JOINT NOTICE OF PUBLIC SALE BY ORDER OF THE SECURED PARTY AND ASSIGNEE FOR THE BENEFIT OF CREDITORS OF Z BAKERY, LLC, 3665 W. LUNT AVE., LINCOLNWOOD, IL 60712 SALE OF ASSETS: Notice is hereby given that on Tuesday, August 9, 2016, at 10:00 a.m. (CDT) (the “Date of Sale”), at the offices of Rally Capital Services, LLC, 350 North LaSalle Street, Suite 1100, Chicago, IL, the secured party Big Shoulders Capital LLC (as assignee of American Chartered 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 Z Bakery, LLC (“ZB LLC”), an Illinois limited liability company, 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”) to offer for sale substantially all assets of ZB LLC […]

Lee E. Buchwald, the Chapter 7 trustee of Magnesium Corporation of America and Renco Metals, Inc. (“Debtors”), announces a bankruptcy auction of an interest in certain litigation claims against The Renco Group, Inc. and Ira Leon Rennert, consisting of a fully-bonded $213 million judgment currently on appeal. The stalking horse bidder, an affiliate of litigation funder Gerchen Keller Capital, LLC, has submitted a bid of $25 million, subject to better offers which are due by August 9, 2016. On August 2, 2001 (the “Petition Date”), Magnesium Corporation of America (“MagCorp”) and Renco Metals, Inc. (“Metals”) (MagCorp and Metals together, the “Debtors”) each filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). By order dated September 25, 2003, the Debtors’ cases were converted to cases under Chapter 7 of the Bankruptcy Code. On September 25, 2003, Lee E. Buchwald was […]

NOTICE OF PUBLIC SALE BY ORDER OF ASSIGNEE FOR THE BENEFIT OF CREDITORS OF OLYMPIC OIL LTD. SALE OF ASSETS: Notice is hereby given that on Monday, July 25, 2016 at 2:00 pm, central time (the “Date of Sale”), in the offices of Rally Capital Services, LLC, 350 North LaSalle St, Suite 1100, Chicago, IL 60654, that Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors of Olympic Oil Ltd. (the “Assignee”), shall hold a public auction in accordance with Illinois common law to offer for sale all of Olympic Oil Ltd.’s right, title and interest in and to all of its assets whether tangible or intangible, real or personal or mixed, owned or lease (including indirect and other forms of beneficial interest) wherever located and by whomever possessed including but not limited to: (a) all tangible property, including but not limited to, cash, accounts receivable, office furniture, fixtures, […]

A written tour of business bankruptcy and its alternatives Our most recent installment in this series gives an overview of the automatic stay. In this installment we dive a little deeper, and we start with this question:  how do you know when a contemplated action would violate the stay and, thus, require stay relief before the action is taken? Consider these examples: a plaintiff believes that its lawsuit relates wholly to post-petition conduct, but the debtor alleges that it is based on pre-petition events; a creditor believes that it is exercising […]

JOINT NOTICE OF PUBLIC SALE BY ORDER OF THE SECURED PARTY AND ASSIGNEE FOR THE BENEFIT OF CREDITORS SECURITY INDUSTRIES, INC. 1000 GEORGIANA ST. HOBART, IN, 46342 SALE OF ASSETS: Notice is hereby given that on Monday, June 13, 2016 at 10:00 AM CDT (the “Date of Sale”), at the offices of Rally Capital Services, LLC, 350 N. LaSalle St., Suite 1100, Chicago, IL, the secured party American Chartered Bank (“Lender”) and Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors (the “Assignee”) of The American Group of Constructors, Inc. (“TAG”), an Illinois corporation (the Lender and Assignee are herein referred to as “Sellers”), shall hold a joint public auction in accordance with the Uniform Commercial Code and Illinois (the “Joint Sale”) common law to offer for sale TAG’s right, title and interest in and to all business assets used in the day-to-day operations of Security […]

Assignee’s Return of Bids Sale NORTH SHORE METALS, INC. 1121-L LAKE COOK RD. DEERFIELD, IL 60015   SALE OF ASSETS:  On March 25, 2016 Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors (the “Assignee”) of North Shore Metals., Inc. (“North Shore”), intends to sell his right, title and interest in and to certain assets (the “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 office furniture and computer equipment, the intangible Assets, including but not limited to all customer and supply records and mailing lists relating to North Shore Metals, Inc.; the right to the name “North Shore Metals, Inc.” and all derivative names; Company’s telephone and fax numbers and listings; all software; all rights and interests in all intellectual property including without limitation copyrights, trademarks […]

A written tour of business bankruptcy and its alternatives We discussed the automatic stay from the perspective of a secured creditor in Installment #9 of this series.This time we pan the camera back and look at the automatic stay from a broader and more general perspective. It is sometimes said that the two primary objectives of chapter 11 are to maximize the going-concern value of the bankruptcy estate and to assure equality of distribution among similarly situated creditors. The automatic stay furthers both of these goals. It preserves going-concern value […]

A written tour of business bankruptcy and its alternatives Our last installment focused on what we called the “mundane” middle of a chapter 11 case. You can read it here. This time we discuss something a bit more exciting: confirmation. Summary Chronology Here is the basic chronology leading up to confirming a plan, for those of you with a short attention span or a need for immediate gratification: Debtor files the bankruptcy petition Debtor negotiates a plan with creditors (or their agents) Debtor drafts a plan and its disclosure statement Debtor […]

Sale of Assets: Pursuant to a Trust Agreement and Assignment for the Benefit of Creditors by and between Pure Metal Recycling LLC, an Illinois limited liability company (“Assignor”), and David Abrams, not individually but as “Trustee-Assignee” thereunder, the Trustee-Assignee shall sell vehicles, machinery & equipment of Assignor (“Sale Property”) at a public auction (the “Auction”) on Wednesday, February 3, 2016 at 9:30 a.m. (Central) at the offices of Barnes and Thornburg LLP, One North Wacker Drive, Suite 4400, Chicago, IL 60606 on an As Is, Where Is basis, with all faults of any kind or nature. The Auction shall be concurrent to, and in conjunction with, a Uniform Commercial Code Article 9 Public Foreclosure Sale conducted by one or more of the Assignor’s secured lenders. Certain real properties owned by an affiliate of Assignor used in connection with the Sale Property may also be presented for an independent sale by said affiliate at the […]

PLEASE TAKE NOTICE that pursuant to Section 5/9-610 of the Illinois Uniform commercial Code and that certain Term Promissory Note and Security Agreement dated November 3, 2014 (as amended, restated, or otherwise modified from time to time the (the “Loan Agreement”), by and among Loeb Term Solutions, LLC, an Illinois limited liability company (the “Lender”) and Pure Metal Recycling LLC, an Illinois limited liability company (the “Borrower”), and various other “Loan Documents” as defined therein, the Lender will sell all of the Borrower’s right, title, and interest in and to all of the Assets (defined below), subject to the terms and conditions set forth herein below, at a public sale (the “Sale”) at 9:30 a.m., prevailing Chicago time, on January 29, 2016 (the “Sale Date”) at the offices of Barnes & Thornburg, LLP, One North Wacker Drive, Suite 4400, in Chicago, Illinois, 60606. The Assets secure the repayment of the indebtedness of the […]