Draft Initial Operating Report — In re Panthera Enterprises, LLC

What This Document Is

Docket entry 26 is the debtor's two-page Initial Operating Report, filed September 30, 2019 by counsel Robert S. Bernstein early in the Chapter 11 case, dated and signed by managing member James V. Punelli on September 27, 2019, describing the debtor's anticipated finances for the case's first thirty days.

Factual Summary

The report states the debtor's principal asset is a training facility leased to a third party (Panthera Training, LLC) that pays rent including a percentage of its profits. It projects minimal operating costs for the following thirty days, limited to insurance premiums and professional fees, and states the debtor began the case with minimal cash, expecting to receive contract-customer payments while remaining responsible for paying its tenant/subcontractor and other operating expenses. It identifies the debtor's bank accounts as two accounts at Atlantic Union Bank in Richmond, Virginia (account numbers 1080067372 and 1080067398) and one account at Old Line Bank in Bowie, Maryland (account number 5025800779). On insurance, the report states the debtor's property and operations were required to be insured by its tenant/subcontractor, that a certificate of insurance had been requested but not yet received, and that the debtor was investigating obtaining its own coverage. Punelli signed the report under penalty of perjury as true, correct, and complete.

Key Facts

Docket entry: 26, filed and entered 2019-09-30, 2 pages.
Reporting period: initial filing, signed 2019-09-27.
Signatory: James V. Punelli, Managing Member, Panthera Enterprises, LLC.
Bank accounts disclosed: two at Atlantic Union Bank (Richmond, VA), one at Old Line Bank (Bowie, MD).
Insurance status disclosed: no certificate of insurance yet received from tenant/subcontractor at time of filing.

Source Caveats

This is a case-early filing (September 2019) that sorts into this manifest range by file-name string order rather than chronological docket sequence; it precedes by more than a year the December 2020 filings addressed elsewhere in this range.
The report is the debtor's own initial, unaudited self-report; later filings, including the Trustee's investigation, should be consulted for verified financial detail.

Date: 2019-09-30

Full text

UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF WEST VIRGINIA

In re:

PANTHERA ENTERPRISES, LLC,

Debtor.

Chapter 11

Case No. 2:19-bk-00787

INITIAL OPERATING REPORT

PANTHERA ENTERPRISES, LLC. (the “Debtor”) respectfully submit this Initial
Operating Report and state as follows:
Preliminary Statement:

The Debtor owns a training facility that is currently leased to a third party who pays rent,
including a percentage of its profits.
1.
Estimated costs of operation for the succeeding thirty (30) days:

Costs of operation will be minimal for the succeeding thirty (30) days and may include
payment of insurance premiums and professional fees.
2.
Estimated cash balance increase or decrease for the next succeeding thirty (30)
days:

The Debtor began the case with minimal cash. It expects to receive payment from
contracted customers and be responsible for paying the tenant/subcontractor and other general
operating expenses for the next succeeding thirty (30) days.
3.
The amount of cash available for the use in the operation of the Debtor:

The Debtor estimates that minimal cash will be available, aside from billings to contract
customers, from which payment to WVEDA will be made, as well as required insurance payments.
No. 2:19-bk-00787 Doc 26 Filed 09/30/19 Entered 09/30/19 10:25:14 Page 1 of 2

4.
Explanation of how the Debtor intends to fund the cost of operations for the
next succeeding thirty (30) days:

The Debtor intends to fund the cost of operation for the next succeeding thirty (30) days
through its billings of contract customers.
5.
The location, identifying number and balance of all bank accounts, including
those established pursuant to the Operating Order:
a. Atlantic Union Bank – Account Nos.: 1080067372 and 1080067398
1051 East Cary Street
Suite 1200
Richmond, VA 23219

b. Old Line Bank – Account No.: 5025800779
1525 Pointer Ridge Place
Bowie, MD 20716

6.
Statement of insurance coverage including policy numbers, carriers, and
amounts of coverage for general liability, automobile, workers compensation and any other
coverage in force:

The Debtor’s property and operations are required to be insured by the
tenant/subcontractor, from whom a certificate of insurance has been requested but not yet received.
Debtor is in the process of investigating having its own coverage.

I declare under penalty of perjury that I have examined the operating report and the
accompanying attachments, if any, and, to the best of my knowledge, these documents are true,
correct, and complete.

Dated: September 27, 2019

By:

James V. Punelli, Managing Member

Panthera Enterprises, LLC

No. 2:19-bk-00787 Doc 26 Filed 09/30/19 Entered 09/30/19 10:25:14 Page 2 of 2

File and source

File: gov.uscourts.wvnb.75953.26.0.pdf
Size: 111,907 bytes
SHA-256: cec3c17e1b825ae273e822c7f6afc58e08d00aaf0d98d93bd80e04ec6ff885ca
Our copy: gov.uscourts.wvnb.75953.26.0.pdf
Original: PACER (login required)