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Tuesday, January 31, 2022 |
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Public Notices
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DailyDAC is the publication of choice for bankruptcy trustees, receivers, assignees, debtors-in-possession, auction firms, investment bankers, law firms, foreclosing secured creditors who have the duty and goal of maximizing the sale price of financially distressed companies and business collateral. Learn more here about placing your public notice advertisement.
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Hunting for deals? |
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Here is a tiny sampling of the deals you would have read about a week or two ago if you were a monthly subscriber to DailyDAC’s Distressed Deal Data Weekly Newsletter or Opportunistic Deal Database:
Creative Extruded Products, LLC (“CEP”) and BTA Enterprises. Extruder specializing in PVC technology. Assignment for Benefit of Creditors Commenced. An assignment for the benefit of creditors was commenced for this Tipp City, Ohio-based extruder on January 10, 2022, in the Montgomery County Common Pleas Court, Probate Division. The case numbers for the ABCs are 2022TRS00002 and 2022TRS00001. The Company manufactured and sold windshield molding and trim systems for OEM and aftermarket applications. Prior to the ABC, CEP executed an Asset Purchase Agreement with Meteor Creative Inc., LP ( "Buyer") whereby Buyer purchased substantially all of the assets of CEP’s assets. The terms of the sale are confidential but the Buyer did not assume the Company's liabilities. Sale proceeds were provided to the senior secured creditors in partial satisfaction of the obligations owing. More info: Andrew Simon, Oxford Restructuring Advisors LLC @ (937) 203-0801 or info@cepbta-abc.com. Deal ID: 32083.
Verge Building. Office building Receivership Sale. Remodeled in 2009, this 49,720 SF (+/-) three story + lower level is situated on over 1 acre of land just south of Downtown Akron, Ohio, and includes a 90 (+/-) space private parking lot. Each 12,430 SF (+/-) floor plate offers flexibility for the growing company including large open areas along with private offices, conference rooms, and restrooms. All floors are accessed via 1 elevator and 2 stairways. The lower level includes a large break room, conference rooms, IT room, and vault. More info: Scott Thompson of Keller Williams Realty @ (330) 671-6331. Deal ID: 32040.
Aerospace Precision, Inc. OEM Manufacturing facility. Warehouse Lien Notice of Public Sale. Relinquished property of Aerospace Precision, Inc. sold by Landlord, Jenna Property Holdings, LLC. Online Absolute Public Auction. The company specialized in the repair/overhaul of hydraulic, electromechanical, electrical, pneumatic components including wheels and brakes for all commercial aircraft types. The sale of industrial equipment will be held on February 7, 2022. Assets are located in Hollywood, Florida. More info: Moecker Auctions, Inc. @ (954) 252-2887. Deal ID: 31977.
Commercial property. Sheriff’s Sale. This 3,200 SF freestanding retail/commercial property is located at 4231 Steubenville Pike in Pittsburgh, Pennsylvania. The property sits on 0.42 acres of land. The sheriff’s sale is scheduled for February 7, 2022. More info: Allegheny County Sheriff Kevin M. Kraus @ (412) 350-4700. Deal ID: 31998.
The Coleman Co. Lifejacket manufacturer. Mass Layoff. The Coleman Co. will eliminate 175 positions in Sauk Rapids, Minnesota, as it closes its lifejacket manufacturing plant there. Deal ID: 32012.
Apogee Enterprises. Two glass manufacturing plants. Mass Layoff. Apogee Enterprise will eliminate 400 positions and close two factories in Statesboro, Georgia, and Dallas, Texas. Deal ID: 32013.
Denso International. Manufacturer of small motors. Plant/Facility Closing. Denso International has reported that it will shut down its Greenville, North Carolina manufacturing plant during 2022. The plant employs 475 people. DENSO’s parent company has been reorganizing since 2019. Deal ID: 32007.
Xcelerate, Inc. Network dental provider. Rating Agency Alerts/Other Signs of Distress. A going concern opinion was filed for Xcelerate, Inc., a network dental provider based in Mauldin, South Carolina. As of September 30, 2021, the Company had no cash and an accumulated deficit of $6,093,274. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Deal ID: 32023.
K-PAX Pharmaceuticals, Inc. Pharmaceutical retailer. Bulk Sale. The name and business address of the Seller is K-PAX Pharmaceuticals, Inc. 655 Redwood Highway, Suite 346, Mill Valley, California 94941. The name and business address of the Buyer is Health Academy, LLC, Post Office Box 11941, Jackson, Wyoming 83002. The anticipated date of the bulk sale is February 2, 2022. More info: McGovern Escrow Services, Inc. of (415) 735-3645. Deal ID: 31972.
Hamilton Scientific, LLC. Chapter 7 Remnant Assets Sale & This Week’s In-Depth Look. In March of 2017, Hamilton Scientific, LLC and its affiliates (Epoxyn Products, LLC, Advanced Lab Concepts, Inc., Advanced Lab Concepts of Austin LLC, Collegedale, LLC, RoundRock Scientific International LLC, RoundRock Mexico LLC, Laboratory Solutions of America, LLC, Laboratory Solutions of New England, LLC, Laboratory Solutions of the West, LLC, and Laboratory Solutions of the Atlantic, LLC) all filed chapter 7. The Chapter 7 Trustee has filed a motion to sell the estates’ remnant assets to Oak Point Partners, LLC. The following is taken from the motion: The Chapter 7 Trustee is now in the process of winding down the administration of these cases. To that end, the Trustee is engaged in efforts to ensure that the maximum value of the Estates’ remaining assets is realized, which efforts include pursuing the sale of any remaining assets.
The Trustee has determined that there might exist property of the Debtors’ Estates, consisting of known or unknown assets or claims, which have not been previously sold,
assigned, or transferred (collectively, “Remnant Assets”). Potential unknown assets might include unscheduled refunds, overpayments, deposits, judgments, claims, or other payment rights that would accrue in the future.
The Trustee has conducted due diligence and remains unaware of the existence of any Remnant Assets, and certainly none that could return value to the Estates greater than the Purchase Price. Accordingly, the Trustee has determined that the cost of pursuing the Remnant Assets will likely exceed the benefit that the Estates would possibly receive on account of the Remnant Assets. |
As the motion also states, such sales are “commonplace at the close of commercial bankruptcy cases because they allow for additional funds to be brought into the estate, while simultaneously avoiding the expense and burdens associated with reopening cases for discovered assets. Such sales provide a prudent way to fully and finally administer all assets of a debtor’s estate.”
Oak Point enjoys a much larger market share in terms of capturing such deals as compared to any other player, though other players appear to include Cranehill Capital LLC, Remnant Assets, Inc., and the Sarachek Law Firm.
Remnant assets in the case of a company that has gone through a bankruptcy, receivership, assignment for the benefit of creditors, or another dissolution process can include the company’s right to receive: refunds of an overpayment; proceeds as a member of a class-action lawsuit; other litigation rights; restitution payments; refunds of a forgotten utility deposit; collections; and funds that were otherwise unclaimed or undeliverable.
The proposed purchase price for the Remnant Assets under the Asset Purchase Agreement is $5,000. Any competing bidder, if the motion is approved, will need to bid at least $7,000. The objection deadline, pursuant to the notice of motion, is February 7, 2022. More info: Chapter 7 Trustee Jeoffrey L. Burtch or his counsel, M. Claire McCudden, @ (302) 472-7420 or cmccudden@skaufmanlaw.com. Deal ID: 32056.
END OF FEB 1 2022 NEWSLETTER
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