Misery Index: Week of July 10, 2017

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PacerMonitor’s look back at this week's most compelling bankruptcies.

Legal Services Firm Seeks Escape From Tax. Legal Debt

Maximum Legal (California) LLP sought protection from multiple lawsuits and tax claims in the Central District of California Los Angeles. The pleading, which listed up to $10 million in liabilities and $1 million in assets, was signed by partner CEO Todd D. Wakefield, who filed a personal pleading in 2015 for protection against consumer debt including a Capital One collection claim. Creditors include Los Angeles County Tax Collector, Layfield & Barrett APC, the Oakwood Legal Group, the Franchise Tax Board, the IRS and the Calif. State Board of Equalization.

Read Mr. Wakefield’s Statement of Financial Affairs here.

Sports Doll Maker Dashes Into Bankruptcy After Nonpayment of Royalties

Oyotoyo Inc. filed for protection from creditors in the District of Massachusetts. Signed by President Tom Skripps, the pleading listed up to $10 million in assets and liabilities some of which is owed in royalties. The company began manufacturing mini-figures of players from Major League Baseball (MLB), the National Football League (NFL), the National Hockey League (NHL), Major League Soccer (MLS) in 2011. Some $142,000 is owed to Major League Baseball, $360,000 to N.H.L., $311,000 to National Football League players and $258,000 to NHL Players Association among others.

Prosthetic and Orthotic Care Provider Loses Its Footing, Lands in Bankruptcy

New England Orthotic and Prosthetic Systems LLC sought a reprieve rom $4,813,408.00 it owes to F.N.B. Capital Partners for mezzanine capital that was secured in 2013 while affiliate NEOPS Holdings LLC listed $50 million in liabilities and $10 million in assets in its sister bankruptcy filing. Affiliates Bergman Orthotics & Prosthetic LLC, New England O&P New York Inc. and Spinal Orthotic Systems, LLC all filed in the District of Connecticut. Signed by President and CEO David Mahler, the chapter 11 pleading reveals that the portfolio of companies also owes $1,091,886 to Southern Prosthetic Supply.

Premium Tea Retailer in Hot Water Over Rent Payments

Capital Teas, which has received $11 million in private funding in the two years through August 2016, sought protection from a slew of landlord shopping malls and other creditors. The pleading, signed by CEO Peter Martino, listed $10 million in assets and liabilities of which  $72,791.38 is owed to Cherry Creek Shopping Center  in Detroit and $40,603.83 to Bridgewater Commons Mall II in Minneapolis.

Military Apparel Company Faces Bankruptcy Firing Line After Loan

Short Bark Industries and affiliate EXO_SBI,_LLC, which manufacture and sell military clothing to the U.S. government’s Armed Forces, sought protection from creditors in District of Delaware. Signed by CEO and Chairman Phil Williams, the pleading listed up to $50 million in liabilities, of which $3.3 million is a loan from LSQ Funding Group. The lender sued Short Bark Industries Inc. on July 5 in the U.S District Court for the Middle District of Florida.

 Read LSQ Funding Group’s complaint here

 Retired Baseball Star Slides Into Bankruptcy

Eisler Livan Hernandez filed for personal bankruptcy in the Southern District of Florida, claiming up to $1 million in consumer debt and just $50,000 in assets. The chapter 13 pleading was e-signed by the former Marlins player. Creditors include Capital One, Chase Card, the Internal Revenue Service, Mercedes-Benz Financial, BMW Financial Services, Miami Dade County Tax Collector and SunTrust Bank.

 Read Creditor BMW Financial Services’ Request for Notice here

 Real Estate Financier Seeks Solid Ground in Bankruptcy

Oshkosh Business Center and affiliates Manchester Anika LLCGreen Bay Business Center III LLCCrossroads Business Center LLCDelta Business Center and Green Leedership LLC sought solid ground in the Eastern District of Michigan. Signed by Principal Murray Wikol, the chapter 11 pleading listed up to $10 million in assets and $50 million in liabilities. According to his website, Mr. Wikol, a business and real estate professional, manages more than $2.3 billion in real estate.

 

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