PacerMonitor

Misery Index: Week of October 2, 2017

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

10 Lawsuits Lead New York Gourmet Deli to Bankruptcy 470 W 42 Street Gourmet Food Inc., dba Treehaus, sought protection from up to $10 million in liabilities in the Southern District of New York. The chapter 11 petition was signed by President Michael C. Park and disclosed 10 pending lawsuits.

According to Mr. Park’s affidavit, he intends to rehabilitate the business as a debtor in possession.

Tribeca Real Estate Bankruptcy Discloses Property Development Disputes LW Retail Associates LLC sought protection from up to $10 million in liabilities in the Eastern District of New York. The chapter 11 petition, signed by Manager Louis Greco, listed Linda Greco as a co-debtor and disclosed four pending lawsuits, including a disputed action for condo assessments. Located at 78-80 Leonard Street and 79-81 Worth Street, the principal assets of the debtor are known as Tribeca Lofts.

Venture Capital Firm Fails Financially a Week After Lawsuit G.E.M. Holdings U.S. Corporation is seeking refuge from up to $50 million in liabilities in the Western District of Virginia. The chapter 11 petition is signed by Stephen Moscicki, disclosing that a disputed $17,708,070.74 in loans is owed to Al Kroontje, executive chairman of the Kairos Capital Corporation and chairman of Cobalt Coal, according to news reports. The bankruptcy was filed a week after Cobalt Coal sued the debtor for allegedly failing to make monthly payments involving a share purchase agreement. Judge Paul M. Black ordered the company to begin operating as a debtor in possession.

Read Judge Black’s order here.

Read Cobalt Coal’s complaint here.

Arizona Hospital Bankruptcy Reveals Larger Legal Entanglements Peoria Regional Medical Center LLC sought protection from up to $10 million in liabilities in the District of Arizona, Phoenix Division. The chapter 11 petition was signed by Manager Timothy A. Johns, who was sued by investors for allegedly diverting cash reserves, according to media reports.

Wisconsin Paper Manufacturer Seeks Clean Sheet in Bankruptcy Citing persistent negative industry trends and rapidly deteriorating liquidity, Appvion and 5 affiliates sought protection from up to $1 billion in liabilities in the District of Delaware, of which $257,500,000.00 is owed to U.S. Bank National Association. The chapter 11 petition was signed by Chief Restructuring Officer Alan D. Holtz.

Read Mr. Holtz’s declaration here.

Bankrupt Land in Houston Discloses Tax Debt 9 Houston LLC sought protection from up to $50 million in liabilities in the Southern District of Texas for property located at 1317 Post Oak Park, south of the Buffalo Bayou waterway, which was allegedly flooded by the Army Corps of Engineers after Hurricane Harvey. The chapter 11 petition was signed by Manager David Schmidt. Creditors include Harris County for taxes and CC3 Post Oak Park Holdings LLC for a lien on the $29,398,000.00 property.

After Multiple Lawsuits, Offshore Specialty Firm Faces Bankruptcy Offshore Specialty Fabricators (OSF) sought protection from up to $50 million in debt in the Southern District of Texas. The chapter 11 petition was signed by CEO Tammy Naron. The debtor was sued in May by Montco Oilfield Contractors and in June for allegedly failing to pay invoices in the amount of $169,000 to DeepCor Marine. According to court records, OSF has been placed under arrest by creditors.

Read Deepcor Marine’s complaint filed in the Eastern District of Louisiana here.

Auto Parts Manufacturer Makes Pit Stop in Bankruptcy Blaming a sharp decline in new vehicle manufacturing that has fallen 4% over the past year, GST AutoLeather Inc. and 5 affiliates sought protection from up to $500 million in liabilities, of which $31,860,896 is owed for a mezzanine loan accruing interest at a rate of 13% payable annually. Senior Vice President and Chief Financial Officer Eric Evans signed off on the chapter 11 petition which was filed in the District of Delaware.

Read Chief Restructuring Officer Jonathan Hickman’s declaration here.

Foreclosed Chicago Property Files for Bankruptcy Appraised at $14,820,000.00, 6401, Rockwell LLC sought protection from up to $50 million in liabilities in the Northern District of Illinois. Located at 6401-27 N. Rockwell and 2556 West Devon in the Windy City, the chapter 11 petition was signed by Managing Member Mohammed T. Ghani.

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