Latest news with #Addington
Yahoo
24-05-2025
- Business
- Yahoo
Sioux City Marina reopens to the public
SIOUX CITY, Iowa (KCAU) — With new management from F3 Marina taking over, the Sioux City Marina is excited to be open for the public this Memorial Weekend. 'Our first goal is to get this operational and then make sure everybody that's locally. they've been boating here for forever, is taken care of and make sure we can take care of it, especially the lifts here. We want to make sure those are working. They've been sitting down. There's no real way we can test them until boats get on top of them,' said James Addington, the general manager of the Sioux City Marina. James Addington and his team got on the site back in April and went to work right away to make sure the marina would be open by Memorial Weekend. 'The first thing we did was trying to test the main issues the power, the fuel and the water lines. So that took a little bit of time to go through and test everything. We got all the water lines reconnected and set up, so all the docks have power and water flowing to them,' explained Addington, adding that one problem boaters will face for a short period of time will be the gas dock. The gas lines faced several issues, but he says this is perfectly normal, and it should be up and running soon with some new details. Story continues below Top Story: Sioux City pools to open just in time for summer vacation Lights & Sirens: Sioux City Police Dept. takes wanted suspect into custody Sports: Local Iowa high school state track and field results Weather: Get the latest weather forecast here 'That's what would happen when things are inoperable for eight months or so. Things like that would happen. So we're going to reinvest in the marina and put a whole new fuel system in here. Unfortunately, it might take a few weeks. We're shooting for the second week of June for that to be operable, but it'll be a great aspect because the dispensers will be self-serve as well. So we don't have to be in a field of tanks, and you'll be able to do your charge right at the tank, just like at a normal gas station,' he said. However, reinvesting a new fuel system line isn't the only thing that will be added. Addington says the 'ship shop' will feature newer item boaters can check out, and they are also talking about adding a boat wash service. 'I might be able to put a boat lift that is universal for pontoons and v-haul boats up to 30. So if you don't want to purchase a lift, but you want to keep your boat clean, you can have a wash service weekly that we would provide and bring your boat over and wash that off of the left and return your boat to your slip.' Owner of the Cimmarina Russ Hodges said he believes in what the new management is doing for the many years to come. 'Well, it looks like the people care. You know, they're down here doing things, doing positive things. They're trying to get stuff up and going. So yeah, just positive so far, I mean, and I expect it to continue,' commented Russ Hodges Addington said he's also been hearing positive feedback for what his team and the Parks and Recreation Department have been doing to get the marina up and running. 'Everything's been very positive so far from my responses and phone calls and emails. Everybody's very happy to see us open up, get back to work, and then have another opportunity for boaters around this area because I understand it's [that] there's not too many opportunities along the river for boats to get wet,' stated Addington. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
NZ Herald
22-05-2025
- Sport
- NZ Herald
Miracle worker Craig Ferguson needs to find path to Addington winner's circle again
Tonight he faces another early disadvantage with Wag Star, who he trains, starting off a 10m handicap in a capacity field in the $100,000 Hydroflow Country Cups Championship. Wag Star has been battling handicaps and poor draws all autumn, often booming home late but Ferguson says there is one key difference between his tactics tonight and Marketplace last Friday. 'I think his best chance of running out a hard 3200m is being driven quiet in the first half of the race,' says Ferguson. 'I wouldn't want to be taking off on him over the long trip and usually in this race they run hard, so I think it will suit him being driven that way. 'But in a full field that still means he will need luck and maybe the right cart into the race.' Alongside fellow 10m marker Pinseeker, Wag Star has been a promising newcomer to the open-class pool and looks like he belongs, albeit Pinseeker has properly dived into that pool and made a bigger splash. Either could win tonight but while their 10m handicaps don't sound daunting over 3200m in the full field, it could mean settling 15 lengths from the leaders, so if either can make a quick beginning it may enormously enhance their chances. They are joined back in the 10m mark by North Island Country Cups winner The Surfer, who has raced well at Addington before, and Betterthancash. All those off that 10m handicap are aided by the front line containing plenty of horses possibly not in their best form after the long, magnificent but tiring Country Cups series. That may allow for a rarity, a major 3200m winner coming from off the marker pegs, with the $5 Box Seat Boost for Pinseeker (available in TAB futures) looking very fair money for a pacer who finished fifth in The Race by Betcha. While Fugitive is red-hot to win tonight's other Group 1, the Avon City Ford Welcome Stakes, the Group 3 Heather Williams Memorial for the trotting mares has a lot more moving parts. Favourite Eurostyle has been superb this autumn and could be an open-class factor in the second half of the season as our elite trotting ranks start to reshape. Her peak performance would probably win tonight but she does meet some high-class rivals in Hidden Talent, Nellie Doyle, Julie Jaccka and the returning Empire City. The latter spent the back end of last season chasing home Australian champion Keayang Zahara and comes in tonight without a trial. 'I don't think that will bother her because she is very well and ready to go,' says trainer Phil Williamson. 'But she is up against some good mares who are race-fit. She can win but it won't be easy.'
Forbes
30-04-2025
- Business
- Forbes
Can An LLC Interest Owned By A Debtor Be Sold By The Bankruptcy Trustee?
When individual debtor Larry Addington filed for bankruptcy, he owned a 36% membership interest in a limited liability company called Ultra Energy Resources, LLC ("Ultra"). In turn, Ultra owned a 100% membership interest in another limited liability company called Carbon Fuels Properties, LLC ("CFP"). After the case was converted from Chapter 11, a Chapter 7 Trustee was appointed for Addington's debtor estate. Credit-bidding is a process by which a creditor participates in the judicial sale of a debtor's asset, but does not bring cash. Instead, the creditor offers to reduce (credit) the amount of money owed to the creditor in exchange for taking the debtor's former asset. By the time of Addington's bankruptcy filing, a creditor by the name of Business Aircraft Leasing, Inc. ("BAL") had obtained a charging order lien against Addington's interest in Ultra. BAL had also asserted a claim for about $1.36 million against Addington's bankruptcy estate. Because with the charging order lien on it the Ultra interest was of dubious value to the Chapter 7 Trustee, BAL was allowed to credit-bid for and acquire the Ultra interest from the bankruptcy estate in a sale transaction that was approved by the bankruptcy court. Assets sales occur all the time in the bankruptcy courts between creditors and trustees. Like every day and multiple times per day in every judicial district throughout the United States. What made this particular sale different, however, was that here the asset being sold was a debtor's interest in an LLC. BAL, which was the creditor who held a charging order lien on the Ultra interest and had just purchased that interest from the Chapter 7 Trustee, apparently believed that when the interest was acquired that BAL also acquired the so-called "governance interests" ― these are the rights to manage the LLC and vote to admit other member or even to dissolve the LLC. Not so, said Ultra, the only thing that BAL purchased were the "economic rights" that basically means a right to distributions from Ultra. Not being the least bit happy with this answer, BAL sought a declaratory judgment from the bankruptcy court that BAL had purchased all of Addington's 36% rights in Ultra, including both economic and governance rights. But Ultra fought back, moving for summary judgment with the argument that BAL only had acquired the economic rights, but not the governance rights. All this resulted in a Memorandum Opinion by the U.S. District Court for the Eastern District of Kentucky in Business Aircraft Leasing, Inc. v. Ultra Energy Resources, LLC (In re Addington), 2025 WL 936686 ( March 26, 2025). The Court first noted that BAL was foreclosing on its lien against Addington's 36% interest in Ultra. Since that lien arose from the charging order, and the charging order only placed a lien on Addington's distributional rights in Ultra, the only thing that BAL was foreclosing upon was its lien in the distributional rights only. Thus, when the court entered the sale order for the liened interest, the only thing that the court could have ordered was a sale on the distributional interest. Moreover, at the auction BAL credit-bid it's interest. For background, a credit bid is where a creditor does not bid cash at a judicial sale but instead bids a credit of all or some of the amount of its judgment for the asset being sold. When BAL credit-bid a portion of its judgment for the interest, it could only have bid for the Ultra interest subject to the charging order ― which, again, was only the distributional rights. Moving on, the Court further noted that when BAL purchased the interest from Addington's bankruptcy estate at the auction, the Purchase Agreement stated that what BAL was buying was the "right to receive distributions" from the Ultra interest, not any additional rights. This was consistent with Kentucky LLC law which limits the rights of a charging order holder to a lien on only the distributional rights and further provides that only the distributional rights may be sold at a foreclosure sale. Kentucky law also specifically prohibits the purchaser at the judicial sale, unless admitted as a member to the LLC, from participating "in the management and affairs" of the LLC. Finally, the Court looked to Ultra's operating agreement and noted that BAL could only be admitted as a member (as opposed to an assignee of Addington's interest) if and only if Ultra's managers consented to the purchaser at the judicial sale becoming a member. Since the Chapter 7 Trustee did not negotiate this with Ultra's managers prior to the sale, BAL did not become a member of Ultra merely by purchasing Addington's former interest. As a mere assignee of Addington's interest, BAL did not gain Addington's governance rights. For all these reasons, the Court denied BAL's attempt to claim governance rights in Ultra. ANALYSIS There is an important question of first impression that is answered by this opinion, which is that if a bankruptcy trustee takes a debtor's interest in an LLC, and sells it, what does the purchaser of the interest get? There was speculation both ways: Some thought that the purchaser would get only the distributional rights as occurred here, while others thought that the purchaser might get the entire interest including governance rights. To an extent, both are right. Unless prior to the sale the bankruptcy trustee negotiates with the LLC managers to admit the purchaser, the purchaser at the judicial sale will not be anything more than an assignee of the distributional interest as was the result in this case. However, if the bankruptcy trustee negotiates with the LLC to acquire the governance rights (and there may be other circumstances where the bankruptcy trustee takes the governance rights), then the full interest, including both distributional and governance rights, could be sold at the auction. In that latter case, the purchaser would become a full member in the LLC. Note that the managers of a closely-held LLC are unlikely to admit the purchaser as a member, no matter how much the bankruptcy trustee negotiates, unless they know the purchaser will be friendly. If an LLC has a large number of members, such as a hedge fund with 90 members, however, then it might not be that big of a deal. The result that the purchaser at the judicial sale ends up only as an assignee of the distributional rights, but without governance rights, is the result that will ordinarily be obtained outside of bankruptcy too. From a debtor's viewpoint, this opinion is also proof positive that LLC and partnership interests owned by the debtor when the bankruptcy case is commenced can be lost through the bankruptcy proceeding. Because the sale of the interest is by the bankruptcy trustee's sale pursuant to federal bankruptcy law, a state law prohibition against foreclosure is probably not going to be a barrier. But we'll have to wait for another opinion to confirm that.
USA Today
17-02-2025
- Sport
- USA Today
Texans sign potential Jon Weeks replacement to reserve-future deal
Has Jon Weeks snapped his final ball to the Houston Texans? Maybe not, but the Texans are bringing in a backup plan just in case. The Texans have agreed to terms with long-snapper Tucker Addington to a reserve-future deal, per his agent, Robert Sheets. According to reports, the deal includes a $10,000 signing bonus. Addington worked out for the Texans last offseason but did not sign a deal. He was signed to the Miami Dolphins and even played in the Week 15 game against the Texans en route to their AFC South championship victory. The #Texans are signing long snapper Tucker Addington to a futures deal that includes $10,000 in bonus money, per his agent Rob Sheets. Addington has appeared in 10 games with three NFL teams, including New England and Miami last year. — Tom Pelissero (@TomPelissero) February 17, 2025 A native of New Braunfels, Addington earned the starting job at Sam Houston State. After college, he previously played for the Dallas Cowboys and Washington Commanders. He also played for the Houston Gamblers in the United States Football League, appearing in all 10 games during the 2022 season. Weeks, who joined the Texans in 2010 as an undrafted free agent out of Baylor, has played all 14 seasons in Houston. In 2018, Weeks set the Texans' franchise record for most consecutive games played with 129. Weeks is a pending unrestricted free agent who has expressed a desire to sign a new deal, accoridng to KRPC2 Sports' Aaron Wilson. He'll be 39 this season, marking as him the oldest long-snapper in the league. The Texans finished the regular season with a 10-7 record. They'll pick 25th overall in the 2025 NFL Draft.
