Ponzi Schemes at NAFER 2017 The NAFER 2017 Annual Conference featured a number of different speakers and panels, with the keynote presentation coming from Travis Correll, a convicted Ponzi schemer and master of a $100 million scheme. Also involved were SEC enforcement counsel Marshall Gandy, the federal equity receiver on the case (NAFER’s president, Greg Hays), and the receiver’s counsel David Dantzler. Travis Correll – Tale of a Fraud Mr. Correll traced the development of the fraud: His faith in an exotic investment vehicle. His solicitation of a few hundred thousand […]

DSI OFFERS SALE OF ADVANCED PRECISION MANUFACTURING, INC. AND ADK ARMS, INC.   1. Background: The United States Bankruptcy Court Northern District of Illinois Eastern Division (“Court”) has ordered that Development Specialists, Inc. (“DSI”) shall serve as the Debtors’ Consultant and Sales Agent with respect to the sale under Bankruptcy Code Section 363 of substantially all of the assets of ADVANCED PRECISION MANUFACTURING INC (www.apmi.us) (“APMI”) and ADK ARMS, INC. (www.adkarms.com) (“ADK,” together with APMI, the “Debtors”). APMI is pending in the Court as Case Number 17-18961;  and ADK is pending in the Court as Case Number 17-21679.  Debtors are represented by the law firm of Crane, Heyman, Simon, Welch & Clar. 2. Sale Process: The deadline to bid (“Bid Deadline”) is November 3, 2017.  The auction date (“Auction”) is set for November 8, 2017.  These dates are pursuant to court order entered on September 12, 2017 by the Court […]

GREGG SZILAGYI, BANKRUPTCY TRUSTEE ANNOUNCES SALE AND OPPORTUNITY TO BID ON REAL ESTATE LOCATED AT 200 N. DEARBORN ST. & AND 1212 N. LASALLE ST. IN CHICAGO   Summary: Gregg Szilagyi (“Trustee”) is the Chapter 7 Trustee in the bankruptcy case of Garvey Court Holdings, LLC, Case No. 16-01697, pending before Judge Jacqueline Cox in the Bankruptcy Court for the Northern District of Illinois.  He is selling the Properties (as defined below). Assets to be Sold: The assets being sold include the following properties: Units 1C, 1D and 1E at 200 N. Dearborn, a/k/a 47th Floor Penthouse and/or Unit 4700, together with roof rights; Commercial Units C, D and E on the 7th Floor of 200 N. Dearborn Parking Units P-19, P-49 and P-90 at 200 N. Dearborn; and Parking Units 425, 460, 482, and 484 at 1212 N. LaSalle St. Collectively, these properties are referred to as the “Properties.”  […]

RALLY CAPITAL SERVICES ANNOUNCES RETURN OF BIDS SALE OF YOUNG’S APPLIANCES, INC., OF GLEN ELLYN, IL   1. Summary:  On Friday, September 15, 2017 Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors (the “Assignee” or the “Seller”) of Young’s Appliances, Inc. (“Young’s” or the “Business”), intends to sell his right, title and interest in and to substantially all tangible and intangible assets (the “Assets”).   2. Background:  On September 6, 2017, Howard B. Samuels, not individually but solely as Assignee for the Benefit of Creditors of the Debtor, received and accepted an Asset Purchase Agreement (“APA”) for the Assignee’s right, title and interest in and to certain Assets of the Company’s tangible and intangible operating assets and rights of any and every kind, used or usable in the Company’s business, subject to all liens, claims and encumbrances of record, as a single lot as […]

FOCALPOINT PARTNERS ANNOUNCES THE CHAPTER 11 AUCTION OF CHELLINO CRANE   1. Background: Chellino Crane, Inc. et al. (collectively, the “Debtors”), based in Joliet, Illinois, is one of the largest crane operations in the Midwest, specializing in providing full service capabilities to niche markets such as refineries, power, and chemical plants. The companies sought chapter 11 protection on May 5, 2017. The bankruptcy is pending in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division, as Case No. 17-14200. 2. Motion:  On August 17, 2017, the Debtors filed an amended motion (the “Motion”) [Docket No.426]for entry of orders, among other things: (i) approving Bidding Procedures (the “Bidding Procedures”) in connection with the sale (the “Sale”) of substantially all assets owned by Debtor Chellino Crane, Inc. and all related real estate and personal property owned by Debtors (collectively, the “Purchased Assets”). 3. Order:  On August 23, 2017, […]

NOTICE OF DEBTOR’S PROPOSED SALE OF REAL PROPERTY IN RICHMOND HILL, NEW YORK   Hillside Lofts LLC, the Chapter 11 Debtor in Case. No. 17-41936 and represented by M. David Graubard, Esq., announces its intent to sell its real property.   1. Background: Background:  Hillside Lofts LLC is the Chapter 11 Debtor in Case. No. 17-41936 (Eastern District of New York).  Debtor is represented by M. David Graubard, Esq.  2. Asset to be Sold: Asset to be sold: Debtor, intends to sell its real property located at 134-15 Hillside Avenue, Richmond Hill, New York 11418 (the “Property”).  3. Date and Location of Sale: The proposed sale (the “Proposed Sale“) will be by open auction sale at the U.S. Bankruptcy Court, 271-C Cadman Plaza East, Room 3554, Brooklyn, NY 11201 on August 31, 2017 at 12:00 noon (the “Auction“).  4. Additional Details: The Property will be sold to whoever makes the offer […]

Patrick Cavanaugh, OVERALL RECEIVER announces sale of 7411 INTERNATIONAL DRIVE PROPERTY in First Farmers Financial Litigation   1. Background:  Patrick Cavanaugh is Overall Receiver of the Overall Receivership Estate (“Overall Receiver”) in that certain case styled First Farmers Financial Litigation, pending in the United States District Court for the Northern District of Illinois Eastern Division (“Court”), Case No. 14 CV 7581 (“Case”). 2. Motion: On June 30, 2017, the Overall Receiver in the Case, filed the Overall Receiver’s Motion For Entry Of An Order Approving (I) Bidding Procedures And Bid Protections; (II) The Sale Of The 7411 International Drive Property Free And Clear Of Interests; (III) The Form And Manner Of Notice With Respect Thereto; (IV) The Payment Of Advertising And Closing Costs; And (V) Related Relief (“Sale Motion”) 3. Order:  On July 13, 2017, the Court entered an order (“Bidding Procedures Order”) in the Case: (1) approving the timing and extent of notice of […]

See Below for Photos Bankruptcy Auction of Profitable Retail Shopping Centers in IA & WI.  Shopping Centers Offered Individually or Package.  Cedar Mall , 803, 901 & 1003 Kelly St, Charles City, IA and Cedar Mall, 2900 S Main Street, Rice Lake, WI. See more details here. Additional Information Available at www.Keen-Summit.com or 646-381-9222 for more information. Offered by Keen-Summit Capital Partners LLC, the leader in distressed sales and auctions. Click on Photos to Enlarge          

Assignee’s Return of Bids Sale GENERAL LOOSE LEAF BINDERY CO., INC. 3811 HAWTHORN CT. WAUKEGAN, IL 60087 SALE OF ASSETS:  On Wednesday, May 10, 2017 Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors (the “Assignee” or the “Seller”) of General Loose Leaf Bindery Co., Inc. (“General Loose Leaf” or the “Company”), intends to sell his right, title and interest in and to certain tangible and intangible assets (the “Assets”).  The Assets being sold include but are not limited to certain machinery, equipment, furniture and fixtures; All contracts and contract rights which will be updated at and as of the Closing Date subject to Buyer’s sole discretion; All governmental authorizations and all pending applications thereof, in each case to the extent transferable; All of Company’s financial records which shall include all books and records relating to Company and its business, files and databases, customer lists […]

NOTICE OF ASSIGNEE SALE RAINBOW BOOKS, INC.   NOTICE IS HEREBY GIVEN that March 22, 2017 at 10:00 a.m., at the office of Frontline Real Estate Partners, LLC, 477 Elm Place, Highland Park, IL 60035, Joshua E. Joseph, not individually, but solely as Trustee-Assignee for the Benefit of Creditors (the “Assignee”) of Rainbow Books, Inc. (“Rainbow”) intends to sell his right, title and interest in and to certain of the assets, as described below, of Rainbow Books, Inc. (the “Auction”).   ASSETS TO BE SOLD AT AUCTION:At the Auction, the Assignee intends to offer for sale, all of the Assignee’s right, title and interest in and to specified inventory, specified tangible personal property including access to the server housing the Software, all tradeshow and marketing items, tradenames, records, intangible property including, but not limited to, software, software licenses, webhosting agreement, new orders and goodwill and other assets as set forth […]