February 23, 2021
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De-fense! Learn Your Options for Defending a Preference Action

Your company was a supplier to a customer that filed for bankruptcy. One result? You weren't paid all that you were owed. Later, adding insult to injury, the company (or its trustee or a trustee for the benefit of all creditors) sues you for return of some of the money you were paid. Welcome to the world of preference litigation. There are, however, defenses and they are easy to understand. Learn the when, how, and why involved in formulating a defense and keeping your money in “How to Assess 3 Potential Preference Action Defenses” by Robert Maddox of Richards, Layton & Finger.
 

EXTRA! EXTRA! READ ALL ABOUT IT!

Back in the days when publishing notice in a “newspaper of record” was universally (or nearly so) sufficient to provide “commercially reasonable notice” under the law, sales in bankruptcy and similar circumstances often were advertised only in newspapers.

Even in those days, however, this practice ignored the reality that newspapers were of limited utility in promoting such sales to those who would be most likely to buy for the highest price. For reasons that are well understood (read The Myth of the Newspaper Being a Commercially Reasonable Notice to learn more), most corporate restructuring professionals understand that newspaper notice, today, is virtually of no such utility (which is why it is so important that such sale notices be published on DailyDAC).

Some things, however, never change. For a blast from the past, check out this article from the May 15, 1915 New York Sun, titled “War United States is Waging On Fraudulent Bankruptcy Evil.”
 

Resources for Assignments for the Benefit of Creditors

Are you looking for an experienced assignee with whom to work on an assignment for the benefit of credits? Look no further than the Assignee Directory. The National Directory of Experienced Assignees Who Serve as Such in Assignments for The Benefit of Creditors is the only resource of its kind. No cost to be listed. No cost to use.

The second must-have ABC resource is Strategic Alternatives For And Against Distressed Businesses (SABD), published by Thomson Reuters. Published every year since 2012, SADB is now considered the foundational text for non-bankruptcy alternatives for financially distressed businesses. This two-volume treatise distills more than 90 contributors’ combined experience into a comprehensive practice manual that offers insolvency professionals, among others, state-by-state comparisons of assignments for the benefit of creditors (ABCs) and state court receiverships, as well as comprehensive coverage of every other type of legal tool available to deal with the financial distress of a company in the United States. Westlaw subscribers may also access the SADB database directly by clicking here.
 

Every New Chapter 11 Petition, Straight to Your Inbox

Did you know that you can sign up for up to three emails each day, for free, to receive notification of every new chapter 11 petition filed in the United States? It’s true, sign up or browse the filings on-line.
 

Is Your Business In Trouble?

Whether you are the owner, CEO, board member or PE-investor, a landlord or other creditor, a potential investor or buyer, if you represent any of these people, or if you are dealing with a company that is considering (or has already declared) bankruptcy or a bankruptcy alternative, you need to understand the big picture in order to make informed decisions. Opportunity Amidst Crisis is a nearly four-hour webinar you can watch over and over on-demand. This webinar is co-produced by 11 not-for-profit professional associations, features 16 professionals from 15 leading firms, and uses a novel improvisational skit format. Learn more here!
Latest Deals Added to the Opportunistic Deal Database
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 you can easily find these deals on our website by searching for this number.

Secured Party Sales

  1. Road paving & construction contractor - (27523)
  2. Riverfront Camp (w/real estate) - (27521)
  3. Two professional office suites - (27451)
  4. 498+/- Acres & Mineral Rights - (27522)
  5. Luxury automotive collection - (27450)

Private Company Sales

  1. Machining and metal fabrication plant - (27487)
  2. Utility & telecommunications business - (27488)
  3. Two full-service movie theaters - (27484)
  4. Specialty service contractor - (27486)
  5. Distribution company - (27485)

Assignment for the Benefit of Creditors Sales

  1. Manufacturer of plating & polishing products - (27476)
  2. Hotel renovation services business - (27477)
  3. Specialty resin dealer - (27475)
  4. Pooled investment fund - (27478)

Chapter 11 - 363 Sales

  1. Development land - 565.15 acres - (27550)
  2. Commercial land - 177.01± Acres - (27549)
  3. Welding plant (w/equipment) - (27545)
  4. Metal products plant - (27551)
  5. Brewing company - (27552)

Chapter 11 - Investment Banker Application Filed

  1. Acquirer of offshore drilling rigs - (27480)

Chapter 11 - Case Filing Indicates Future Asset Sale

  1. General contracting & remodeling company - (27483)
  2. Combined cycle natural gas plant - (27481)
  3. Franchised restaurant chain - (27482)

Chapter 7 - Sale of Business Assets

  1. Vehicles & equipment - 525 lots - (27542)
  2. Development land - 151.72± Acres - (27543)
  3. Farm equipment - Multiple lots - (27546)
  4. General contractor - (27544)
  5. Farmland - 20 acres - (27547)

Chapter 12 Bankruptcy

  1. No new deals added this week.

Rating Agency Alerts/Other Signs of Distress

  1. Holding co - Medical cannabis dispensary - (27460)
  2. Clinical-stage biopharmaceutical co. - (27459)
  3. Developer of immuno-oncology drugs - (27457)
  4. Developer of biologic drugs - (27458)
  5. Software technology company - (27461)

Auctions

  1. Fuel transport & logistic carrier fleet - (27470)
  2. Soup processing & packaging equipment - (27471)
  3. Custom automotive parts manufacturer - (27449)
  4. Complete stone fabrication shop - (27474)
  5. Major event production company - (27469)

Other Interesting Sales

  1. Rare bourbon & whiskey collection - (27489)
  2. Trains & estate collectibles - (27490)
  3. Mobile home park - 149 units - (27431)
  4. Dairy farm - 288 acres - (27491)
  5. 29.38 acre farm - (27492)

Bulk Sales

  1. Private music & art school (w/fixtures) - (27466)
  2. Franchised retail shipping business - (27467)
  3. Commercial dry cleaning business - (27468)
  4. Plastic fabrication company - (27464)
  5. Full-service restaurant - (27465)

Receiverships

  1. Metal components manufacturer - (27528)
  2. Cruise excursion operator - (27530)
  3. Construction company - (27531)
  4. Farm machinery - (27529)

Mass/Significant Layoffs

  1. Supplier of automotive air-conditioning systems - (27535)
  2. Retail services company - (27534)
  3. Biotechnology company - (27536)
  4. Farming crop supplier - (27533)
  5. Terminal operator - (27532)

Plant/Facility Closings

  1. Manufacturer of high performance work gloves - (27541)
  2. Produce farming/shipping company - (27537)
  3. Sustainable flower grower - (27538)
  4. Refractory manufacturer - (27540)
  5. Furniture company - (27539)
View All Deals on DailyDac.com
 
DailyDAC, LLC
1954 First Street, Suite 178
Highland Park, IL 60035
847-463-9530
[email protected]