Misery Index: Week of October 23, 2017

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

Polyester Resins Manufacturer Valued at $1 Billion Cries Bankrupt A week after its parent filed for creditor protection in Italy, M&G Polymers USA sought protection from up to $500 million in liabilities in the District of Delaware. The chapter 11 petition was signed by the Chief Restructuring Officer Dennis Stogsdill. According to media reports, M&G is working closely with its lenders to address the situation.

2nd Involuntary Petition For Embattled Texas Oil and Gas Producer Wilburn Energy LLC, Arduous Energy Group and Anastasios Pistofidis of Macau are collectively claiming Anloc LLC owes some $4.2 million in an involuntary chapter 11 petition filed in the Southern District of Texas. The first involuntary petition against the oil and gas company, founded by Mike Coolures, was filed in 2012 for $104,890.59 in debts.

Read the 2012 involuntary petition filed in 2012 here.

Read about Edward Talone v Anloc here.

Former Barclaycard CFO Signs Embattled Fintech Firm’s Chapter 11 Pleading Citing a liquidity crisis caused by hedge fund Victory Park Capital Advisors, Think Finance and six affiliates sought protection from up to $50 million in liabilities in the Northern District of Texas. The chapter 11 petition was signed by Chief Financial Officer Barney C. Briggs, a former CFO for Barclaycard US. While Think Finance was sued for alleged nonpayment of a balance due in June by Marlin & Associates Holding, Victory Park Capital Advisors was sued by Think Finance for allegedly intercepting and hoarding millions of dollars of the debtor’s cash to fund contingent indemnity obligations.

Read the declaration of Mr. Briggs here.

Read Think Finance v Victory park Capital Advisors here.

Read the federal complaint of Marlin & Associates Holding against Think Finance here.

Home Depot Fire Blamed for Bankruptcy of Queens Property Located at 3704 Parsons Blvd in Flushing, N.Y., Julian Depot Miami LLC sought protection from up to $50 million in liabilities in the Southern District of New York. The chapter 11 petition was signed by Manager David L. Smith. Affiliate HS 45 John also filed a pleading in February 2015, disclosing that the debtor was allegedly using bankruptcy to position the property located at 45 John Street in Manhattan for a prompt closing and repayment of mortgages, according to the declaration of Mr. Smith who stated he filed the petition for the benefit of Harry Sohn, a well-known Manhattan real estate investor.

Read Mr. Smith’s 45 John Street declaration here.

Read Mr. Smith’s Julian Depot Miami declaration here.

President’s Personal Petition Precedes Two Affiliated Bankruptcies Located at 15623 Riding Stable Road in Laurel, Md., Burtonsville Crossing and affiliate Elderhome Land sought protection from up to $50 million in liabilities in the District of Maryland. The chapter 11 petition was signed by President Thomas Norris who filed an individual bankruptcy pleading for $10 million first with Elizabeth Norris 2011 and alone in 2016. Affiliates Heritage Land LLC and Good Luck Condominiums LLC filed petitions in 2010 in which both Mr. and Mrs. Norris are listed as creditors.

Rear the 2016 personal pleading of Mr. Norris here.

Airport Rideshare Company Bankruptcy Discloses Debt to Wife Rideshare Port Management and affiliate Red Booth Inc. sought protection from up to $10 million in liabilities in the Central District of California, of which some $4.2 million is owed to Parminder Joea. The chapter 11 petition was signed by Managing Member Rattan Joea, who is CEO of airport transportation company Primetime Shuttle, according to media reports. Court records disclose that Rideshare Port Management LLC is doing business as Prime Time Shuttle and that Parminder Joea is Mr. Rattan’s wife.

Maryland Property Managed by Suspended Attorney Lands in Bankruptcy TSC/JMJ Snowden River South LLC sought protection from up to $50 million in liabilities in the District of Maryland. The chapter 11 petition was signed by Manager S. Bruce Jaffe, who was suspended indefinitely from practicing law by the Attorney Grievance Commission of Maryland last year. Affiliate College Park Investments filed a pleading last month.

Massachusetts Substance Abuse Center Succumbs to Tax Debt HKD Treatment Options PC sought protection from up to $10 million in liabilities, of which $1.5 million is owed to Besse Medical and $1.2 million to the IRS. The Chapter 11 pleading, filed in the District of Massachusetts, was signed by President Hung K. Do.

Federal Suit Leads Mississippi Farm to Financial Collapse RTR Farms Inc. sought protection from up to $10 million in liabilities in the Northern District of Mississippi. The chapter 11 petition was signed by President Rick Young, who was named in a federal pleading that alleges the debtor failed to pay some $674,000.

Read Crop Production Services complaint here.

Colorado Pet Food Firm Dumps Debt in Bankruptcy Wild Calling Pet Food LLC sought protection from up to $10 million in liabilities.

The chapter 11 petition was signed by CEO Timothy Petersen. Debts include some $645,196.92 owed to Advantage Bank for Mr. Petersen’s mortgage, according to court records.

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