3/15/2022 [Edition 2, 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, Wisconsin, Michigan and Ohio, as well as hospitality cases filed nationally, 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.
New Filings
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.
Illinois
Restaurant – Glenview, Illinois
In re Dee’s Place Glenview, Inc. (Bankr. N.D. Ill.); Case No. 22-02820
- Dee’s Place Glenview, Inc.. filed a voluntary petition for relief under Subchapter V of the Bankruptcy Code on March 12, 2022. The Debtor estimates its total number of creditors to be less than 49, its assets to have a value of less than $50,000, and its liabilities to be between $50,0001 and $100,000. The Debtor did not provide a reason for filing its bankruptcy petition.
Property Management – Glenview, Illinois
In re Pinnacle Multi-Acquisitions Holdings LLC. (Bankr. N.D. Ill.); Case No. 22-02669
- Pinnacle Multi-Acquisitions Holdings LLC filed a voluntary petition for relief under Chapter 11of the Bankruptcy Code on March 8, 2022. The Debtor estimates its total number of creditors to be fewer than 49, its assets to have a value of less than $50,000, and its liabilities to be between $50,0001 and $100,000. The Debtor has not filed its schedules, but its petition does disclose ownership interests in two parcels of real property: 7456 S. Shore Drive, Chicago, Illinois, described as a 77-unit commercial building, and 2300-16 S. Central, Cicero, Illinois, described as a 25-unit commercial building. The Debtor did not provide a reason for filing its bankruptcy petition.
Property Management – Homewood, Illinois
In re HLMC Title Services, Inc. (Bankr. N.D. Ill.); Case No. 22-02518
- HLMC Title Services, Inc. filed a voluntary petition for relief under Subchapter V of the Bankruptcy Code on March 8, 2022. The Debtor describes its business as a Single Asset Real Estate and a small business as defined in 11 U.S.C. § 101(51D)). The Debtor estimates its total number of creditors to be fewer than 49, its assets to have a value of less than $50,000, and its liabilities to be between $50,0001 and $100,000. The Debtor has not filed its schedules and has not provided a reason for filing its bankruptcy petition.
Geriatric Social Services – Columbia, Illinois
In re Care Neighborhood Redevelopment Corporation (Bankr. S.D. Ill.); Case No. 22-30093
- Care Neighborhood Redevelopment Corporation filed a voluntary petition under Chapter 11 of the Bankruptcy Code on February 21, 2022. The Debtor’s petition identifies itself as a small business as defined by Code Section 101(51D). The Debtor’s schedules disclose ownership interests in four parcels of real property: 1516 N. 43rd , East St. Louis, Illinois, valued at $35,000.00; 1527 N. 43rd St., East St. Louis, Illinois, valued at $40,000.00; 1439 N. 44th St., East St. Louis, Illinois, valued at $40,000.00; and 1540 43rd, 1406 N. 44th, 14 N. 45, East St. Louis, Illinois, valued at $2,700.00. The Debtor has scheduled secured and unsecured claims totaling $102,783.53. In its Statement of Financial Affairs, the Debtor has disclosed rental income in 2020 totaling $19,728.00, rental income in 2021 of $19,185.00 and rental income from January 2022 to the Petition Date of $3,900. The Debtor has not provided a reason for filing its bankruptcy petition.
Single Asset Real Estate – Chicago, Illinois
In re Capital Equity Land Trust #2140215 (Bankr. N.D. Ill.); Case No. 22-2580
- Capital Equity Land Trust #2140215 filed a voluntary petition under Chapter 11 of the Bankruptcy Code on March 7, 2022. The Debtor describes itself as a single asset real estate under 11 U.S.C. § 101(51B)). The Debtor estimates its total number of creditors to be fewer than 49, its assets to have a value of between $1,000,001 and $10 million, and liabilities to be between $500,0001 and $1,000,001. The Debtor has not filed its schedules and has not provided a reason for filing its bankruptcy petition. The Debtor filed Adversary Proceeding 22-ap-037, seeking the avoidance of the issuance of certain tax deeds related to the real property known as 17100 Halsted St., Harvey, Illinois. In that complaint, it states that the fair market value of the real estate is $2,000,000.00
Indiana
Construction – Carmel, Indiana
In re Allied Diversified Construction, Inc. (Bankr. S.D. Ind.); Case No. 22-0739
- Allied Diversified Construction, Inc. filed a voluntary petition for relief under Subchapter V of the Bankruptcy Code on March 9, 2022. The Debtor estimates its total number of creditors to be less than 49, and estimates its assets and liabilities to both be valued between $1,000,001.00 and $10,000,000.00. The Debtor discloses assets with an aggregate value of $3,719,565.78, of which $1,558,591.61 is described as accounts receivable aged 90 days or more, $500,000.00 is assigned to a counterclaim against Environmental Assurance Company, Inc., and $1,660,408.53 escrow for account receivable. The Debtor did not provide a reason for filing its bankruptcy petition.
Michigan
Financial Services – Lake Orion, Michigan
In re Strategic IQ, LLC (Bankr. E.D. Mi.); Case No. 22-41595
- Strategic IQ, LLC filed a voluntary petition for relief under Subchapter V of Chapter 11 on March 2, 2022. The Debtor estimates its total numbers creditors to be less than 49 with aggregate liabilities between $100,001 and $500,000. In its profit and loss statement dated as of February 2022, it discloses total income (described as Management Consulting Revenue) of $227,242.49, total costs of goods sold of $80,587.29 and expenses of $41,329.81 for net income of $105,325.39. Its balance sheet as of February 28, 2022, reflects funds in a checking account totaling $418,829.90 and fixed assets comprising computers valued at $5,189.62. The Debtor has not disclosed a reason for the filing of its petition.
Hospitality
Dallas, Texas
In re Deep Ellum Hostel, LLC (Bankr. N.D. Tex.); Case No. 22-30448
- Deep Ellum Hostel, LLC filed a voluntary petition for relief under Subchapter V of the Bankruptcy Code on March 13, 2022. The Debtor is a hostel with onsite bar and restaurant called Booty’s Street Food. The hostel opened in 2018 and is located at 2801 Elm Street, Dallas, Texas 75226, which is in Deep Ellum and located near I-30 and Central Expressway. The Debtor states that the Deep Ellum neighborhood is known for being the most eclectic, diverse neighborhood in Dallas that is walkable and surrounded by live music venues, bars, restaurants, and artisan shops. The Property is described as an over 100 years old historic building that recently underwent a renovation and offers a mix of private suites and dorm rooms. The rooms’ décor is allegedly “modern industrial” with custom-made bunk beds and storage. The hostel can accommodate a total of 72 guests. The Debtor states that its bar/restaurant is known in the community for being an LGBTQIA+ allied and inclusive business and is commonly featured on LGBTQIA+ social media platforms. The Debtor states that historically, the majority of the hostel’s guests are international travelers. The Debtor estimates its total number of creditors to be less than 49 and estimates its assets and liabilities to both be valued between $500,001.00 and $1 million. The Debtor has filed Motions to Operate its Cash Management System, Authorize Payment of Prepetition and Postpetition Taxes, and Pay Prepetition Wages, Salaries, and Other Compensation.
Transportation
Supply, North Carolina
In re Robinson Trucking of Brunswick County, Inc. (Bankr. E.D. NC); Case No. 22-00314-5
- Robinson Trucking of Brunswick County, Inc. filed for relief under Chapter 11 of the Bankruptcy Code in the Eastern District of North Carolina. The Debtor is a freight shipping trucking company based in Supply, North Carolina. The President of Debtor also filed for bankruptcy in the Eastern District of North Carolina on July 15, 2021 (Case No. 21-01587-5-DMW). Debtor estimates that its total assets and liabilities are both between $100,000 and $500,000. Debtor has not disclosed any information pertaining to specific assets or secured claims. The Debtor’s largest unsecured creditors hold claims totaling $262,014.67. No income or reason for filing the bankruptcy has been disclosed by Debtor.
NOTICE AND DISCLAIMER
The information contained in this article represents redactions from 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 Michael Gutting
Matthew Gensburg Sandra Mertens
This information is based upon publicly available information and is intended to provide a brief overview of each opportunity.
Gensburg Calandriello & Kanter, P.C. | Attorneys at Law | WWW.GCKLEGAL.COM