Written by Craig D. Robins, Esq.
Bankruptcy of Glen Cove Chinese Restaurant Forces Landlord to Seek Chapter 11 Bankruptcy Protection
Lightning AB Corp., a single asset real estate company, filed for Chapter 11 bankruptcy relief on September 29, 2009 in the Central Islip Bankruptcy Court under case number 8-09-77322. Judge Robert E. Grossman was assigned to the case as bankruptcy judge, replacing Judge Trust because this case is related to another case.
The corporation, which is located in Glen Cove, is being represented by New York City bankruptcy attorney Bruce H. Kaplan. Its president is Nicola Lavista. The debtor’s primary assets consists of a parcel of real estate located at 49 Glen Cove Road, upon which is a two-story restaurant. The debtor estimates the real estate is worth about $850,000. The debtor paid a retainer of $7,500.
There is currently a Chinese restaurant renting the premises, Won Long Won Restaurant, Inc. However, the debtor plans on rejecting the lease of this restaurant and selling the property. This restaurant is, itself, currently in a Chapter 7 bankruptcy proceeding before Judge Grossman.
The Debtor’s bankruptcy filing was necessitated by the fact that the mortgagee was prosecuting a foreclosure sale.
The Meeting of creditors will be held on October 30, 2009 at the United States Bankruptcy Court for the Eastern District of New York in Central Islip (Room 563 at 9:00 a.m.). The debtor recently filed an application to retain a real estate broker. A Status conference has been scheduled before Judge Grossman for November 9, 2009 at 1:30 p.m. in Courtroom 860. A motion to lift the stay is returnable on the same date.
This post is one of a series of posts available on the Long Island Bankruptcy Blog detailing every Chapter 11 bankruptcy case filed in the Central Islip Bankruptcy Court since August 1, 2009. I will typically post a summary of each Chapter 11 case several days or weeks after it is filed as not all info is available immediately upon filing. To see a list of Chapter 11 cases profiled on this blog, click Chapter 11 Filings on Long Island  or type the name of the debtor in the upper right search box.