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 […]

Chapter 13 is a form of reorganization for individuals, primarily wage earners and small business owners. In Chapter 13, the debtor submits a portion of her post-petition earnings to pay pre-petition debts. In return, she gets protection against creditor action, and a chance to restructure some of her pre-bankruptcy debts.

Chapter 7 of the Bankruptcy Code allows a trustee to take control of the debtor’s property and to liquidate it. The proceeds from the liquidation are then distributed to creditors. Individual debtors must satisfy a means test.  The court will look at the debtor’s income and expenses to determine if the individual debtor can file a chapter 7 bankruptcy.

A claim held by the creditor that is secured by a lien on, a mortgage on or other security interest in property of the debtor.

A creditor’s right to a payment from the debtor. It may be secured by the debtor’s property or other collateral or it may be unsecured. There are generally two types of claims: secured claims and unsecured claims. To learn more about claims, read Dealing with Corporate Distress 09: All About “Claims” in Bankruptcy.

A remedy available to secured creditors under Article 9 of the Uniform Commerical Code. Upon the debtor’s default, the creditor can sell its collateral either publicly or privately without judicial intervention.

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 like1. Our last installment focused on the basics of confirming a plan. In this installment, our fearless authors drill down into the various ways of confirming a plan with respect to individual classes of creditors.

The 2019 edition of Strategic Alternatives For And Against Distressed Businesses was just released by West Publishing Company. This 1,800+ page treatise, which is a product of more than 100 contributors, is the only resource which provides a state-by-state comparison on a chapter-by-chapter basis of assignments for the benefit of creditors and receiverships. DailyDAC / Financial Poise founder, Jonathan Friedland, a corporate structuring and restructuring attorney, is editor-in-chief.

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 […]