Misery Index: Week of August 14, 2017

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PacerMonitor’s look back at this week's most compelling bankruptcies

Taxi Service Hails Ride Away From Debt in Bankruptcy

Caramel Taxi LLC and multiple affiliates, such as Panda, Hot Fudge and Donkey Taxi, sought protection from creditors in District of New Jersey. The chapter 11 petition, disclosed up to $10 million in liabilities, was signed by Managing Member Evgeny A. Freidman, who was arrested for allegedly stealing more than $5 million dollars that should have been paid to the state of New York, according to media reports.

Independent EMS Service Chases Down Debt in Bankruptcy

Ambulatory healthcare company Amstar Emergency Medical Services sought protection from up to $10 million in debt in the Southern District of Alabama. President Kevin Horne signed the pleading, which disclosed a $1,021,340.88 federal tax lien is owed to the IRS.

Christian College Seeks Mercy From Creditors in Bankruptcy

Shepherd University sought protection from up to $10 million in debt in the Central District of California. According to the petition, signed by President Shalom Kim, some $1,578,991.00 is owed to Reliable Fast Cash,  $545,000.00 to Pearl Capital, $1,440,645.02 to Bank of Hope and $501,050.00 to Yellowstone Capital.

New Orleans Concrete Contractor Finds Solid Ground in Bankruptcy Court

Baker Ready Mix LLC sought protection from an array of creditors in the Eastern District of Louisiana. The chapter 11 petition, signed by owner Arnold Baker, claimed up to $500 million in liabilities of which $2,621,149 is owed to Whitney Bank, $748,291.00 to BMO Harris Bank, $748,291.00 to Blackrock Aggregates and $1,703,383 to Advocate newspaper owner and philanthropist John Georges. The company had been sued by a former female employee over sexual harassment and battery allegations.

Read Ashley N. Felder’s federal complaint here.

Beverage Equipment Trader Drowns Debt in Bankruptcy Court

Phoenix Equipment Brokerage LLC sought protection from up to $10 million in liabilities in the Eastern District of Arkansas. Creditors include Amur/Axis Capital, First Security Bank and U.S. Bank. The chapter 11 petition was signed by operating manager and member Walter E. Anderson.

Minnesota Dentist Files Personal and Business Petitions

Doing business as Northland Family Dental, Derek L. Gustafson, D.D.S., P.A. filed a chapter 11 small business petition in the District of Minnesota disclosing up to $10 million in assets and liabilities, of which $984,000 and $43,899 is owed to American Bank of the North for all of debtor’s assets and inventory. Personally, Dr. Gustafson owes $123,814 to the IRS, according to his individual bankruptcy pleading, while Citimortgage and Ocwen Loan Servicing LLC have liens on the dentist’s New Mexico property. 

 Midland, Texas, Hotel Property Dislodges Its Debt in Bankruptcy Court

 GTHCC Inc., also known as Grand Texan Hotel and Convention Center, sought protection from up to $10 million in liabilities in the Western District of Texas after being sued in February 2017 by U.S. Bank National Association over a $4,481,250.00 note and deed of trust. The chapter 11 petition was signed by President Jarnail Sihota.

Georgia Trucking Company Halts Debt in Bankruptcy

M&K Walker & Sons Trucking LLC sought protection in the Northern District of Georgia from creditors, including BMO Transportation Finance for two semi-truck trailers and ENGS Commercial Finance for a semi tractor. Manager Brenton Walker signed the chapter 11 petition which disclosed up to $10 million in liabilities. Part Owners Milton and Kathy Walker filed personal chapter 13 petitions on July 5.

Modular Home Builder Offsets Foreclosure and Judgment in Bankruptcy

Home mark homes, inc sought protection from up to $10 million in liabilities in the  District of New Jersey. President Dennis Robert McKenna signed off on the chapter 11 petition, which disclosed a $900,869 foreclosure by Santander Bank and a $350,000.00 judgment owed to Shore Community Bank.

Florida Property Owned by Physician Caught in Web of Bankruptcies

G & S of Marion County LLC and affiliate A & A of Marion County LLC each sought protection from up to $10 million in liabilities in the Middle District of Florida. According to the chapter 11 petition, signed by Managing Member Dr. Ganesh D. Arora, a disputed $4,300,000.00 is owed to 1st Manatee Bank from a foreclosure proceeding.  Shiwani K. Arora and Dr. Arora, a radiation oncologist, also filed a personal bankruptcy petition on Aug. 14, claiming $10 million in business debts, which include a 1st Manatee Bank lien on a property at the retirement community The Villages. Another affiliate Clinical Pet of Ocala LLC filed for bankruptcy twice. The 2016 petition was signed by S. Ali Karim, president of the Atlantis Health System.

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