Series of Trusts Bite the Bankruptcy Dust in Nevada
06-004 Madera Business Trust applied for chapter 11 protection in Nevada on April 26. Shareholders include Leonard Leeds, Sharon S. Lazar, Douglas G. Pool and Katherine Keeley of Mesa Asset Management, LLC, which was founded in 2011 by Peter “P.J.” Becker Jr. to oversee the foreclosure, management and disposition of a defaulted hard-money lender land portfolio. The trust’s business is a single-asset real estate property and the principal place of business is listed in the petition as 6767 West Tropicana Ave. in Las Vegas. 06-004 Madera Business Trust is the latest in a string of related trusts that filed for bankruptcy along with 06-009 Ranco Coachella Business Trust on April 26, 2017. The Madera Business Trust owes $2,136,034.43 in taxes from 2016 to the County of Madera in California, according to the petition that was signed by Mr. Becker, which lists assets and liabilities up to $10 million.
Midwestern Energy Company Runs Out of Gas
Fauser Energy Resources Inc. sought chapter 11 protection in the Northern District of Iowa. The petition, signed by President Paul Fauser, listed assets and liabilities up to $10 million. The Iowa Department of Revenue is among creditors listed but with an unknown amount of money owed. Affiliates Fauser Oil Co., Inc., Fauser Transport, Inc. and Ron’s L.P. Gas Service, LLC followed suit. Just last year, Fauser Energy Resources sold its five Guppy’s on the Go convenience stores in Cedar Rapids, Iowa, to Casey’s General Stores.
Shapphire Resources, LLC Files a Jewel of a Bankruptcy Case
Shapphire Resources sought protection from creditors in the Central District of California, listing up to $10 million in assets and liabilities. The petition was filed by manager Susana Tubianosa who was the administrator in 2013 at a senior care facility called United Care Homes, according to California Department of Health Care Services documents. Shapphire Resources had originally filed for bankruptcy in 2010 but the pleading was terminated.
Florida Anesthesiologist Wants Out of Creditor Pain
Pain physician Osmin Morales, doing business as Miami Pain Relief Institute, in Miami applied for chapter 11 protection in the Southern District of Florida. The IRS is owed $277,177.08.00, according to court documents. The petition was signed by Dr. Morales and listed up to $50,000 in assets and $500,000 in liabilities. This is the pain doctor’s second bankruptcy. Dr. Morales personally filed a Chapter 13 bankruptcy petition in March. According to FDA.gov, the Miami Pain Relief Institute is among a number of medical facilities in Florida that may have been shipped contaminated products from the New England Compounding Center (NECC).
Seafood Pair File Dual Bankruptcy Petitions in Florida
Beach Seafood Market Inc. of Fort Myers Beach, Fla., sought protection from creditors in the Middle District of Florida, Ft. Myers Division. The petition, signed by President Dennis L. Henderson, disclosed up to $50,000 in assets and $10 million in liabilities. Creditors include the IRS in the amount of $161,428.23. Affiliate Skip One Beach also filed in the nearby U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, listing up to $1 million in liabilities and $50,000 in assets. In 2015, the FBI reportedly raided the Trico Shrimp Co., co-owned by Mr. Henderson.
GLO Airline Crash Lands in Louisiana Bankruptcy Court
After operating daily flights from New Orleans to Shreveport, La., regional airline FlyGLO, LLC petitioned for chapter 11 protection in the Eastern District of Louisiana. Creditors include Alandia Air for $920,381.44 of up to $50 million in liabilities and assets, according to court documents. The voluntary pleading was signed by CEO Calvin C. “Trey” Fayard, III, whose sister Caroline Fayard, an attorney, ran for U.S. Senate as a Democrat in 2016 and lost.