DailyDAC
Tuesday, April 5, 2022
Public Notice of Sales
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Public Notice of Article 9 Sale

Substantially all assets of CIYC II, LLC. ARENA CIYC, LLC, as collateral agent, will sell all collateral pledged to it and certain other parties by CIYC II, LLC at an auction on April 13, 2022 at Noon ET. Paul Hastings is counsel for the collateral agent. More information on DailyDAC.

Public Notice of Article 9 Sale

10,000 phones and related assets. Green Hills Software LLC will sell collateral pledged to it by Hoyos Integrity Corporation at an auction on April 22, 2022 at 10:00 am PT; potential bidders must qualify to bid no later than April 20, 2022. The collateral includes 10,000 phones and related assets. Counsel for Green Hills Software LLC is Michael S. Neumeister of GIBSON, DUNN & CRUTCHER LLP. More information on DailyDAC.

Public Notice of Assignee Sale

2005 Forest River-Charleston Model RV. Assignee Michael Kayman is accepting bids for a 2005 Forest River-Charleston Model Recreational Vehicle. Interested parties should contact the Assignee ASAP. More information on DailyDAC.

Have a sale that needs Public Notice? Learn more here.

Fraudsters Beware: Chapter 11 is Not Your Friend

Hear the one about the borrower, an LLC, owned and managed by a greedy principal?  The borrower slow-payed its creditors for years while making handsome distributions to its owner, paying lavish salary, and even making assorted “loans” to its principal. The debtor then files chapter 11. The plan was to negotiate with its secured creditor to accept a reduced payoff amount and to conduct a section 363 sale that would result in sale proceeds that are just enough to pay the secured creditor, priority unsecured creditors, and administrative claimants. Approximately nothing would be paid to unsecured creditors. The principal surmised that the secured creditor would be very ready to accept the proposed haircut if faced with baldness from the collapsed value of a closed business. The chapter 11 plan would provide for a discharge of all of the LLC’s debts. Result: the principal member would sip a cuba libre in the shade, reclining atop the mountain of cash he distributed to himself, while thirsty creditors are left to seek water under a blazing sun in a strange desert-like neighborhood. Things didn’t go exactly as planned. Read more in There Ought to Be a Law, and There Is: When the Insolvent LLC’s Manager Distributes Cash But Does Not Pay Creditors, by Christopher Cahill.

More DailyDAC Tools...

DailyDAC offers a variety of free and paid tools for bankruptcy professionals.

Chapter 11 Alerts

Free email notifications of recent chapter 11 filings from across the U.S.

Bankruptcy Webinars

High quality educational webinars provided by Financial Poise Webinars.

Assignee Directory

A comprehensive directory of experienced assignees who have served as an ABC.

Auctioneer Directory

A list of auctioneers in the "distressed and surplus" asset space.

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