5/19/2021 [Edition 1, Volume 2]
In many distressed situations, there are opportunities for clients to acquire assets at discounted prices. Gensburg Calandriello & Kanter is providing this bi-monthly summary of recent Chapter 11 cases filed in Illinois, Indiana and Wisconsin in which debtors (not necessarily clients of GCK) own assets that may be of interest, thereby making GCK clients aware of potential opportunities and ventures in the distressed assets market. Cases listed under “Assets for Sale” feature assets currently available. In cases listed under “New Filings,” the debtors have not yet found it necessary or otherwise decided to liquidate their assets, but may nonetheless be receptive to inquiries or offers to acquire some or all of the assets that they own.
The following is an updating list of cases which are currently in, or entering chapter 11 bankruptcy. We hope that these summaries provide you with the ability to quickly determine the relevancy of any given case and gauge your level of interest in the assets contained within. If you need further information on any of the opportunities listed, please contact us by clicking here.
Direct Mail Services – Wauconda, Illinois
In re Morris Mailing, Inc. (Bankr. N.D. Illinois); Case no. 21-06416
- Morris Mailing filed for Chapter 11 bankruptcy on May 17, 2021, in the Northern District of Illinois. Morris Mailing is a part of the direct mail service industry, publishing directories and mailing lists in print and/or electronic formats. Debtor disclosed and valued personal property consisting of: bank accounts valued at $1,333.01, accounts receivable booked at $125,414.31, several promissory notes with an aggregate value of $1,000,363.09, mortgage escrow valued at $8,891.29, inventory valued at $93,320.26, machinery and equipment valued at $1,902,279.38, office equipment valued at $154,642.99, and multiple vehicles of undisclosed make, model, and year, with a combined value of $228,592.87. The debtor also listed an ownership interest in real property valued at $1,050,000.00, encumbered by secured claims of approximately $2,161,118.69. Debtor disclosed $1,311,349.00 of total income on its Form 1120-S for tax year 2020. The debtor did not disclose the reason for bankruptcy.
Car Wash Business – Chicago, Illinois
In re App Carwash LLC (Bankr. N.D. Illinois); Case no. 21-06550
- App Carwash LLC filed for Chapter 11 bankruptcy on May 20, 2021, in the Northern District of Illinois. App Carwash LLC operates a car wash in Chicago, Illinois, under the assumed name Shine Brite Car Wash. Debtor did not disclose or value any personal property or real property in its initial filings but estimates the total value of its assets to be $500,001-$1 million and estimates the total value of its liabilities to be $1,000,001-$10 million. For the period of January 2020 through November of 2020, the Debtor disclosed “total income” of $121,611.01 and “net income” of $3,392.44. The debtor also did not disclose any income or the reason for the bankruptcy.
Single Asset Real Estate Business – Westmont, Illinois
In re 14 B, Cass LLC (Bankr. N.D. Illinois); Case no. 21-06624
- 14 N. Cass LLC filed for Chapter 11 bankruptcy on May 21, 2021, in the Northern District of Illinois. 14 N. Cass LLC is a single asset real estate business that owns one commercial property commonly known as 14 N. Cass Avenue, Westmont, Illinois. Debtor values this real estate at $600,000.00, encumbered by a secured claim of $318,000.00. Debtor also disclosed personal property with a total estimated value of $1,700.00. The debtor did not disclose any income or the reason for the bankruptcy.
Dairy Farm – Sun Prairie, Wisconsin
In re Maunesha River Dairy, LLC (Bankr. W.D. Wisconsin); Case no. 3-21-11157-cjf
- Maunesha River Dairy, LLC filed for Chapter 11 bankruptcy on May 27, 2021, in the Western District of Wisconsin. Maunesha River Dairy, LLC operates a dairy farm in Sun Prairie, Wisconsin. Debtor estimates the value of both its assets and liabilities to be between $1,000,001 and $10 million. Debtor further disclosed its 20 largest unsecured creditors with claims totaling approximately $5.8 million, but did not disclose specific assets or income. Included in Debtor’s Petition is a Resolution indicating that Debtor filed for bankruptcy due to one or more creditors taking actions against the Debtor that put the Debtor’s continued operations at risk.
NOTICE AND DISCLAIMER
The information contained in this article represents summaries of pleadings filed in the relevant bankruptcy case, supplemented, from time-to-time with data from the internet. Gensburg Calandriello & Kanter, P.C. has not independently investigated, nor verified the accuracy of this information and, therefore, does not make any representation or warranty whatsoever, express or implied, as to the content, accuracy or completeness of any of information contained herein, including, but not limited to (i) the value of any assets referenced herein, (ii) whether such assets are free from liens and encumbrances, or (iii) the environmental condition of any real estate. Therefore, while the information contained in this article is believed to be accurate, it should not be relied upon, and does not constitute legal or financial advice. Thus, parties reviewing or acting on this material must make an independent determination as to whether or not a particular course of action is generally appropriate.
Gensburg Calandriello & Kanter, P.C.
Lane Gensburg E. Philip Groben
Anthony Calandriello Alexis Clinebell
Gary Kanter Michael Gutting
Matthew Gensburg Anne Kim
Norman Berger Sandra Mertens
Giselle Piraro Kathryn Rinkus
This information is based upon publicly available information and is intended to provide a brief overview of each opportunity.
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