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Wednesday, June 3, 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
D. Del.6/3/2020APC Automotive Technologies Intermediate Holdings, LLC20-11466Domenic E. Pacitti$100M - $500M$500M - $1B
W.D. Mich.6/3/202050 Amp Fuse, LLC20-01950Rozanne M. Giunta$100k - $500k$10M - $50M
W.D. Mich.6/3/20209 Volt, LLC20-01949Rozanne M. Giunta$100k - $500k$10M - $50M
W.D. Mich.6/3/2020Barfly Management, LLC20-01948Rozanne M. Giunta$100k - $500k$1M - $10M
W.D. Mich.6/3/2020Barfly Ventures, LLC20-01947Rozanne M. Giunta$1M - $10M$10M - $50M
D. Del.6/2/2020OptiScan Biomedical Corporation20-11465David P. Primack Esquire$10M - $50M$10M - $50M
W.D. Tex.6/2/2020DM Dukes & Associates, Inc20-10658Frank B. Lyon$1M - $10M$500k - $1M
N.D. Ala.6/2/2020Leveraged, LLC20-01946C. Taylor Crockett$1M - $10M$1M - $10M
N.D. Ga.6/2/2020Alani Property Source Co., Inc. (Third Filing)20-66885Pro Se$100k - $500k$100k - $500k
N.D. Ga.6/2/2020Eyesight Capital, LLC20-66880Richard K. Valldejuli, Jr.$100k - $500k$100k - $500k
N.D. Ga.6/2/2020LA Property Investments LLC20-66891Pro Se$500k - $1M$500k - $1M
N.D. Miss.6/2/2020Main Street Drugs, LLC20-11958Craig M. Geno$50k - $100k$50k - $100k
N.D. Miss.6/2/2020MedPoint Advantage, LLC20-11959Craig M. Geno$50k - $100k$50k - $100k
N.D. Miss.6/2/2020MedPoint, Inc.20-11957Craig M. Geno$0 - $50k$50k - $100k
N.D. Miss.6/2/2020MedPoint, LLC20-11960Craig M. Geno$0 - $50k$50k - $100k
N.D. Miss.6/2/2020Priority Care Pharmacy 2, LLC20-11961Craig M. Geno$100k - $500k$100k - $500k
N.D. Miss.6/2/2020Priority Care Pharmacy Solutions, LLC20-11962Craig M. Geno$50k - $100k$0 - $50k
N.D. Miss.6/2/2020Priority Care Professional Staffing, LLC20-11963Craig M. Geno$100k - $500k$100k - $500k
N.D. Miss.6/2/2020Priority Healthcare Corporation20-11956Craig M. Geno$100k - $500k$100k - $500k
N.D. Miss.6/2/2020Professional Healthcare Staffing, LLC20-11964Craig M. Geno$50k - $100k$50k - $100k

View All Filings
Featured Article


Is a Purchase in Bankruptcy Really Free and Clear of Liability During COVID-19?

Seyfarth Synopsis: In acquiring a company in bankruptcy, there is often a tendency to think this guarantees the purchaser will be “free and clear” of any liability (including so-called “successor liability”). This is not necessarily so with wage and hour liability, particularly if the purchaser merely continues to operate virtually the same business that was acquired.

Ordinarily, a bankruptcy debtor’s sale of property ‘free and clear’ of interests under Bankruptcy Code section 363(f) excises from the sold assets any claims made on a theory of successor liability. The purchaser is shielded from successor liability claims in accord with public policy underlying the Bankruptcy Code, including the inequality of allowing one creditor to pursue a purchaser of assets for successor liability while other creditors’ recourse is limited to the proceeds of the asset sale. However, although rarely applied, some bankruptcy courts have found exceptions to this ‘free and clear’ transfer where: (1) the successor expressly or impliedly assumes the liabilities; (2) there is an actual or de facto consolidation or merger of the two companies; (3) the purchaser is a mere continuation of the seller; or (4) the transaction was entered into fraudulently to escape liability. This not-often-discussed and rarely-applied exception is similar to that which has developed in connection with asset purchase sales (which was first recognized under the FLSA and has recently continued to develop in state statutes), as we previously wrote about here.

Read the full article

JDSUPRA by Seyfarth Shaw LLP. Published June 2, 2020.

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