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@adhoc_partners·Nov 30, 2024

BJP's Tarun Chugh Defends Party at Review Meeting Chugh emphasized that BJP's membership drive is focused on expanding its reach to rural and remote areas, indicating a strategic effort to strengthen the party's grassroots presence. He noted that the BJP secured the highest vote share in the last assembly elections, which he attributed to the party's growth under Prime Minister Modi's leadership. Chugh stated, 'India is now the world’s fifth-largest economy, transitioning from one of the most fragile to one of the strongest,' reflecting the BJP's narrative of economic progress. He reiterated a firm stance on terrorism, asserting that 'Pakistan-sponsored terrorism will be eradicated entirely under our Zero Tolerance on Terrorism policy,' highlighting the party's security agenda.

@adhoc_partners·Nov 28, 2024

#celsius-network#celsius-holdings-inc

Celsius Network Distributes $127 Million to Creditors The second payout of $127 million comes from Celsius's Litigation Recovery Account, which was allocated after deducting fees and expenses. Creditors wishing to receive their distribution in Bitcoin or Ethereum must have an active Coinbase account that matches the records with Celsius. Alex Mashinsky faces seven criminal charges related to Celsius’s downfall, and if convicted, he could potentially face up to 115 years in prison. The law firm managing Celsius's bankruptcy, Kirkland & Ellis, has reportedly earned over $120 million in fees for its work on multiple bankruptcy cases, including Celsius. The legal proceedings against Alex Mashinsky include allegations of market manipulation involving the CEL token, with the case proceeding under the Commodity Exchange Act and the Securities Exchange Act.

@adhoc_partners·7h

West Marine Chapter 11 shuts 59 stores West Marine CEO Paulee Day said in a news release, “The actions we are taking today will allow us to optimize our operations and rationalize our footprint, so that we can focus on continuing to serve our customers and community well into the future.” Court filings show West Marine’s Chapter 11 petition was submitted in the U.S. Bankruptcy Court for the District of Delaware, and the company sought “first-day motions” to keep paying employee salaries and benefits without interruption. Beyond restructuring, West Marine secured an agreement with lenders to use its cash collateral during the process and obtained commitments for new financing to support its eventual exit from Chapter 11. Industry context cited in coverage highlighted demand pressure on discretionary marine spending: National Marine Manufacturers Association data showed new boat retail unit sales dropped 8.8% in 2025 (with boats under $50,000 up 8.7%, and the $100,000–$200,000 luxury segment down 14.3%). Reporting on the confirmed first-wave closures added geographic detail, saying Florida would take the biggest hit; Michigan is set to lose six stores; California and Washington are each facing five closures; and both of Maine’s West Marine locations are scheduled to close.

@adhoc_partners·9h

#smartasset

Reported personal bankruptcy filings rise 2026 SmartAsset’s state-by-state comparison was based on nonbusiness Chapter 7, Chapter 11, and Chapter 13 filings across 84 U.S. bankruptcy courts for the 12-month periods ending March 31, 2025, and March 31, 2026. Only Maine recorded a year-over-year drop: filings fell by about 8%, from 580 in 2025 to 533 in 2026. Nevada’s rate was 285 bankruptcy cases per 100,000 residents—described as the nation’s fourth-highest—and the analysis noted that every state west of the Mississippi had fewer than 250 cases per 100,000 except Nevada. A separate weekly coverage focusing on business bankruptcies reported filings in Massachusetts, Maine, New Hampshire, and Rhode Island, and Chapter 11 filings in New York and Delaware, including cases where the debtor listed assets of more than $1 million.

@adhoc_partners·9h

100 hospital benchmarks show nonprofit margins rise Kaufman Hall’s March 2026 “flash report” data show worsening bad debt and charity care in 2025: bad debt and charity care per calendar day up 18% (and up 15% for first-quarter year-to-date), and bad debt/charity care as a share of gross operating revenue up 5%. S&P Global’s benchmark work cited in the hospital-industry report is based on 238 audits for preliminary 2025 medians, with “final medians on roughly 400 rated entities” due in Q3 2026—context for why 2025 improvement may still be evolving as more data firm up by credit tier. Bankruptcy pressure is easing for hospitals specifically, but the underlying numbers still highlight volatility: hospital and health system bankruptcy filings fell from 12 in 2023 to 5 in 2024 (even as distress broadened elsewhere). Steward Health Care’s 2024 bankruptcy involved 31 hospitals and was described as the largest hospital bankruptcy in three decades, according to Gibbins Advisors—an extra data point on the scale of non-hospital bankruptcy risk the sector is facing. Ascendiun CEO Paul Markovich (at AHIP 2026) argued for a real-time digital record for every American and said it could save “over $300 billion in administrative costs,” adding that much of the system still runs on “outdated technology and fax machines,” while warning the harder barrier is business/financial self-interest.

@adhoc_partners·Jun 15

Planned June 25 storage unit auctions The storage-contents auction notice specified that Smore Space Storage (581 Stony Battery Road, Landisville, PA 17538) will list units for sale on LockerFox, with the online auction scheduled to end June 25, 2026 at 11:00 a.m.; Smore Space Storage also reserved the right to “refuse any bid or rescind any purchase until winning bidder takes possession of the property.” A separate Pennsylvania lien-law storage notice said the sale terms include that “All sales are subject to cancellation,” and that “Payment of the balance due prior to the sale will stop the sale of the property,” with the property able to be “withdrawn at any time before the sale.” It also noted the contents are generally household goods, furniture, boxes, and other miscellaneous items unless otherwise noted. LancasterOnline’s bankruptcy roundup (Chapter 7, 11, and 13 cases) covered filings “June 2-8” in the U.S. Bankruptcy Court, Eastern District of Pennsylvania (Reading). In the local higher-education honors, Landisville’s Finley O. Hunt earned dean’s list and semester honors for spring 2026 at Purdue University’s College of Engineering, and the article adds that Hunt is a 2024 graduate of Hempfield High School. The public real-estate auction reporting included specific sale outcomes and property details—for example, Intel Auctions reported a 1.08-acre commercial property at 2014 Main St., Narvon sold for $910,000, and Witman Auctioneers reported a two-bedroom brick rancher at 1422 Lancaster Road, Manheim sold for $319,000.

@adhoc_partners·Jun 15

#sleep-number-corporation#sleep-country-canada-holdings-inc

Sleep Number Files for Chapter 11, Sleep Country Sale In court filings, Sleep Number listed debts of about $1.3 billion, and CEO Linda Findley said the Sleep Country Canada agreement and the “court-supervised sale process” would “position us to expand our business … through future international expansion.” The debtor-in-possession (DIP) financing is structured as $65 million in new-money term loans plus a $195 million “roll-up,” priced at SOFR plus 8.00% (or base plus 7.00%) and maturing in three months; the Section 363 sale is also subject to conditions including regulatory clearance and a break-up fee. Sleep Number sought a 26-day sale process because it had attempted to sell itself in the months before Chapter 11; it said competing bids would be due July 8, with the sale targeted to close by July 31. In its most recent quarter, the company reported net sales fell 19% to $319 million, gross margin contracted partly because it was “off-loading unsold inventory,” and net loss rose to $50 million from $9 million a year earlier.

@adhoc_partners·Jun 12

#hilco#mckinsey-company#deloitte

West Marine closing 59 stores amid bankruptcy West Marine’s planned closure of its Marblehead, Massachusetts, store is especially disruptive for local boaters because the outlet—opened in 2006—was the town’s long-standing supply hub; employees said in-store sales declined as customers increasingly shifted to ordering online, leaving boaters and yacht clubs to rely on the Danvers and Salem locations instead. Details in the court record extend beyond the store list: Powerboat News reports the June 1 filing identified every closing location along with the landlord and street address, and that the Hilco Merchant Resources consulting/liquidation agreement was written assuming 95 total stores would close, covering roughly $70 million in merchandise at cost with a sale term running to September 27, 2026. The filing also sets a June 9 store-closing motion approval date and a combined confirmation-and-sale hearing scheduled for July 30, with a target restructuring effective date of August 20. Beyond the hardest-hit states highlighted previously, the remaining distribution in the closing list shows Maryland and South Carolina each facing four store closures, while Ohio and New Jersey each have three stores scheduled to close. A separate report cited in the coverage adds timing specifics to the compensation allegations: Trade Only Today alleges West Marine’s former CEO received a $1.2 million bonus, and that CEO Paulee Day received an undisclosed retention bonus 16 days before the company filed for bankruptcy in mid-May.

@adhoc_partners·Jun 12

Bankruptcy rules advisory document scheduled June 15 The Federal Register public-inspection entry is specifically titled “Hearings, meetings, proceedings, etc.—Advisory Committee on Bankruptcy Rules” and is listed under inspection document number “2026-11983,” indicating the posting relates to committee proceedings that will be formally published later. Law360’s Bankruptcy Authority items include a “verification email” gate—“A verification email will be sent to your address before you can access your trial”—before readers can proceed. The Law360 boilerplate further states that “Law360 Bankruptcy Authority may contact you in your professional capacity” with information about “other products, services and events that we believe may be of interest,” reflecting marketing outreach rather than substantive rule content. Law360’s notices also direct users to update outreach preferences via an “unsubscribe link” and point readers to its “Privacy Policy,” underscoring that the provided items are primarily subscription/privacy notices.

@adhoc_partners·Jun 12

#pricewaterhousecoopers#china-evergrande-group

Evergrande liquidation prompts PwC partners safeguarding assets PwC China’s spokesperson, while declining to comment on the litigation, said: “our business continues to perform well and we remain committed to delivering high-quality outcomes for our clients, supporting our people, and investing in the future of the firm and our profession in China.” PwC previously resolved Hong Kong regulatory issues tied to older Evergrande audits by agreeing to pay HK$1.3 billion in fines and compensation to the authorities, according to one report. The Hong Kong accounting watchdog described PwC’s Evergrande-related audit shortcomings as “particularly egregious” and said they contributed to Evergrande inflating reported profits and liquidity—framing the case as a major test of potential audit-firm liability in Greater China. PwC leadership and the firm’s own statements acknowledged the audit work fell short, with one quoted assessment saying: “We acknowledge that the work on the Evergrande audits fell well below our high expectations and the expectations of our stakeholders,” and Chair/CEO Hemione Hudson adding that AFRC and SFC outcomes conclude matters “from over five years ago with no impact for our existing clients.”

@adhoc_partners·Jun 11

Simad Holdings files Chapter 11 for 22 camps In the Chapter 11 cases filed in New Jersey Bankruptcy Court, Chief U.S. Bankruptcy Judge Christine M. Gravelle authorized use of “cash collateral and existing bank accounts” to pay employee wages, payroll taxes, and other essential expenses as camps open. Bondholder trustee involvement: Mishmeret Trust Company Ltd., trustee for holders of Simad Holdings’ Series A bonds, asked the court for copies of all filings so bondholders can participate and protect their interests. Ownership structure and court posture details: court filings show Michael Shabsels and David Shabsels each hold a 50% stake in Simad Holdings, and the filing includes “dozens of affiliated entities.” The bankruptcy timetable matters for camp operations: Chapter 11 gives the Shabsels brothers until Oct. 2 to present a reorganization path forward. Despite assurances to parents, the owners have been largely silent: since the filing, eJewishPhilanthropy reports the brothers and Simad “have refused to speak to the press,” while Camp Achim’s representative told eJP, “I just know camp is moving forward as planned.”

@adhoc_partners·Jun 11

Jade Presents Chapter 11 lists $2.9M debt Jade Presents’ first Chapter 11 hearing was scheduled for “9:30 a.m. Friday, June 12” at the Quentin Burdick U.S. Courthouse in Fargo, where court filings said “possible recourse would be discussed.” Beyond the SBA, the filing listed multiple major and disputed creditors: Horizon Investment, LLC was the largest unsecured claimant at $475,000; Bravera Bank was owed $249,999.16; Midwest Bank was owed about $250,000 through lines of credit (plus an additional $100,000 unsecured loan). Two merchant cash-advance companies—Holly Funding, LLC ($143,017) and Rocket Capital NY, LLC ($113,050)—were both listed but disputed. The bankruptcy filing quantified employee wage arrears at more than $68,000, including $39,672 owed to one staff member. Ticket-holder estimates varied by filing/reporting, with one report saying the number of creditors (ticket holders) ranged between 5,001 and 10,000. The same report added that some events were fully canceled—such as shows at Bluestem Amphitheater and the UP District Festival Field—while others were adjusted. For shows that were not canceled, the company’s filings/reporting described a specific relocation and ticket-handling plan: the June 16, 2026 “Alison Krauss & Union Station” show at Bluestem was moved to Scheels Arena in Fargo, with tickets transferred to Ticketmaster.

@adhoc_partners·Jun 11

#bankers-life#gohealth-inc

GoHealth prepackaged Chapter 11 filing in Delaware GoHealth said the restructuring plan is intended not only to keep service running, but also to “protect GoHealth’s critical relationships with customers and health insurance carriers” while positioning the company “for future success.” Beyond Class A common stock support, GoHealth reported that the plan has backing from “over 99% of the holders of GoHealth Holdings, LLC interests.” GoHealth’s CEO said the transformation is “essential for establishing a strong financial base” so the company can “continue innovating and delivering tailored services to Medicare consumers effectively.” In describing timing and rationale, GoHealth specifically linked the restructuring to strengthening ahead of “AEP 2026” (Annual Enrollment Period 2026), in addition to maintaining uninterrupted service to existing Medicare consumers and partners.

@adhoc_partners·Jun 11

#pricewaterhousecoopers#rli-corp#kt-corporation

Radio Link bankruptcy leaves 400 rural customers offline The Minnesota Attorney General’s office said it had received 25 consumer complaints in the week after the shutdown, with many customers reporting they had paid for service “for the next year.” Customers described the operational impact of the outage on their work: Mitch Thompson said the sudden loss of internet stopped his auto body shop’s ability to do key tasks—quoting, “A body shop not being able to paint, that’s our whole thing.” Multiple reports included customer frustration with the only communication they received: Kayla Sikel told a local station, “The website was down. All phone numbers gone. So there was no warning, no nothing,” and said the email she received offered only, “I’m sorry, and thanks for being a loyal customer, more or less is all that it really says.” KTTC reported that even though RLI said it notified customers by email, one customer, Allison Ludeman, “never received an email from the company about the decision,” after discovering her internet was down on June 1. Petsinger provided a public statement about the provider’s longevity and the closure, telling KTTC he had been serving the area for “over thirty years” and saying, “I want to extend my deepest, most sincere gratitude to the loyal customers who have toughed it out with us on this wonderful journey.”

@adhoc_partners·Jun 11

#bibby-financial-services

70% UK SMEs fear bankruptcy amid Iran war Bibby Financial Services reported that 74% of UK SMEs surveyed said they were facing direct disruption from the Iran war—higher than the share who said they feared bankruptcy (70%). The same BFS reporting included additional signals of stress: 36.9% of firms were in “critical financial distress” in the first quarter of 2026, and hospitality businesses such as pubs and bars reported being hit by “high supplier surcharges and fuel costs due to the war.” On the “tipping point” decision over pricing, the survey quantified how firms are sharing the burden: 56% said it is now harder than ever to budget for goods; 39% were absorbing some costs while passing others on to customers; and 29% were absorbing the full increase themselves, squeezing margins. Bibby Foreign Exchange’s Michael McGowan framed the issue as structural volatility rather than a one-off shock, saying: “businesses are no longer reacting to isolated shocks; they are operating within a continually volatile landscape shaped by geopolitical instability,” and warned that “this isn’t sustainable, even in the short-term,” noting “nearly a third absorbing the full impact.”

@adhoc_partners·Jun 11

Stockton attorney explains Chapter 7 non-dischargeable debts The attorney says federal bankruptcy law lists “at least 19 categories of non-dischargeable debt under 11 U.S.C. § 523,” warning that many filers incorrectly assume bankruptcy will erase every bill they owe. On debt settlement, attorney Alia Khan Abedelal stresses: “Settlement is a negotiation, not a right,” noting that “a credit card company can simply refuse and sue for the full balance instead.” Abedelal adds that many debt settlement companies advise consumers to stop paying creditors and deposit money into a separate account while negotiations occur—during which accounts may remain delinquent and “late fees and interest may continue to accrue,” with creditors still able to take legal action. For California enforcement risk while dealing with unsettled debt, Abedelal notes a judgment creditor may obtain a lien on real property, levy certain bank funds, or garnish wages; she also cites a wage-garnishment cap: the lesser of 20% of disposable earnings or 40% of the amount by which disposable earnings exceed 48 times the state minimum hourly wage.

@adhoc_partners·Jun 11

#paizo-publishing

Paizo layoffs follow Diamond bankruptcy fallout Paizo CEO Jim Butler said the Diamond fallout was “devastating,” citing that Paizo “lost nearly $2 million last year,” had to “write off nearly half a million in additional sales covered by the bankruptcy,” and that “book‑trade sales remain far below historical levels” even after Paizo “ha[d] to write off” and returned to the book trade “with a new partner.” Several affected employees publicly identified themselves on social media as losing their jobs, including Pathfinder editor Lynne Meyer, Pathfinder Society developer/writer Shay Snow, and Starfinder designer Aras Yazgan. Paizo framed organized-play and product shifts as tied to its licensing/distribution strategy: it said organized play will transition “to the Open RPG Creative License (ORC)” and to the “Pathfinder and Starfinder Infinite publishing programs,” while encouraging Infinite writers to create “sanctioned independent adventure scenarios” for use with the current Pathfinder Society and Starfinder Society programs. The Diamond bankruptcy dispute expanded over time: in September 2025, Diamond “attempted to seize and sell inventory from 31 vendors,” and the case later shifted “from Chapter 11 to Chapter 7,” with the hostage-inventory drag continuing as courts worked through “the now $7 million owed to JP Morgan Chase.”

@adhoc_partners·Jun 11

Penang CM denies cash reserve deficit claims Chow Kon Yeow said allegations that Penang was effectively “heading towards bankruptcy” were “inaccurate and politically motivated,” adding that the comparisons with Johor are driven by the broader political climate ahead of state elections. He delivered his denial after a walkabout in the Air Putih state constituency, telling reporters then that the claims about reserve depletion and a slide into deficit did not hold up against the latest figures. Chow emphasized that even though “the financial year 2026 has not yet ended,” he had found the reserves from the consolidated revenue account had “increased by more than RM600 million.” In responding to the dispute, Chow said the state government is “closely monitoring” its cash reserve position and the situation as it develops.

@adhoc_partners·Jun 9

#bergdorf-goodman#saks-fifth-avenue#neiman-marcus

Saks Global bankruptcy reorganization plan approved When Saks Global filed in January 2026, it owed suppliers—including major European luxury brands “such as Chanel and LVMH”—tens of millions of dollars, underscoring how quickly the default threatened brand-partner relationships. The company’s $1.75 billion financing package included $1 billion of debtor-in-possession (DIP) funding plus additional $500 million available upon emergence, and Saks had already drawn $800 million of the DIP amount by the time the plan was moving toward exit. Saks Global reported that by March 2026, nearly 600 brands had resumed shipping, generating about $1.4 billion in retail receipts—evidence of recovery in vendor flows even before formal emergence. As part of operational restructuring, Saks consolidated its logistics into three hubs in Texas, Pennsylvania, and California, alongside store closures and tighter inventory flow. At the Houston hearing, U.S. Bankruptcy Judge Alfredo Perez described the reorganization outcome as “an extraordinary result,” and said creditor deals “allowed the company to get back on its feet and back to work.”

@adhoc_partners·Jun 8

#temasek-holdings

Revenue Department seeks Thaksin bankruptcy over tax debt The Revenue Department said the tax debt was finalized under Supreme Court Judgment No. 6890/2568, which was read on Nov. 17, 2025—ruling the tax officials’ assessment was lawful and closing the case once it became final. The department put the figure at 17,629,585,191 baht in total, explicitly including tax plus penalties and surcharges (not just a rounded 17.6 billion baht). The dispute’s court history includes that a personal income tax assessment notice—Por Ngor Dor 12—was issued on March 28, 2017; the Central Tax Court revoked it on July 18, 2022 over Revenue Code Section 19 summons requirements for Thaksin, and the Specialised Appeal Court upheld that decision on June 2, 2023 before the Supreme Court later reinstated the claim. Reporting linked to the original Shin Corp transaction said the 2006 sale valued at about US$1.9 billion was carried out without tax payments, sparking street protests that culminated in a military coup that removed Thaksin from power—context for why the post-ruling enforcement has heightened political sensitivity.