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November 17, 2022 – The Debtors filed a motion requesting each of a bidding procedures order, a sale order and a dismissal order [Docket No. 179]. The bidding procedures order would: (i) approve bidding procedures in relation to the sale of substantially all of the Debtors’ assets (the “Sale”), (ii) authorize the Debtors to select…

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November 17, 2022 – In a declaration filed in support of first day filings [Docket No. 24], the Debtors’ newly minted CEO, John J. Ray III, provides his chilling initial impressions as to the historical business practices of his new employer and eviscerates the reputation of his predecessor, Samuel Bankman-Fried ("SBF"), who resigned in the…

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November 15, 2022 – The Court hearing the California-Nevada Methodist Homes case issued an order [Docket No. 589] authorizing the Debtor to amend the terms of its already Court-approved $34.0mn sale to Pacifica Companies, LLC ("Pacifica" or the “Purchaser”). Previously, on February 8th, further to an auction held on February 2nd and a sale hearing…

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November 1, 2022 – Further to the September 16th bidding procedures order [Docket No. 107] and apparently with only a single qualified bid beyond that of credit-bidding prepetition lenders (the "Backstop Lenders," $40.0mn credit bid), the Debtor notified the Court that a November 2nd auction had been cancelled and Operadora CICSA, S.A. de C.V.* ($60.0mn…

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[Developing Story] November 11, 2022 – FTX Trading Ltd. (dba FTX.com), West Realm Shires Services Inc. (dba FTX US), Alameda Research Ltd and approximately 130 other affiliated companies (together, the "FTX Group" or the "Debtors") have filed for bankruptcy in Delaware (Judge John T. Dorsey). The Debtors’ lead petition notes over 100,000 creditors; estimated assets…

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November 10, 2022 – The Court hearing the ExpressJet Airlines case issued an order approving sale of the Debtor’s inventory, consisting of Embraer ERJ 145 and E175 parts, tooling, and ground support equipment (the “Assets”) to JSX Holdings, LLC ("JSX" or the “Buyer”) at a purchase price of $9.0mn [Docket No. 242]. The Asset Purchase…

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November 10, 2022 – The Court hearing the Madison Square Boys & Girls Club case issued an order authorizing the Debtor to access $11.0mn in alternative debtor-in-possession (“DIP”) financing being provided by Carver Federal Savings Bank ("Carver" or the “DIP Lender”) [Docket No. 283], with the proceeds to be used in the first instance to…

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November 8, 2022 – The Debtors filed a motion seeking a bidding procedures order that would: (i) approve bidding procedures in relation to the sale of substantially all of the Debtors’ assets, (ii) authorize the Debtors to enter into stalking horse arrangements (yet to be selected) and offer bid protections (eg, break-up fee of 3%)…

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November 4, 2022 – The Debtor requested Court authority to enter into a $1.5mn Post-Petition Loan Agreement (the “Agreement”) with SP 180 Fund, LLC (“Lender”)*[Docket No. 227, with a form of the Agreement attached at Exhibit A.]  The proceeds of the debtor-in-possession ("DIP") financing are to be used to renovate the Debtor's Denver, Colorado off-campus…

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November 4, 2022 – The Court hearing the StorCentric cases issued an order approving $35.2mn sale of substantially all of the Debtors’ assets to Enceladus Development Venture III, LLC ("Enceladus" or the “Buyer”) [Docket No. 361] with debtor-in-possession ("DIP") Lender Serene Investment Management, LLC ("Serene" or the “Stalking Horse Bidder”) named as the back-up bidder….