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Tuesday, June 9, 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.6/8/2020MKJC Auto Group, LLC20-42283Joel M. Shafferman$10M - $50M$10M - $50M
N.D. Tex.6/8/2020Logistics Transports Group, LLC20-41995Daniel S. Wright$0 - $50k$0 - $50k
N.D. Tex.6/8/2020TRB Arlington, LLC20-31616John P. Henry$100k - $500k$500k - $1M
N.D. Tex.6/8/2020TRB Carrollton Square, LLC20-31615John P. Henry$100k - $500k$1M - $10M
N.D. Tex.6/8/2020TRB Main Street Coppell, LLC20-31617John P. Henry$500k - $1M$500k - $1M
M.D. Fla.6/8/2020Akcel Construction, LLC20-03210Justin M. Luna$1M - $10M$1M - $10M
M.D. Fla.6/8/2020Alpha Building Group, Inc.20-03211Justin M. Luna$1M - $10M$1M - $10M
D. Colo.6/8/2020SunTech Drive, LLC20-13934Jeffrey S. Brinen$100k - $500k$1M - $10M
N.D. Ga.6/8/2020Atlanta Book Boutique20-67034Pro Se$100k - $500k$50k - $100k
E.D. La.6/8/2020Regional Valve Corp20-11025Phillip K. Wallace$500k - $1M$1M - $10M
D. Neb.6/8/2020Property Ventures, LLC (Second Filing)20-80750Patrick R. Turner$1M - $10M$1M - $10M
N.D. Ill.6/7/2020Park Transportation, Inc.20-12058Abraham Brustein$0 - $50k$1M - $10M
E.D. Ark.6/7/2020HRB Properties, Inc.20-12530Joel G. Hargis$500k - $1M$100k - $500k
S.D.N.Y.6/5/2020Grand Ave House LLC20-11366Pro Se$0 - $50k$0 - $50k
E.D.N.Y.6/5/2020PFT Technology LLC20-72180Andrew M. Thaler$1M - $10M$1M - $10M
S.D.N.Y.6/5/2020The Master's Coach, Ltd.20-35614Michelle L. Trier$100k - $500k$500k - $1M
D.P.R.6/5/2020LIMENOS CORPORATION20-02169Francisco J. Ramos Gonzalez$100k - $500k$100k - $500k
C.D. Cal.6/4/2020AEPC Group, LLC20-11611Jeffrey S. Shinbrot$500k - $1M$1M - $10M
S.D. Tex.6/4/2020EMT Expedited Logistics, Inc.20-32943Kenneth Jones$100k - $500k$100k - $500k
D. Ariz.6/4/2020AZ Contracting Services LLC20-06817Shawn McCabe$0 - $50k$500k - $1M

View All Filings
Featured Article

Illinois Will Be The Poster Case For State Bankruptcy

The dispute between Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi as to whether the next stimulus bill will contain money for state and local governments should resonate in Illinois because, absent a very big dollop of federal dollars or a miraculous economic rebound, the state will soon need Senator McConnell to make good on his alternative plan to create a path to bankruptcy for the states.

At this point, Illinois has no hope of its underfunded state pension programs ever returning to solvency—even a quick economic recovery and a robust bull market won’t make a dent in its structural deficit, and its aging—and fleeing—population means that pension costs are going to continue to grow and outpace revenues without some sort of structural change that cannot be accomplished without federal help.

The passage of the amendment in November that would allow the state to impose progressive taxation may buy it some time—expect it to follow California's lead and increase tax rates for all of 2020 shortly after the election—but even that windfall won't be enough to fix things.

But the promise that top tax rates will only go to 7 percent and only for those who earn over $250,000 a year is simply untenable: income taxes will have to go up a lot and for everyone, sooner rather than later.

Read the full article

Forbes by Ike Brannon. Published June 5, 2020.

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