Franchise Services of North America Inc. Announces Chapter 11 Bankruptcy Filing

Franchise Services of North America Inc. Announces Chapter 11 Bankruptcy Filing

Canada NewsWire

TSX-V Trading Symbol: FSN

RIDGELAND, MS, June 27, 2017 /CNW/ - FRANCHISE SERVICES OF NORTH AMERICA INC. (“FSNA” or the “Company”) (FSN.V) today announced that in order to best preserve the value of its assets for the benefit of creditors and shareholders, it filed for Chapter 11 bankruptcy protection on Monday, June 26, 2017, in the federal bankruptcy court in the State of Mississippi.

FSNA is the holding company for operating entities that own several car rental brands whose associated independent operators have more than 650 locations across the United States.  The Company anticipates that these subsidiaries will continue to operate their businesses in the normal course during the pendency of the Chapter 11 case.  No layoffs are anticipated at FSNA or any of its subsidiaries.

The Company’s decision to seek bankruptcy protection was necessitated by several factors, including liquidity issues associated with expenses incurred in pending litigation by and against its former financial advisor, Macquarie Capital (USA), Inc., and two Macquarie employees who also served as directors of the Company, as well as other legacy claims against the Company. The Company’s litigation expenses relate to the Company’s acquisition of Simply Wheelz LLC, d/b/a Advantage Rent A Car, which was led by Macquarie and its affiliates. The Company also remains impaired by potential claims that arise from the Advantage acquisition.

The expenses and claims arising from the failed acquisition and, in particular, those fees and expenses associated with these actions pending with Macquarie and its associates in multiple jurisdictions have severely impacted the Company’s liquidity, strained the Company’s ability to operate, and necessitated that the Company seek bankruptcy protection.


About FSNA

FSNA is a publicly traded company listed on the TSX Venture Exchange. The Company and its subsidiaries own the following brands: U-Save Car & Truck Rental® (“U-Save“), U-Save Car Sales, Auto Rental Resource Center (“ARRC“), Xpress Rent A Car, Sonoran National Insurance Group and Peakstone Financial Services.

U-Save, together with its subsidiary ARRC, has over 650 locations throughout the United States and is one of North America’s largest franchise car rental companies. U-Save currently services 21 airport markets in 9 different states and 12 countries. Although primarily based in the United States, U-Save has 16 international locations in Mexico, Greece, Central America and the Caribbean.

With more than 150 years of combined insurance experience, Sonoran National Insurance Group is licensed in all 50 states and serves customers in every part of the country. Sonoran provides an entire range of business and personal insurance solutions customized to the needs of its clients.

Forward-Looking Information:

Certain statements made in this news release are forward-looking in nature, including
statements concerning the ability of FSNA’s subsidiaries to operate in the ordinary course following an insolvency filing. The words “may”, “could”, “should”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, or “outlook” and similar expressions often identify forward-looking information. By their nature, forward-looking statements require FSNA to make assumptions and are subject to inherent risks and uncertainties. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by FSNA, including with respect to general economic, market and industry conditions. Although FSNA believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because FSNA can give no assurance that they will prove to be correct. These forward-looking statements also involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of FSNA to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. If any such risks actually occur, they could materially and adversely affect FSNA’s business, financial condition or results of operations. FSNA’s forward-looking statements are qualified in their entirety by these cautionary statements. In addition, the forward-looking statements are made only as of the date of this news release, and except as required by applicable securities law, FSNA undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Franchise Services of North America Inc.

View original content: http://www.newswire.ca/en/releases/archive/June2017/27/c4587.html

BioNitrogen Announces Results of Chapter 11 Process, The Shutdown of All Corporate Activity and the Resignation of Chairman and CEO, Graham Copley

Logo

BioNitrogen Announces Results of Chapter 11 Process, The Shutdown of All Corporate Activity and the Resignation of Chairman and CEO, Graham Copley

PR Newswire

DORAL, Fla., June 27, 2017/PRNewswire/ — BioNitrogen (OTC PINK: BIONQ) is today confirming that it was unable to reorganize under the protection of the Chapter 11 process given the unproven nature of the technologies and the difficult environment in the global Urea market over the last 2 years.  There were no bidders for the business and the company was unable to raise fresh capital despite several promising leads – in large part due to the very depressed nature of global energy and Urea pricing. 

With agreement of all major unsecured creditors, the intellectual property of the company was transferred to the one secured creditor, Annon Consulting, Inc., in lieu of its secured claim.  This formed part of a broad agreement presented to the Bankruptcy Court in Florida on April 25th 2017 and approved earlier this month – June 7th.

After several further weeks of review, it has been concluded that there are no business opportunities for BioNitrogen given its lack of both assets (Intellectual Property) and cash. BioNitrogen has ceased all other operations, effective immediately.  The company has requested that FINRA de-list the stock from the OTC exchange and this request is pending approvals.  Chairman and CEO, Graham Copley will step down from his role as soon as the delisting process is complete. 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bionitrogen-announces-results-of-chapter-11-process-the-shutdown-of-all-corporate-activity-and-the-resignation-of-chairman-and-ceo-graham-copley-300480545.html

SOURCE BioNitrogen

Five companies in stockbroker’s high-risk recommendations including BreitBurn and LINN all declared bankruptcy – Claim alleges

Five companies in stockbroker’s high-risk recommendations including BreitBurn and LINN all declared bankruptcy – Claim alleges

PR Newswire

FT. LAUDERDALE, Fla., June 20, 2017 /PRNewswire/ — Five companies recommended in a stockbroker’s high-risk strategy, including BreitBurn Energy Partners LP. (OTC: BBEPQ) and LINN Energy LLC (OTC: LNGG), all declared bankruptcy, a Claim filed by a former customer of a brokerage firm alleges.

The claim against Wells Fargo Advisors, a subsidiary of Wells Fargo (NYSE: WFC), was filed with FINRA by the Mark A. Tepper law firm, which is representing the Claimant’s fight for recovery of losses that she suffered.

Among the claims alleged, is that Wells Fargo Advisors failed to supervise its broker, Jefferey M. Grayson, CRD # 728985.

The claim argues that the Claimant’s “limited investment knowledge could not protect her from the broker’s predatory practices.” And that “Respondent did not disclose the high risk of substantial loss,” the Claim alleges. 

Investors who recovered losses in recent months after Brokers recommended Linn or BreitBurn have praised the Mark Tepper Law firm for its work in representing their claims. The law firm is continuing its investigation of alleged claims against brokerage firms for recommending LINN Energy LLC, LinnCo LLC, and/or BreitBurn Energy Partners LP. For a free case evaluation from the Mark A. Tepper law firm, email attorney Mark Tepper at askmark@marktepper.com or call 954-961-0096.

About Mark A. Tepper, P.A. (www.MarkTepper.com)
Attorney Mark A. Tepper is the former Chief Trial Counsel at the New York Attorney General’s Bureau of Investor Protection and Securities. He has earned the reputation of “Investor Advocate” while practicing law for over 35 years representing individual investors. FINRA arbitrators have upheld stockbroker fraud claims filed by Mr. Tepper against many brokerage firms. A member of the Florida, New York and California Bars, Mr. Tepper is peer-reviewed for 17 consecutive years as AV PREEMINENT® for ethical standards and legal ability. It’s the highest rating of lawyers in the Martindale-Hubbell Law Directory.

MEDIA CONTACT:
Mark Hopkinson, NewsMark Public Relations
561-852-5767 mhopkinson@newsmarkpr.com

http://www.newsmarkpr.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/five-companies-in-stockbrokers-high-risk-recommendations-including-breitburn-and-linn-all-declared-bankruptcy—claim-alleges-300476770.html

SOURCE Mark A. Tepper, P.A.