Misery Index: Week of October 16, 2017

0
    

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

No Feather in Macaroni Grill’s Cap as Restaurant Chain Moves Into Bankruptcy Mac Acquisition LLC, also known as Romano’s Macaroni Grill, and 8 affiliates sought protection from up to $50 million in liabilities, citing consumers who shun nonchain eateries. Ignite Restaurant Group sold off Romano’s Macaroni Grill to Redrock Partners LLC in 2015 for $8 million in cash, according to media reports. The chapter 11 petition was signed by acting CEO Nishant Machado.

Convicted Church Thief Seeks Protection From Creditors In a chapter 7 personal petition, Constantine D. Christodoulou sought protection from up to $1 million in liabilities in the Eastern District of Tennessee. Mr. Christodoulou is the former treasurer of St. George Greek Orthodox Church who allegedly stole some $415,000 from the church and was sentenced to 10 years behind bars, according to media reports. His spouse, Kimberly Ann Christodoulou, filed a personal petition claiming up to $500,000 in liabilities last month.

Change in Lending Policy Leads Nashville Car Dealer to Bankruptcy Auto Masters of Nashville LLC and 14 affiliates, including Americas United Financial, sought protection from up to $100 million in liabilities in the Middle District of Tennessee. The chapter 11 petition was signed by member Mahan M. Janbakhsh and reveals a $7.4 million debt owed to Ovation Finance Holdings 2 LLC. According to media reports, Mr. Janbakhsh is the developer behind an 85,000-square-foot shopping plaza called Plaza Mariachi.

Legal Challenges Lead Hawaiian Airline to Bankruptcy Hawaii Island Air Inc., doing business as Island Air, sought protection from up to $50 million in liabilities in the District of Hawaii, of which $1,508,565,60 is owed to the Department of Transportation Airport Division. The chapter 11 petition was signed by CEO David Uchiyama. According to media reports, the bankruptcy is a result of legal challenges presented by those leasing the airline its aircrafts.

Video Filtering Firm’s Bankruptcy Discloses Fight with Major Film Studios Blaming a protracted legal battle with Disney, 20th Century Fox, Lucasfilm, Warner Bros, New Line Cinema, Marvel and Turner Entertainment, VidAngel sought protection from up to $10 million in liabilities in the District of Utah, Central Division. The chapter 11 petition was signed by CEO Neal Harmon, who said in a statement that filing for bankruptcy would protect the company from efforts to deny families their legal right to watch filtered content on modern devices. The debtor’s technology allows its subscribers to filter profanity, nudity, and violence in films and TV shows, according to court records.

 Read the declaration of VidAngel Director of Finance Patrick Reilly here

 Read Disney v VidAngel here.

 Foreclosed Boston Property Files for Bankruptcy 1098 Blue Hill Avenue, a single family home built in 1930, sought protection from up to $10 million in liabilities in the District of Massachusetts. The chapter 11 petition was signed by manager Joseph Jeudy who filed an individual petition in 2015 which discloses the property is worth $1.5 million and that there was a deficiency upon foreclosure.

 Bankruptcy of Restaurant Chain Follows Data Breach and Lawsuit CM Ebar LLC, dba Elephant Bar, sought protection from up to $50 million in liabilities in the District of Nevada, of which $1,210,880.39 in premiums is owed to CMG Insurance. The debtor’s chapter 11 petition was signed by Manager Barry L. Kasoff. According to media reports, the debtor found malware in its operating system in 2015 and last year was sued for delinquent rent payment.

 Read 5060 Montclair Plaza Lane Owner LLC v. CM Ebar LLC here.

Sibling Dispute is Core of Manhattan Property Bankruptcy Located at 952 5th Avenue, Windsor Plaza LLC sought protection from liabilities including a disputed $33,000,000.00 owed to Rosemary Herman and $4,000,000.00 owed to J. Maurice Herman, managing member who signed off on the debtor’s chapter 11 petition. Mr. Herman’s affidavit blamed family litigation for the bankruptcy. In 2011, Ms. Herman alleged in a complaint that her brother conspired with a trustee to permit himself to secretly buy his sister’s beneficial interests in six Manhattan real estate properties for far less than their true value.

 Read the declaration of Mr. Herman here.

Following Suit Against Counsel, Los Angeles Retailer Pleads Bankrupt Checkmate King Co. sought protection from up to $10 million in liabilities in the Central District of California. The chapter 11 petition was signed by President Yuichiro Sakurai who sued attorney Keiko Kato in 2015 alleging breach of fiduciary duty and material misrepresentation in securities transaction.

 Read Sakurai v Kato here.

Print Friendly, PDF & Email
Share This Article

About Author

Leave A Reply