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Full title: DEBTORS NOTICE OF STATEMENT OF RECLAMATION AND TWENTY DAY CLAIMS filed by Debtor 1 Tea Olive I, LLC re: 54 Order on miscellaneous motion (first day motion). (Barbie MNBS) (Entered: 04/16/2021)

Document posted on Apr 15, 2021 in the bankruptcy, 6 pages and 3 tables.

Bankrupt11 Summary (Automatically Generated)

Granting Expedited Relief and (II) Establishing Procedures for the Resolution of Reclamation Claims and Administrative Claims Asserted Pursuant to Section 503(b)(9) of the Bankruptcy Code [Dkt.Olive I, LLC d/b/a Stock+Field (the “Debtor”), establishing, among other things, procedures (the “Claims Procedures”) for the treatment of demands from sellers of goods asserting purported rights of reclamation pursuant to section 2-702(2) of the Uniform Commercial Code and section 546(c) (“Reclamation Claims”) and/or section 503(b)(9)NOTICE that pursuant to the terms of the Claims Procedures Order, the Debtor hereby provides the Statement, attached as Exhibit A hereto, listing (i) the Reclamation Claims and Twenty Day claims received by the Debtor; (ii) the amounts, if any, of such Reclamation Claims and Twenty Day Claims that the Debtor has determined to be valid under applicable law, and (iii) for those Reclamation Claims and Twenty Day Claims that the Debtor disputes, the reason for such dispute.NOTICE that if the Debtor has determined that a Reclamation Claim or Twenty Day Claim is valid in whole or in part, and if no written objection to this Notice is filed by any Notice Party (as described in the Claims Procedures Order), then any such Claim shall be assigned the value set forth in this Notice and Statement and shall be paid as provided for in any confirmed plan of liquidation or in connection with any conversion to chapter 7 as chapter 11 administrative expenses.Olive I, LLC d/b/a Stock+Field, 2600 Eagan Woods Drive, Eagan, MN 55121 Attn: Matt Whebbe; (iii) Second Avenue Capital Partners LLC, 75 Second Avenue, Suite 550, Needham Heights, MA 02494 Attn: Tea Olive Portfolio Manager; and (iv) Riemer & Braunstein LLP, Times Square Tower, Seven Times Square, Suite 2506, New York, NY 10036, Attn:

List of Tables

Page 1

UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MINNESOTA In re: Case No.: 21-30037 Tea Olive I, LLC d/b/a Stock+Field, Chapter 11 Case Debtor. DEBTOR’S NOTICE OF STATEMENT OF RECLAMATION AND TWENTY DAY CLAIMS PLEASE TAKE NOTICE that on January 14, 2021, the United States Bankruptcy Court for the District of Minnesota (the “Bankruptcy Court”) entered the Order (I) Granting Expedited Relief and (II) Establishing Procedures for the Resolution of Reclamation Claims and Administrative Claims Asserted Pursuant to Section 503(b)(9) of the Bankruptcy Code [Dkt. No. 54] (the “Claims Procedures Order”) in the above-referenced chapter 11 case of Tea Olive I, LLC d/b/a Stock+Field (the “Debtor”), establishing, among other things, procedures (the “Claims Procedures”) for the treatment of demands from sellers of goods asserting purported rights of reclamation pursuant to section 2-702(2) of the Uniform Commercial Code and section 546(c) (“Reclamation Claims”) and/or section 503(b)(9) (the “Twenty Day Claims”) of the Bankruptcy Code. PLEASE TAKE FURTHER NOTICE that pursuant to the terms of the Claims Procedures Order, the Debtor hereby provides the Statement, attached as Exhibit A hereto, listing (i) the Reclamation Claims and Twenty Day claims received by the Debtor; (ii) the amounts, if any, of such Reclamation Claims and Twenty Day Claims that the Debtor has determined to be valid under applicable law, and (iii) for those Reclamation Claims and Twenty Day Claims that the Debtor disputes, the reason for such dispute.

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PLEASE TAKE FURTHER NOTICE that if the Debtor has determined that a Reclamation Claim or Twenty Day Claim is valid in whole or in part, and if no written objection to this Notice is filed by any Notice Party (as described in the Claims Procedures Order), then any such Claim shall be assigned the value set forth in this Notice and Statement and shall be paid as provided for in any confirmed plan of liquidation or in connection with any conversion to chapter 7 as chapter 11 administrative expenses. PLEASE TAKE FURTHER NOTICE that objections, if any, to this Notice must be filed and served so that such objection is filed with the Bankruptcy Court and actually received by the following parties no later than 20 days after the date of this Notice: (i) Debtors Counsel, Fredrikson & Byron P.A., 200 South Sixth Street, Suite 4000, Minneapolis, Minnesota, 55402 (Attn: Samuel M. Andre); (ii) the Debtor, Tea Olive I, LLC d/b/a Stock+Field, 2600 Eagan Woods Drive, Eagan, MN 55121 Attn: Matt Whebbe; (iii) Second Avenue Capital Partners LLC, 75 Second Avenue, Suite 550, Needham Heights, MA 02494 Attn: Tea Olive Portfolio Manager; and (iv) Riemer & Braunstein LLP, Times Square Tower, Seven Times Square, Suite 2506, New York, NY 10036, Attn: Steven E. Fox, Esq., SFox@riemerlaw.com. PLEASE TAKE FURTHER NOTICE that if an objection to this Notice is timely filed and served, the Debtor will proceed as set forth in the Claims Procedures Order.

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Dated: April 16, 2021 /e/ Samuel M. Andre Clinton E. Cutler (#0158094) James C. Brand (#387362) Steven R. Kinsella (#0392289) Samuel M. Andre (#0399669) Emily M. McAdam (#0400898) FREDRIKSON & BYRON, P.A. 200 South Sixth Street Suite 4000 Minneapolis, MN 55402-1425 Minneapolis, MN 55402-1425 (612) 492-7000 (612) 492-7077 ccutler@fredlaw.com jbrand@fredlaw.com skinsella@fredlaw.com sandre@fredlaw.com emcadam@fredlaw.com ATTORNEYS FOR THE DEBTOR

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Exhibit A STATEMENT OF RECLAMATION CLAIMS
Table 1 on page 4. Back to List of Tables
Vendor Requested
Amount
Amount Debtor
Deems Valid
1. Advanced Technology
International
$8,342.06 $0.001
2. Allen Co. $1,185.60 $0.001
3. Ballreich Snack Food Company,
LLC
$5,920.88 $0.001
4. Brad Moews $2,303.75 $0.001
5. Buckeye Diamond Logistics, Inc.
d/b/a EasyHeat Wood Pellets
$20,266.28 $0.001
6. Business Impact Group, LLC $5,967.24 $0.001
7. Carsten Enterprises, Inc. $52,366.80 $0.001
8. Hobart Welding Products $15,542.81 $0.001
9. Indera Mills Company $34,054.02 $0.001
10. Lafayette Bay Products LLC $6,051.60 $0.001
11. PurHeat $19,509.80 $0.001
12. Rich Foldenauer $1,142.00 $0.001
TOTAL: $172,652.84 $0.00
1 This Reclamation Claim has no value because the prepetition lenders’ interests in the Debtor’s assets, including the goods that are the subject of this Reclamation Claim, are superior to the Reclamation Claim. Specifically, courts have held that where a secured lender holds a floating lien on all of the debtor’s property, “a reclaiming seller is entitled to a lien or administrative expense claim only to the extent that the value of the specific inventory in which the reclaiming seller asserts an interest exceeds the amount of the floating lien in the debtor’s inventory.” See, e.g., In re Dana Corp., 367 B.R. 409, 419 (Bankr. S.D.N.Y. 2007) (quotation omitted). Therefore, “if the value of any given reclaiming supplier’s goods does not exceed the amount of debt secured by the prior lien, that reclamation claim is valueless.” Id. Here, the Debtor’s prepetition secured lenders were granted liens on substantially all of the Debtor’s prepetition collateral and postpetition collateral, respectively. Therefore, their interests are superior to any Reclamation Claim. Note that by raising this issue, the Debtor is not waiving, and hereby expressly reserves, the right to raise other issues that affect the value of any particular Reclamation Claim.

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STATEMENT OF TWENTY DAY CLAIMS
Table 1 on page 5. Back to List of Tables
Vendor Vendor’s Amount Debtor
1. Bottling Group, LLC
d/b/a Pepsi Beverages
Co.
Claimed Amount
$9,928.26
Deems Valid
$5,575.47
2. Brad Moews $807.50 $807.50
3. Buckeye Diamond
Logistics, Inc. d/b/a
EasyHeat Wood Pellets
$43,296.10 $0.00
4. Business Impact
Group, LLC
$9,470.21 $3,657.28
5. Carry-On Trailer, Inc. $22,569.91 $20,151.71
6. Carsten Enterprises,
Inc.
$52,366.80 $0.00
7. DCC Propane, LLC $24,903.70 $0.00
8. Indera Mills Company $2,444.85 $156.90

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Table 1 on page 6. Back to List of Tables
Vendor Vendor’s Amount Debtor
9. Indiana Carbon
Company, Inc.
Claimed Amount
$8,075.81
Deems Valid
$1,129.45
10. Lafayette Bay Products
LLC
$6,051.60 $0.00
11. Orgill, Inc. $103,288.95 $103,288.95
TOTAL: $283,203.69 $134,767.26
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