A written tour of business bankruptcy and its alternatives. This is the latest in the series, Dealing with Distress for Fun & Profit, which you can read from the beginning if you like. Our last two installments focused on the basics of confirming a plan, followed by specific plan confirmation issues to address with individual classes of creditors. In this installment, our fearless authors take on a discussion of a less frequently used, yet highly effective means of confirming plans–plan support agreements and restructuring support agreements. Overview of Restructuring Support […]

NOTICE OF PUBLIC SALE BY TRUSTEE/ASSIGNEE Sale of Assets: On May 16, 2019 ( at 11:00 a.m. (CDT) at the offices of Commercial Recovery Associates, LLC at: 205 W. Wacker Drive, Suite 1818, Chicago, Illinois 60606, Robert P. Handler, not individually, but solely as Trustee/Assignee (the “Seller”) for the Benefit of Creditors of The Roy Houff Company LLC and for the Benefit of Creditors of SJR Enterprises, LLC (collectively the “Company”) intends to sell at a public sale to the highest and best bidder (“Auction”) all of Seller’s right, title and interest in and to certain assets of the Company consisting of commercial delivery vehicles (collectively, the “Sale Assets”). The Sale Assets may be sold in bulk or by lot (the “Sale Lots”). Stalking Horse Offer and Terms and Conditions of Competing Bids: The Seller has received a written offer (“Purchase Offer”) for the Sale Assets in the amount of […]

Under Section 363(f) Free and Clear Means Free and Clear: A Case Study Bankruptcy sales of assets under section 363(f) can bring more cash into the estate in part because the purchaser takes the assets “free and clear” of the liabilities of the debtor-seller. The Ormet[i] case illustrates that the “free and clear” quality of assets in the hands of the purchaser after a section 363 sale, trump claims against the seller that are supported by very strong Congressional policies. Using union labor in Ohio, the Ormet Corporation and related […]

Online Auction: April 30th at 3PM – May 7th at 5PM 2018 Hino 195 Refrigerated Truck Refrigerated Ford E250 Van Cargo Vans, Scissor Lifts, and More Office & Warehouse Equipment State court liquidation auction of multiple vehicles including: 2018 Hino Refrigerated Truck, Ford E250 Refrigerated Van, 2013 Chevrolet Express 2500 Cargo Van, 2005 GMC Savana 2500 Cargo Van, 2003 Ford E-350 Super Duty Cargo Van, Condor Model V1833XL 18’ Electric Scissor Lift, Up-Right Model XL-19 Electric Scissor Lift, 2000 Ford E350 Van with Bucket/Lift, Office Equipment and More! INSPECTIONS: Bidders may inspect the offering at 187-189 Foundry St Newark, NJ 07105 on the following dates and times: Friday, May 3rd from 12PM to 2PM. Multiple consignors, In the Matter of the General Assignment for the Benefit of Creditors of Holland Flowers, Inc. Steven Mitnick, Assignee. In the Matter of the TCJ II, LLC v. JJ Rosenberg Electrical Contractors, Inc. et […]

NOTICE OF PUBLIC SALE OF THE ASSETS OF AC BRETT EQUIPMENT CORPORATION BY ASSIGNEE FOR THE BENEFIT OF CREDITORS SALE OF ASSETS: Notice is hereby given that on Wednesday, April 24, 2019 at 2:00 pm, CDT (the “Date of Sale”), in the offices of Rally Capital Services, LLC, 350 North LaSalle St, Suite 1100, Chicago, IL 60654, Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors (the “Assignee“) of AC Brett Equipment Corporation d/b/a Brett Equipment Corporation (“Brett Equipment”), shall hold a public auction to offer for sale substantially all assets of Brett Equipment (collectively the “Sale Assets”). The deadline to submit a bid, as stated below, is noon CDT on April 23, 2019. The Sale Assets include all of the Assignee’s right, title and interest in and to all of its assets whether tangible or intangible, real or personal or mixed, owned or leased […]

New York, NY, January 7, 2019 – Keen-Summit Capital Partners LLC is pleased to announce the sale of the former Saint Catharine College campus in Springfield, KY. The property, which prior to Keen’s engagement, had been on the market for over one year, sold at auction. With five weeks to market the property, Keen generated 50 prospects and 10 qualified bidders. At the November 20, 2018 auction, the 90+ acre campus sold after spirited bidding for $2,400,000, one million dollars above the reserve price. Keen represented LS Associates, LLC, as Federal Receiver for the assets of Saint Catharine College, Inc. in the matter of The Huntington National Bank, as Trustee, v. Saint Catharine College, Inc., et.al., U.S. Dist Ct, W.D. KY Civil Action No. 3:16-cv-00465-DJH. “We are very pleased with the results of the auction process” said Robert Leasure, Jr., of LS Associates, LLC. “Keen did an excellent job generating […]

NOTICE OF PUBLIC SALE PLEASE TAKE NOTICE THAT, on Tuesday, January 15, 2019 at 10:00 a.m. (CST) (the “Sale Date”) at the office of Saul Ewing Arnstein & Lehr LLP, 161 N. Clark Street, Suite 4200, Chicago, Illinois 60601, Abode Technologies, Inc. (“Abode” or the “Secured Party”), pursuant to Section 9-610 et seq. of the Revised Uniform Commercial Code as adopted under New York and other applicable law and, as applicable that certain Security Agreement dated April 4, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement,” and collectively with various other agreements, instruments, financing statement and documents entered into in connection therewith, all as may have been amended, modified or restated from time to time, the “Loan Documents”) by and between USRealty.com Corporation (“Borrower”) and Abode, as successor to the original secured party, Abode will hold a public sale of all Borrower’s right, […]

NOTICE OF DISPOSITION OF COLLATERAL UMB Bank, National Association (“Collateral Agent”), as collateral agent for lenders Pine River Master Fund Ltd. and Pine River Fixed Income Master Fund Ltd. (collectively, “Lenders”), hereby gives notice that Amur Finance IV LLC (“Debtor”) has committed events of default under various agreements including (a) a Secured Revolving Credit Agreement, dated as of August 5, 2013 (as amended, the “Credit Agreement”), executed by Debtor, Lenders, and other parties thereto, and (b) a Security Agreement dated August 5, 2013 executed by Debtor, Lenders, and other parties thereto (the “Security Agreement”). Collectively, the Credit Agreement and the Security Agreement, including amendments and modifications, along with certain related documentation, are referred to as the “Loan Documents” hereinafter. NOTICE IS HEREBY GIVEN that Collateral Agent, in accordance with its rights under the Loan Documents and in accordance with Section 9-610 of the Uniform Commercial Code, will hold one or […]

Notice of Bankruptcy Auction of 1212 75th St., Downers Grove, Illinois BACKGROUND Executive Summary. Bankruptcy auction of 76,850 square foot retail building on approximately 9.69 acres, commonly known as 1212 75th St., Downers Grove, Illinois (the “Property”), on November 14, 2018, at 2:00 p.m. CT. Bidding at Auction starts at $2.8 million. Background. The Property is one of the assets of the bankruptcy estate Raceway Central Downers Grove LLC, which case is pending in the Bankruptcy Court for the Northern District of Illinois, case no. 17-18810. The chapter 7 Trustee is Gregg E. Szilagyi. Stalking Horse Offer. DTS Properties, LLC (“Buyer”) has made an offer to purchase the Property for $2,650,000. Bankruptcy Order. The Bankruptcy Court has authorized (the “Order”) the Trustee to conduct a sale (the “Sale”) of the Property to the Buyer pursuant to a written agreement (the “Agreement”), subject to higher and better bids at Auction. The […]

NOTICE OF RECEIVERSHIP SALE – 3si Systems, LLC 1. Executive Summary. William A. Brandt, Jr. of Development Specialists, Inc., Receiver of 3si Systems, LLC (the “Receiver”), is selling all of the technology and business assets associated with 3si Systems’ hospital operating room Voice Command System (the “Voice Command System Assets”). 2. Key Deadlines: Bid Deadline: November 12, 2018 Auction Date: November 15, 2018 Sale Hearing: November 16, 2018 3. The Voice Command System. The Voice Command System is a mobile workflow management system that leverages advances in speech recognition technology to support human performance in the operating room. The Voice Command System Assets include, but are not limited to, prototype equipment and computers, software and code, domestic and international patents and patent applications, and domestic and international distribution rights. 4. The Auction Procedures Order. The Receiver is selling the Voice Command System Assets pursuant to the terms of the Auction […]