Filing for chapter 5 bankruptcy is often faster and cheaper than the better-known chapter 11, said Adam Stein-Sapir, a managing member of Pioneer Funding Group, LLC, which invests in claims against bankrupt companies.
The bankruptcy filing allows Suitable’s assets to be sold free of all legal issues, Stein-Sapir says, in a process that is “beyond reproach,” since it’s supervised by the court.
The restructuring team guiding Woodbridge through bankruptcy will likely “shy away from doing a quick…
In this article, Adam Stein-Sapir of Pioneer Funding, LLC, provides insights on the potential of the Cal Neva Resort and Casino as a “blank slate”
“The reality is that there were almost no business records to speak of, no paper trail showing exactly how money came in and where it went, so the fact that there was anything left over is a bit of a win,”
“This is extremely unusual,” Stein-Sapir said. “This is anything but a regular bankruptcy.”
“[Churchill is] trying to use bankruptcy and the discovery tools available in bankruptcy to really figure out what happened to the money and where it went,” Stein-Sapir said. “I’m sure no one in the asset anticipated that the project would need more capital.”
ABC may have retained B. Riley, Stein-Sapir added, to find a buyer for the business or solicit new investors. The investment bank could also take a stake in the storied retailer.
Adam D. Stein-Sapir of Pioneer Funding Group speculated that three factors contributed to the filing…
Adam D. Stein-Sapir of Pioneer Funding Group speculated that three factors contributed to the filing…
“The value of assets is pretty darn close to the value of the senior debt. I wouldn’t expect any other bidder to come and top the current lender,” Stein-Sapir said.
The longtime owners of the Upper East Side building that Grace Kelly once called home filed for bankruptcy today, canceling a foreclosure auction on the property, court records show.
In this article, Adam Stein-Sapir of Pioneer Funding, LLC, provides expert insights on the complexities of a bankruptcy case involving XS Ranch Fund. Article Link:
In this article, Adam Stein-Sapir of Pioneer Funding, LLC, provides insights into the implications of Chapter 11 bankruptcy. Article Link: https://thesungazette.com/article/business/2020/01/01/svenhards-files-for-chapter-11-bankruptcy/ Summary Svenhard’s Swedish Bakery,
“It’s unfortunate that a marquee brand worth almost $1 billion in sales wasn’t able to pay anything to the vendors who made Barneys the brand that it was,” Stein-Sapir said.
Adam Stein-Sapir…said it was unlikely the bankruptcy would affect the tenant’s settlement but it makes it more unlikely owners would keep up repairs with the properties. “I wouldn’t expect anything to improve while they’re in bankruptcy,” he said. “If funds were an issue for the owner to respond to and perform repairs, that’s not going to improve in bankruptcy. They’re going to be spending a lot of money.”
“It’s a very niche exhibit and the operating costs are extraordinarily high,” said Adam Stein-Sapir, an expert on distressed debt. “It seems like they haven’t been able to generate the ticket sales to cover their expenses.”
“Other potential buyers of the customer list like Avenue are in bankruptcy,” said distressed debt expert Adam Stein-Sapir. “Dressbarn is widely considered to be a poor brand name.”
“It looks like this was a spec house that’s been for sale for a while,” said Adam D. Stein-Sapir of Pioneer Funding Group LLC, a New York firm that watches bankruptcies. Stein-Sapir has not been involved with the Brush Creek Road bankruptcy or foreclosure proceedings, which are now on hold because of the Chapter 11 move. “If there’s a foreclosure, then Mr. Droste’s equity would be gone.”
“Inverness filed for bankruptcy as a result of extreme competition with other skilled nursing facilities for staff and residents, lack of continuing financial support from Asbury Communities, and unsustainable bond obligations totaling over $60 million,” said Adam Stein-Sapir, a portfolio manager at Pioneer Funding Group who specializes in analyzing bankruptcy cases.
“It’s certainly a case where the lenders were able to overcome the debtor-friendly protections of bankruptcy and end up gaining control of the asset,” said Adam Stein-Sapir, a co-managing partner of Pioneer Funding Group, which specializes in analyzing and investing in bankruptcy cases, and who is not involved in the case. “Normally it can take quite a while.”
“You can see there’s some kind of liquidity issue going on,” Adam Stein-Sapir, a bankruptcy expert at Pioneer Funding Group LLC in New York, said of the filing.
“The most likely scenario is that they’ll work out a settlement, but Bruce and Wally have a big judgment to pay, money they have been avoiding paying for 40 years.”
“ESL could object to the sale,” distressed asset expert Adam Stein-Sapir told The Post. “A buyer could find itself in the middle of all of these parties who have an interest in those assets, including the creditors, Sears and ESL.”
“The estate cares about new money coming in,” distressed-asset expert Adam Stein-Sapir told The Post.
“Ronco has fallen so far,” said distressed-asset expert Adam Stein-Sapir. “Millions of dollars have been invested in that name.”
The owner of the Hotel Astor on South Beach filed Chapter 11 reorganization to stay an eviction lawsuit. The 40-room hotel at 956 Washington Ave. is owned by Astor EB-5 LLC, which has a land lease with 1651 Astor LLC.
“Toys ‘R’ Us was a game changer for people in our industry — we are definitely more cautious now,” Stein-Sapir said, also claiming that “more vendors than usual are interested in these offers.”
The $30 million in cash that Ronco tried and failed to raise in its IPO last year “was key to keeping the lights on in a business that was losing $4.5 million per year,” Adam Stein-Sapir, a bankruptcy expert at Pioneer Funding Group, told The Post. “Without it, they were forced to file for bankruptcy.”
“Regarding the debt against the owned properties-$859 million-those creditors will be participants in the whole…
The receiver estimated the company has $50 million to $100 million in liabilities.
“Their budget shows a basically break-even business,” said Adam Stein-Sapir, a bankruptcy expert at Pioneer Funding Group.
Penthouse Global Media, the company behind the legendary adult magazine created five decades ago by Bob Guccione…
“The problem is now JATCO is taking aggressive tactics to collect their debt,” Stein-Sapir said, using an abbreviation for Tiberti…
“Get rid of unprofitable stores and try to reorganize around the good ones,” Stein-Sapir said. “Prior management expanded too fast and…
“Normally when a developer is in distress and is not paying the senior lender, or the senior lender is worried about not getting repaid…
The bankruptcy filing followed the collapse of talks with the British investor group, “most likely because the cost of shutting…
The Chapter 11 filing will allow the landowner’s disputes with the lender and Home Depot to be resolved before…
“How does one steal a building someone might ask?” said Adam D. Stein-Sapir of Pioneer Funding Group.
Everybody realizes that the value of the businesses is maximized by the business staying in operation and serving patients…
Normally, he said, a bankruptcy filing could end up with the company that sought the protection from creditors being auctioned off.
This bankruptcy was filed under an “arcane section of the bankruptcy code that allows debtors extra time to take certain actions…
Generally, the value of a half-completed hotel doesn’t go up over time,” Stein-Sapir said.
The loss of vendor financing is a fairly common reason for a bankruptcy, especially for firms with large working capital requirements…
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…
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…
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.
As one of the assets of the Posner estate, Windmill Reserve is being sold to help satisfy the PBGC obligations…
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…
“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.
“Adam Stein-Sapir of Pioneer Funding Group first spotted Peak Hostings’ bankruptcy filing.”
It is quite likely that they realized a higher sale price through the organized sale process run by [commercial real estate broker HFF]…
“The fast-food restaurant business is highly competitive and franchisees often are required to undertake expensive remodeling costs that…
Most of the bankruptcy plan includes selling property and keeping some of the smaller parcels of land. The company should be able…
The situation appears to be a perfect storm of events – litigation, a business with too much debt, and soft operating results
Stonebridge defaulted on the trust-preferred securities’ interest payments, “and has not been able to find a buyer” as it has tried to sell…
“It’s very common for real estate debtors to file bankruptcy on the eve of a foreclosure auction,” said Adam Stein-Sapir
“Notably, the $17 million proposed sale price exceeds the debt asserted by Larkin Community Hospital,” said Adam Stein-Sapir
Digitizing mail turned out to be quite expensive…Two similar mail digitizers, Zumbox and Outbox, shut down in 2014…
“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…
“It’s a very interesting situation,” said Adam Stein-Sapir, a bankruptcy expert with Pioneer Funding Group. “Normally with a building you have a…
Adam D. Stein-Sapir, a portfolio manager at Pioneer Funding Group, which specializes in bankruptcies, said WASCO having the credit…
“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…
“A recent settlement agreement in the Mega RV Corp. (“Mega” or the “Debtor”) bankruptcy highlights the interplay between an overzealous…
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.
