Danning, Gill, Israel & Krasnoff, LLP (“Danning Gill”), is proud to have represented Jaguar Distribution Corp. (“Jaguar”) in its chapter 11 case, in which Jaguar successfully sold substantially all of its assets and confirmed a chapter 11 plan of liquidation. Jaguar’s plan went effective on July 15, 2022.
Jaguar distributed independent and international films and television programs to airlines and cruise ship companies. As an early innovator in the field, Jaguar succeeded in bringing independent and international films to domestic and foreign airline audiences. For a variety of reasons, including the increased availability of streaming and download services such as Netflix and Amazon, and the proliferation of “minimum guarantees” that distribution companies often pay for the right to distribute films and television shows, Jaguar experienced a significant decline in revenues.
Jaguar retained Danning Gill as insolvency counsel in early 2019. Around the same time, Jaguar also retained James Wong of Armory Consulting Company as Chief Restructuring Officer. Danning Gill and Mr. Wong worked together to explore Jaguar’s options, including reorganization or liquidation under chapter 11 of the Bankruptcy Code.
Danning Gill filed Jaguar’s chapter 11 petition on July 31, 2020. A few days later, Danning Gill filed Jaguar’s motion for approval of sale procedures in connection with a proposed sale of substantially all of Jaguar’s assets to Ricochet Digital Media, LLC (“Ricochet”). In October 2020, after an auction, the Bankruptcy Court approved Jaguar’s sale of substantially all of its assets to Ricochet for $30,000 plus a percentage of receivables and future revenues collected by Ricochet. The sale closed on November 2, 2020.
In February 2022, Danning Gill filed Jaguar’s chapter 11 plan of liquidation. Under the plan, which was confirmed in June 2022, Jaguar’s remaining assets were assigned to a liquidating trust to be administered for the benefit of Jaguar’s creditors. Jaguar’s plan went effective on July 15, 2022. A few weeks later, the trustee of the liquidating trust filed three lawsuits to try to generate additional funds to pay holders of allowed claims.
Jaguar’s case is In re Jaguar Distribution Corp. It was filed in the U.S. Bankruptcy Court for the Central District of California, Case No. 1:20-bk-11358-MB, and assigned to the Honorable Martin Barash. Danning Gill served as Jaguar’s general bankruptcy counsel, and James Wong of Armory Consulting Co. served as Jaguar’s Chief Restructuring Officer. The official committee of unsecured creditors was represented by Victor Sahn and Steve Burnell of SulmeyerKupetz, now of Greenspoon Marder, LLP. The trustee of the liquidating trust established by Jaguar’s plan is Elissa Miller of Greenspoon Marder, LLP.
Danning, Gill, Israel & Krasnoff, LLP congratulates Alphamorlai ‘Mo’ Kebeh on his recent appointment as Co-Chair of the Los Angeles Bankruptcy Forum’s Diversity, Equity & Inclusion committee. The LABF DE&I committee’s mission is to reflect its fundamental belief that diversity strengthens the practice of law and that all people deserve inclusivity, equity and a chance to have a seat at the table.
Beverly Hills Bar Association Chair Position
Danning, Gill, Israel & Krasnoff, LLP associate Alphamorlai ‘Mo’ Kebeh was recently elected as Chair of the Beverly Hills Bar Association Bankruptcy Section. The BHBA is a nationally recognized organization that is devoted to promoting legal education, establishing public service programs, and leading the legal profession. Well deserved!
Danning Gill Partner John N. Tedford, IV was quoted in The Deal in an article discussing the Subchapter V bankruptcy cases of three entities related to Alex Jones’ conspiracy-oriented website, Infowars. Among other streamlined relief available as a result of the Subchapter V filings for small business debtors, unless the court orders otherwise, the creditors will not be able to form a creditors’ committee and the debtors won’t need to file a disclosure statement.
April 20, 2022
Three entities associated with Infowars, the controversial, conspiracy-oriented website owned by Alex Jones, filed for Chapter 11 protection on Monday, April 18, using a new section of the code meant for small business — Subchapter V.
Infowars is the first company to attempt to use this new part of the code to manage tort liabilities. Because the filing is under Subchapter V, there’s no guarantee that claimants — in this case families of victims of the 2012 Sandy Hook school shooting — will receive official committee representation.
In Subchapter V, “the default rule is that there is no committee,” John Tedford of Danning Gill Israel & Krasnoff LLP said. He added, however, that a court can order one appointed. There’s nothing to prohibit an official committee.
To read the entire article, click here. Free trial subscription available.
Zev Shechtman, Partner
Danning, Gill, Israel & Krasnoff, LLP is pleased to announce that Zev Shechtman has been appointed to the Panel of Mediators of the United States Bankruptcy Court for the Central District of California, for matters arising in Los Angeles, Orange, San Bernardino, Riverside, Ventura, Santa Barbara, and San Luis Obispo counties. Zev completed his mediation training at the Pepperdine Law Straus Institute for Dispute Resolution.
Danning, Gill, Israel & Krasnoff partners Eric P. Israel, John N. Tedford, IV, and Zev Shechtman have been recognized as visionaries in banking and finance by L.A. Times B2B Publishing. According to the publication, the leaders profiled “were all nominated by their colleagues and peers and selected by our B2B Publishing stakeholders. Each of these senior-level executives has demonstrated successes and accomplishments during the last 24 months as well as leadership in their organizations while impacting change within their communities.” We are honored to be recognized along with other accomplished professionals who serve the community. See the online version of the magazine here: https://www.latimes.com/b2b/finance.
Danning, Gill, Israel & Krasnoff, LLP, is pleased to announce that effective January 1, 2022, Aaron E. de Leest was elevated to Senior Counsel. Congratulations to Aaron for his advancement and for all of his accomplishments, which accomplishments this year include prevailing in a published Ninth Circuit decision and confirming two chapter 11 plans.
To read more about Aaron, click here.
December 16, 2021
Dear constituency list members of the Insolvency Law Committee:
The following is a case update written by John N. Tedford, IV, a partner at Danning, Gill, Israel & Krasnoff, LLP, analyzing a recent decision of interest.
In Perryman v. Dal Poggetto (In re Perryman), 631 B.R. 899 (9th Cir. BAP 2021), the U.S. Bankruptcy Appellate Panel of the Ninth Circuit (the “BAP”) held that continuances of a hearing in a prepetition, nonbankruptcy action against the debtor, whether ordered by the state court, done by the clerk, or requested by a creditor, merely maintains the status quo and does not violate the automatic stay.
Here’s a link to the write-up on the CLA website: click here.
To read the full published decision, click here.
December 7, 2021
Dear constituency list members of the Insolvency Law Committee:
The following is an update written by John N. Tedford, IV, a partner at Danning, Gill, Israel & Krasnoff, LLP, highlighting December 1, 2021 Amendments to the Federal Rules of Bankruptcy Procedure and the Federal Rules of Appellate Procedure.
In April 2021, the Supreme Court submitted to Congress proposed revisions to the Federal Rules of Bankruptcy Procedure (“FRBP”) and the Federal Rules of Appellate Procedure (“FRAP”). Because Congress did not reject or defer the proposed amendments, the proposed revisions went into effect on December 1, 2021.
The entire package of materials transmitted to Congress may be accessed here. Some of the proposed revisions are listed below.
- Amended FRBP 3007(a)(2)(A)(ii) – Service of Claim Objections on Insured Depository Institutions
- Amended FRBP 9036 – Service by Electronic Transmission
- Other Conforming Amendments to the FRBP
- Amended FRAP 3(c)(1)(B) and New FRAP 3(c)(4) and (6) – Contents of the Notice of Appeal (Generally)
- New FRAP 3(c)(5) – Contents of the Notice of Appeal (Summary Judgment Orders Resolving Remaining Claims, and Orders on Motions for Reconsideration)
- Amended FRAP 3(c)(7) (formerly (c)(4)) – Notices of Appeal that Designate Only Interlocutory Orders
Here’s a link to the writeup on the CLA website: click here.