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Thursday, April 8, 2021

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.4/7/2021Eli & Ali, LLC21-40920Heath S. Berger$100k - $500k$1M - $10M
S.D.N.Y.4/7/2021Stoneway Capital Corporation21-10647Fredric Sosnick$500M - $1B$1B - $10B
S.D.N.Y.4/7/2021Stoneway Capital Ltd.21-10646Fredric Sosnick$500M - $1B$1B - $10B
S.D.N.Y.4/7/2021Stoneway Energy International LP21-10648Fredric Sosnick$500M - $1B$1B - $10B
S.D.N.Y.4/7/2021Stoneway Energy LP21-10649Fredric Sosnick$500M - $1B$1B - $10B
S.D.N.Y.4/7/2021Stoneway Group LP21-10650Fredric Sosnick$500M - $1B$1B - $10B
S.D.N.Y.4/7/2021Stoneway Power Generation Inc.21-10651Fredric Sosnick$500M - $1B$1B - $10B
C.D. Cal.4/7/2021Corporate Colocation, Inc.21-12812Robert M. Yaspan$1M - $10M$1M - $10M
S.D. Fla.4/7/2021Door Styles, Inc.21-13321Susan D Lasky$0 - $50k$100k - $500k
M.D. Fla.4/7/2021Starco Ventures, Inc.21-01673Buddy D. Ford, Esquire$50M - $100M$50M - $100M
E.D. Mich.4/7/2021Shamraj & Sons, Inc. (Second Filing)21-43097Thomas D. Noonan$0 - $50k$50k - $100k
D. Mass.4/7/2021Food Opera Inc.21-10485Barry R. Levine$1M - $10M$500k - $1M
D.N.J.4/7/2021SAI SB Center, LLC (Second Filing)21-12859Eugene D. Roth$0 - $50k$500k - $1M
N.D. Ala.4/7/2021Campbell's TNT, Inc.21-00858Richard L. Collins$100k - $500k$500k - $1M
M.D.N.C.4/7/2021ROI Industries Group, Inc.21-80134John Paul H. Cournoyer$100k - $500k$500k - $1M
N.D. Ohio4/7/2021Cleveland Properties of Ohio, LLC21-60467Steven J. Heimberger$50k - $100k$100k - $500k
N.D. Ohio4/7/2021Melton Family, LLC21-60466Steven J. Heimberger$100k - $500k$100k - $500k
D. Del.4/6/2021TECT Aerospace Group Holdings, Inc.21-10670Paul N. Heath$50M - $100M$100M - $500M
D. Del.4/6/2021TECT Aerospace Holdings, LLC21-10672Paul N. Heath$50M - $100M$100M - $500M
D. Del.4/6/2021TECT Aerospace Kansas Holdings, LLC21-10671Paul N. Heath$50M - $100M$100M - $500M

View All Filings
Featured Article

The Final Say: Conversion From Chapter 11 To Chapter 7 Is Not A Given

It is well-settled that if you are a debtor in chapter 11, you do not have the unfettered right to convert the case to a chapter 7 liquidation. A recent 10th Circuit decision shows why. Kearney v. Unsecured Creditors Committee et al., BAP No. 20-33, 2021 WL 941435 (B.A.P. 10th Cir. Mar. 12, 2021).

The debtor had married into a family that owned real estate assets in New Mexico, Colorado and Arizona and lived off income from two spendthrift trusts formed by his late wife. The debtor and his two brothers-in-law served as co-trustees of both trusts. Despite receiving annual distributions from the trusts of approximately $800,000, Kearney sued his co-trustees in 2013, asserting improper management of the trusts.

Read the full article

Patterson Belknap Webb & Tyler LLP by Lance Kodish and Daniel Lowenthal. Published April 7, 2021.

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