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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 and similar topics.
Articles by The DailyDAC Editors
It’s typical for secured lenders in a chapter 11 case to set aside a portion of the proceeds of its collateral to pay professional fees. Understand what you may need to know about carve-out fees.
NOTICE OF PUBLIC SALE Pursuant to the provisions of the Uniform Commercial Code, as enacted in Delaware (6 Del. Code §9-610), and pursuant to the terms and provisions set forth below and as are contained in that certain Guaranty and Collateral Agreement dated as of December 7, 2018, Serene Investment Management, LLC will sell the following property owned by Lippmann Enterprises, L.L.C., without warranty relating to title, possession, quiet enjoyment, or the like: All general intangibles, including but not limited to all intellectual property, which may include, but is not limited to “deborahlippman.com”, and trade name “Deborah Lippmann”; All accounts including but not limited to accounts receivable; to the highest qualified bidder via auction at public sale as follows: Date and Time: Feb 21, 2023 at 10:00 a.m. Place: Weintraub Zolkin Talerico & Selth, LLP 11766 Wilshire Blvd., Suite 450 Los Angeles, CA 90025 (and via zoom) For more information […]
NOTICE OF SALE IN NEW JERSEY ABCs PLEASE TAKE NOTICE that on February 28, 2023 at 10 am ET, Stephen B. Ravin, Esq., Assignee for the Benefit of Creditors of Photo4Less, Inc. (www.photo4less.com) and Photo Park of Brooklyn, Inc.(www.photoparkstore.com), (“Assignors”) shall move before the Superior Court of New Jersey, Middlesex County, Chancery Division, Probate Part, (the “Court”) for approval of the stalking horse offer of The Right Photo, LLC., (“Stalking Horse Offer”) OR ANY HIGHER OR BETTER OFFER (the “Sale Hearing”). The Stalking Horse has entered into an Asset Purchase Agreement (“APA”) with the Assignors on or about November 2, 2022. PLEASE TAKE FURTHER NOTICE THAT the Stalking Horse Offer is in the sum of $4,900,000 for the purchase of substantially all of the Assignors’ assets, free and clear of liens and claims. Said assets shall be purchased as-is, where-is, with no warranties whatsoever, including a warranty for a particular […]
Explore whether a debtor can file chapter 11 reorganization bankruptcy to evade a court-ordered receivership.
NOTICE OF BANKRUPTCY AUCTION OF 1,239 ACRES IN CENTRAL TEXAS BID DEADLINE IS MARCH 2ND Executive Summary. A 1,239-acre parcel located in Bosque County, Texas (the “Property”) is being offered for sale. The Property (i) produces income from the month-to-month lease of land for cattle grazing and (ii) is subject to a long-term ground lease of land for solar energy production. Qualified Bids (as defined in the Sale Procedures Order; all capitalized terms not defined here have the meaning ascribed to them in the Sale Procedures Order) are due on or before March 2, 2023, by 5:00 p.m. (Central Time). Key deadlines, bidding requirements, and other critical information for prospective bidders is contained in the Sale Procedures Order and its attachments. Read this informative marketing package for more information. Background. Daryl Greg Smith (“Smith”) and Canadian River Ranch, LLC (“CRR” and together with Smith, the “Debtors”) each filed a voluntary […]
Commercial Receivers Association Continues to Grow its Presence with the Appointment of Two New Board Members– Emily Cantwell and John Cruciani (ST. LOUIS, MO) January 10th, 2023 – The Commercial Receivers Association (CRA) is proud to continue to grow its national presence with the appointment of two board members. Having seen incredible national growth over its first year, the CRA continues to build on its strong foundation by welcoming its newest Board Members, Emily Cantwell and John Cruciani. Emily Cantwell is a litigation attorney with Lathrop GPM LLP and serves as the Partner in Charge of the firm’s St. Louis office. John Cruciani is with Husch Blackwell and leads the firm’s insolvency and commercial bankruptcy group. “Emily Cantwell and John Cruciani have actively engaged with the CRA since its earliest days. In fact, Emily was the first member to join the Association,” said Eric Moraczewski, Board Member and […]
LLCs protect individuals from company liabilities, but a Chapter 7 Bankruptcy Trustee can reach assets to satisfy individual obligations.
QUESTION: Scott T, emailed, asking, “I have a client who owns a few income-producing properties, and she thinks she may not be able to make her next mortgage payments to her lender. What should I tell her to expect?” ANSWER: Once a default on a commercial loan is looming or occurs, a proactive mortgage lender should be expected to review several factors surrounding property management. If a third-party manager is involved, the lender will want to determine whether any lien rights arise in favor of this property manager, including in […]
It Depends on the Facts Debtors often use Chapter 11 bankruptcy for litigation advantages. Whether or not they succeed depends on the facts and circumstances of the individual bankruptcy case. The following sample case helps to illustrate how a court may rule. Case Study Catherine, Jules, and Jim founded and each owned one-third of a company. The company thrived initially, but as the company grew, the owners fell out, with Catherine on one side and Jules and Jim on the other. Lawsuits were filed. Using a provision of their state-specific […]
NOTICE OF AUCTION OF FROZEN FOOD ON JANUARY 6TH Executive Summary. There is due as of November 25, 2022, charges and related fees and expenses totaling no less than $116,278.60 (together with any additional fees and expenses accruing thereafter, the “Lien Amount”) on the goods (“Goods”) held by NF Solutions, LLC as warehouseman (“Warehouseman”) under that certain Storage and Direct-To-Consumer Fulfillment Service Agreement dated September 14, 2020, between Warehouseman and The Very Good Food Company (“Bailor”). Auction Date. Warehouseman intends to sell the Goods at public auction (“Auction”) on January 6, 2022, at 9:00 am CT (“Auction Date”) at the office of Much Shelist P.C., 191 N Upper Wacker Dr STE 1800, Chicago, IL 60606 to satisfy the Lien Amount. Accommodation for attending the Auction virtually may be made for prospective bidders who so request. The Goods. The Goods consist of cases of frozen food as described and, in the […]