by Custom Market Insights in July 2025, the global BBU Market is expected to grow from 29.22 Billion USD in 2025 to 43.64 Billion USD by 2034. The 3.3 MW deployment at Project Sophie is expected to commence operations in Q4 2025, further strengthening Soluna's leadership in sustainable computing infrastructure. Under the partnership, KULR will leverage Soluna's operational and market expertise to purchase, service, and manage all activities associated with its fleet of mining hardware over the life of the contract. Through this new "Bitcoin Mining Lease" structure, Soluna will deliver guaranteed hashrate and uptime targets to KULR on a daily and monthly basis. "We believe as more established companies like KULR explore Bitcoin as part of their treasury strategy, Soluna's model offers a mutually beneficial pathway to guaranteed hashrate without the operational complexity of mining. This partnership supports KULR's Bitcoin Treasury Accumulation Strategy, announced earlier this year, in which KULR committed up to 90% of its surplus cash reserves to Bitcoin. Through its new hosting framework, Soluna empowers Bitcoin+ companies such as KULR to tap into the benefits of Bitcoin mining while avoiding the common challenges of market volatility and legacy infrastructure constraints." About Soluna Holdings Headquartered in Albany, N.Y., Soluna Holdings, Inc. designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. The Company's modular data centers can be co-located with wind, solar, or hydroelectric power plants and support compute-intensive applications, including Bitcoin mining, generative AI, and scientific computing. This approach aids in energizing a greener grid while providing cost-effective and sustainable computing solutions. Albany, N.Y.-based UHY LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 31, 2025, attached in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company was in a net loss, has negative working capital, and has significant outstanding debt that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Soluna Holdings had $98.68 million in total assets, $48.74 million in total liabilities, and $49.93 million in total equity. SONOMA PHARMACEUTICALS: COO to Retire Dec. 2; Position Eliminated ----------------------------------------------------------------- Sonoma Pharmaceuticals, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Executive Vice President and Chief Operating Officer, Bruce Thornton, notified the Company of his intent to retire from his position with the Company effective December 2, 2025, and the Company have determined to eliminate the position of Chief Operating Officer upon Mr. Thornton's departure. Mr. Thornton has agreed to assist the Company with transitioning his responsibilities over the next two months. In connection with Mr. Thornton's termination, we will pay him severance consisting of $300,000, contingent upon his execution of a general release of claims against the Company. He will also be entitled to up to twelve months' COBRA reimbursement for himself and his dependents. All outstanding time-based equity-based compensation awards will become fully vested and all outstanding performance-based equity compensation awards will remain outstanding and will vest or be forfeited in accordance with the terms of the applicable award agreements. Mr. Thornton's Executive's outstanding and vested equity awards shall remain exercisable for 18 months following termination. Mr. Thornton has served as Chief Operating Officer since April 2020 and previously as Executive Vice President for International Operations and Sales and General Manager for U.S. operations since March 2004. The Company thanks Mr. Thornton for his many years of dedicated service and wish him the best in his future endeavors. About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in fifty-five countries worldwide. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of March 31, 2025, the Company had $13,693,000 in total assets, $9,282,000 in total liabilities, and total stockholders' equity of $4,411,000. SONOMA PHARMACEUTICALS: Updates CEO's Employment Agreement ---------------------------------------------------------- Sonoma Pharmaceuticals, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an amended and restated employment agreement with its Chief Executive Officer, Amy Trombly. Under the amended and restated agreement, Sonoma agreed to pay Ms. Trombly a base salary of $475,000 per annum. Ms. Trombly will be eligible to receive a target annual bonus of 50% of her base salary, which shall be in the discretion of the Compensation Committee. Consistent with best practices, the definition of Cause was expanded to include material failure by Ms. Trombly to comply with the Company's written policies or rules, if such failure is reasonably likely to cause material, reputational or financial harm to the Company. Also consistent with best practices, the definition of Good Reason excludes base salary reductions up to 10% as applied consistently to similarly-situated executives. Good Reason also excludes the failure by a successor to the Company to assume the terms of the amended and restated agreement. In the event of termination without Cause or for Good Reason, Ms. Trombly's severance payment is to be paid in accordance with regular payroll rather than as a lump sum payment, consistent with best practices, and COBRA reimbursement is extended to up to 12 months following termination for Ms. Trombly, her spouse or domestic partner and her dependents. In the event of termination without Cause or for Good Reason in connection with a Change in Control, Ms. Trombly's severance payment is increased to two times her annual base salary and two times her target annual bonus, and COBRA reimbursement is extended to up to 24 months following termination for Ms. Trombly, her spouse or domestic partner and her dependents. In the event of termination due to death or disability, COBRA reimbursement is extended to up to twelve months following termination for Ms. Trombly, her spouse or domestic partner and her dependents. The mutual notice period for termination is extended to 90 days, and vested equity awards may be exercised for up to 24 months following termination. Consistent with best practices, the amended and restated agreement does not require the Company to reimburse Ms. Trombly in the event of any 409A excise taxes, and the non disparagement covenant was updated to comply with current Colorado law. All other material terms of the amended and restated agreement remain unchanged from her prior employment agreement. The foregoing description of the Amended and Restated Employment Agreement is not complete and is qualified in its entirety by reference to the full text of the Amended and Restated Employment Agreement, a copy of which is available at https://tinyurl.com/2cbafd85 About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to safely manage skin abrasions, lacerations, minor irritations, cuts, and intact skin. The Company sells its products either directly or via partners in fifty-five countries worldwide. Henderson, Nev.-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a 'going concern' qualification in its report dated June 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of March 31, 2025, the Company had $13,693,000 in total assets, $9,282,000 in total liabilities, and total stockholders' equity of $4,411,000. SPAC RECOVERY: Seeks $500,000 DIP Loan From SPV Lit Fund -------------------------------------------------------- SPAC Recovery Co asks the U.S. Bankruptcy Court for the Southern District of New York for authority to obtain up to $500,000 in debtor-in-possession financing from SPV Lit Fund, LLC to fund its ongoing litigation and administrative expenses. The DIP facility is a non-revolving, multiple advance loan, which will be used exclusively for prosecuting the litigation, defending against adverse claims, and funding Chapter 11 administrative costs. It is due and payable on the earliest of: (i) 18 months after the petition date, (ii) effective date of an approved Chapter 11 plan, or (iii) acceleration after event of default. The DIP facility is secured by senior liens on the same litigation-related collateral and will be senior in priority to all other claims, including those under 11 U.S.C. sections 364(c) and (d) of the Bankruptcy Code. All of the members of SPV Lit Fund are shareholders of the Debtor but none of them are insiders or control the Debtor. The Debtor argues that the terms of the DIP facility are highly favorable, especially considering its unique financial position. It has no operating revenue, physical assets, or traditional means of securing financing. The litigation claims are its sole material asset. The Debtor worked with a litigation finance consultant to explore alternative funding sources but determined that the DIP lender's offer was the best available. The DIP facility notably avoids a roll-up of the pre-petition debt and carries no upfront fees, no lender expenses, and lower interest rates than those typically associated with litigation finance. The Debtor believes that without approval of the DIP financing, it will be unable to continue litigation or sustain its bankruptcy case, and therefore, creditors will receive no recovery. Additionally, because the DIP lender is already a secured party under a pre-petition agreement, the new financing also avoids a potential priming lien dispute. The Debtor is a special purpose acquisition company formed under Delaware law in September 2018 with the sole purpose of acquiring or merging with a private company desiring to go public. In December 2020, the Debtor completed an initial public offering, raising $139.4 million, which was placed into an interest-bearing trust account as required under SEC rules governing SPACs. These rules also required the Debtor to complete an acquisition within a specific timeframe or return funds to investors. After extending its acquisition deadline to September 2022, the Debtor entered into a Business Combination Agreement in December 2021 with North Atlantic Imports, LLC, doing business as Blackstone Products, a grill and outdoor cooking product company. However, the Debtor alleges that its own investment bankers and professionals, including Nomura Securities International, Inc., FS Credit Opportunities Corp., and O'Melveny & Myers LLP, engaged in a scheme to misappropriate its acquisition opportunity by using confidential information and breaching their contractual and fiduciary duties. The Debtor claims these parties instead orchestrated an alternative deal with Blackstone -- excluding the Debtor -- which allegedly closed in December 2022, just as the Debtor's acquisition window expired. As a result of the failed transaction and the expiration of its acquisition window, the Debtor was compelled to return the trust funds to its public investors, leaving it with no operating business or revenue. The company also defaulted on $785,000 in notes issued by Blackstone to the Debtor in anticipation of the acquisition. Blackstone subsequently sued and obtained a summary judgment against the Debtor in New York State Court in the amount of $785,000, plus interest and costs, with judgment entered on August 22. Anticipating aggressive collection efforts, the Debtor initiated its Chapter 11 case on September 26, with the goal of staying litigation, preserving its assets (namely its litigation claims), and pursuing its core litigation as a means of funding a future plan of reorganization. The Debtor's primary asset is a pending lawsuit filed on May 9 in New York State Supreme Court, titled SPAC Recovery Co. v. North Atlantic Imports, LLC, et al., seeking more than $590 million in damages, along with equitable relief including specific performance and the appointment of a receiver. The claims -- numbering 12 -- include breach of various agreements (e.g., the BCA, confidentiality agreements, and engagement letters), breach of fiduciary duties, aiding and abetting, and intentional interference with contracts. The litigation is currently at the motion-to-dismiss stage, with the defendants having filed motions that remain pending. The defendants in the litigation include Blackstone, its executives, the Debtor's former bankers (Nomura), legal counsel (O'Melveny), funders (Oaktree, FS Investments), and individual advisors involved in the deal. The Debtor contends these defendants collectively orchestrated a scheme that deprived it of the Blackstone acquisition opportunity, thereby collapsing its business model. To initiate and pursue this litigation, the Debtor previously obtained pre-petition litigation funding from the DIP Lender, which had committed up to $675,000 under a July 2024 Litigation Funding Agreement, of which approximately $560,030 had been drawn as of the petition date. This pre-petition loan is secured by a first priority lien on all litigation claims, their proceeds, related records, and evidentiary materials. The Debtor acknowledges the validity and enforceability of the pre-petition loan and associated liens and states that there are no objections or defenses to the pre-petition obligations. A court hearing is scheduled for November 5. A copy of the motion is available at https://urlcurt.com/u?l=urfNen from PacerMonitor.com. About Spac Recovery Co. Spac Recovery Co., formerly known as Ackrell SPAC Partners I Co., is a Delaware-based special purpose acquisition company created to raise capital and pursue a merger, share exchange, asset acquisition, or similar business combination. The Company originally targeted investments in the consumer goods sector and entered into a proposed combination with North Atlantic Imports LLC, doing business as Blackstone Products, before the deal was terminated in 2022. It now operates under the name Spac Recovery Co. and is focused on litigation and recovery efforts connected to its prior activities. Spac Recovery Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12109) on September 26, 2025. In its petition, the Debtor reports total assets of $57,306,134 and total liabilities of $9,469,770 Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Michael H. Traison, Esq. of CULLEN AND DYKMAN LLP. SPV LIT FUND, LLC, as DIP Lender, is represented by: Michael Smiley, Esq. Samantha Espino, Esq. The Underwood Law Firm 500 S. Taylor, Suite 1200 Amarillo, TX 79101 Email: mike.Smiley@uwlaw.com samantha.espino@uwlaw.com SPECIAL ENFORCEMENT: Gregory Jones Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for Special Enforcement Security Services doing business as Private Sector Security. Mr. Jones will be paid an hourly fee of $600 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gregory K. Jones, Esq. Stradling Yocca Carlson & Rauth, PC 10100 N. Santa Monica Boulevard, Suite 1400 Los Angeles, CA 90067 Telephone: (424) 214-7000 Facsimile: (424) 214-7010 Email: gjones@stradlinglaw.com About Special Enforcement Security Services Special Enforcement Security Services, doing business as Private Sector Security, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11859) on October 6, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Martin R. Barash presides over the case. Lawrence R. Fieselman, Esq., at the Law Offices of Lawrence R. Fieselman represents the Debtor as bankruptcy counsel. SPEEDHAUS 405: 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 Speedhaus 405, LLC. About Speedhaus 405 LLC Speedhaus 405, LLC operates an auto repair shop in Edmond, Okla. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-12852) on September 15, 2025, listing up to $50,000 in assets and up to $1 million in liabilities. Matt Mickley, owner and member, signed the petition. Judge Janice D. Loyd oversees the case. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC, represents the Debtor as bankruptcy counsel. SRX HEALTH: Additional Reverse Stock Split, Share Increase OK'd --------------------------------------------------------------- SRx Health Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that stockholders of the Company holding a majority of the voting power of the Company entitled to vote as of the record date of October 7, 2025 approved the following matters by way of a written consent resolution: * The issuance, under the Common Share Purchase Agreement by and between the Company and an investor (the "ELOC Purchase Agreement"), of more than that number of shares of the Company's common stock, par value $0.001 per share (or securities convertible into or exercisable for Common Sock, including without limitation notes or warrants) which equals 19.99% of the Common Stock then outstanding. * The issuance, under the Securities Purchase Agreement between the Company and the investors party thereto dated July 7, 2025, of more than that number of shares of Common Stock (or securities convertible into or exercisable for Common Stock, including without limitation notes or warrants) which equals 19.99% of the Common Stock then outstanding. * A proposed future offering of the Company's securities to accredited investors in a private transaction, in which the Company may issue more than that number of shares of Common Stock (or securities convertible into or exercisable for Common Stock, including without limitation notes or warrants) which equals 19.99% of the Common Stock then outstanding. * The amendment of the Company's Certificate of Incorporation in order to increase the number of shares of Common Stock that the Company is authorized to issue from 200,000,000 to 5,000,000,000. * The amendment of Section 7 of the Company's Bylaws to reduce the quorum required for a meeting or vote of the Company's stockholders from a majority of the outstanding shares of Common Stock to one third of the outstanding shares of Common Stock. * Authorization of an additional reverse stock split (the "Additional Reverse Split") of the Common Stock, to occur subsequent to the reverse stock split which was previously approved by the Stockholders on July 23, 2025 (the "Original Reverse Split"), which Additional Reverse Split would be effectuated at a ratio in the range of 15-to-1 and 85-to-1 (the "Additional Split Range"), with the timing (to occur subsequent to the Original Reverse Split but not later than March 31, 2026) and the actual ratio at which the Additional Reverse Split shall be effectuated to be determined by the Board in its discretion following the approval of the Additional Reverse Split by the Stockholders On the date of the written consent, which is the Record Date and the date the Company received a copy of the written consent of the Consenting Stockholders, there were issued and outstanding shares of the Company's capital stock representing 25,491,843 votes on an as converted basis. The Consenting Stockholders from whom the Company obtained the written consent in lieu of a meeting held in the aggregate 13,052,560 shares of voting capital stock (on an as converted basis) representing 51.20% of the outstanding voting power of the Company's stockholders. As the Reverse Stock Split was approved by written consent, there were no votes against, abstaining or broker non-votes in relation to these matters. About SRx Health Solutions, Inc. SRx Health Solutions, Inc. formerly known as Better Choice Company Inc., -- https://srxhealth.com/ -- is an integrated Canadian healthcare services provider that operates within the specialty healthcare industry. The SRx network extends across all ten Canadian provinces, making it one of the most accessible providers of comprehensive, integrated, and customized specialty healthcare services in the country. SRx combines years of industry, knowledge, technology, and patient-centric focus to create strategies and solutions that consistently exceed client expectations and drive critical patient care initiatives aimed to improve the wellness of Canadians. Tampa, Fla.-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and has an accumulated deficit and may need to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $15.8 million in total assets, $7.2 million in total liabilities, and a total stockholders' equity of $8.6 million. SUNRISE FINANCIAL: Hires Orantes Law Firm as Bankruptcy Counsel --------------------------------------------------------------- Sunrise Financial LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ The Orantes Law Firm, P.C. as its general bankruptcy counsel in its Chapter 11 case. The Orantes Law Firm, P.C. will provide these services: (a) advise the Debtor with respect to its rights, duties, and obligations under the Bankruptcy Code; (b) prepare, on behalf of the Debtor, all necessary applications, motions, answers, orders, reports, and other legal documents required in the administration of the Chapter 11 case; (c) represent the Debtor in all proceedings before the Bankruptcy Court and in any other judicial or administrative proceedings where the Debtor's rights may be affected; (d) assist the Debtor in negotiating and formulating a plan of reorganization and related disclosure statement; and (e) perform such other legal services as may be necessary and appropriate in connection with the Chapter 11 case. The Orantes Law Firm, P.C. has agreed to be compensated at its customary hourly rates: $550 per hour for attorneys and $195 per hour for paralegals, subject to court approval after notice and hearing. According to the declaration of Giovanni Orantes, Esq., the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no interest adverse to the Debtor or its estate. The firm can be reached at: Giovanni Orantes, Esq. THE ORANTES LAW FIRM, P.C. 3435 Wilshire Blvd., 27th Floor Los Angeles, CA 90010 Telephone: (213) 389-4362 Facsimile: (877) 789-5776 E-mail: go@gobklaw.com About Sunrise Financial LLC Sunrise Financial LLC, a single-asset real estate entity, holds its principal property at 144 E. Palmdale Blvd. in Palmdale, California. Sunrise Financial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-17896) on September 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Giovanni Orantes, Esq. at THE ORANTES LAW FIRM, A.P.C. TACTICAL TOWING: Seeks Subchapter V Bankruptcy in Illinois ---------------------------------------------------------- Diana Barr of St. Louis Business Journal reports that a Belleville towing company, Tactical Towing, has entered Chapter 11 bankruptcy on September 30, 2025, citing financial pressures that left it with $427,813 in assets and $741,039 in liabilities. The voluntary filing gives the company an opportunity to reorganize its finances and continue operating while under the protection of the bankruptcy court. A meeting of creditors is set for November 2025, during which the company's restructuring path will be reviewed. Tactical Towing's decision to file reflects broader economic strains faced by small service-based businesses managing high operational costs and limited cash flow. About Tactical Towing Tactical Towing is a Belleville towing company. Tactical Towing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-30751) on September 30, 2025. In its petition, the Debtor reports $427,813 in assets and $741,039 in liabilities. Honorable Bankruptcy Judge Mary E. Lopinot handles the case. The Debtor is represented by Jerry D. Graham, Jr., Esq. of Jd Graham PC. TASTY PEACH STUDIOS: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Tasty Peach Studios, Inc. 260 Margraf Court Dyer, IN 46311 Business Description: Tasty Peach Studios, Inc., based in Dyer, Indiana, designs and sells merchandise inspired by Japanese culture, including plush toys, apparel, accessories, and home goods. The Company operates primarily through its online store and attends anime conventions across the United States. Its product lines include the Meowchi mochi- themed cats and the Dino S'mores collection. Chapter 11 Petition Date: October 14, 2025 Court: United States Bankruptcy Court Northern District of Indiana Case No.: 25-22094 Judge: Hon. James R Ahler Debtor's Counsel: Daniel L. Freeland, Esq. DANIEL L. FREELAND & ASSOCIATES, P.C. 9105 Indianapolis Blvd Highland IN 46322 Tel: (219) 922-0800 Email: dlf9601@aol.com Total Assets: $719,184 Total Liabilities: $1,448,012 The petition was signed by Carmelo Zanfei as CFO and treasurer. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QGR7O5Y/Tasty_Peach_Studios_Inc__innbke-25-22094__0001.0.pdf?mcid=tGE4TAMA TBB DEEP: Gets Interim Order Amending Cash Collateral Budgets ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Texas, Dallas Division, issued an interim order amending the cash collateral budgets submitted by TBB Deep Ellum, LLC and its affiliates. The affiliates are TBB Boardwalk, LLC, TBB North Arlington, LLC, TBB Stockyards FW, LLC, TBB Coppell, LLC, and TBB Abilene, LLC. The budgets were previously approved under the court's final cash collateral orders. The final cash collateral orders will continue to control and be of full force and effect with regard to their substantive provisions. A final hearing is scheduled for November 19. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LfVdK from PacerMonitor.com. About TBB Deep Ellum TBB Deep Ellum, LLC operates as The Biscuit Bar and provides counter-service dining featuring biscuit sandwiches and full-bar service. The company operates from its location at 2550 Pacific Avenue in Dallas's Deep Ellum neighborhood. TBB Deep Ellum filed Chapter 11 petition (Bankr. D. Texas Case No. 25-30207) on January 21, 2025, listing between $50,000 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Michelle V. Larson handles the case. On February 12, 2025, the bankruptcy court ordered the joint administration of TBB Deep Ellum's case and the Chapter 11 cases filed by its affiliates on February 6, 2025. The affiliates are TBB Boardwalk, LLC, TBB North Arlington, LLC, TBB Stockyards FW, LLC, TBB Coppell, LLC, and TBB Abilene, LLC. Judge Michelle V. Larson oversees the cases. The Debtors' legal counsel is Thomas Berghman, Esq., at Munsch Hardt Kopf & Harr, P.C., in Dallas, Texas. Spectra Bank, as lender, is represented by: Jack M. Kuykendall, Esq. Law Offices of Jack M. Kuykendall 5048 Tennyson Parkway, Suite 250 Addison, TX 75001 Phone: 972-989-7140 Fax: 972-200-9933 Email: jmkesq@jmklaw.net THRILL INTERMEDIATE: Lenders Seek to Prohibit Cash Collateral Use ----------------------------------------------------------------- The ad hoc group of first lien lenders and CION Agent, LLC, as administrative sub-agent, ask the U.S. Bankruptcy Court for the District of Nevada to prohibit Thrill Intermediate LLC from using cash collateral. In a motion filed in court, the group asserts that the Debtors' bankruptcy cases were filed in bad faith by individuals who had been removed from managerial roles and lacked proper authority. It argues that these cases were not genuine attempts at reorganization, as evidenced by the absence of standard first-day motions typically used to stabilize a company entering bankruptcy but are a tactic to delay creditors and misuse collateral. The group raises concerns about the potential dissipation of cash assets and seeks a court order requiring that the cash collateral -- defined as funds traceable to secured assets, particularly revenue from MTV production contracts -- be segregated and not used without lender consent. The group also claims that the Debtors recently made improper financial distributions, including a $12.9 million payment to equity holders just before defaulting on a debt payment, which it views as self-dealing and a breach of its rights under the Credit Agreement. Additionally, the group suspects that some cash was used to fund obligations under a Transition Services Agreement in violation of credit terms. The group asserts its legal rights under 11 U.S.C. Sections 105, 361, 362, and 363, emphasizing that use of cash collateral without lender consent is prohibited unless the Debtor proves "adequate protection" of the group's interests, which the Debtor has neither demonstrated nor attempted. Furthermore, the group argues that the Bankruptcy Code mandates immediate segregation and accounting of all cash collateral, and that failure to comply puts the group's secured position at risk. A court hearing is scheduled for November 12. About Thrill Intermediate LLC Thrill Intermediate, LLC, a Las Vegas-based holding company, through its direct and indirect wholly owned subsidiaries, creates and produces television content and has at times produced live entertainment events, most notably the MTV show Ridiculousness, a 30-minute studio clip show where host Rob Dyrdek and co-hosts comment on viral videos featuring stunts, mishaps, and everyday chaos, which constitutes roughly half of MTV's programming. The Company also manages subsidiaries involved in media production, digital marketing, event management, and intellectual property. Thrill Intermediate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-15714) on September 28, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mike K. Nakagawa handles the case. The Debtor is represented by Gregory E. Garman, Esq., at Garman Turner Gordon, LLP. The Ad Hoc Group of First Lien Lenders and CION Agent, LLC, as administrative sub-agent, are represented by McDonald Carano, LLP. McDonald may be reached through: Ryan J. Works, Esq. Jimmy F. Dahu, Esq. McDonald Carano, LLP 2300 West Sahara Avenue, Suite 1200 Las Vegas, NV 89102 rworks@mcdonaldcarano.com jdahu@mcdonaldcarano.com David M. Hillman, Esq. Michael T. Mervis, Esq. Proskauer Rose, LLP Eleven Times Square New York, NY 10036 dhillman@proskauer.com mmervis@proskauer.com -and- Charles A. Dale, Esq. Proskauer Rose, LLP One International Place Boston, MA 02110 cdale@proskauer.com TITAN ENVIRONMENTAL: Frank Celli Steps Down as Director ------------------------------------------------------- Titan Environmental Solutions, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Frank E. Celli resigned from his role as a member of the Board of Directors. Mr. Celli's resignation as a director is not the result of any disagreement with the Company or its management on any matter relating to the Company's operations, policies, or practices. About Titan Environmental Bloomfield Hills, Mich.-based Titan Environmental Solutions, Inc. is a professional service firm that provides consultation on regulatory compliance to departments at corporations, public agencies, and residential communities to ensure that its clients are aware of and take steps to comply with relevant laws and regulations. The firm also offers solutions to remove the risk caused by harmful environmental hazards. Buffalo, New York-based Freed Maxick P.C. (f/k/a Freed Maxick CPAs, P.C.), the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 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. This raises substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2025, the Company had $26.93 million in total assets, $27.63 million in total liabilities, and a total stockholders' deficit of $8.69 million. TRICOLOR AUTO: Explores Sale, Seeks Funding as Fraud Probe Advances ------------------------------------------------------------------- James Nani of Bloomberg Law reports that the advisers overseeing the liquidation of Tricolor Holdings LLC are preparing to auction off the subprime auto lender's assets -- including vehicles, lease locations, and a loan portfolio of roughly 8,000 accounts -- as early findings reveal signs of extensive fraud within the company. Chapter 7 trustee Anne Burns is working to verify evidence of systemic misconduct while federal prosecutors pursue parallel criminal investigations, attorney Charles R. Gibbs of McDermott Will & Schulte told a Dallas bankruptcy court on Wednesday, October 15, 2025, the report states. "The initial findings do indicate, frankly, a significant fraud that was perpetrated," Gibbs said during the hearing, underscoring the scale of the alleged wrongdoing that has complicated the wind-down process. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq., at Sidley Austin LLP. TRUTANKLESS INC: Reports $1.6M Net Loss for Q1 2025 --------------------------------------------------- Trutankless, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1.60 million for the three months ended March 31, 2025, compared to a net loss of $405,152 for the three months ended March 31, 2024. The Company has not generated sufficient revenues from product sales to provide sufficient cash flows to enable the Company to finance its operations internally. As of March 31, 2025, the Company had $11,404 cash on hand. On March 31, 2025, the Company has an accumulated deficit of $78.70 million. For the three months ended March 31, 2025, had cash used in operations of $707,142. Net sales for the three months ended March 31, 2025, was $430,087, compared to no net sales for the same period in 2024. Gross profit for the three months ended March 31, 2025, was $104,289. As of March 31, 2025, the Company had $3.46 million in total assets, $10.86 million in total liabilities, and $7.40 million in total stockholders' deficit. Over the next 12 months, management plans to raise additional capital and to invest its working capital resources in sales and marketing in order to increase the distribution and demand for its products. However, there is no guarantee the Company will generate sufficient revenues or raise capital to continue operations. If the Company fails to generate sufficient revenue and obtain additional capital to continue at its expected level of operations, the Company may be forced to scale back or discontinue its sales and marketing efforts. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/ezp4zrbs About Trutankless, Inc. Trutankless, Inc. is involved in sales, marketing, research and development of a high quality, whole-house, smart electric tankless water heater that is more energy efficient than conventional products. Management anticipates the Company's trutankless water heater, with Wi-Fi capability and Trutankless' proprietary apps offered in the iOS and Android store, will augment existing products in the home automation space. As of December 31, 2024, the Company had $3,397,110 in total assets, $9,743,750 in total liabilities, and total deficit of $6,346,640. Houston, Texas-based Victor Mokuolu, CPA PLLC, the Company's auditor since 2004, issued a "going concern" qualification in its report dated August 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that as of December 31, 2024, and December 31, 2023 (restated), the Company had an accumulated deficit of $77,101,969, and $66,915,867 respectively. The Company has not established sufficient revenue to cover its operating costs for the next 12 months. These factors raise substantial doubt about its ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on the Company's ability to generate revenues and raise capital. TURNONGREEN INC: Steven Caspi, SJC Lending Hold 7.3% Stake ---------------------------------------------------------- Steven J. Caspi, LLC and SJC Lending, LLC disclosed in a Schedule 13D (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of October 7, 2025, they beneficially own 13,501,431 shares of TurnOnGreen, Inc.'s common stock, $0.001 par value per share, representing approximately 7.3% of the 183,983,122 shares outstanding as of August 11, 2025. The aggregate purchase price of the 13,501,431 shares beneficially owned by SJC Lending, LLC was $484,055, funded with working capital, which may have included margin loans made by brokerage firms in the ordinary course of business. Through his role as Manager of SJC Lending, LLC, Mr. Steven J. Caspi may be deemed to beneficially own the same 13,501,431 shares, sharing both voting and dispositive power. SJC Lending, LLC and Steven J. Caspi may be reached through: Kenneth Schlesinger, Esq. Olshan Frome Wolosky LLP 1325 Avenue of the Americas New York, N.Y. 10019 Tel: 212-451-2300 A full-text copy of the SEC report is available at: https://tinyurl.com/4tessrja About TurnOnGreen Inc. TurnOnGreen, Inc. (formerly known as Imperalis Holding Corp.), a Nevada corporation, through its wholly owned subsidiaries Digital Power Corporation and TOG Technologies Inc., is engaged in the design, development, manufacture, and sale of highly engineered, feature-rich, high-grade power conversion and power system solutions for mission-critical applications and processes. New York, N.Y.-based Marcum LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 23, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 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. As of June 30, 2025, the Company had $2.58 million in total assets, $9.5 million in total liabilities, and $31.92 million in total equity. TURQUOISE LLC: Hires Ag & Business as Legal Counsel --------------------------------------------------- Turquoise, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Iowa to employ Ag & Business Legal Strategies to serve as legal counsel in its Chapter 11, Subchapter V case. The firm will provide these services: (a) prepare pleadings, motions, and applications, and conduct examinations incidental to any related proceedings or to the administration of this case; (b) develop the relationship between the Debtor-in-Possession and creditors’ claims against it; (c) advise the Debtor-in-Possession of its rights, duties, and obligations in this bankruptcy; (d) take any other necessary action incident to the proper preservation and administration of this bankruptcy case; and (e) advise and assist the Debtor in the formation and preparation of a plan under Chapter 11, Subchapter V of the Bankruptcy Code and all related matters. Ag & Business Legal Strategies will be compensated based on these standard hourly rates: Attorney Joseph Peiffer: $615 Senior Associate Attorney/Senior Of Counsel: $500 Mid-Level Associate Attorney/Of Counsel: $440 Junior Associate Attorney: $375 Senior Support/Paralegal: $195 Junior Support/Paralegal: $180 The Debtor paid a prepetition retainer totaling $30,299, of which $22,582.50 was used prepetition, leaving a balance of $7,716.50 on the filing date. According to court filings, Ag & Business Legal Strategies is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph A. Peiffer, Esq. AG & BUSINESS LEGAL STRATEGIES P.O. Box 11425 Cedar Rapids, IA 52410-1425 Telephone: (319) 363-1641 Facsimile: (319) 200-2059 E-mail: joe@ablsonline.com About Turquoise LLC Turquoise LLC is a limited liability company. Turquoise LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No. 25-01112) on October 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Thad J. Collins handles the case. The Debtor is represented by Austin Peiffer, Esq. of Ag & Business Legal Strategies. VIVAKOR INC: Issues $647.5K Convertible Note, Grants 82.5K Shares ----------------------------------------------------------------- As previously reported, on August 12, 2025, Vivakor, Inc. issued a convertible promissory note to a non-affiliated accredited investor, in the aggregate principal amount of $647,500 in connection with a Securities Purchase Agreement entered into by and between the Company and the Holder. The Company received $550,000 in exchange for issuing the note. In connection with the issuance of the note, the Company agreed to issue the Holder 82,500 shares of its common stock as additional incentive to enter into the SPA and the note. The Company issued the shares with a restrictive legend on October 8, 2025. The issuance of the foregoing securities was exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the Holder is accredited investor and familiar with our operations. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of these financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, 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. VIVAKOR INC: J.J. Astor Converts $900K Note Into 6.49M Shares ------------------------------------------------------------- As previously reported, on March 17, 2025, Vivakor, Inc., issued a junior secured convertible promissory note to J.J. Astor & Co., in the principal amount of $6,625,000, in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender. The Company received $5,000,000, before fees. The Company received the funds on March 18, 2025. The Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 2 and 6, 2025, the Company received a Notices of Conversion from the Lender, converting $400,000 and $500,000 of the Principal Amount of the Initial Note into 2,991,773 shares and 3,496,503 shares of the Company's common stock, respectively. Pursuant to the terms of the Initial Note and the Notices of Conversion, the Company issued the Shares. The Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with our operations. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of these financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, 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. VSM PROPERTIES: Section 341(a) Meeting of Creditors on Nov. 14 -------------------------------------------------------------- On October 9, 2025, VSM Properties LLC filed Chapter 11 protection in the Eastern District of Tennessee. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under Section 341(a) to be held on November 14, 2025 at 11:00 AM by telephone: 888-330-1716, passcode 5534817 (Ch 11 cases in Chattanooga/Winchester). About VSM Properties LLC VSM Properties LLC owns and operates short-term rental and residential real estate in Tellico Plains, Tennessee and the surrounding area, focusing on cabin and hospitality properties. VSM Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12708) on October 9, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Nicholas W. Whittenburg handles the case. The Debtor is represented by W. Thomas Bible, Jr., Esq. of TOM BIBLE LAW. WAVE ASIAN: Court Denies Bid to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division denied Wave Asian Bistro, LLC's motion to use cash collateral as moot. On October 15, the bankruptcy court confirmed the Debtor's Chapter 11 plan of reorganization. About Wave Asian Bistro Wave Asian Bistro, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02112) on April 11, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., serves as Subchapter V trustee. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw, PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com WFL BUILDERS: Charles Persing Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 2 appointed Charles Persing, a certified public accountant at Bederson, LLP, as Subchapter V trustee for WFL Builders, LLC. Mr. Persing will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Persing declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles N. Persing, CPA/CFF, CVA, CIRA, CFE Bederson LLP 100 Passaic Avenue, Suite 310 Fairfield, NJ 07004 Phone: (973) 530-9181 Fax: (862) 926-2481 Email: cpersing@bederson.com About WFL Builders LLC WFL Builders, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-36052) on October 7, 2025, with $100,001 to $500,000 in assets and up to $50,000 in liabilities. Judge Kyu Young Paek presides over the case. Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP represents the Debtor as legal counsel. WOHALI LAND: Trustee Employs Foley & Lardner LLP as Counsel ----------------------------------------------------------- Matt McKinlay, in his capacity as the Chapter 11 Trustee for Wohali Land Estates, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Utah to employ Foley & Lardner LLP to serve as counsel in the Debtor's Chapter 11 case. Foley & Lardner LLP will provide these services: (a) provide legal advice with respect to the Trustee's rights, powers and duties in this Chapter 11 Case; (b) prepare on behalf of the Trustee necessary applications, motions, objections, memoranda, orders, reports, and other legal papers; (c) appear in Court, in litigation as a party-in-interest, and at statutory meetings of creditors to represent the interests of the Trustee; (d) negotiate and evaluate the use of cash collateral, proposed debtor-in-possession financing, and any other potential financing alternatives; (e) negotiate a potential plan or plans of reorganization or liquidation and matters related thereto; (f) assist the Trustee in analyzing the claims and causes of action of the Debtor; (g) assist the Trustee with his investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and of the operation of the Debtor's business; (h) negotiate and formulate the proposed sale of the Debtor's assets, including pursuant to section 363 of the Bankruptcy Code; and (i) assist with the Trustee's performance of his duties and powers under the Bankruptcy Code and the Bankruptcy Rules. Foley's current standard hourly billing rates are: Partner $825 to $1,950; Of Counsel $775 to $1,200; Senior Counsel $760 to $880; Special Counsel $385 to $800; Associate $475 to $835; and Paraprofessional $225 to $540. The hourly rates for the professionals assigned to this case are: Ellen E. Ostrow, Partner, $825; Katie Catanese, Partner, $1,150; Melanie Clark, Partner, $825; Thomas M. Little, Partner, $975; Allison S. McKown, Partner, $875; Tamar Dolcourt, Special Counsel, $800; Elise Carter, Associate, $475; and Elisha Teed, Paralegal, $285. Foley & Lardner LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Ellen E. Ostrow, Esq. FOLEY & LARDNER LLP 95 State Street, Suite 2500 Salt Lake City, UT 84111 Telephone: (801) 401-8900 E-mail: eostrow@foley.com About Wohali Land Estates LLC Wohali Land Estates, LLC develops the Wohali master-planned community in Coalville, Utah, combining private residential neighborhoods with public-access resort amenities such as a golf course, lodge, spa, and dining facilities. The development's design integrates luxury homes and estate lots with hospitality, recreation, and infrastructure improvements including public roadways, utility systems, and environmental stabilization measures. Its operations include property maintenance and site preparation to preserve asset value and support future construction. Wohali Land Estates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-24610) on August 8, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Peggy Hunt handles the case. The Debtor is represented by Mark C. Rose, Esq., at McKay, Burton & Thurman, P.C. XEROX HOLDINGS: Hires Advisers to Help w/ Cash Flow, Revenue Issues ------------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Xerox Holdings Corp. has enlisted financial and legal advisers as it faces mounting challenges from stagnant revenue and rising cash flow pressures, according to people familiar with the matter. The company is working with Lazard Inc. and Kirkland & Ellis LLP to explore debt management options. Meanwhile, a group of Xerox lenders has retained Gibson Dunn & Crutcher LLP for counsel, the sources said, requesting anonymity to discuss confidential talks. Xerox, Lazard, Kirkland, and Gibson Dunn declined to comment, according to Bloomberg News. As of June 30, 2025 Xerox reported roughly $3.9 billion in debt, including financing and other obligations, as it continues efforts to stabilize operations and strengthen its balance sheet, the report states. About Xerox Holdings Corp. Xerox Holdings Corporation is a company that sells print and digital document products and services, with its principal executive offices located in Norwalk, Connecticut. [BN] XWELL INC: Cancels 2025 Annual Meeting, Withdraws Proxy Proposals ----------------------------------------------------------------- XWELL, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 8, 2025, the Company filed a definitive proxy statement on Schedule 14A (as amended and supplemented, the "Proxy Statement") in connection with the Company's 2025 Annual Meeting Of Stockholders, which was opened and adjourned on September 16, 2025, to October 10, 2025. The Company cancelled the Annual Meeting and withdrew from consideration by the Company's stockholders the proposals set forth in the Proxy Statement. The Company will reschedule its Annual Meeting at a later date and will file a new proxy statement with the Securities and Exchange Commission in connection therewith. About XWELL New York, N.Y.-based XWELL, Inc. is a global wellness company operating multiple brands and focused on bringing restorative, regenerative and reinvigorating products and services to travelers. Morristown, N.J.-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company 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. As of December 31, 2024, the Company had $25.4 million in total assets, $17.6 million in total liabilities, and a total equity of $7.7 million. ZIONS BANCORPORATION: Moody's Affirms 'Ba1(hyb)' Pref. Stock Rating ------------------------------------------------------------------- Moody's Ratings has affirmed the ratings and assessments of Zions Bancorporation, National Association (Zions), including its standalone Baseline Credit Assessment (BCA) and Adjusted BCA of baa1, its long-term local currency deposit rating of A2, and its long-term issuer rating of Baa2. The bank's long-term local and foreign currency Counterparty Risk Ratings (CRRs) of Baa1 and the long-term and short-term Counterparty Risk Assessments (CRA) of A3(cr)/P-2(cr) were affirmed. The bank's P-1 short-term local currency deposit rating and P-2 short-term local and foreign currency CRRs were affirmed. Moody's Ratings also affirmed Zions Bancorporation's local currency preferred stock non-cumulative rating of Ba1 (hyb), previously assumed by Zions. Zions' long-term issuer rating and long-term deposit rating outlooks remain stable. RATINGS RATIONALE The affirmation of the BCA and other assessments and ratings reflects Zions' strong deposit franchise, sound asset quality, and favorable liquidity profile. The rating action also incorporates improvements in the bank's regulatory capital and earnings, which Moody's expects to be sustained over the medium term. Notwithstanding, the BCA also incorporates the continuing drag on economic capital, funding and earnings created by losses in Zions' securities book embedded in accumulated other comprehensive income (AOCI). Zions' earnings have improved due to favorable deposit repricing and the replacement of legacy securities with low fixed-rate coupons with higher-yielding assets. In the second quarter of 2025, net income to tangible assets increased to 0.94%, up from 0.79% in the second quarter of 2024. The reported net interest margin also rose to 3.17% in the second quarter of 2025, compared to 2.98% in the same period of 2024, as the cost of total deposits decreased to 1.68% from 2.11%. This reduced reliance on more expensive funding sources has also enhanced the bank's core profitability over the past year. Stronger earnings and a reduction in share repurchases have allowed Zions to increase its Moody's Ratings-adjusted tangible common equity (TCE) to risk-weighted assets (RWA) ratio to 11.0% as of June 30, 2025, up from 10.25% a year earlier. While this is a notable improvement in capitalization, Zions still faces significant unrealized losses in its available-for-sale (AFS) and held-to-maturity (HTM) securities portfolios. These unrealized losses amount to 29% of its calculated TCE as of June 30, 2025. Regulatory capital calculations do not include unrealized losses on HTM securities and do not consider unrealized AFS losses for banks of Zions' size, yet these still represent unrealized economic losses for the bank. Zions' problem loan ratio has remained stable over the past year despite the challenges posed for many CRE borrowers from higher interest rates, a slowing economy, and demand/supply imbalances. Non-performing assets (NPAs) were 0.51% of total loans and leases as of June 30, 2025 and annualized net charge-offs were 7 basis points. Zions' reported allowance for credit losses was 1.20% of total loans and leases at June 30, 2025. Zions ratings are also supported by its low reliance on wholesale funding and its strong and granular core deposit base. This strength is further supported by the bank's liquid banking assets. OUTLOOK The stable outlook reflects Moody's views that Zions' profitability will continue to improve and that recent improvements in the bank's capitalization will persist. The stable outlook also reflects Moody's views that Zions' liquidity will remain supportive of the rating and the bank will exhibit a better-than-peer funding profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Zions' ratings could be upgraded if the bank sustains a TCE/RWA ratio comfortably above 11.5% and its liquidity profile also strengthens. An upgrade would also be contingent on the bank improving its earnings profile and revenue diversification while maintaining better-than-peer asset quality. Zions' ratings could be downgraded if there is a sustained decline in TCE/RWA below 10% or a significant and sustained deterioration in asset quality or profitability relative to similarly rated peers. The ratings could also be downgraded if Zions' reliance on market funding grows, liquidity weakens or if the bank exhibits an increased risk appetite. The principal methodology used in these ratings was Banks published in November 2024. Zions' "Assigned BCA" of baa1 is set two notches below the "Financial Profile" initial score of a2 to reflect the bank's comparatively weaker capital position and below-peer profitability. ********* 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. 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