Two Times the Charm for Bankrupt Manhattan Property Owned by Millennial West 16th Street Owner LLC and 10 affiliate properties sought protection from up to $50 million in liabilities, of which $35,919,059 is owed to Kriss & Feuerstein NY LLP.
Manager Richard Cohn signed the chapter 11 petition, filed in the Southern District of New York and disclosing the 125 West 16th Street property is worth $40,000,000. Owner Raphael Toledano, 27, blamed the lender’s failure to fund the sale of the building in a March 2015 bankruptcy filed for the property.
Read Mr. Toledano’s 2015 affidavit here.
Pensions at Risk as Century-Old Paper Manufacturer Goes Bankrupt After closing three paper plants, the 120-year-old Southworth Company sought a safe haven from up to $50 million in liabilities in the District of Massachusetts, of which $9,285,657.00 is owed to the firm’s pension. The chapter 11 pleading was signed by President John S. Leness. According to media reports, former workers filed a lawsuit in district court, claiming they did not receive their paychecks.
Maryland Golf Property Bunkers Down in Bankruptcy Heritage Green LLC sought protection from up to $50 million in liabilities, of which $15.5 million is owed to Bank of New York, in the Southern District of New York. The chapter 11 petition was signed by President Charis C. Lapas, who blamed the bankruptcy of affiliates Puble NV and Scotia Valley NV on a pending foreclosure. According to court records, the debtor owes up to $1.5 million plus penalties and interest to Charles County, Maryland.
Diamond Distributor Aims to Polish Balance Sheet Following Asset Seizure After Belgian bank KBC seized assets in July, Exelco NV and three affiliates sought relief from up to $100 million in liabilities in the District of Delaware. According to media reports, the bank was seeking to recover $29 million for unpaid loans. The chapter 11 petition was signed by President Jean Paul Tolkowsky.
New Jersey Sports Center Seeks to Get Off Thin Ice Athletic Community Team LLC d/b/a Jersey Shore Arena is fleeing up to $50 million in liabilities, of which a disputed $13,969,430.00 may be owed to Jersey Shore Ice Arena LLC. The chapter 11 petition was filed in the District of New Jersey and signed by President Oleg Shnayderman. Affiliate ACB Receivables Management Inc. filed a pleading last year after multiple Fair Credit Collection Act claims were filed, naming Athletic Community Team LLC, ACB Receivables and Mr. Shnayderman
Read Bancorp Bank’s complaint here
Advisory Firm Bankruptcy Follows Failed Acquisition Bid In an effort to resolve securities arbitration and litigation claims, Williams Financial Group and three affiliates sought protection from up to $10 million in liabilities in the Northern District of Texas, of which $666,578 for a lease is owed to Dallas CPT Fee Owner LP and $400,000 to Folio Dynamics for software. National Holdings was set to acquire the firm for $2.3 million, but the deal fell apart in July, according to media reports. The chapter 11 petition was signed by President David Williams.
Read the declaration of Mr. Williams here
Maryland Properties of Suspended Attorney Land in Bankruptcy Stein Properties Inc. sought protection from up to $50 million in liabilities in the District of Maryland. The chapter 11 petition was signed by President S. Bruce Jaffe, who was suspended indefinitely from practicing law by the Attorney Grievance Commission of Maryland last year. Some $200,222.58 is owed to the Howard County Department of Finance in unpaid taxes. Affiliate College Park Investments, LLC also filed a pleading.
Creditors File Involuntary Petition Against Manhattan Investment Firm A chapter 7 petition claiming not less than $810,000 in promissory notes was filed in the name of Upstream Capital Advisors LLC. The involuntary pleading was signed by Michael May, Mark Wagner and Richard Berrebbi and submitted to the Southern District of New York.
Telecom Provider Ends Up in Bankrupcty After Judgments R-BOC Representatives sought protection from up to $50 million in liabilities in the Northern District of Illinois. President Carolyn Lundeen signed the chapter 11 petition, which disclosed a disputed judgment of $6,689,472.59 owed to John Minemeyer and a $7,978,420.97 judgment owed to Dura-Line Corp. The case is currently on appeal.
Read about Minemyer v R-Boc representatives here.
Texas Tackle Shop On the Hook by Debt Martin’s Fishing Tools & Rentals sought protection from up to $10 million in liabilities in the Northern District of Texas. The chapter 11 petition was signed by President Linda Martin, who filed a personal pleading claiming up to $10 million in liabilities.
Trailer Manufacturer Rolls Into Bankruptcy with $10 Million in Debt Schantz Mfg. Inc sought protection from up to $10 million in liabilities in the Southern District of Illinois. President Mike Schantz signed the chapter 11 petition. Some $208,500.00 is owed to Knight Capital Funding and $307,208.00 to Funding Circle
Illinois Car Dealer Parks Its Debt in Bankruptcy Mooney DeKalb Inc. sought protection from up to $10 million in liabilities, of which $2,088,268.00 is owed to National Bank & Trust. The chapter 11 petition was signed by President Michael Mooney and filed in the U.S. Bankruptcy Court for the Northern District of Illinois.
