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Your weekly dose of actionable deal flow intelligence by DailyDAC.
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By DailyDAC™ • Issue #42• April 13, 2022
A curation of actionable deal flow intelligence using some very proprietary sources, some public (but dispersed) data and a lot of spit & vinegar.
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Assignment for Benefit of Creditors - Commenced |
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- Ripkurrent LLC. Energy solutions. Assignment for Benefit of Creditors. On March 10, 2022 the company commenced an assignment for the benefit of creditors under Florida law. More info: Assignee Michael L. Kayman of Realization Advisors, Inc. @ (954) 523-0900 or tabrams@tabramslaw.com. Deal ID: 33051
- Tarveda Therapeutics. Biopharmaceutical company. Assignment for Benefit of Creditors. On April 4, 2022 the company commenced an assignment for the benefit of creditors under Delaware law. The Company aims to relieve around $21 million in debt. More info: In re: Tarveda Therapeutics Inc., case number 2022-0317, in the Court of Chancery of the State of Delaware or email info@tarvedatx.com. Deal ID: 33093
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- Ikkyu. Japanese restaurant. Bulk Sale. The name and business address of the Seller is Miki’s Omakase, LLC, 645 Antelope Blvd., Suite 4, Red Bluff, California 96080-2465. The name and business address of the Buyer is Myint Oo, 645 Antelope Blvd., Suite 4, Red Bluff, California 96080-2465. The assets to be sold are generally described as FF&E, trade name, goodwill, lease, leasehold, improvements ABC License number 41-629465. The anticipated date of the bulk sale is April 27, 2022. More info: Universal Escrow, Inc. 1025 W. 190th Street, Suite 160, Gardena, California 90248. Deal ID: 33042
- Bowlista. Superfood café. Bulk Sale. The name and business address of the Seller is First Fruits Harvest, LLC, 27472 Portola Parkway, Ste 202, Foothill Ranch, California 92610. The name and address of the Buyer is Collectibles and Accessories, LLC, 27472 Portola Parkway, Ste 202, Foothill Ranch, California 92610. The assets to be sold are described in general as FF&E, trade name, goodwill, lease, leasehold improvements, and covenant not to compete. The anticipated date of the bulk sale is April 25, 2022. More info: Act One Escrow, Inc., 17316 Edwards Rd, Ste B160, Cerritos, California 90703. Deal ID: 33043
- Photasia Inc. Vietnamese restaurant. Bulk Sale. The name and business address of the Seller is Photasia Inc., 5329 University Dr. Irvine, California 92612. The name and business address of the Buyer is Nam’s Eatery LLC, 5021 W. Robers Drive Santa Ana, California 2704. The assets to be sold are generally described as FF&E, trade name, goodwill, inventory, lease, and leasehold improvements. The anticipated date of the bulk sale is April 20, 2022. More info: Lucky Team Escrow, Inc., 13305 Brookhurst Street Garden Grove, California 92843. Deal ID: 33046
- Miracle Collision and Paint. Auto body shop. Bulk Sale. The name and business address of the Seller is P & J Duenas Incorporated, 250 San Leandro Blvd San Leandro, California 94577. The name and business address of the Buyer is Exclusive Auto Collision Inc., 17563 Knight Dr, Castro Valley, California 94546. The assets to be sold are generally described as fixtures, equipment, inventory and all business assets. The anticipated date of the bulk sale is April 20, 2022. More info: Bay Area Escrow Services, 2817 Crow Canyon Rd, Ste 102 San Ramon, California 94583. Deal ID: 33055
- Westbrae Nursery, Inc. Garden center. Bulk Sale. The name and business address of the Seller is Westbrae Nursery, Inc., 1271 Gilman St., Berkeley, California 94706. The name and business address of the Buyer is Westbrae Nursery Garden Supply Cooperative Inc., 1272 Gilman St., Berkeley, California 94706. The assets to be sold are generally described as stock in trade, fixtures, equipment, goodwill and other business property. The anticipated date of the bulk sale is April 19, 2022. More info: Westbrae Nursery @ (510) 526-5517. Deal ID: 33056
- Quick Stop Market #551001. Convenience store. Bulk Sale. The name and business address of the Seller is Anureet Grewal, 1001 MacArthur Blvd. San Leandro, California 94577. The name and business address of the Buyer is Quick Stop Markets, Inc., 38995 Farwall Dr., Fremont, California 94536. The assets to be sold are generally described as goodwill. The anticipated date of the bulk sale is May 10, 2022. More info: Vicky Cassell the Franchise Manager of Quick Stop Markets, Inc. Deal ID: 33057
- Placerville Antiques & Collectibles. Antique Store. Bulk Sale. The name and business address of the Seller is Beverly Fraga, 448 Main Street, Placerville, California 95667. The name and business address of the Buyer is Gregory Alan Rezak, 3440 Wedge Hill Road Placerville, California 95667. The assets to be sold are generally described as all stock in trade, FF&E and goodwill. The anticipated date of the bulk sale is April 26, 2022. More info: Capitol City Escrow, Inc., 3838 Watt Avenue, Suite F-610 Sacramento, California 95821-2665. Deal ID: 33061
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Chapter 7 Bankruptcy - 363 Sales |
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- S & R Investments, LLC. Investment firm. Chapter 7 Bankruptcy 363 Motion filed. In re S & R Investments, LLC. Case number 9:21-bk-90014 (Case filed on February 2, 2022 in the District of Montana, Judge Benjamin P Hursh). The debtor’s address is 845 Wyoming St. #206, Missoula, MT 59801. The property for sale is located at 106 Madison Street, Anaconda, Montana and the asking price is $119,000. The closing date is listed as April 29, 2022. More info: Debtor’s counsel James H Cossitt of James H Cossitt, PC @ (406) 752-5616 or jhc@cossittlaw.com. Deal ID: 33062
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Chapter 7 Filings Involving Companies With Significant Assets |
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- Sigfox Inc.. Communications company. Chapter 7 Bankruptcy Filing Involving Companies With Significant Assets. Case number 1:22-bk-10274 (Case filed on March 31, 2022 in the District of Delaware, Judge Mary F Walrath). A well-developed website, Sigfox has been around since 2010 and specializes in 0g Internet of Things (IoT). Now present in 75 countries and regions, Sigfox is the first player to build the largest IoT ecosystem in the world, from big manufacturers to hundreds of startups and device-makers on four continents. More info: Debtor’s counsel Christopher Page Simon of Cross & Simon, LLC @ (302) 777-4200 or csimon@crosslaw.com. Deal ID: 33066
- Lake Erie Tool and Mold Company LLC. Tool and molding company. Chapter 7 Bankruptcy Filing Involving Companies With Significant Assets. Case number 1:22-bk-10156 (Case filed on April 1, 2022 in the Western District of Pennsylvania, Judge Thomas P Agresti). Debtor’s address is 8060 Pagan Rd, Erie, PA 16509-4424. It has a well-developed website and boasts high quality tooling solutions for tooling repairs, engineering changes, spare tooling, or complete design and build projects. It provides a list of their facilities and services offered on the website, likely position of a good deal of equipment. More info: Kenneth Steidl of Steidl & Steinberg, Debtor’s counsel @ (412) 391-8000 or julie.steidl@steidl-steinberg.com. Deal ID: 33068
- RocBurst LLC. Rock breaking services/equipment. Chapter 7 Bankruptcy Filing Involving Companies With Significant Assets. Case number 4:22-bk-30837 (Case filed April 1, 2022 in the SOuthern District of Texas, Judge Christopher M Lopez). Debtor’s address is 16627, Brookshire Ln Houston, TX 77041. The website lists some of their equipment and services, as well as two different patents it appears to possess: US Patents 5,611,605 & 5,803,551. More info: Julie Mitchell Koenig of Cooper & Scully, PC, Debtor’s counsel @ (713) 236-6800 or julie.koenig@cooperscully.com. Deal ID: 33069
- A1 Diabetes & Medical Supply, Inc. Medical clinic and supplier. Chapter 7 Bankruptcy Filing Involving Companies With Significant Assets. Case number 2:22-bk-21283 (Case filed on April 4, 2022 in the Western district of Tennessee, Judge Jennie D Latta). The debtor’s address is 1785 Nonconnah Blvd Ste 107B, Memphis, TN 38132-2141. There is a creditor meeting set for May 4, 2022. More info: Gene L Humphreys of Bass, Berry & Sims, PLC, Debtor’s counsel @ (615) 742-7757 or ghumphreys@bassberry.com. Deal ID: 33071
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Chapter 11 Bankruptcy - 363 Sales |
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- Salem Harbor Power Development LP. Energy company. Chapter 11 Bankruptcy Sale. In re Salem Harbor Power Development LP. Case number 1:22-bk-10239. A motion to sell substantially all assets was filed March 23, 2022 with Judge Mary F Walrath. Debtor’s address is 24 Fort Ave, Salem, MA 01970-5623. Debtor’s motion seeks approval of bidding procedures. If granted, there will be a Stalking Horse deadline of June 3, 2022, a bid deadline of June 10, 2022, and an Auction held on June 14, 2022. More info: Andrew L Magaziner of Young Conaway Stargatt & Taylor, LLP @ (302) 571-6600 or bankfilings@ycst.com. Deal ID: 33073
- CCX Inc. Metal and mineral wholesaler. Chapter 11 Bankruptcy Sale. In re CCX Inc. Case number 1:22-bk-10252. A motion to sell all assets was filed on April 5, 2022 with Judge Brendan Linehan Shannon in the District of Delaware. Debtor’s address is 101 Braeburn Rd, Lower Burrell, PA 15068-2259. Bid Deadline May 3, 2022, at 4:00 p.m. EST and the Auction is on May 4, 2022, at 10:00 a.m. EST. The Debtor has engaged with interested parties and will market test the Stalking Horse Bid to ensure that the Debtor obtains the highest or otherwise best offer or combination of offers for the business or some or all of its assets. As provided in the Stalking Horse Agreement and further described herein, the proposed sale contemplates a transfer of all or substantially all of the Debtor’s assets in exchange for $1,500,000 in cash, plus certain assumed liabilities. More info: Sarah M Ennis of Morris James LLP, Debtor’s counsel @ (302) 888-6809 or sennis@morrisjames.com. Deal ID: 33075
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Chapter 11 - Pleadings (other than a 363 Motion) or Other Facts Suggesting Likely Asset Sales |
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- Black News Channel, LLC. News network. Chapter 11 Pleadings (other than a 363 Motion) or Other Facts Suggesting Likely Asset Sale. Case number 4:22-bk-40087. Case filed on March 28, 2022 in the Northern District of Florida). Debtor’s address is 2320 Killearn Center Blvd Bldg D, Tallahassee, FL 32309-3524. A news channel dedicated to covering news that concerns underrepresented people of color, it recently filed Chapter 11. In doing so, however, it received multiple inquiries about potentially selling the company. Therefore, a bid procedures motion was filed on April 13, 2022. The Bid Deadline is within 42 days of the filing of the Bid Procedures Order, which is set for May 4, 2022. An Auction will be held within 5 days of the Bid Deadline. More info: Richard R. Thames of Thames Markey & Heekin, P.A., Debtor’s counsel @ (904) 358-4000 or rt@tmhlaw.net. Deal ID: 33078
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Exploring Strategic Alternatives / Out-of-Court Restructuring Action / Cash Constraints |
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- Sphere 3D Corp. (NASDAQ: ANY). Carbon-neutral bitcoin mining company. Exploring Strategic Alternatives. ANY announced on April 7, 2022, that it will begin a strategic review of debt financing options. ANY added that it will begin this process in order to fund the purchase of bitcoin miners, expansion of its mining fleet, and growth into new areas of cryptocurrency and blockchain. ANY had a 52 week high of $11.98 and a 52 week low of $1.28 with a previous open of $1.97. Deal ID: 33085
- ValOre Metals Corp. (OTCMKTS: KVLQF). Resource exploration company. Exploring Strategic Alternatives. KVLQF announced that as of April 11, 2022 it has initiated an evaluation of strategic alternatives. The Company said the purpose of this review is to maximize the value of the Company's holdings and has engaged with Canaccord Genuity Corp. to act as their financial advisor. Alternatives could include the sale of part or all of the Company or its assets, a merger, formation of a separate company, or other strategic initiatives. KVLQF has a 52 week high of $0.50 and a 52 week low of $0.16 with a previous open of $0.46. Deal ID: 33094
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- New Dairy Opco, LLC d/b/a Borden Dairy. Manufacturer. Plant Closure. New Dairy Opco, LLC d/b/a Borden Dairy is permanently closing its 501 North C. E 181st Street plant located in Miami, Florida 33162. Approximately 154 will be laid off on or around May 31, 2022. Deal ID: 33040
- Veritiv Operating Company. Wholesale trade. Facility Closure. Veritiv Operating Company is permanently closing its 1141 N Swift Rd, Addison facility located in Illinois 60101. Approximately 33 will be laid off on or around May 31, 2022. Deal ID: 33049
- HSHS Medical Group. Health care. Facility Closure. HSHS Medical Group is permanently closing its 3051 Hollis Drive facility located in Springfield, Illinois 62704. Approximately 81 will be laid off on or around May 30, 2022. Deal ID: 33048
- WestRock Service, LLC. Manufacturer. Plant Closure. WestRock Service, LLC is permanently closing its 1 S. Everitt Ave, Panama City plant located in Florida 32401. Approximately 426 will be laid off on or around June 6, 2022. Deal ID: 33041
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- Slant/Fin Corporation. Commercial boiler manufacturer. Mass Layoffs. Slant/Fin Corp is eliminating about 75% of its workforce by the end of September 2022. This announcement comes after laying off 68 employees on March 31, 2022. Deal ID: 33039
- WestRock. Manufacturer. Mass Layoffs. WestRock is permanently eliminating 30 positions at its 725 Pittman Road plant in Curtis Bay, Maryland 2122. Layoffs will begin on or around May 31, 2022. Deal ID: 33059
- CACI, Inc. Information technology company. Mass Layoffs. CACI, Inc. is permanently eliminating 94 positions at its 1681 Nelson Street facility in Fort Detrick, Maryland 21702. Layoffs will begin on or around May 31, 2022. Deal ID: 33060
- Stryker Employment Company, LLC. Business services. Mass Layoffs. Stryker Employment Company, LLC is permanently eliminating 495 positions at its 5300 Region Court facility in Lakeland, Florida 33815. Layoffs will begin on or around May 31, 2022. Deal ID: 33044
- Rembrandt Enterprises, Inc. Food services. Mass Layoffs. Rembrandt Enterprises, Inc. is permanently eliminating 135 positions at its 1419 480th Street, Buena Vista facility in Rembrandt, Iowa. Layoffs will begin on or around April 5, 2022. Deal ID: 33050
- JJ Taylor Distributing Company of MN, Inc. Beer distributor. Mass Layoffs. JJ Taylor 2022 is eliminating 20 positions at its 701 Industrial Blvd NE facility in Minneapolis, Minnesota 55413. Layoffs will begin on or around May 30, 2022. Deal ID: 33080
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Opportunistic Intel About Private Sales Not Listed in other Categories |
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(Noteworthy Non-Distressed Auctions, Private Business Sales, Private Personal Property Sales, Private Real Estate Sales, Overstocks/Obsolete Inventory, and Other Interesting Sales Without a Legal Process) |
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- Service Industrial, Inc. Marine Rigging business. Private Business Sales. Service Industrial is going out of business and is liquidating inventory. Inventory includes fasteners, tools, hydraulic hoses, crimps and presses. Cost of the inventory is nearly $500,000, asking price is $250,000. More Info: Mark Hardy of Service Industrial, Inc. @ (985) 643-7673. Deal ID: 33082
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Rating Agency Alerts/Going Concern Opinions/Stock Market Delisting/Other Signs of Potential Distress OR Upside Alpha Opportunity™ |
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- Alpha Energy. (OTCMKTS: APHE). Oil and gas exploration and development company. Going Concern Opinion. In a recent filing, APHE has expressed its need for additional financing as well as hope for future profitable operations. APHE auditors have expressed their substantial doubt about the company's ability to continue as a going concern. APHE has a 52 week high of $6.25 and a 52 week low of $1.31 with a previous open at $4.00. Deal ID: 33083
- Faraday Future. (NASDAQ: FFIE). Electric vehicle company. Stock Market Delisting. FFIE received notice of delisting on April 7, 2022 for failure to file an annual 10-K report. The company has filed a notice of late filing with the SEC. This delisting comes following an increased crackdown on EV SPACs by the SEC. Multiple executives at Faraday have been subpoenaed by the SEC regarding inaccurate statements made that may have misled investors. FFIE had a 52 week high of $17.48 and a 52 week low of $3.71, with a previous open at $4.20. Deal ID: 33084
- Commscope Holding Company Inc. (NASDAQ: COMM). Network infrastructure provider. Other Signs of Potential Distress. Investment bank Raymond James has downgraded COMM to “Underperform” citing high leverage and increasing costs, which have contributed to steep declines in COMM’s stock price. Similarly, Goldman Sachs Group downgraded COMM from “Buy” to “Neutral” on April 1, 2022. Various analysts have valued the stock at target prices all above $8.00. COMM closed at $6.44 on April 11, 2022. It's 52 week high as of that date was $22.18 and its 52 week low as of that date was $6.40. Deal ID: 33096
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Receiverships - Commenced |
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- Modern Times. Brewery/Coffee house. Receivership-Commenced. A lender of Modern Times is likely to succeed in having a receiver appointed. The company had been seeking a buyer after executing layoffs but failed to do so. In 2019, Modern Times took on over $20 million dollars in debt and was valued at $264 million. More info: Jennifer Briggs, Chief Operating Officer, @J_B_Briggs on twitter or jb@alifeinmosaic.com. Deal ID: 33098
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- Healthcare Management Partners, LLC. Healthcare facilities. Receivership Sale. The assets of the following entities will be sold by receiver: Gordon Jensen Health Care Association, Inc., Knollwood NH, LLC, Conquest Health Systems, LLC, Bama Oaks Retirement, LLC, and Saint Simons Healthcare, LLC. The assets include a nursing facility located at 3151-A Knollwood Drive, Mobile, Alabama 36693, an assisted living facility located at 3151-B Knollwood Drive, Mobile, Alabama, and an independent living facility located at 3151-B Knollwood Drive, Mobile, Alabama. An auction will be held on May 12, 2022 at 10:00 a.m. CST. More info: Blake D. Roth and Ryan K. Cochran of Waller Lansden Dortch & Davis, LLP, Receiver’s counsel @ blake.roth@wallerlaw.com or ryan.cochran@wallerlaw.com. Deal ID: 33091
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(including Article 9 sales, commercial real estate foreclosure sales, residential real estate foreclosure sales, sheriff’s sales, tax sales, warehouse lien sales) |
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- 195 Comfort Road, Palatka, Florida 32177. Industrial property. Real Estate Foreclosure Sale. The auction will be held on May 26, 2022 at 11 a.m. Building is about 57,373 SF. View photos. More info: Peter E. Nicandri of WM Capital Partners XL, LLC, located at 14 East Bay Street Jacksonville, Florida 32202, Counsel for Assignee @ (904) 357-3660. Deal ID: 33081
- South Platte Land and Investment Company, Inc. d/b/a Woodys Chicago Style. Business consultants. Sheriff’s Sale. This 1,790 SF residential property is located at 23254 Valley High Road, Morrison, Colorado 80465. The property is a five-bedroom home, estimated by Zillow to be worth $900,700. The sheriff’s sale is scheduled for May 19, 2022. More info: Jefferson County Deputy Sheriff Jeff Shrader @ (303) 534-2277. Deal ID: 33052
- Stroser Assets, Inc. Asset management. Sheriff’s Sale. This retail property is located at Unit 96, Condominium Cluster C, Mountainside, SilverCreek Condominiums, Grand, Colorado. The sheriff’s sale is scheduled for May 26, 2022. More info: Grand County Sheriff Brett D. Schroetlin @ (970) 725-3343. Deal ID: 33053
- Sawann House, d/b/a “Dupont Circle Neighborhood”. Bed and breakfast. Article 9/Secured Party Sale. Located at 1808 New Hampshire Avenue, Northwest Washington, DC, the sale of this property includes a three-story building used as a bed and breakfast and 7,538 SF of gross livable area.The sale will be held on April 14, 2022 at 11:00 a.m. More info: Alex Cooper of Auctioneers, Inc., located at 4910 Massachusetts Avenue, Northwest, Suite 100, Washington, D.C. Deal ID: 33054
- CIYC II, LLC. Article 9/Secured Party Sale of Assets. The sale includes all of the company’s collateral. A public auction will be held on April 13, 2022 at 12:00 p.m. EST and will take place at the law offices of Paul Hastings LLP, 200 Park Avenue, New York, New York 10166. More info: Paul Hastings LLP, Attorneys for Agent @ (212) 318-6314 or CIYCauction@paulhastings.com or ARENA CIYC, LLC @ eanchipolovsky@arenaco.com or vdevito@arenaco.com. Deal ID: 33086
- Hoyos Integrity Corporation. Technology developer. Article 9/Secured Party Sale of Assets. The sale includes 8,930 international band and 725 United States band 4G smartphones. A public auction will be held online on April 22, 2022 at 10:00 a.m. PST. More info: Michael S. Neumeister, Counsel for Secured Party, Gibson, Dunn & Crutcher LLP @ (213) 229-8002 or mneumeister@gibsondunn.com. Deal ID: 33087
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