July 15, 2022 – The Debtor filed an Amended Disclosure Statement and a related redline showing changes to the version of the Disclosure Statement filed on May 31, 2022 [Docket Nos. 151 and 152, respectively]. The Amended Disclosure Statement, which now notes target dates of October 6th and October 20th for Plan confirmation and Plan…

July 18, 2022 – The Debtors filed a First Amended Chapter 11 Plan (which attaches a blackline showing changes to the version filed on May 10, 2022) and a Disclosure Statement Supplement [Docket Nos. 455 and 456, respectively].  The Debtors' May 10th Plan and Disclosure Statement (latter approved for solicitation) reflected what was then still…

July 18, 2022 – The Court hearing the WC Braker Portfolio case denied a motion filed by ATX Braker SR, LLC (“ATX" or “Mortgage Lender”) seeking dismissal of the Debtor’s Chapter 11 case [Docket No. 120]. On May 13th, ATX  filed a motion seeking dismissal of the Debtor’s Chapter 11 case [Docket No. 24] arguing…

July 18, 2022 – In advance of their July 27th Plan confirmation hearing, the Debtors filed a Modified First Amended Plan of Liquidation and a related blackline showing minor changes to the version of Plan filed on June 8, 2022 [Docket Nos. 616 and 617, respectively]. The Debtors also filed (i) a memorandum of law…

July 15, 2022 – The U.S. Trustee assigned to the Debtors’ cases (the “U.S. Trustee”) has objected to proposed bidding procedures [Docket No. 137] arguing that the Debtors' presumptive stalking horse Asurion, LLC (“Asurion,” also the Debtors’ DIP lender) should not be the beneficiary of bidder protections until an executed asset purchase agreement has been…

July 15, 2022 – The Debtors filed a motion requesting an order that would authorize them to: (i) honor customer withdrawals in respect of customer cash held at Metropolitan Commercial Bank ("MC FBO"), (ii) liquidate cryptocurrency from customer accounts with a negative balance, (iii) sweep cash held in third-party exchanges, (iv) conduct ordinary course reconciliation of…

July 14, 2022 – The Debtor filed a motion to extend the periods during which it has an exclusive right to file a Chapter 11 Plan, and solicit acceptances thereof, through and including November 14, 2022 and January 13, 2023, respectively [Docket No. 286]. Absent the requested relief, the Plan filing and solicitation periods were…

July 14, 2022 – The Court hearing the Stimwave Technologies cases issued an order authorizing the Debtors to: (i) access a further $28.0mn of new money, debtor-in-possession (“DIP”) financing and (ii) continue using cash collateral [Docket No. 158]. Previously the Debtors had been authorized to access a first $12.0mn tranche of what is in total…

July 14, 2022 – Judge Mary F. Walrath said at a hearing held Thursday that she will grant the Debtors' motion to enter into a stalking horse agreement under which 245 Park Member LLC (the "Stalking Horse Bidder" or "S.L. Green") will sponsor a Plan of Reorganization with respect to the Debtors' 245 Park Avenue…

July 13, 2022 – The Court hearing the LaForta – Gestao e Investimentos case issued an order authorizing the Debtor to: (i) access a further $9.5mn of new money, debtor-in-possession (“DIP”) financing (the “Second Draw”) being provided by certain prepetition lenders and (ii) continue using cash collateral [Docket No. 62, which attached the draft DIP…