The Myth of the Newspaper Being a Commercially Reasonable Notice

Is It Commercially Reasonable Notice, If No One Is Reading? You represent a secured lender. You are to assist your client in its exercise of rights under UCC §9-610 to sell its collateral after it has foreclosed upon the collateral. Or maybe you represent a chapter 11 debtor and are selling its assets under Bankruptcy Code §363. Or perhaps you are a federal equity receiver selling under 28 U.S.C §2001 et seq. Or you are an assignee for the benefit of creditors or state court receiver who is selling a […]

NOTICE OF Deadlines FOR the FILING of (i) PROOFS OF CLAIM, including Requests for Payment pursuant to section 503(b)(9) of the Bankruptcy Code, (ii) administrative claims, and (iii) rejection damages claims THE CLAIMS BAR DATE IS January 23, 2018 THE GOVERNMENTAL CLAIMS BAR DATE IS April 2, 2018 THE ADMINISTRATIVE CLAIMS BAR DATE IS January 23, 2018 PLEASE TAKE NOTICE OF THE FOLLOWING: Deadlines for Filing Proofs of Claim and Administrative Claims Arising Prior to the Administrative Claim Deadline. On January 18, 2017, the United States Bankruptcy Court for the District of Delaware (the “Court”) entered an order [Docket No. 355] (the “Bar Date Order”) establishing certain dates by which parties holding prepetition claims against the Debtors must file (a) proofs of claim (“Proofs of Claim”), including claims by governmental units, claims arising under section 503(b)(9) of the Bankruptcy Code, and Rejection Damages Claims, and (b) requests for payment of Administrative Claims (as defined […]

DISPOSITION OF COLLATERAL UNDER UCC ARTICLE 9 – STOCK IN NELBUD SERVICES GROUP, INC. 1. Background: Pursuant to (i) the Credit Agreement dated December 2, 2015 (as amended or otherwise modified from time to time, “Credit Agreement”), among Nelbud Services Group, Inc., a New Jersey corporation (“Company”), the parties thereto from time to time as lenders (“Lenders”), and Monroe Capital Management Advisors, LLC, as Administrative Agent for Lenders (“Agent”), (ii) the Guaranty and Collateral Agreement dated December 2, 2015 (as amended or otherwise modified from time to time, “Collateral Agreement”), among Nelbud Holdings, LLC, Nelbud Dilg LLC, Nelbud Crafton LLC, Nelbud Schaaf LLC, Nelbud Caplinger LLC (“Nelbud Pledgors”), the Company, MCDS Ventures LLC (“MCDS”), and the other parties thereto from time to time as Grantors, in favor of Agent, and (iii) the other “Loan Documents” (as defined in the Credit Agreement), the Lenders have made loans to Company that are […]

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