Pioneer in the News

Owner of one of Colorado's priciest homes files for bankruptcy

"Normally, when a mortgage lender is about to foreclose, bankruptcy can stop the foreclosure process. I'm imagining that's why they filed this," said Adam Stein-Sapir, a bankruptcy specialist at Pioneer Funding Group.
Lumenate files for Chapter 11: how the company ended up $25.5M in debt to Avnet Technology Solutions and got cut off

The loss of vendor financing is a fairly common reason for a bankruptcy, especially for firms with large working capital requirements, according to Adam Stein-Sapir of bankruptcy claim buyers Pioneer Funding Group.
How retailers like Gracious Home are rebuilding after Chapter 11

When American Apparel came out [of bankruptcy] the first time, it did so with fewer stores and less debt, Adam Stein-Sapir of Pioneer Funding Group said, but "sales kept tanking, and they couldn't afford the scaled-down debt."
Artisanal files for bankruptcy, again, and three months before reopening

"In short they are accused of forming this new entity to escape the debts of the old location. The former landlord at 2 Park Avenue, now owed over $3 million, could be left with nothing," explained Adam Stein-Sapir, a portfolio manager of Pioneer Funding Group.
Russian bank Vneshprombank files for bankruptcy as threat of NYC real estate seizure looms

"It makes sense for the New York real estate to be available for all of Vneshprombank's creditors, not just ones in the U.S. or those that have commenced specific litigation," said bankruptcy expert Adam Stein-Sapir of Pioneer Funding Group, who is not involved in the case.
Paul Manafort's son-in-law files for bankruptcy protection for four L.A. properties

All four properties were scheduled for trustee's sales in late December, but those sales will be postponed due to the bankruptcy filing, according to bankruptcy expert Adam Stein-Sapir of Pioneer Funding Group, who is not involved in the matter.
Owner of homesites in wealthy city files Chapter 11 with $43M in debt

"As one of the assets of the Posner estate, Windmill Reserve is being sold to help satisfy the PBGC obligations...proceeds from the sale will first go to repay the PBGC and taxes then other creditors as per the bankruptcy code," said Adam Stein-Sapir of Pioneer Funding Group.
Another Big Apple supermarket chain can't pay the bills

"The business has a significant amount of debt (over $5 million) which seems to be a high level relative to the size of the business," said Adam Stein-Sapir of bankruptcy claim buyers Pioneer Funding Group.
High Tech Foundation files for bankruptcy

"The bankruptcy filing postpones action in the lawsuit, including any foreclosure sale", according to Adam D. Stein-Sapir at Pioneer Funding Group in New York.
Breaking down the Tahoe Cal Neva bankruptcy filing

"The recent bankruptcy filing of the Cal Neva Lodge & Casino brings up interesting questions about the future of the resort," notes Adam Stein-Sapir of New York-based Pioneer Funding Group.
Oregon data center company files bankruptcy after $100 million 'Game of War' dispute

"Adam Stein-Sapir of Pioneer Funding Group first spotted Peak Hostings' bankruptcy filing."
Buildings in Palm Beach's Bankers Row in Contract to be Sold out of Bankruptcy

"It is quite likely that they realized a higher sale price through the organized sale process run by [commercial real estate broker HFF] than they would have at the foreclosure auction which precipitated the bankruptcy," said Adam Stein-Sapir, portfolio manager at New York-based Pioneer Funding Group.
Arizona Carl's Jr. franchisees files for bankruptcy

"The fast-food restaurant business is highly competitive and franchisees often are required to undertake expensive remodeling costs that can burden them," noted Adam Stein-Sapir of Pioneer Funding Group.
Company that owns 11 Southbank acres releases bankruptcy plans

"Most of the bankruptcy plan includes selling property and keeping some of the smaller parcels of land. The company should be able to pay off its claims that way," said Adam Stein-Sapir of Pioneer Funding Group, LLC.
Convenience store operator Gas-Mart USA files bankruptcy petition

"The situation appears to be a perfect storm of events - litigation, a business with too much debt, and soft operating results," Adam Stein-Sapir said. "The convenience store business is a low-margin business, and their suppliers started to cut off their credit."
Bank's owner files Chapter 11: 'Business as usual'

Stonebridge defaulted on the trust-preferred securities' interest payments, "and has not been able to find a buyer" as it has tried to sell the bank, said Adam Stein-Sapir, who analyzes bankruptcy cases for Pioneer Funding Group, LLC in New York.
Office building owner on Palm Beach's Banker's Row files Chapter 11

"It's very common for real estate debtors to file bankruptcy on the eve of a foreclosure auction," said Adam Stein-Sapir, a portfolio manager at New York-based Pioneer Funding Group, LLC.
Judge Cox Clarifies Post-Petition Interest Rates

A recent decision by Judge Jacqueline P. Cox in the U.S. Bankruptcy Court for the Northern District of Illinois (Eastern Division) issued an opinion which reviewed Seventh Circuit precedent in determining the appropriate rate of post-petition interest for unsecured creditors in Chapter 11 cases where the debtor is found to have actually been solvent.
Hollywood Hospital with Jailed CEO Seeks Bankruptcy Auction

"Notably, the $17 million proposed sale price exceeds the debt asserted by Larkin Community Hospital," said Adam Stein-Sapir of bankruptcy analysis firm Pioneer Funding Group.
Earth Class Mail files for bankruptcy ahead of planned sale

Digitizing mail turned out to be quite expensive...Two similar mail digitizers, Zumbox and Outbox, shut down in 2014, according to Adam Stein-Sapir of Pioneer Funding Group, who specializes in analyzing bankruptcy cases and first noted Earth Class Mail's bankruptcy.
Developer agrees to pay $33M for stalled
Lower East Side hotel site


"The fact that they have a stalking horse purchaser in place is a good sign for interest in the property, although the price at auction is only the beginning of expenditures necessary to complete the hotel," said Adam Stein-Sapir, a portfolio manager at Pioneer Funding Group.
Celebrity restauranteur Nello bails out troubled hospitality mogul in play for new Midtown eatery

"Insider equity investors, excluding Mr. Burgio who invested $800,000, are slated to recover about 17% of what they invested over the next four years while more senior vendor creditors are only expected to recover 12%," said Adam Stein-Sapir, a portfolio manager at Pioneer Funding Group.
Arlene Farkas files for bankruptcy protection in last ditch effort to save fancy apartment

The bankruptcy filing could buy Farkas up to 18 months during which she would file a plan with the court to repay her debts, said Adam Stein-Sapir, a portfolio manager at Pioneer Funding Group.
Saladworks files for bankruptcy

"In order to emerge from bankruptcy, I'd expect to see either a sale of the business or a 'bootstrap plan' where they'd reject unprofitable store leases, restructure their debt" and stay in business with a more attractive financial profile, Adam D. Stein-Sapir, portfolio manager at New York bankruptcy analyst Pioneer Funding Group, told The Philadelphia Inquirer.
Pending $200M sale of 1818 Market St. just got complicated

"It's a very interesting situation," said Adam Stein-Sapir, a bankruptcy expert with Pioneer Funding Group. "Normally with a building you have a single owner but with TIC [tenant in common] ownership, it can be like herding cats. It can present challenges."
Masonary company WASCO seeks bankruptcy protection

Adam D. Stein-Sapir, a portfolio manager at Pioneer Funding Group, which specializes in bankruptcies, said WASCO having the credit line in place is a positive sign. "It shows the degree of confidence in the business being able to restructure, emerge from bankruptcy and continue to operate."
Showdown in Spokane

"The bankruptcy case of the Spokane Country Club is a very interesting study of how the bankruptcy process has not only been used to disrupt the collection efforts of plaintiff creditors who have already been awarded a judgment, but also to essentially negate significant policy changes for a club that had been stipulated to in a state court proceeding." – Adam D. Stein-Sapir
Mega RV – Lender compromise provides funds to creditors

"A recent settlement agreement in the Mega RV Corp. ("Mega" or the "Debtor") bankruptcy highlights the interplay between an overzealous lender and a repentant business owner who came together to cooperate and provide a windfall recovery to unsecured creditors." – Adam D. Stein-Sapir
Waldman files Ch. 11 reorg plan

Adam D. Stein-Sapir, a portfolio manager at Pioneer Funding Group LLC, which specializes in bankruptcies, noted that the exit plan's treatment of vendor claims is aggressive.
 
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