Jennis Morse Etlinger Bankruptcy News January 14, 2022

  • JME prevailed on its arguments for a motion to sell (vehicles) free and clear of all liens paving the way for the subchapter v debtor to bring an infusion of capital into the estate.
  • JME successfully walked through an application to employ an auctioneer GovDeals. The retention will help effectuate the debtor’s liquidating plan.
  • JME client, JDub’s, filed its notice of occurrence of effective date, marking the implementation of its confirmed chapter 11 plan.
 

Florida Filings

  • Dec 31, 2021 – PH 1 LLC, chapter 11 in the Southern District of Florida
  • Jan 1, 2022 – Edward Zengel & Son Express, Inc., chapter 11 in the Middle District of Florida
  • Jan 3, 2022 – Nice Services, Inc., chapter 11 in the Middle District of Florida
  • Jan 3, 2022 – Teresa B. Bolton, chapter 11 in the Northern District of Florida
  • Jan 3, 2022 – MILLENNIUM GRANITE & MARBLE, LLC, chapter 11 in the Southern District of Florida
  • Jan 3, 2022 – Paul Michael King, chapter 11 in the Southern District of Florida
  • Jan 3, 2022 – Grovehaus, LLC, chapter 11 in the Southern District of Florida
  • Jan 5, 2022 – 3310 WEST 1 GROUP LLC, chapter 11 in the Southern District of Florida
  • Jan 5, 2022 – The Bronze Kingdom LLC, chapter 11 in the Middle District of Florida
  • Jan 6, 2022 – Beachside Bingo, Inc, chapter 11 in the Northern District of Florida
 

Bankruptcy News

  • Seadrill New Finance Limited filed for bankruptcy on January 11, 2022 before the United States Bankruptcy Court, Southern District of Texas, Houston Division. That same day, the debtor filed its disclosure statement and chapter 11 plan. The following day, over the United States Trustee’s objection, the Bankruptcy Court gave final approval as to the disclosure statement and confirmed the plan. To no surprise the objection predominantly centered on arguments concerning due process and the opportunity for creditors to sufficiently analyze the plan. Link
  • Bank of America is drastically reevaluating its overdraft policies which will result in the elimination of significant fees. Specifically, from $35 to $10. Furthermore, it is doing away with non-sufficient fund fees aka NSF fees, which are applied when there are insufficient funds in the account to cover the request, coupled in part by implementing procedures in place designed to make it impossible to overdraw an account at an ATM. Link
 

Investment Notes

We’re tracking a number of previously filed chapter 11 cases as well as some of the cases in the news. We’ll keep you posted when opportunities are ripening. For more information on how we can help assist with financing opportunities, please contact the firm at (813) 229-2800.