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Receive this Newsletter 		February 11, 2020
 

Consumer Installment Loan Portfolio to be Auctioned on February 28

Holland & Knight to hold public sale of property (including consumer installment loans) of debtor Patriot Finance, LLC on behalf of secured party Congressional Bank on February 28 at 11:00 a.m ET. Interested parties may become qualified bidders by following procedures delineated in the the full Public Notice Here. Deadline to qualify is February 24.
 

Public Notice of Bankruptcy Auction - May 19

38.56 +/- Acres Directly on the Las Vegas Strip, across from the Mandalay Bay. Bid deadline is April 30, 2020; auction is May 19, 2020. Stalking horse offers will be considered. Offer presented by Keen-Summit Capital Partners LLC and Colliers International. For more information, see the full public notice.
 

Suppliers, Can Your Unpaid Administrative Claim Be Setoff Against Your Preference Liability?

A sophisticated Supplier sells “meat products” (yum) to a struggling manufacturer (in this case, of food). The manufacturer files a petition to commence a chapter 11 case. The manufacturer (and now debtor-in-possession or Debtor) wants Supplier to continue to supply. Supplier recognizes that it received $13 million in payments in the 90 days before the bankruptcy case, and knows that somewhere down the line, the debtor (or one of its successors) is likely to sue Supplier to avoid and recover the $13 million in payments as preferential transfers, in return for which Supplier will have a possibly nearly worthless claim for up to $13 million against the estate. Supplier is also aware that the Debtor may be a “melting ice cube” that will fail without paying new post-petition invoices (which is how the case discussed below unfolded). What should Supplier do? Read the answer here.

Wait! Is this above your head because you don’t have a baseline familiarity with preference actions under Chapter 5 of the Bankruptcy Code? No sweat, there’s a webinar for that! Check out Anatomy of a Preference. Financial Poise Webinars provide quality education by leading experts in an accessible, even entertaining way. Each is an hour long. Each comes with a fantastic PowerPoint. Each is pretty entertaining (at least as compared to most seminars on the topic). And each is only $19.99. Come learn with us! The panel for this webinar includes Christopher Wick of Hahn Loeser, Mark Melickian of Sugar Felsenthal Grais & Helsinger, Michael Schwarzmann, Rafael X. Zahralddin-Aravena of Elliott Greenleaf and Thaddeus D. Wilson of King & Spalding.
About the Opportunistic Deal Database
Vulture Investors Take Note:

Looking to buy companies out of bankruptcy? Assets of financially distressed companies in receivership, assignment or from lenders who have foreclosed on, and are selling, their collateral under Article 9 of the UCC? Search for excess assets resulting from plant closings? Targeting other sellers who need to sell urgently and other opportunistic/special situations?

Check out DailyDAC's Opportunistic Deal Database (ODD). The ODD culls such opportunities.

Subscribe here for access
The deals listed here were added to the ODD throughout the seven day period ending this past Sunday. The number in parentheses next to each deal is its unique ID number, included so our paid subscribers can easily find these deals on our website.

Secured Party Sales

  1. Guns – Collectibles – Furniture - (21362)
  2. Industrial equipment & tools - (21361)
  3. 43 Trucks & 99 Trailers - (21363)

Private Company Sales

  1. Automotive repair business - (21383)
  2. Landscaping business - (21384)
  3. Small trucking firm - (21385)
  4. Farm/agribusiness - (21386)
  5. Trucking company - (21382)

Assignment for the Benefit of Creditors Sales

  1. Commercial printing/photo business - (21328)
  2. Beer producer/brewery equipment - (21329)
  3. Commercial construction company - (21327)

Chapter 11 - 363 Sales

  1. Demolition & rigging equipment - Multiple lots - (21376)
  2. Aviation services provider (w/equipment) - (21330)
  3. Fitness center chain - (21375)
  4. Grocery store chain - (21374)
  5. Fashion retailer - (21320)

Chapter 11 - Investment Banker Application Filed

  1. Franchised restaurant holding company - (21347)
  2. Chain of bar & grill restaurants - (21344)
  3. Real estate investment trust - (21348)
  4. Natural gas company - (21346)
  5. Healthcare system - (21345)
  6. Supermarket chain - (21343)

Chapter 11 - Case Filing Indicates Future Asset Sale

  1. Multi-unit apartment building - (21360)
  2. Apartment complex/club - (21358)
  3. Oil & gas producer - (21357)
  4. Apartment complex - (21359)

Chapter 7 - Sale of Business Assets

  1. Vehicles, industrial & business equipment - (21355)
  2. Industrial equipment & rolling stock - (21354)
  3. Food service equipment/furnishings - (21356)
  4. Excavation company (w/equipment) - (21353)
  5. Ski resort (w/lift equipment) - (21331)

Chapter 12 Bankruptcy

  1. No New Deals This Week

Rating Agency Alerts/Other Signs of Distress

  1. Fossil renewable power & environmental equipment dealer - (21335)
  2. Nationwide chain, home products retailer - (21334)
  3. Global supplier of specialty chemicals - (21210)
  4. Animal health care business - (21126)
  5. Videogame retailer - (21209)

Auctions

  1. Mechanical & industrial equipment - Multiple lots - (21369)
  2. Industrial, Woodworking & Shop Tools - (21372)
  3. Commercial business equipment - (21371)
  4. Industrial supply warehouse - (21373)
  5. Manufacturing equipment - (21370)

Other Interesting Sales

  1. Corporate office complex - 20 acres - (21339)
  2. Plus-size women's apparel retailer - (21338)
  3. Women's lingerie retailer - (21342)
  4. Laundry machine operator - (21340)
  5. Discount retailer - (21337)

Bulk Sales

  1. Full-service restaurant (w/equipment) - (21322)
  2. Transmission repair business - (21324)
  3. Gas station/retail market - (21326)
  4. Full-service restaurant - (21323)
  5. Deli/restaurant - (21325)

Receiverships

  1. Decorative & architectural landscaping equipment - (21365)
  2. Industrial & fabrication plant equipment - (21366)
  3. Multiple oil & gas properties - (21367)
  4. 16,266 SF office building - (21364)
  5. Oil & gas producer - (21368)

Mass/Significant Layoffs

  1. Retail apparel & merchandising organization - (21336)
  2. Supplier of systems & automotive components - (21379)
  3. Assembly & services supplier - (21380)
  4. Food processing plant - (21378)
  5. Aerospace company - (21381)

Plant/Facility Closings

  1. Organic & specialty grocery company - (21341)
  2. Media printing company - (21350)
  3. Carpet manufacturer - (21352)
  4. Dairy company - (21351)
  5. Juice plant - (21349)
View All Deals on DailyDac.com


 
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