Carl D. Neff

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Today, the United States Bankruptcy Court for the District of Delaware issued an Order Regarding Service Pursuant to Del. Bankr. L.R. 5005-4 and 9036-1, which directs parties not to serve hard copies of documents that are filed through the CM/ECF system.  Citing the restrictions imposed by the pandemic and restricted access to regular places of business, the Delaware Bankruptcy Court has ordered parties to solely serve documents through email or other electronic means.  The order is…
In October 2019, Bayou Steel BD Holdings, LLC, and its affiliated debtors (“Bayou Steel” or “Debtors”) filed for bankruptcy before the District of Delaware.  By way of background, the company sought protection from creditors after a “severe lack in liquidity” led to a default on its senior secured debt.  Bayou, which produces steel products like reinforcing bars and beams, has offloaded much of its remaining inventory and sell its assets during bankruptcy. Since the bankruptcy…
Tonopah Solar Energy LLC, the owner of a Nevada solar energy power plant, filed for bankruptcy on on July 30th before the United States Bankruptcy Court for the District of Delaware.  According to its petition, the debtor has between $100 million and $500 million in liabilities. Tonopah Solar Energy LLC still owes $425 million on a loan from the U.S. Department of Energy, but reached a settlement under which the department will recover at least…
IMH Financial Corporation (“IMH” or the “Company”) has recently filed for chapter 11 bankruptcy protection before the United States Bankruptcy Court for the District of Delaware. IMH is a real estate investment holding company with assets consisting of: (i) the MacArthur Place Hotel & Spa in Sonoma California, (ii) thousands of undeveloped acreage and related water rights outside of Albuquerque New Mexico, (iii) other real estate assets, and (iv) significant tax attributes. According to the…
On July 28, 2020, an involuntary bankruptcy petition was filed against SonoCiné, Inc., an imaging ultrasound company.  A copy of the involuntary petition can be found here.  According to the petition, Global Link Medical Group, Inc. possesses a claim against the debtor for over $1.5 million. Under Section 303 of the Bankruptcy Code, a debtor can potentially be “forced” into an involuntary bankruptcy.  11 U.S.C.§ 303(b)(1).  If a company has 12 or more creditors,…