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Tuesday, June 21, 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
N.D. Cal.6/20/2022Connected Data, Inc.22-50516John W. Mills, III$10M-$50M$10M-$50M
N.D. Cal.6/20/2022Drobo, Inc.22-50517John W. Mills, III$10M-$50M$10M-$50M
N.D. Cal.6/20/2022Nexsan Corporation22-50520John W. Mills, III$10M-$50M$10M-$50M
N.D. Cal.6/20/2022Nexsan Technologies Incorporated22-50521John W. Mills, III$10M-$50M$10M-$50M
N.D. Cal.6/20/2022Retrospect, Inc.22-50518John W. Mills, III$10M-$50M$10M-$50M
N.D. Cal.6/20/2022StorCentric, Inc.22-50515John W. Mills, III$10M-$50M$10M-$50M
N.D. Cal.6/20/2022VS Acquisition Company, LLC22-50519John W. Mills, III$10M-$50M$10M-$50M
S.D. Tex.6/20/2022Burts Construction, Inc22-31700Julie M. Koenig$100k-$500k$1M-$10M
S.D. Fla.6/20/20225823 NE 2nd Avenue, LLC22-14767Steven Beiley$500k-$1M$500k-$1M
M.D. Fla.6/20/2022Millennium Services of Florida, LLC22-02173Kenneth D. Herron, Jr.$500k-$1M$1M-$10M
M.D. Fla.6/20/2022MTC Holdings, LLC22-02178Kenneth D. Herron, Jr.$0-$50k$1M-$10M
S.D. Fla.6/20/2022Sunny Mills, LLC22-14770Marilyn L. Maloy$500k-$1M$500k-$1M
S.D. Fla.6/20/2022The O'Brien Family Land Trust22-14760Susan D Lasky$1M-$10M$1M-$10M
N.D. Ga.6/20/2022Mayan Pools & Sports Construction, LLC22-40744William A. Rountree$100k-$500k$500k-$1M
W.D.N.C.6/20/2022Allthings, Inc.22-50141Robert H Gourley Jr.$500k-$1M$0-$50k
W.D.N.C.6/20/2022Dot Com Realty, LLC22-30277Kimberly A. Sheek$100k-$500k$100k-$500k
E.D.N.Y.6/17/2022Fraleg Group, Inc. (Second Filing)22-41410Avrum J. Rosen$1M-$10M$1M-$10M
S.D. Fla.6/17/2022AXYEHHO CORPORATION22-14717Stephen Breuer$1M-$10M$1M-$10M
M.D. Fla.6/17/2022Huckleberry Partners LLC22-02159Justin M. Luna$1M-$10M$1M-$10M
D.N.J.6/17/2022312 Euclid, LLC22-14942Brian W. Hofmeister, Esq.$0-$50k$1M-$10M

View All Filings
Featured Article


Siegel v. Fitzgerald – How to Remedy the Impacts of an Unconstitutional Law

On June 6, 2022, the U.S. Supreme Court issued its opinion in Siegel v. Fitzgerald, in which the Court held that the Bankruptcy Judgeship Act of 2017, Pub. L. 115-72, Div. B, 131 Stat. 1229 (the “2017 Act”) was unconstitutional. The 2017 Act required a significant, temporary increase of the fee rates paid into the United States Trustee System Fund (the “UST Fund”) by debtors in large chapter 11 cases. Underlying the Court’s holding is the Bankruptcy Clause of the Constitution (Article I) which gives Congress the power “to establish… uniform laws on the subject of bankruptcies throughout the United States.” The Court held that the 2017 Act was unconstitutional because the fees were not uniformly applied. Perhaps most interestingly, the Court did not decide on a remedy. Instead, it remanded the proceeding back to the Fourth Circuit Court of Appeals alongside a $325 million question: “Now what?”

Background

Originally, bankruptcy judges handled the administrative duties of bankruptcy cases. This intertwining of administrative and judicial tasks resulted in an extensive workload as well as the appearance of bias with bankruptcy judges overseeing the trustees they had appointed. To address these concerns, Congress created the United States Trustee Program (the “Trustee Program”) in 18 of the 94 federal judicial districts. After eight years, Congress expanded the Trustee Program to nearly every district, excepting only the six districts in North Carolina and Alabama. For those two states, Congress temporarily permitted the judiciary to continue judicial oversight of administrative tasks under the Bankruptcy Administrator Program (the “Administrator Program”). Eventually, Congress made the Administrator Program permanent.

Read the full article

National Law Review by Justin Cloyd. Published June 15, 2022.

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