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Wednesday, March 11, 2020

Welcome to the Bankruptcy
Today Newsletter.

Your daily access to recent significant Chapter 11 case filings, relevant restructuring news and samples of some of our current distressed company profiles.

Featured Recent Filings


CourtFiledDebtorCase NoAttorneyAssetsLiabilities
E.D.N.Y.3/10/2020560 Liberty Inc.20-41455Stacey A. Reeves$100k - $500k$100k - $500k
S.D.N.Y.3/10/2020Journey of Light, Inc.20-10743Mitchell J. Rotbert$0 - $50k$0 - $50k
W.D.N.Y.3/10/2020Lucky Rabbit, LLC20-10406Arthur G. Baumeister, Jr.$0 - $50k$100k - $500k
S.D.N.Y.3/10/2020Omagine, Inc.20-10742Mitchell J. Rotbert$0 - $50k$1M - $10M
S.D.N.Y.3/10/2020OWENS TRANSPORTATION EXCELLENCE, INC.20-10741Charles E. Simpson$0 - $50k$50k - $100k
S.D.N.Y.3/10/2020THREE DIAMOND DINER CORP.20-22376Lawrence F. Morrison$0 - $50k$500k - $1M
S.D. Ill.3/10/2020Strebor Specialties LLC20-30262Steven M. Wallace$1M - $10M$1M - $10M
M.D. Fla.3/10/2020HLPG Newaco, LLC20-02102Angelina E. Lim$500k - $1M$1M - $10M
S.D. Fla.3/10/2020JM Fitness LLC20-13257Chad Van Horn$100k - $500k$100k - $500k
M.D. Fla.3/10/2020North Tampa Anesthesida Consultants, PA20-02101Angelina E. Lim$1M - $10M$1M - $10M
W.D. Mich.3/10/2020Baldwin Pattie Drug Store, LLC20-01025Paul Bare$100k - $500k$500k - $1M
D. Mass.3/10/2020A.J. Michael Realty LLC20-10696David B. Madoff$1M - $10M$100k - $500k
D.N.J.3/10/2020Nizza Inc.20-14096David L. Stevens$0 - $50k$50k - $100k
E.D. Pa.3/10/2020DENTAL ARTS OF LOGAN SQUARE, LLC20-11507Pro Se$50k - $100k$500k - $1M
E.D. Pa.3/10/2020S & H Hardware & Supply Co., Inc.20-11514Maureen P. Steady$0 - $50k$500k - $1M
N.D. Iowa3/10/2020Kids First Gymnastics, Inc.20-00322Rush M. Shortley$100k - $500k$500k - $1M
E.D. La.3/10/2020Wadsworth Estates, LLC20-10540William G. Cherbonnier, Jr.$10M - $50M$10M - $50M
E.D. Mo.3/10/2020Foresight Energy LP20-41308Richard W. Engel, Jr.> $1B> $1B
E.D. Mo.3/10/2020Foresight Energy LP20-41308Richard W. Engel, Jr.> $1B> $1B
D.N.M.3/10/2020Henry Valencia, Inc.20-10539Christopher M. Gatton$1M - $10M$1M - $10M
Featured Article


Score One for Shopping Center Landlords: Adequate Assurance of Future Performance Means Just What the Bankruptcy Code Says!

In a recent decision, the Chief Judge of the District Court for the Southern District of New York reversed a decision of the bankruptcy court in the Sears bankruptcy case that was prejudicial to the interests of shopping center landlords whose tenants become chapter 11 debtors.

The district court’s decision in MOAC Mall Holdings, LLC v. Transform Holdco LLC (In re Sears Holding Corporation, et al.), Case 7:19-cv-09140-CM (S.D.N.Y. Feb. 27, 2020) (Doc. 26), held that section 365(b)(3)(A) of the Bankruptcy Code—which provides that “adequate performance of future performance” of a shopping center lease includes proof that “the financial condition and operating performance of the proposed assignee and its guarantors, if any, shall be similar to the financial condition and operating performance of the debtor and its guarantors, if any, as of the time the debtor became the lessee under the lease”—means exactly what it says. Thus, “only an assignee with a financial condition and operating performance that resembled the debtor’s ab initio would provide a shopping center landlord with ‘adequate assurance’ that the bargain originally struck would be performed by the lease’s assignee.”

Read the full article

The National Law Review Published Tuesday, March 10th, 2020.

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