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About The DailyDAC Editors
The editors and editorial board of DailyDAC include preeminent restructuring and insolvency professionals, journalists, and editors. They are devoted to providing reliable and plain English education and deal intelligence about assignments, corporate bankruptcy, receiverships, out-of-court workouts an similar topics.
Articles by The DailyDAC Editors
PUBLIC NOTICE OF CHAPTER 11 AUCTION: Empire Generating Co, LLC
NOTICE OF BID PROCEDURES, AUCTION DATE AND SALE HEARING. PLEASE TAKE NOTICE THAT: 1. On May 19, 2019, the above-captioned debtors and debtors in possession (the “Debtors”) filed the Debtors’ Motion for Entry of Orders (I)(A) Approving Bid Procedures Relating to the Sale of Substantially all the Assets of Empire Generating Co, LLC, or Interests […]
90 Second Lesson: What is a “prepackaged bankruptcy?”
QUESTION: Jack B. wrote in the other day, asking us to explain what a prepackaged bankruptcy is. ANSWER: Rather than waiting until they file for bankruptcy, a debtor can work with its creditors pre-petition to formulate a plan of reorganization outside of bankruptcy. In Strategic Alternatives for and Against Distressed Businesses, the authors explain that […]
PUBLIC NOTICE OF CHAPTER 11 363 SALE: Substantially All Assets of Perfect Brow Art, Inc.
Perfect Brow Art, Inc and its affiliated entities (the “Company”), the largest eyebrow threading retailer in the United States, with 169 company-owned and franchised stores, $23.7 million in revenues and $2.7 million in Adjusted EBITDA (in 2018, adjusted for closed stores and non-recurring professional fees), is selling substantially all of its assets (the “Assets”) pursuant […]
PUBLIC NOTICE OF ARTICLE 9 SALE: $5 Million Life Insurance Policy
Notice of Public Sale NOTICE IS HEREBY GIVEN that on Tuesday, July 9, 2019, at 10:00 a.m. (Eastern Daylight Time) (the “Date of Sale”) at the offices of Schulte Roth & Zabel LLP, 919 Third Avenue, New York, New York 10022, the secured party, North Channel Bank GmbH & Co. KG (“Seller”), pursuant to (a) […]
PUBLIC NOTICE OF REAL ESTATE SALE: Southern Vermont College
Want to Own a College Campus? Keen-Summit Capital Partners LLC (“Special Real Estate Advisor”) and TPW Real Estate LLC (“Broker”), have been jointly engaged by Southern Vermont College as exclusive advisors for the sale of its real estate holdings in Bennington, VT including the Southern Vermont College Campus, SVC Gate House and SVC Art Center. […]
90 Second Lesson: If I File a Chapter 7 Bankruptcy, Are the Assets of My Single-Member LLC Safe From the Trustee?
QUESTION: A small business owner emailed us, on behalf of a friend, to ask whether assets in a single-member LLC could be used by a Chapter 7 Trustee in the LLC member’s personal bankruptcy case to satisfy creditors’ claims against the member. ANSWER: We can imagine this question arising where the member’s business is owned […]
JOINT NOTICE OF PUBLIC SALE BY ORDER OF THE SECURED PARTY AND ASSIGNEE FOR THE BENEFIT OF CREDITORS OF MODAGRAFICS, INC.
1. Executive Summary. On May 8, 2019, Modagrafics, Inc., an Illinois corporation located at 5300 Newport Rd., Rolling Meadows, IL (“Modagrafics”) initiated an Assignment for the Benefit of Creditors by delivering a signed Trust Agreement and Assignment for the Benefit of Creditors (“Assignment”) to Howard B. Samuels, not individually, but solely as Assignee (“Assignee”). The […]
Fancy Filing: Can They File a Chapter 11 Bankruptcy Case Just to Gain a Litigation Advantage?
The Answer Is: It Depends Debtors often use bankruptcy filing to gain an advantage in litigation. Whether or not they succeed depends on the facts and circumstances of the bankruptcy case. Let’s look at a sample case to determine how a court might rule. Case Study Catherine, Jules, and Jim each founded and owned one-third […]
PUBLIC NOTICE OF SALE BY TRUSTEE/ASSIGNEE: The Roy Houff Company & SJR Enterprises
NOTICE OF PUBLIC SALE BY TRUSTEE/ASSIGNEE Sale of Assets: On May 16, 2019 ( at 11:00 a.m. (CDT) at the offices of Commercial Recovery Associates, LLC at: 205 W. Wacker Drive, Suite 1818, Chicago, Illinois 60606, Robert P. Handler, not individually, but solely as Trustee/Assignee (the “Seller”) for the Benefit of Creditors of The Roy […]
Section 363 Sale: Free and Clear of Claims That Are Backed By Strong Public Policies
Under Section 363(f) Free and Clear Means Free and Clear: A Case Study Bankruptcy sales of assets under section 363(f) can bring more cash into the estate in part because the purchaser takes the assets “free and clear” of the liabilities of the debtor-seller. The Ormet[i] case illustrates that the “free and clear” quality of […]