5/19/2021                                                                                                                           [Edition 1, Volume 1]

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 nearby bankruptcy courts including those 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.

New Filings

The following is an updating list of cases which are currently in, or believed to soon enter, 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.


Shared Office Space Property Management – Chicago, Illinois

In re Amata, LLC (Bankr. N.D. Illinois); Case no. 21-04801

    • Amata, LLC filed for Chapter 11 bankruptcy on April 12, 2021, in the Norther District of Illinois. Amata states that it offers shared office space, catering specifically to legal practitioners, at six (6) locations in downtown Chicago coupled with legal staff support and services at the shared office spaces. The debtor listed as its assets limited cash receivables, furniture and office equipment, intercompany receivables from non-debtor affiliates (which are allegedly pledged under secured loans).  The debtor also listed a leasehold interest in six (6) properties in downtown Chicago: 150 N. Michigan Ave, Suite 800; 150 N. Michigan, suite 2600; 161 N. Clark St., Suite 1600; 150 S. Wacker Dr., Suite 3400; 225 W. Washington St., Suite 2200; and 180 N. LaSalle St., Suite 3700, encumbered by total secured claims of approximately $2.7 million and $1.7 million unsecured letters of credit.  Debtor disclosed that the bankruptcy filing is due to financial and operational difficulties encountered as a result of Covid-19.

 Condominium Association – Chicago, Illinois

In re Ford City Condominium Association (Bankr. N.D. Illinois); Case no. 21-05193

    • The Ford City Condominium Association filed its Petition for Chapter 11 Bankruptcy in the Norther District of Illinois Bankruptcy Court on April 20, 2021. Debtor disclosed personal property consisting of and valued at by debtor as follows: bank accounts valued at $12,515.96; accounts receivables booked at $497,620.86; office furniture and fixtures. Debtor disclosed $656,702.01 of business income and $188,700.00 non-business income for 2020 and $189,325.78 of business income and $45,000.00 of non-business income for the year 2021 YTD. The debtor did not disclose the reason for bankruptcy.


 Commercial Masonry Contractor – Indianapolis, Indiana

In re MMM Masonry, Inc. (Bankr. S.D. Indiana); Case no. 21-01819-RLM-11

    • MMM Masonry filed for Chapter 11 Bankruptcy in the Southern District of Indiana on April 23, 2021. Debtor listed personal property consisting of and valued at by debtor as follows: account receivable valued at $44,628.00; machinery, fixtures, and equipment valued at $12,164.00; and an unvalued leasehold interest in the real property located at 6801 Gray Road, Suite E, Indianapolis, Indiana. Debtor disclosed business income for 2020 of $1,261,485.00 and business income for the year 2021 YTD of $89,697.00.

Condominium Complex Common Areas – Indianapolis, Indiana

In re Towne & Terrace Corp. (Bankr. S.D. Indiana); Case no. 21-02161-JMC-11

    • Towne & Terrace Corp. filed for Chapter 11 Bankruptcy in the Southern District of Indiana on May 12, 2021. Debtor is a tax-exempt organization under 26 U.S.C. §501 that owns and is responsible for the common areas of the Towne & Terrace condominium complex in Indianapolis, Indiana. The Debtors real property consists of the common areas of Towne & Terrace complex valued at $32,025.00, with no secured claim.  Debtor also discloses and values its personal property as follows: bank accounts valued at $61,738.83; accounts receivable booked at $672,612.82; equipment valued at $6,000; interests in insurance policies with an unknown value; a claim against the City of Indianapolis for unpaid fees and costs valued at $707,908.54; and $119,080.0 held by the Clerk of the Marion County Court.  Debtor disclosed income for 2020 of $71,121.00 and income for 2021 YTD of $43,202.68.


Single Asset Real Estate Business – Madison, Wisconsin

In re 121 Langdon Street Group, LLP (Bankr. W.D. Wisconsin); Case no. 3-21-10886-cjf

    • 121 Langdon Street Group, LLP filed for Chapter 11 Bankruptcy in the Bankruptcy Court for the Western District of Wisconsin on April 26, 2021. Debtor is a single asset real estate business. The Debtor states that it “owns and operates four (4) apartments with a total of 18-bedroom rental units located at 121 Langdon Street, Madison, Wisconsin”  It values this real estate at $1,675,000.00, with total secured claims of $1,633,160.96. The Debtor’s personal property consists of and has been valued by the Debtor as follows: bank accounts valued at $2,085.00; a security deposit valued at $425.00; and home appliances valued at $3,000. Debtor disclosed income for 2020 of $199,831.00 and income for the year 2021 YTD of $46,139.00.  Debtor did not disclose the reason for filing bankruptcy.

Lyophilization and Freeze Drying Solutions – Waunakee, Wisconsin

In re Anteco Pharma, LLC (Bankr. W.D. Wisconsin); Case no. 3-21-11012-cjf

    • Anteco Pharma, LLC filed for Chapter 11 Bankruptcy in the Bankruptcy Court for the Western District of Wisconsin on May 7, 2021. The Debtor specialized in freeze drying and related processing of pharmaceutical intermediates, medical devices, specialty food and nutritional ingredients. It sold the majority of its assets pursuant to an Asset Purchase Agreement to Attwill Medical Solutions Steriflow L.P. and Attwill Vascular Technologies, L.P. on November 15, 2017.  The agreement allegedly provides, in pertinent part, for various stages of payments over a 10-year period and an assumption of certain liabilities.  Attwill allegedly ceased making payments to the Debtor pursuant to the terms of the Agreement.  Debtor estimates the total value of its assets is $1,000,001 – $10 million, but does not disclose specific assets or values, nor the reason for filing bankruptcy.


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.

Gensburg Calandriello & Kanter, P.C. | Attorneys at Law | WWW.GCKLEGAL.COM