Search Results for: "Creditor"
HOWARD B. SAMUELS, NOT INDIVIDUALLY, BUT SOLELY AS ASSIGNEE FOR THE BENEFIT OF CREDITORS (“ASSIGNEE”) OF FARMEDHERE, LLC (“FARMEDHERE”) ANNOUNCES SALE OF ASSETS (“ASSETS”) 1. Sale The Assignee will conduct a sale of the Assets (“Sale”) on Thursday, February 23, 2017 at 2:00 pm CT (“Sale Date”). The Assets will be offered as two separate lots: The Assets to be sold in Lot 1 include but are not limited to trademarks, copyrights, patents, trade secrets, trade dress, and any other known or unknown intellectual property related to FarmedHere or its business, including but not limited to specifically: The domain www.farmedhere.com (to the extent assignable) as well as all farmedhere.com email addresses (to the extent assignable), all FarmedHere social media accounts including but not limited to Twitter, Facebook, Instagram and Pintrest (to the extent assignable); United States Trademark Reg. Nos. 5026385 and 4292224, all UPC codes, Ceres software platform, all […]
JOINT NOTICE OF PUBLIC SALE BY ORDER OF THE SECURED PARTY AND ASSIGNEE FOR THE BENEFIT OF CREDITORS OF ROCKFORD PRODUCTS, LLC SALE OF ASSETS: Notice is hereby given that on February 14, 15 and 16, 2017, commencing each day at 10:00 a.m. (CST) (each such date, the “Date of Sale”), at the warehouse formerly occupied by Rockford Products, LLC (“Rockford Products”), 707 Harrison Avenue, Rockford, IL 61104 (the “Premises”), the secured party First Midwest Bank (“Lender”) and Howard B. Samuels, not individually, but solely in his capacity as Assignee for the Benefit of Creditors (“Assignee,” and together with Lender, “Sellers”) of Rockford Products shall hold a joint public auction in accordance with the Uniform Commercial Code (as adopted under Illinois law) and other applicable law (the “Joint Sale”) for substantially all of the remaining personal property assets of Rockford Products (collectively, the “Sale Assets”), other than the Excluded Assets […]
The economy, stupid. -James Carville The corporate restructuring profession has become, much like the broader economy, increasingly a world of few “haves” and many “have nots.” This is not by accident, and it is not going away. Those who see and accept the industry for what it is—and pivot accordingly—will continue to be winners. Those who possess a limited repertoire of moves and simply hope for economic downturns will continue to fight for limited market share. How We Got Here Chapter 11 Was Once New Technology The Bankruptcy Code is […]
Everybody knows that the dice are loaded: reclamation rights are illusory in bankruptcy cases. Where a supplier ships goods to a company that later files for bankruptcy, section 546(c) of the Bankruptcy Code provides reclamation remedies (i.e., supplier getting the goods back) under certain circumstances (there are time limits, etc.) if the supplier has such rights under state law (e.g., Uniform Commercial Code section 2-702). But most corporate debtors have a secured creditor in place with liens on all property of the debtor, including inventory and proceeds thereof. And most […]
The fifth annual NAFER conference featured receivers and federal judges, among others DailyDAC Editorial Staff attended the fifth national conference of the National Association of Federal Equity Receivers (NAFER), held at the historic Mayflower Hotel in our nation’s capital, on October 13-15. The audience at the three day conference was composed largely of receivers, professionals who represent receivers, and federal judges. For newbies, the conference opened with a two-hour session entitled Receiver Training Camp, led by two past presidents of NAFER (Robert Wing and Steve Donell) plus presidents outgoing (Ira Bodenstein) and […]
A written tour of business bankruptcy and its alternatives We started this series (click here to start reading from the beginning) with a broad overview of business bankruptcy but our last several installments have focused on one small, albeit important, aspect- the automatic stay. We’ve heard from a number of readers that they would like to read more about the proverbial forest, rather than just the automatic stay tree. And, so, with this installment we pan the camera back to explain a concept that is at play throughout a bankruptcy […]
Gerchen Keller purchases a portion of the interest in proceeds of $213 million fraudulent conveyance judgment in innovative public sale. An interesting transaction took place on September 8, 2016. The chapter 7 bankruptcy trustee for Magnesium Corporation of America (“MagCorp”) sold a $50 million share of a $213 million judgment it has against fraudulent conveyance transferee, Renco Group Inc. and former MagCorp owner, Ira Rennert. The buyer, Gerchen Keller Capital LLC paid $26.2 million transaction for the interest. Those close to the deal report that this may be the first […]
JOINT NOTICE OF PUBLIC SALE BY THE SECURED CREDITOR AND ASSIGNEE FOR THE BENEFIT OF CREDITORS OF MIDWEST EXCHANGE ENTERPRISES, INC. SALE OF ASSETS: On Wednesday, September 28, 2016 Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors (the “Assignee”) of Midwest Exchange Enterprises., Inc. (“Midwest Exchange”), intends to sell his right, title and interest in and to certain assets as more fully described below. The Assets sold or to be sold will be offered as a single lot. The Assets to be sold include the Starlinger Solid State Polycondensation line S/N 13003VII20 and any pieces or components related thereto stored in Batavia, IL and in Northlake, IL (collectively, the “Assets”). Midwest Exchange was previously engaged as a plastic recycling facility that washed, dried and ground post-consumer (used) PET plastic bottles clean re-usable plastic flake for remanufacture. TERMS & CONDITIONS: An Assignee’s Return of Bids Sale (the […]
A chapter 11 trustee represents a bankruptcy estate, exercising statutory powers predominantly for the benefit of unsecured creditors while under the direct supervision of a U.S. trustee. They are not appointed in all chapter 11 cases, but can operate the debtor’s business or bring actions against certain creditors or the debtor to recover property to be distributed pro rata to creditors with valid claims against the estate.
A written tour of business bankruptcy and its alternatives Editors’ Note: If you are a regular reader of this column, you will know that this is the third installment in a row about the automatic stay (it is a big topic and we didn’t want to lay too much on you at once). If you’re growing bored of the topic, don’t despair, as our next installment will pan the camera back a bit and give you a flavor for how litigation in bankruptcy court works more generally. We’ll spend a […]