Misery Index: Week of October 9, 2017

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

Post-Production Movie Company Owes $6.2 Million to New York Private Equity Fund Point.360, a California corporation sought protection from $14,779,000.00 in liabilities, of which $6,264,000.00 is owed to Medley Opportunity Fund II LLP. President Haig S. Bagerdjian signed off on the chapter 11 petition, which was filed in the Central District of California.

Utah Air Filter Designers Bankruptcy Follows Adverse Court Ruling Pacific Alliance Corp. sought protection from up to $10 million in liabilities in the District of Utah. The chapter 11 petition was signed by President Steven K. Clark after a North Carolina judge ruled against the debtor in a lawsuit concerning $2.8 million and the ownership of Star Leasing.

Read Menscer v Pacific Alliance Corp. here.

 Concrete Company Bankruptcy Follows President’s Sentencing Southern Redi-Mix claimed up to $10 million in liabilities in the District of Massachusetts. The chapter 11 petition was signed by President Gregory Keelan, who was sentenced to 30 months in prison ten years ago and ordered to pay a $10,000 fine as part of a mail and federal highway fraud investigation into P.A. Landers where he was a manager, according to the Department of Justice.

 Louisiana Hotel Seeks Clean Balance Sheet After Negligence Dispute Homerooms Inc., dba Cypress Tree Inn, sought protection in the Western District of Louisiana for liabilities up to $10 million. The chapter 11 petition was signed by President Michael J. Munro Sr., which disclosed that the property located at 2503 SE Evangeline Thruway in Lafayette is valued at $4,000,000.00 and was at the center of a lawsuit filed against Louisiana Hoteliers alleging negligence.

Office Furniture Supplier Follows Embattled Affiliate to Bankruptcy ATD Capitol sought protection from up to $10 million in liabilities in the Southern District of Florida. President Robert Steinman signed off on the chapter 11 petition.

On Sept. 20, affiliate Capitol Supply Inc. filed for bankruptcy after being sued in the District Court for the District of Columbia because it allegedly made false claims about the sale of noncompliant products to the U.S. Government.

 Read the complaint against Capitol Supply Inc. here.

Robotic Equity Trading Firm Owned by Former Microsoft Engineer Crashes CoolTrade Inc. sought protection from up to $1 billion in liabilities in the District of Arizona. The chapter 11 petition was signed by CEO Edward Barsano, a former Microsoft software design engineer, according to media reports. The debtor was sued for allegedly violating the Telephone Consumer Protection Act.

Read the complaint against CoolTrade here.

Louisiana Oil Company Bankruptcy Discloses Contamination Lawsuits Blaming at least six legacy lawsuits, William B. Lawton Company LLC and two wholly owned subsidiaries sought protection from up to $10 million in liabilities in the Western District of Louisiana. The chapter 11 petition was signed by President William T. Drost. Rayville Resources LLC and River Oaks Exploration LLC filed bankruptcy pleadings on the same day.

 Read the declaration of Mr. Drost here.

 Defaulted Loan Leads Ribbon Firm to Bankruptcy May Arts LLC sought protection from up to $10 million in liabilities after Connecticut Community Bank filed a lawsuit against the debtor. The chapter 11 petition was signed by President Joseph Duffey and filed in the Eastern District of Pennsylvania.

 Read the lawsuit against May Arts here.

Three North Carolina Affiliates Fail Financially Under Weight of Bank Loan Following the bankruptcies of affiliates Esby Corp. and Summit Investment Co., Inc, BCL One, LLC sought protection from up to $10 million in liabilities in the Middle District of North Carolina. The chapter 11 petition is signed by Manager B. Clay Lindsay, Jr. Creditors include Yadkin Bank for a property in Salisbury valued at $1,920,000.00. According to court records, Yadkin Bank sued BCL One, Mr. Lindsay and Esby, alleging unpaid loans. Affiliate Boxwood LLC filed first on Feb. 13 and subsequently on Oct. 10., claiming up to $10 million in liabilities, of which $1,429,531.58 is owed to Mr. Lindsay.

Read Yadkin Bank v BCL One here.

Towing Company and Affiliate Haul Debt into Court Captain Transport & Recovery, Inc and Northland Recovery Bureau sought protection from up to $10 million in liabilities in the District of Minnesota, of which $82,500.00 in taxes is owed to the Minnesota Department of Revenue and $75,070.00 to the IRS. The chapter 11 petition was signed by President and CEO Kayihan Seran who filed a personal bankruptcy pleading on Oct. 1 after being named in an eviction lawsuit filed by U.S. Bank National Association.

 Los Angeles Contractor Bankruptcy Unveils Six Lawsuits Golden Vista Construction Inc sought protection from up to $10 million in liabilities in the Central District of California. The chapter 11 petition was signed by Michael E Emerson and disclosed that the bulk of the debtor’s lawsuits are labor or breach of contract claims.

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