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Re: Rumor has it .....
Thanks spagattiComment
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Re: Rumor has it .....
WOW!!! That's not chump change either -
BDCM Opportunity Fund (Bus debt; loan default) $26.8 million
Black Diamond Clo (Bus debt; loan default) - $4.5 million
Spectrum Investment partners (Bus debt; loan default) -$21.5 million
Total claim $52.8 million
Thank you everyone for the information today.Comment
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Re: Rumor has it .....
Do you think they'll get out of it again?Originally posted by Spaghetti View Post
You guys really made my day with this & someone said it's just reorganization so that they can get out of paying it back & rebound again.
Thoughts? How many times will Uncle Sam allow this?Comment
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Re: Rumor has it .....
Hedge Funds Moving To Push Allied Systems Into Bankruptcy
This is all public information; if it's not allowed; take out what needs to be taken out.-
Motion approved- Allied Systems, Ltd. (L.P.)
Court? Delaware Bankruptcy Court
Case number? 1:12-bk-11565
Judge Christopher S. Sontchi
Chapter? 11
Filed? May 17, 2012
Type? involuntary
Updated? May 18, 2012
Parties
Debtor
Allied Systems, Ltd. (L.P.), Debtor
2302 Parklake Drive
Building 15
Suite 600
Atlanta, GA 30345
DE KALB-GA
Represented By
Allied Systems, Ltd. (L.P.)
PRO SE
Petitioning Creditor
BDCM Opportunity Fund II, LP, Petitioning Creditor
One Sound Shore Drive
Suite 200
Greenwich, CT 06830
Represented By
Kerri K. Mumford
Landis Rath & Cobb LLP
919 Market Street
Suite 1800
Wilmington, DE 19801
(302) 467-4414
Fax : (302) 467-4450
Email: [email protected]
Petitioning Creditor
Black Diamond CLO 2005-1 Adviser, L.L.C., Petitioning Creditor
One Sound Shore Drive
Suite 200
Greenwich, CT 06830
Represented By
Kerri K. Mumford
(See above for address)
Petitioning Creditor
Spectrum Investment Partners LP, Petitioning Creditor
1250 Broadway
19th Floor
New York, NY 10001
Represented By
Kerri K. Mumford
(See above for address)
U.S. Trustee
United States Trustee
844 King Street, Room 2207
Lockbox #35
Wilmington, DE 19899-0035
302-573-6491
Docket
May 17 #1 Chapter 11 Involuntary Petition. Fee Amount $1046. Re: Allied Systems, Ltd. (L.P.) Filed by Petitioning Creditor(s): BDCM Opportunity Fund II, LP, Black Diamond CLO 2005-1 Adviser, L.L.C., Spectrum Investment Partners LP (attorney Kerri K. Mumford). (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #2 Receipt of filing fee for Involuntary Petition (Chapter 11)(12-11565) [misc,invol11a] (1046.00). Receipt Number 5975047, amount $1046.00. (U.S. Treasury) (Entered: 05/17/2012)
May 17 #3 Declaration Partial Waiver of Claim of Petitioning Creditor Filed by BDCM Opportunity Fund II, LP. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #4 Declaration Partial Waiver of Claim of Petitioning Creditor Filed by Black Diamond CLO 2005-1 Adviser, L.L.C.. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #5 Declaration Partial Waiver of Claim of Petitioning Creditor Filed by Spectrum Investment Partners LP. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #6 Affidavit of Richard Ehrlich on Behalf of BDCM Opportunity Fund II, LP Pursuant to Federal Rule of Bankruptcy Procedure 1003 (Ex. A - Redacted) Filed by BDCM Opportunity Fund II, LP. (Attachments: # 1 Ex. A - Part 2) (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #7 Affidavit of Richard Ehrlich on Behalf of Black Diamond CLO 2005-1 Adviser, L.L.C. Pursuant to Federal Rule of Bankruptcy Procedure 1003 (Ex. A - Redacted) Filed by Black Diamond CLO 2005-1 Adviser, L.L.C.. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #8 Affidavit of Jeffrey A. Schaffer on Behalf of Spectrum Investment Partners LP Pursuant to Federal Rule of Bankruptcy Procedure 1003 Filed by Spectrum Investment Partners LP. (Attachments: # 1 Ex. A - Part 2 (Redacted)) (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #9 Motion to Approve Statement of Petitioning Creditors in Support of the Involuntary Chapter 11 Petitions Filed Against Allied Systems Holdings, Inc. and Allied Systems, Ltd. (L.P.) Filed by BDCM Opportunity Fund II, LP, Black Diamond CLO 2005-1 Adviser L.L.C., Spectrum Investment Partners LP. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #10 Motion to Approve Petitioning Creditors' Motion to File Redacted Versions of Confidential Pleadings and to File Certain Exhibits Thereto Under Seal Filed by BDCM Opportunity Fund II, LP, Black Diamond CLO 2005-1 Adviser L.L.C., Spectrum Investment Partners LP. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #11 Motion to Approve Petitioning Creditors' Motion for an Order Shortening Time for Notice of the Hearing to Consider the Petitioning Creditors Motion to File Redacted Versions of Confidential Pleadings and to File Certain Exhibits Thereto Under Seal Filed by BDCM Opportunity Fund II, LP, Black Diamond CLO 2005-1 Adviser L.L.C., Spectrum Investment Partners LP. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #12 Motion to Approve Petitioning Creditors' Motion for an Order Shortening Time for Notice of the Hearing to Consider the Expedited Motion of Petitioning Creditors for the Appointment of a Trustee Filed by BDCM Opportunity Fund II, LP, Black Diamond CLO 2005-1 Adviser L.L.C., Spectrum Investment Partners LP. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #13 Motion to Approve Expedited Motion of Petitioning Creditors for the Appointment of a Trustee (Redacted) Filed by BDCM Opportunity Fund II, LP, Black Diamond CLO 2005-1 Adviser L.L.C., Spectrum Investment Partners LP. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #14 Motion to Approve Declaration of Adam C. Harris in Support of Motion of Petitioning Creditors for the Appointment of a Chapter 11 Trustee Filed by BDCM Opportunity Fund II, LP, Black Diamond CLO 2005-1 Adviser L.L.C., Spectrum Investment Partners LP. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #15 Motion to Approve Affidavit of Richard Ehrlich in Support of Motion of Petitioning Creditors for the Appointment of a Chapter 11 Trustee Filed by Black Diamond CLO 2005-1 Adviser L.L.C.. (Mumford, Kerri) (Entered: 05/17/2012)
May 17 #16 Motion to Approve Affidavit of Jeffrey A. Schaffer in Support of Motion of Petitioning Creditors for the Appointment of a Chapter 11 Trustee Filed by Spectrum Investment Partners LP. (Mumford, Kerri) (Entered: 05/17/2012)
May 18 Judge Christopher S. Sontchi added to case. (LA) (Entered: 05/18/2012)Comment
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I think the buzzards are circling the carcass.Comment
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Re: Rumor has it .....
That's what I think. I don't see how they're going to get let out of it again; especially in this economy.Originally posted by MO_Carhauler View Post
Sorry; but I'm pulling up a chair & I'm going to enjoy this at least a little.
Hedge Funds Moving To Push Allied Systems Into Bankruptcy
Hedge funds owed nearly $53 million have moved to push Allied Systems Holdings Inc. into an involuntary bankruptcy case, a remedy for what they said are improper moves by owner Yucaipa Cos.
Affiliates of Black Diamond Capital Management LLC and Spectrum Investment Partners LP asked the U.S. Bankruptcy Court in Wilmington, Del., to move promptly to appoint a trustee to run the company on the alleged grounds it is being "grossly mismanaged."
Atlanta's Allied Systems Holdings specializes in the delivery of new vehicles from car manufacturers to dealerships. John Blount, chief administrative officer and general counsel of the company, Friday said "rogue lenders" were behind the involuntary bankruptcy petition, which had its roots in a running legal battle between the hedge funds and Yucaipa. Most lenders are supportive of the company, and it has adequate liquidity to continue business as usual, Blount said.
Allied and its attorneys haven't yet seen the complete set of accusations backing the involuntary Chapter 11 bankruptcy petition, which was filed Thursday in redacted form.
"We need to see what it says and respond accordingly," Blount said.
Yucaipa didn't respond to a request for comment.
Companies targeted with involuntary bankruptcy petitions are given time to defend themselves against allegations that they are insolvent. Complaints from the hedge-fund investors include claims Allied Systems has refused to talk about restructuring its debts, which are topped by $296 million in first-lien obligations.
"Yucaipa caused Allied to default on numerous provisions of the credit agreement and other agreements and then interfered with and frustrated the lenders' ability to exercise their rights," the hedge funds contend in court filings.
In a New York lawsuit, the hedge funds have accused Yucaipa, the private-equity owner, of buying up enough of Allied's first-lien debt to control the company's dealings with its lenders. They allege that is in violation of legal protections on the debt.
According to court papers, Yucaipa denies running afoul of debt covenants.
Blount, Allied's general counsel, said he wasn't sure what the unhappy lenders meant when they referred to Allied's defaults.
"I certainly feel very strongly that we are caught in a legal dispute," Blount said. "I think that's why we wound up in this."
Allied emerged from bankruptcy protection in 2007 under a Chapter 11 plan that made Yucaipa its majority owner. Exit financing included a $265 million senior-secured, first-priority loan and a $50 million second-lien loan.Comment
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If Allied gets liquidated, how much will Jack Cooper and Cassens be able to save, as far as teamster jobs go.
I'm getting more nervous about Central States now.Comment
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Re: Rumor has it .....
How much do they haul still? Up here; as far as I know; it's only Fords. They lost everything else.Originally posted by MO_Carhauler View PostComment
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Re: Rumor has it .....
[QUOTE=GoinBrokeNJwife;217759]That's what I think. I don't see how they're going to get let out of it again; especially in this economy.
Sorry; but I'm pulling up a chair & I'm going to enjoy this at least a little.
What is there to enjoy? Could put alot of people out of work!!!Comment
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Re: Rumor has it .....
They've already ruined our/my life & a bunch of our friends lives. Apparently no one cares about those of us already affected for the last year; struggling & about to lose our houses & everything we've worked for our retirement that's gone.Originally posted by canwest carhaul View Post
If management fat has to be cut this way then its about time. I feel bad for the other poor working folks like us who get dirty; but you know darned well they're (management) still bringing home their fat paycheck
*How many employees are actually left? Port Jersey was cut pretty far down last I heard; pretty sure a lot of guys were laid off. They hit the guys that make money for them; so who is there to do the dirty work of hauling cars to support their butts?Last edited by GoinBrokeNJwife; 05-19-2012, 11:38 PM.Comment
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Re: Rumor has it .....
Yes and I feel sorry for the ones who have been affected but still no reason to enjoy because of the ones that are left no matter how small the numbers are.Comment
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Re: Rumor has it .....
I can't speak for Allied - I'm not 'The Man' - just reporting on what I see - I have seen Allied hauling Ford, Hyundai, KIA, Nissan, Mitsu, Lots of Mazda, and so forth. I also see Allied hauling back-haul auction stuff, dealer to dealer, cab and chassis, and so on.Originally posted by GoinBrokeNJwife View Post
Just sayin' ............Comment
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Re: Rumor has it .....
Just heard a rumor from drivers at Allied and Cassens. Allied told by judge to park trucks and liquidate. I don't doubt this happening eventually, but this would be too soon. Talked to a working Allied driver on Art 48 to Louisville. Says this is crap. I posted this just to get things going here again.
It wouldn't be a bad idea to cash that sick-pay check ASAP. Just sayin'....Comment
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Re: Rumor has it .....
You are not helping by spreading this rumor!Comment
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