The Internal Revenue Service is set to recognize a health care sharing tax deduction for the first time. The Service should be issuing its final regulation on the health care sharing tax deduction in the coming months–likely before the 2020 election. Continue reading “HEALTH CARE SHARING TAX DEDUCTION”
Rockport Development filed for bankruptcy in May, 2020 under Chapter 11 in Santa Ana. The company develops, builds and/or “flips” high end single-family and multi-family residential homes in Southern California.
The company is owned by Kevin Zhang. Allegations of impropriety surfaced against Mr. Zhang in connection with several of his real estate projects, which led to the Chapter 11 filing. Continue reading “ROCKPORT DEVELOPMENT BANKRUPTCY: REAL ESTATE LIQUIDATION”
Hytera Communications America filed for bankruptcy under Chapter 11 in May, 2020 in Santa Ana. Hytera manufactures and sells digital two-way radios and trunking systems used by first responders and others.
The Hytera Communications bankruptcy appears to be a tactical maneuver to avoid paying an enormous civil judgment for IP theft: $345.8 million in compensatory damages and $418.8 million in punitive damages ($764.6 million total). Continue reading “HYTERA COMMUNICATIONS BANKRUPTCY: IP THEFT”
Global Eagle Entertainment provides in-flight internet connectivity and entertainment to the airline industry. This bankruptcy filing is a perfect example of a now-established trend: using Chapter 11 to recapitalize a company’s balance sheet and expedite an asset sale to hedge funds or private equity firms. Continue reading “GLOBAL EAGLE ENTERTAINMENT BANKRUPTCY: HEDGE FUND DRIVEN”
Neumedicines Inc. bankruptcy was filed under Chapter 11 in Los Angeles in July, 2020. Neumedicines is an R&D company that develops cancer treatment drugs. Its primary patent is on Interleukin-12 (IL-12) (“Hemamax”), which is designed to boost a patient’s immune system responses during cancer treatments.
Neumedicines asserts in its bankruptcy filings that the Hemamax patent is worth $20 million. Continue reading “NEUMEDICINES INC. BANKRUPTCY: CANCER DRUG PATENT”
Professional Investors bankruptcy was filed under Chapter 11 on July 26, 2020 in San Francisco. The joint debtors (Professional Investors Security Fund Inc. and Professional Financial Investors Inc.) own 29 real estate projects in Marin County.
The properties include both commercial and residential. These projects were financed largely by individual investors who live in Marin County. Continue reading “PROFESSIONAL INVESTORS BANKRUPTCY: REAL ESTATE FMV”
Ingenu Inc bankruptcy was filed under Chapter 11 on July 27, 2020 in San Diego. Ingenu Inc’s current business is an “Internet-of-Things” (IOT) network. It hopes to deploy these new networks in major cities around the world. It apparently has an IOT network running in the Dallas Fort Worth area for which the company claims a successful proof of concept. Continue reading “INGENU INC BANKRUPTCY: IOT PATENT PORTFOLIO”
Jaguar Distribution Corp. licenses independent films to airlines for in-flight viewing. The company filed for Chapter 11 reorganization on July 31, 2020 in Los Angeles (San Fernando Valley Division). The bankruptcy filing was apparently triggered by the pandemic-related reduction in airline travel worldwide.
The unique feature of this Chapter 11 filing is that virtually all of its creditors (including the 20 largest creditors) are movie licensors for whom Jaguar Distribution Corp. acted as licensing agent.
This puts the company in a difficult position under bankruptcy law: Continue reading “JAGUAR DISTRIBUTION CORP. CHAPTER 11: MOVIE LICENSING CONTRACTS”