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Tuesday, January 11, 2022

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
C.D. Cal.1/10/2022Phenomenon Marketing & Entertainment, LLC22-10132Michael Jay Berger$100k-$500k$1M-$10M
N.D. Tex.1/10/2022ActiTech, L.P.22-30049Douglas Buncher$1M-$10M$1M-$10M
S.D. Fla.1/10/2022Invicta Enterprises LLC22-10157Nathan G. Mancuso$1M-$10M$1M-$10M
M.D. Fla.1/10/2022Senior Care Living VII, LLC22-00103Michael C. Markham$10M-$50M$10M-$50M
S.D. Fla.1/10/2022South Florida Fund & Management LLC22-10159Pro Se$500k-$1M$500k-$1M
D. Ariz.1/10/2022GPMI, Co.22-00150Steven N. Berger$10M-$50M$10M-$50M
D. Kan.1/10/2022Manhattan Student Housing, LLC22-20010Erlene W. Krigel$1M-$10M$1M-$10M
W.D. Va.1/10/2022Famous Anthony's Brookside, Inc.22-70009Andrew S. Goldstein$0-$50k$0-$50k
W.D. Va.1/10/2022Famous Anthony's Inc.22-70010Andrew S. Goldstein$0-$50k$0-$50k
W.D. Va.1/10/2022KBK Enterprises of Roanoke, Inc.22-70008Andrew S. Goldstein$0-$50k$0-$50k
S.D.N.Y.1/7/2022Charlotte Equities LLC22-22007Pro Se$500k-$1M$500k-$1M
W.D.N.Y.1/7/2022CM&M Industries, Inc22-20010David S. Stern, Esq.$100k-$500k$1M-$10M
W.D.N.Y.1/7/2022CM&M Products, LLC22-20011David S. Stern, Esq.$100k-$500k$1M-$10M
W.D.N.Y.1/7/2022MCM Natural Stone, Inc22-20009David S. Stern, Esq.$50k - $100k$1M-$10M
W.D. Pa.1/7/2022GML Logistics, LLC22-20037Rodney D. Shepherd$0-$50k$0-$50k
M.D. Pa.1/7/2022Selinsgrove Institutional Casework, LLC22-00021Robert E. Chernicoff, Esq.$1M-$10M$1M-$10M
N.D. Ga.1/7/2022Superior Septic, LLC22-50200Will Geer$0-$50k$100k-$500k
D. Or.1/7/2022MLK Alberta, LLC (Second Filing)22-30019Theodore J. Piteo$10M-$50M$1M-$10M
C.D. Cal.1/6/202212th & K St. Mall Partners, LLC22-10061Matthew D. Resnik$10M-$50M$10M-$50M
C.D. Cal.1/6/2022Besthost Inn, LLC22-10014Nicholas Gebelt$500k-$1M$1M-$10M

View All Filings
Featured Article

Going, Going, Gone: Third Circuit Confirms Auction Outcome Can Be Strong Evidence of Fair Value

Going, going, gone. Most people might associate those words with fine art, not bankruptcy. But in In re 388 Route 22 Readington Holdings, LLC, the question arose: is value reflected by an active, non-collusive auction, while not dispositive, strong evidence of fair value under section 363(b) of the Bankruptcy Code? The United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”) answered this question affirmatively, the United States District Court for the District of New Jersey (the “District Court”) agreed, and so too did the United States Court of Appeals for the Third Circuit (the “Third Circuit”) in a recent unpublished decision No. 20-2629, 2021 WL 4811409 (3d Cir. Oct. 15, 2021).

Factual Background and Procedural History

The story goes like this. The debtor, 388 Route 22 Readington Holdings, LLC (the “Debtor”), owned a parcel of real property. In 2011, a creditor obtained a foreclosure judgement (“Creditor”) against the Debtor and the Debtor filed for chapter 11 to avoid foreclosure. The Debtor and Creditor agreed to a payment plan, but that plan was short-lived. In 2018, the Debtor again filed for chapter 11, and the Court converted the case to a chapter 7 liquidation, allowing the Creditor to foreclose on the Debtor’s property. The Creditor stayed foreclosure until September 2019, requiring the chapter 7 trustee (“Trustee”) to sell the Debtor’s property by that time.

Read the full article

Weil, Gotshal & Manges LLP by Martha Martir and Justin Armstrong. Published January 7, 2021.

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