Singapore’s Eagle Hospitality Trust could soon make history as the first S-REIT to have directors or former directors arrested on two continents, following a ruling made by Bankruptcy Judge Christopher S. Sontchi yesterday, according to Mingtiandi. Judge Sontchi found Howard Wu and Taylor Woods, both former directors of the failed hotel REIT, in contempt for failure to comply with a preliminary injunction that sought to freeze the pair’s assets. In a written opinion beginning with a blunt statement that “Woods and Wu are fraudsters”, Sontchi held that the pair had obtained a $2.4 million loan under the Paycheck Protection Program.

“A growing cohort of smaller companies that survived the cold depths of the pandemic say they’re now in danger because the economy is too hot,” according to Bloomberg. “Mattress sellers, flooring manufacturers and makers of clean energy equipment are warning that stretched supply chains and runaway freight bills have pushed them to the brink of ruin. Unlike global giants, they don’t have the cash and scale to hire their own cargo ships or pass on the soaring expenses, forcing them to seek private bailouts.” Steven Seiden wrote about the importance of supply chain management in his article, Recruiting Post-Bankruptcy Board Directors in the Pandemic Aftermath.

Effective December 1, 2021, mega chapter 11 cases in the Bankruptcy Court for the Southern District of New York will be assigned on a random basis to the bankruptcy judges of the District irrespective of the courthouse in which the case is filed. You can read the press release here. Chalk this one up to fighting the good fight against forum shopping. Speaking of which, if you need a refresher on how to be a smart forum shopper, read Location, Location, Location – How to Choose Bankruptcy Venue by Lawrence V. Gelber and Erik Schneider.