251025.mbx

251025.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, October 25, 2025, Vol. 29, No. 297 Headlines 23ANDME HOLDINGS: Shows No Activity in August Operating Report BIG LOTS: Reports No Profit or Loss in August Operating Report FORDHAM LANDING: Dec. 2 Auction of Equity Interest [^] BOOK REVIEW: Black Monday ********* 23ANDME HOLDINGS: Shows No Activity in August Operating Report -------------------------------------------------------------- Chrome Holding Co. f/k/a 23andMe Holding Co. filed its monthly operating report for August with the U.S. Securities and Exchange Commission. The Debtor's statement of operations showed no profit or loss for the reporting period August 1 to 31, 2025. As of August 31, 2025, the Debtor reported zero total assets, total liabilities, and total shareholders' equity. The Debtor's operating report reflected zero receipts and disbursements in October. A copy of the monthly operating report is available at the SEC at: https://tinyurl.com/ztwu2sbr 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. BIG LOTS: Reports No Profit or Loss in August Operating Report -------------------------------------------------------------- Big Lots, Inc., now known as Former BL Stores, Inc., filed with the U.S. Securities and Exchange Commission its Monthly Operating Report for August, covering the period from August 3, 2025 through August 30, 2025. The Debtor's statement of operations reflected no net profit or loss for the reporting period. As of the reporting period ended August 30, 2025, the Debtor listed -$575.86 million in total assets, $154,612 in total liabilities, and -$576.02 million in total shareholders' equity. The Debtor started the month with $5.85 million in cash. It had $216,091 in total receipts. At month end, the Debtor had $6.07 million in cash. A copy of the monthly operating report is available at the SEC at: https://tinyurl.com/mvvyramz About Big Lots Big Lots (NYSE: BIG) -- http://www.biglots.com/-- is one of the nation's largest closeout retailers focused on extreme value, delivering bargains on everything for the home, including furniture, decor, pantry and more. On Sept. 9, 2024, Big Lots, Inc. and each of its subsidiaries initiated voluntary Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 24-11967). The case is being administered by the Honorable J. Kate Stickles. Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company. Kroll is the claims agent. Kirkland & Ellis is serving as legal counsel to Nexus Capital Management LP. PNC Bank, National Association, the DIP ABL Agent and Prepetition ABL Agent, is represented by Choate, Hall & Stewart, LLP; and Blank Rome, LLP. 1903P Loan Agent, LLC, the DIP Term Agent, and the Prepetition Term Loan Agent are represented by Otterbourg, P.C. and Richards, Layton & Finger, P.A. FORDHAM LANDING: Dec. 2 Auction of Equity Interest -------------------------------------------------- In accordance with the applicable provisions of the Uniform Commercial Code as in effect in the State of New York, Fordham North Preferred Investor LLC, as successor-in-interest to CPIF MRA, LLC, will sell at one or more public auctions all limited liability company interests held by Fordham Landing Preferred LLC and Fordham Landing Preferred Sponsor LLC ("Pledgors") in Fordham Landing Preferred MDBZJGGS, LLC, DS Fordham Landing 2, LLC, and DS Fordham Landing 4 LLC ("Pledged Entities"). The Equity Interests secure the indebtedness owing by Fordham Landing Preferred to Fordham North in a principal amount of not less than $18,917,999.77, plus unpaid interest (including default rate interest), attorneys' fees and other charges, including the costs to sell the Equity Interests. The public auction sale will be held at 10:00 AM (CST) on December 2, 2025, by virtual bidding via Zoom (http://bit.ly/FordhamCSX, meeting ID: 839 5272 2069, passcode: 119512) or by telephone at +1 (646) 931 3860 (using same meeting ID and passcode). The public sale will be conducted by Matthew D. Mannion of Mannion Auctions, LLC. At the Public Sale, PMRP reserves the right to: (i) credit bid up to the amount of the Debt; (ii) set minimum reserve price for the Equity Interests; (iii) reject bids, in whole or in part; (iv) cancel or adjourn the Public Sale, in whole or in part; and (v) establish the terms and conditions of the Public Sale. The principal assets of each of the Pledged Entities are the parcels of real property located at: -- 2371 Exterior Street, Bronx, NY -- 2391 & 2401 Exterior Street, Bronx, NY -- 301 West Fordham Road, Bronx, NY Parties interested in bidding on the Equity Interests must contact Stephen Schwalb at Newmark, Secured Party's broker, at +1-469-467-2084 or stephen.schwalb@nmrk.com [^] BOOK REVIEW: Black Monday ----------------------------- Black Monday: The Stock Market Catastrophe of October 19, 1987 Author: Tim Metz Publisher: Beard Books Softcover: 268 pages List Price: $34.95 https://ecommerce.beardbooks.com/beardbooks/black_monday.html Metz uses his 23-year career as a journalist with The Wall Street Journal to good effect in this account of the worst stock-market crash since 1929. Chapters and sections within them begin by noting date and location in the style of newspaper reports -- e.g., "October 19, 1987-New York Stock Exchange, chairman's office, 10:45 A.M."; "August 25, 1987 – Storefront broker's office near Canal Street, 11:30A.M." This has the effect of dramatizing the collapse, events surrounding it, and varied individuals playing key roles in trying to deal with it and affected by it. A hotel in Paris, a roadway leading to the Caracas, Venezuela airport, the White House, and the Chicago Mercantile Exchange are other locations. Like a camera panning from one scene to the next, Metz's style keeps the drama high and the story moving. Even though the generalities of this historic stock-market event are known, one is drawn into Metz's telling by its inside-story perspective and to find out how the main characters act as the event unfolds and how things turn out for them in the end. Two of these main characters are John Phelan, chairman of the New York Stock Exchange at the time, and Donny Stone, an NYSE trading specialist. The book opens with Phelan in his chairman's office in a meeting with the heads of Salomon Brothers, Merrill Lynch, Goldman Sachs, and other top financial and securities firms. They are all extremely concerned about the 235-point stock-market decline of the preceding week. And they have different thoughts on its causes, import, and appropriate responses to it. After seeing the havoc in the stock market of the previous week, Donny Stone cuts short his vacation in Florida to hurry back to New York to take care of his business as best he can in the circumstances which are having repercussions not only at the NYSE, but also in Washington, D. C., across America, and around the world. The long-term crippling consequences that Wall Street's top leaders and high government officials feared the worse were avoided by a combination of enlightened quick remedies, lowering of fears, expertise and professionalism among numerous individuals in positions high and low, and opportunism among many who saw new opportunities in the havoc. While the worst consequences of the sudden, unexpected, chaotic collapse were avoided and normal order and predictability returned to the financial markets before long, "Black Monday" brought essential changes to the NYSE and the business of trading. Most of the public were not aware of these changes as normal operations returned over the following weeks. But they were unmistakable to insiders; and many individuals connected to Wall Street for decades were hurt by the changes. At Metz's paper, The Wall Street Journal, some staff were let go because of the reduction in advertising and circulation following the crash. But apart from countless individuals who lost their jobs from the dislocations caused by the crash, the business of trading had a sea change. "Black Monday" brought to light the degree to which traders and trading had come to dominate the modern-day stock market. Of course, trading in stocks had always been the NYSE's reason for being. But as the market crash evidenced, trading had taken on a life of its own. Trading calculations, as seen especially in risk arbitrage, had become so sophisticated and easy to execute that market weaknesses being exploited were publicized widely and quickly. Along with this, the volume of stocks traded and the speed with which financial transactions occurred with advanced communications made the market more mercurial and unmanageable than it had ever been. The very image of trading had been changed within the financial community. As William Simon, the former Secretary of the Treasury, noted, when he first entered investment banking, "trading was not a respectable profession." But by the time of the 1987 disaster and even more so in the years after it, "kids out of B-school are dying to get to the trading desk." Trading has become a high-profile, quasi-glamorous subject in the daily financial and business media. And to the graduates of business schools, it is seen as the field where the most money can be made most quickly and easily. Tim Metz captures all of the dimensions and human drama of this watershed event in the history of the New York Stock Exchange. He closes with the Cassandra-like note that instead of trying to control the astonishingly high levels of trading in short periods of time which was a major cause of Black Monday, the NYSE with the guidance and support of the Security Exchange Commission (SEC) increased the capacity for trading. After more than two decades with The Wall Street Journal, Metz became the head of his own firm, Hullen Metz & Co. LLC, in the areas of financial communications and media relations strategy and execution. Metz earned his bachelor's and master's degrees in Journalism at Marquette University in 1961 and 1966, respectively. This book may be ordered by calling 888-563-4573 or by visiting www.beardbooks.com or through your favorite Internet or local bookseller. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***