Misery Index: Week of July 3, 2017


Premium Denim Retailer Seeks Cure for the Blues in Bankruptcy

True Religion Apparel Inc. and four affiliates sought safety from the threat of e-commerce. Citing a consumer shift away from brick-and-mortar shopping, CFO Dalibor Snyder claimed up to $500 million in assets and liabilities in a chapter 11 pleading filed in the District of Delaware. TRLG Intermediate Holdings LLC, Guru Denim Inc., True Religion Sales LLC and TRLGGC Services LLC also filed on July 5, 2017.

Read Ms. Snyder’s affidavit here.

Third Time May Be the Charm for California Single-Asset Property

An Indio, Calif., real estate entity called Valley & Mountain LLC sought protection from some $2.1 million in attorney’s fees in the Central District of California. The chapter 11 pleading, claiming up to $10 million in assets and liabilities, was signed by manager Veena Kaura. Valley and Mountain first filed for bankruptcy in August 2013 in the Eastern District of California and subsequently in October 2013 in the Central District of California.

After Indictment, Exotic Car Dealership Makes Pit Stop in Bankruptcy

Vanderhall Exotics of Houston LLC, formerly known as Global Motorcars of Houston and Global Motorcars of Nevada, sought protection from creditors in the Southern District of Texas. Claiming up to $10 million in assets and liabilities, the chapter 11 petition was signed by managing member John Leontaritis, who was indicted by a grand jury for theft in April 2017. The firm owes $5,100,000.00 in a partially secured claim to Westlake Flooring Services and $3,900,000.00 in National Equipment Financing.

Read about the indictment of Mr. Leontaritis here

Manager of Texas Nursing Care Facilities Seeks Aid in Bankruptcy Court

Red Rocks Nursing Operations and affiliates Bloomfield_Nursing_Operations_LLC

and Casa Real Nursing Operations LLC sought protection from creditors in the Northern District of Texas Fort Worth. All three petitions were signed by Manager C. Kent Harrington who was jointly ordered to pay $1 million in criminal fines and penalties in the state of Missouri for allegedly failing to provide adequate care to the residents of five nursing homes, according to the FBI. Another $628,000 was assessed to resolve civil allegations that false and fraudulent claims were submitted to Medicare and Missouri Medicaid.

Florida Timeshare Property Seeks Vacation From Debt

Located at 410 N. Orange Blossom Trail, The Gardens LLC filed for bankruptcy in the Middle District of Florida. The chapter 11 petition, which listed $3,900,000.00 owed to Lion Financial LLC,  was signed by Manager M. Donald Granatstein who is president of Parliament Partners Inc, which filed for bankruptcy in 2014 claiming up to $50 million in liabilities and $10 million in assets. According to its website, The Gardens LLC is an expansion of The Parliament House, a gay bar and hotel in Orlando.

Popular Scottsdale Wine Bar Drowns Its Debt in Bankruptcy Again

Known as the Disneyland of wine, Kazbar LLC filed for bankruptcy in the District of Arizona. Claiming up to $1 million in liabilities, the chapter 11 petition was signed by restaurateur Peter Kasperski who originally sought protection in 2012 from $1.1 million owed to the Arizona Department of Revenue and $500,000 to the IRS.


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