The omega liquidating trust

Who doesn't want "chef-driven" food (enjoy truffle fries while you mull over the rest of the menu and watch the previews…or go retro with those milk duds) served up while reclining back on leather chair and snuggling under someone else's blankets and pillows with 200 "signature" cocktail-drinking strangers doing likewise?

Perhaps too much of the Declaration has been copied and pasted from the IPO roadshow slides, but it seems pretty hard to reconcile a visionary management and business model with “net [2018] losses before income tax expense of ,765,000” and the fact of a Chapter 11 filing.

Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Yetter Coleman LLP (.8mn professional services claim), (ii) Class Action Claimants (

Who doesn't want "chef-driven" food (enjoy $12 truffle fries while you mull over the rest of the menu and watch the previews…or go retro with those $5 milk duds) served up while reclining back on leather chair and snuggling under someone else's blankets and pillows with 200 "signature" cocktail-drinking strangers doing likewise?Perhaps too much of the Declaration has been copied and pasted from the IPO roadshow slides, but it seems pretty hard to reconcile a visionary management and business model with “net [2018] losses before income tax expense of $56,765,000” and the fact of a Chapter 11 filing.Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Yetter Coleman LLP ($2.8mn professional services claim), (ii) Class Action Claimants ($1.5mn contingent settlement claim) and (iii) Walt Disney Studio Pictures ($1.3mn trade debt).In a press release announcing the filing, i Pic stated that: "it will seek approval of either a sale or a reorganization plan and emerge with a healthy balance sheet and new capital structure….4], David Baker, a Managing Director at financial advisor Aurora, detailed the events leading to the Debtors' Chapter 11 filing.The Baker Declaration is a bit confusing, with much of it detailing reclining seats as somehow the root of the Debtors’ declining revenues (although perhaps that should read "declining seats and reclining revenues") before it launches into the ramifications of (i) out-of-control construction costs (although, somehow competitors were able to copy the Debtors' business model faster than they were able to build-out their own trailblazing reclining seat efforts); (ii) the impact of a lackluster IPO (apparently “the demand for the shares was strong” but “institutional investors were not able to fund their commitment”); (iii) high debt servicing costs as the Debtors' aggressive expansion required more than $200.0mn of borrowing; and (iv) strong competition from restaurants and theaters which don’t combine food and film (but don’t let that impact your view of “their underlying business model [which] remains strong, as it is bolstered by positive guest experience and loyalty).

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Who doesn't want "chef-driven" food (enjoy $12 truffle fries while you mull over the rest of the menu and watch the previews…or go retro with those $5 milk duds) served up while reclining back on leather chair and snuggling under someone else's blankets and pillows with 200 "signature" cocktail-drinking strangers doing likewise?

Perhaps too much of the Declaration has been copied and pasted from the IPO roadshow slides, but it seems pretty hard to reconcile a visionary management and business model with “net [2018] losses before income tax expense of $56,765,000” and the fact of a Chapter 11 filing.

Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Yetter Coleman LLP ($2.8mn professional services claim), (ii) Class Action Claimants ($1.5mn contingent settlement claim) and (iii) Walt Disney Studio Pictures ($1.3mn trade debt).

In a press release announcing the filing, i Pic stated that: "it will seek approval of either a sale or a reorganization plan and emerge with a healthy balance sheet and new capital structure….

4], David Baker, a Managing Director at financial advisor Aurora, detailed the events leading to the Debtors' Chapter 11 filing.

The Baker Declaration is a bit confusing, with much of it detailing reclining seats as somehow the root of the Debtors’ declining revenues (although perhaps that should read "declining seats and reclining revenues") before it launches into the ramifications of (i) out-of-control construction costs (although, somehow competitors were able to copy the Debtors' business model faster than they were able to build-out their own trailblazing reclining seat efforts); (ii) the impact of a lackluster IPO (apparently “the demand for the shares was strong” but “institutional investors were not able to fund their commitment”); (iii) high debt servicing costs as the Debtors' aggressive expansion required more than $200.0mn of borrowing; and (iv) strong competition from restaurants and theaters which don’t combine food and film (but don’t let that impact your view of “their underlying business model [which] remains strong, as it is bolstered by positive guest experience and loyalty).

The Debtors rely on their food and beverage service for a majority of their revenues.

Yet like the motion picture industry, the Debtors have substantial competition in the restaurant industry.

.5mn contingent settlement claim) and (iii) Walt Disney Studio Pictures (

Who doesn't want "chef-driven" food (enjoy $12 truffle fries while you mull over the rest of the menu and watch the previews…or go retro with those $5 milk duds) served up while reclining back on leather chair and snuggling under someone else's blankets and pillows with 200 "signature" cocktail-drinking strangers doing likewise?Perhaps too much of the Declaration has been copied and pasted from the IPO roadshow slides, but it seems pretty hard to reconcile a visionary management and business model with “net [2018] losses before income tax expense of $56,765,000” and the fact of a Chapter 11 filing.Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Yetter Coleman LLP ($2.8mn professional services claim), (ii) Class Action Claimants ($1.5mn contingent settlement claim) and (iii) Walt Disney Studio Pictures ($1.3mn trade debt).In a press release announcing the filing, i Pic stated that: "it will seek approval of either a sale or a reorganization plan and emerge with a healthy balance sheet and new capital structure….4], David Baker, a Managing Director at financial advisor Aurora, detailed the events leading to the Debtors' Chapter 11 filing.The Baker Declaration is a bit confusing, with much of it detailing reclining seats as somehow the root of the Debtors’ declining revenues (although perhaps that should read "declining seats and reclining revenues") before it launches into the ramifications of (i) out-of-control construction costs (although, somehow competitors were able to copy the Debtors' business model faster than they were able to build-out their own trailblazing reclining seat efforts); (ii) the impact of a lackluster IPO (apparently “the demand for the shares was strong” but “institutional investors were not able to fund their commitment”); (iii) high debt servicing costs as the Debtors' aggressive expansion required more than $200.0mn of borrowing; and (iv) strong competition from restaurants and theaters which don’t combine food and film (but don’t let that impact your view of “their underlying business model [which] remains strong, as it is bolstered by positive guest experience and loyalty).

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Who doesn't want "chef-driven" food (enjoy $12 truffle fries while you mull over the rest of the menu and watch the previews…or go retro with those $5 milk duds) served up while reclining back on leather chair and snuggling under someone else's blankets and pillows with 200 "signature" cocktail-drinking strangers doing likewise?

Perhaps too much of the Declaration has been copied and pasted from the IPO roadshow slides, but it seems pretty hard to reconcile a visionary management and business model with “net [2018] losses before income tax expense of $56,765,000” and the fact of a Chapter 11 filing.

Documents filed with the Court list the Debtors’ three largest unsecured creditors as (i) Yetter Coleman LLP ($2.8mn professional services claim), (ii) Class Action Claimants ($1.5mn contingent settlement claim) and (iii) Walt Disney Studio Pictures ($1.3mn trade debt).

In a press release announcing the filing, i Pic stated that: "it will seek approval of either a sale or a reorganization plan and emerge with a healthy balance sheet and new capital structure….

4], David Baker, a Managing Director at financial advisor Aurora, detailed the events leading to the Debtors' Chapter 11 filing.

The Baker Declaration is a bit confusing, with much of it detailing reclining seats as somehow the root of the Debtors’ declining revenues (although perhaps that should read "declining seats and reclining revenues") before it launches into the ramifications of (i) out-of-control construction costs (although, somehow competitors were able to copy the Debtors' business model faster than they were able to build-out their own trailblazing reclining seat efforts); (ii) the impact of a lackluster IPO (apparently “the demand for the shares was strong” but “institutional investors were not able to fund their commitment”); (iii) high debt servicing costs as the Debtors' aggressive expansion required more than $200.0mn of borrowing; and (iv) strong competition from restaurants and theaters which don’t combine food and film (but don’t let that impact your view of “their underlying business model [which] remains strong, as it is bolstered by positive guest experience and loyalty).

The Debtors rely on their food and beverage service for a majority of their revenues.

Yet like the motion picture industry, the Debtors have substantial competition in the restaurant industry.

.3mn trade debt).

In a press release announcing the filing, i Pic stated that: "it will seek approval of either a sale or a reorganization plan and emerge with a healthy balance sheet and new capital structure….

4], David Baker, a Managing Director at financial advisor Aurora, detailed the events leading to the Debtors' Chapter 11 filing.

The Baker Declaration is a bit confusing, with much of it detailing reclining seats as somehow the root of the Debtors’ declining revenues (although perhaps that should read "declining seats and reclining revenues") before it launches into the ramifications of (i) out-of-control construction costs (although, somehow competitors were able to copy the Debtors' business model faster than they were able to build-out their own trailblazing reclining seat efforts); (ii) the impact of a lackluster IPO (apparently “the demand for the shares was strong” but “institutional investors were not able to fund their commitment”); (iii) high debt servicing costs as the Debtors' aggressive expansion required more than 0.0mn of borrowing; and (iv) strong competition from restaurants and theaters which don’t combine food and film (but don’t let that impact your view of “their underlying business model [which] remains strong, as it is bolstered by positive guest experience and loyalty).

The Debtors rely on their food and beverage service for a majority of their revenues.

Yet like the motion picture industry, the Debtors have substantial competition in the restaurant industry.

In July 2019, the Debtors engaged Solomon as investment bankers to market either a recapitalization or sale and, as of the Petition date, Solomon had contacted 64 parties in total, of which 31 signed non-disclosure agreements.

This pattern of late payments resulted in increased operating costs and reduced profitability of the operating locations.

While demand for the shares was strong, the institutional investors were not able to fund their commitment to the offering, and the total capital raised of million from the IPO was not sufficient to fund continuing development.

Over time, the proportion of funding from the Prepetition Loan Agreement allocated towards construction decreased.

The Debtors used working capital and contributed additional equity to fund construction projects on time and continue development.

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