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Friday, January 14, 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
S.D. Cal.1/13/2022Medical Acquisition Company, Inc.22-00058Deepalie Milie Joshi, Esq.$0-$50k$1M-$10M
N.D. Ill.1/13/2022Bell and Arthur Condominium Association, Inc.22-00410William J. Factor$0-$50k$50k - $100k
M.D. Fla.1/13/2022The Fountains of St. Augustine LLC22-00090Thomas C. Adam$1M-$10M$1M-$10M
D.N.J.1/13/2022152 S Irving CG LLC22-10294David L. Stevens$500k-$1M$1M-$10M
W.D. Wash.1/13/2022Partners, A Tasteful Choice Company22-10060Thomas A. Buford$10M-$50M$10M-$50M
E.D. Wis.1/13/2022Duel Sports Bar, LLC22-20107John A. Foscato$100k-$500k$50k - $100k
E.D.N.Y.1/12/2022170 Broadway Realty Corp22-40045Lawrence Morrison$0-$50k$0-$50k
E.D.N.Y.1/12/2022689 St. Marks Avenue Inc.22-40043Moshe Kalman Silver, Esq.$1M-$10M$1M-$10M
E.D.N.Y.1/12/2022Veteran Holdings NY LLC22-40052FRED B. RINGEL$10M-$50M$10M-$50M
C.D. Cal.1/12/2022Southern California Research, LLC22-10022Craig G. Marguilies, Esq.$100k-$500k$10M-$50M
N.D. Cal.1/12/2022TONARCH 1 LLC22-30017Paul E. Manasian, Esq.$1M-$10M$1M-$10M
S.D. Fla.1/12/2022Bay Place Condominium Association, Inc.22-10223Kris Aungst$0-$50k$0-$50k
D. Nev.1/12/2022MARQ POWDER COATING, LLC22-50014J. Craig Demetras$50k - $100k$100k-$500k
D. Nev.1/12/2022WIG1, LLC22-10069Allison R. Schmidt$500k-$1M$500k-$1M
E.D. Mich.1/12/2022Noorjahan Haggerty, Inc.22-40197Ryan D. Heilman$50k - $100k$50k - $100k
E.D. Pa.1/12/2022No Call East, LLC22-10068Albert A. Ciardi III$100k-$500k$1M-$10M
D. Colo.1/12/2022NRS Properties, LLC22-10091David V. Wadsworth$0-$50k$1M-$10M
W.D. Mo.1/12/2022Cole Camp Auto Parts LLC22-20011Erlene W. Krigel$500k-$1M$100k-$500k
D.N.M.1/12/2022Taj & Ark, LLC22-10022Joseph Yar$50k - $100k$100k-$500k
E.D.N.Y.1/11/2022HGL Realty LLC22-40039Michael L. Previtio$1M-$10M$1M-$10M

View All Filings
Featured Article

I Shall [Not] Be Released: Wellspring, Director Releases, and the Duty of Loyalty in Restructuring Negotiations

As we here at Ropes & Gray look back on 2021 and ahead into 2022, we call your attention to the lessons of Friedman v. Wellspring Capital Mgmt., LLC (In re SportCo Holdings, Inc.), Case No. 20-50554, 2021 WL 4823513 (Bankr. D. Del. Oct. 14, 2021) (Stickles, J.) (“Wellspring”).

Wellspring is a cautionary tale for the fiduciaries of a distressed or potentially distressed corporation—particularly with respect to negotiations around release and/or indemnification provisions for those same fiduciaries.

Read the full article

Ropes & Gray LLP by Ryan Preston Dahl, Matthew L. McGinnis, and Benjamin M. Rhode. Published January 12, 2022.

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