Former Barclaycard CFO Signs Embattled Fintech Firm’s Chapter 11 PleadingCiting a liquidity crisis caused by hedge fund Victory Park Capital Advisors, Think Finance and six affiliates sought protection from up to $50 million in liabilities in the Northern District of Texas. The chapter 11 petition was signed by Chief Financial Officer Barney C. Briggs, a former CFO for Barclaycard US. While Think Finance was sued for alleged nonpayment of a balance due in June by Marlin & Associates Holding, Victory Park Capital Advisors was sued by Think Finance for allegedly intercepting and hoarding millions of dollars of the debtor’s cash to fund contingent indemnity obligations.
Read Think Finance v Victory park Capital Advisors here.
Read the federal complaint of Marlin & Associates Holding against Think Finance here.
Home Depot Fire Blamed for Bankruptcy of Queens Property Located at 3704 Parsons Blvd in Flushing, N.Y., Julian Depot Miami LLC sought protection from up to $50 million in liabilities in the Southern District of New York. The chapter 11 petition was signed by Manager David L. Smith. Affiliate HS 45 John also filed a pleading in February 2015, disclosing that the debtor was allegedly using bankruptcy to position the property located at 45 John Street in Manhattan for a prompt closing and repayment of mortgages, according to the declaration of Mr. Smith who stated he filed the petition for the benefit of Harry Sohn, a well-known Manhattan real estate investor.