Search Results for: "Credit bid"
August 25, 2020 – In an unusual twist to an unusual asset sale process, the Court hearing the Northwest Company cases approved the $31.46mn sale of the Debtors’ assets to Ashford Textiles, LLC and Ashford Partners, LLC (together, “Ashford” or “Purchaser”) [Docket No. 301]. The asset purchase agreement (the “APA”) governing terms of the sale is attached to the order as Exhibit 1. On August 7th, the Debtors named Ashford as the back-up bidder, with Cathay Home, Inc. (“Cathay”) named as the successful bidder, notwithstanding that the Cathay bid was […]
Section 1111(b) Election: A Countermeasure for Undersecured, Secured Creditors Mathew 5:29 – And if thy right eye offend thee, pluck it out, and cast it from thee: for it is profitable for thee that one of thy members should perish, and not that thy whole body should be cast into hell. In a previous article about cram downs, in which a debtor can take steps to confirm a Chapter 11 plan despite rejection from creditors, I referred briefly to an undersecured, secured creditor’s countermeasure: the section 1111(b)(2) election. By […]
The Legal Requirements to Cram Down a Plan on Creditors By filing a chapter 11 petition, the debtor seizes the initiative in proposing a reorganization plan—which is to provide how soon, in what amount and in what manner creditors’ claims are paid.[i] But a debtor does not necessarily get its way. A class of creditors who are not getting paid in full may reject the plan, which will prevent confirmation on a consensual basis. Ah, but the debtor may, by fulfilling additional requirements, “cram down” the plan on those […]
Notice of UCC Article 9 Foreclosure Auction of Commercial Loans & Intellectual Property PLEASE TAKE NOTICE that on September 10, 2019, at 11:00 a.m., New York City, New York time, at the offices of Holland & Knight LLP, 31 West 52nd Street, 12th Floor, New York, NY 10019, a public sale shall be conducted of the personal and fixture property, whether previously, now or hereafter, constituting the items generally described below, and more specifically described in a public foreclosure sale notice transmitted to the Debtors (collectively, the “Collateral”), of THE CREDIT JUNCTION HOLDINGS, INC. (“Parent”), TCJ II, LLC (“Borrower”) and TCJ I, LLC (“TCJ I” and, together with Borrower and Parent, each individually, a “Debtor” and collectively, the “Debtors”). This sale is being held to enforce the rights of MIDCAP FINANCIAL TRUST, as first and second lien agent for itself and certain other first and second lien lenders (“Secured Party”) […]
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 Assignee, together with Modagrafic’s senior secured creditor (“Lender,” together with the Assignee, the “Sellers”), shall hold a joint public auction (“Auction”) in accordance with the Uniform Commercial Code (as adopted under Illinois law) and other applicable law (“Joint Sale”) of substantially all assets of Modagrafics (collectively the “Sale Assets”), as further described below. Modagrafics, was established in 1973 as an innovative provider of one-source visual marketing programs to its clients. Beginning with design and engineering through production, fulfillment and installation. Modagrafics has since became one of the largest manufacturers of digital printing for fleet graphics. […]
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 […]
SALE OF TWO MALLS. Notice is hereby given that Pierce & Associates, on behalf of Development Specialists, Inc. as Liquidating Trustee appointed in the chapter 11 bankruptcy case of In re J&E Land Company, Inc., Case No. 13-02081 (Bankr. N.D. Alabama) will conduct a public sale by on-line auction of the following two shopping centers located in Jasper, Alabama, to be sold individually (property information reports are available): #1 – Medical Plaza East – 4331 Highway 78 East, Jasper, Alabama 35501 Parcel ID#64-17-01-12-3-000-017.000 67,000 Sq. Ft. Retail Space (previous appraisal lists the shopping center as having over 74,000 sq. ft.); 6.8 acres, more or less Income Producing: (13) Tenants, anchored by Alabama ABC store and medical offices, (17) Vacant Spaces for additional income; Recent Environmental Phase I conducted Current Monthly Income – $22,921.28 with 17 spaces vacant. #2 – Walston Bridge Plaza – 301 Walston Bridge Road, Jasper, Alabama […]
A written tour of business bankruptcy and its alternatives Our prior installment discussed some of the basic things a secured creditor needs to know about Chapter 11. The automatic stay was one of them. But, since we like to keep these things short (on the presumption that others also have short attention spans) we didn’t say all we want to say on the topic (in fact, this installment won’t satiate us either and we will continue to explain other aspects of the automatic stay in future installments). For now, we […]
Sale of Assets: Pursuant to a Trust Agreement and Assignment for the Benefit of Creditors by and between Pure Metal Recycling LLC, an Illinois limited liability company (“Assignor”), and David Abrams, not individually but as “Trustee-Assignee” thereunder, the Trustee-Assignee shall sell vehicles, machinery & equipment of Assignor (“Sale Property”) at a public auction (the “Auction”) on Wednesday, February 3, 2016 at 9:30 a.m. (Central) at the offices of Barnes and Thornburg LLP, One North Wacker Drive, Suite 4400, Chicago, IL 60606 on an As Is, Where Is basis, with all faults of any kind or nature. The Auction shall be concurrent to, and in conjunction with, a Uniform Commercial Code Article 9 Public Foreclosure Sale conducted by one or more of the Assignor’s secured lenders. Certain real properties owned by an affiliate of Assignor used in connection with the Sale Property may also be presented for an independent sale by said affiliate at the […]
NOTICE OF PUBLIC SALE BY ORDER OF ASSIGNEE FOR THE BENEFIT OF CREDITORS OF INTEGRATED ORTHOPEDICS, INC D/B/A WABASH MEDICAL INC. 3717 NORTH RAVENSWOOD AVE., SUITE 217 CHICAGO, IL 60613 SALE OF ASSETS: Notice is hereby given that on January 29, 2016 at 2:00 pm, central time (the “Date of Sale”), in the offices of Rally Capital Services, LLC, 350 North LaSalle St, Suite 1100, Chicago, IL 60654, that Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors of Integrated Orthopedics, Inc., d/b/a Wabash Medical, Inc. (the “Company”), shall hold a public auction in accordance with Illinois common law to offer for sale in a single lot all of the Company’s right, title and interest in and to substantially all of its assets whether tangible or intangible, real or personal or mixed, owned or lease (including indirect and other forms of beneficial interest) wherever located and […]