Blue Gold Equities LLC
(Seasons Kosher Grocery Stores)
Chapter 11 Bankruptcy Filing
Precedent Research Resources

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Blue Gold Equities LLC (d/b/a Seasons Kosher Grocery Stores) Bankruptcy Case Summary

Filed for Chapter 11 Bankruptcy Protection on September 16, 2018
United States Bankruptcy Court for the Eastern District of New York
Lead Case Number: 18-45280
Debtor is Represented by Zeichner Ellman & Krause LLP
Case Assigned to Bankruptcy Judge Nancy Hershey Lord


  • The company operates the Seasons chain of kosher grocery stores/supermarkets with approximately eight locations in New York, New Jersey and Maryland.
  • The company also has plans to open an additional location located in Cleveland, Ohio.
  • Seasons' website is:
  • As of the Petition Date, the Debtors owned assets of approximately $31 million based on book value. 
  • As of the Petition Date, the Debtors had aggregate liabilities of approximately $42 million, including approximately $8.8 million owed to Bank United and approximately $8 million owed to the Consultants. 
  • The Debtors' revenue for 2018 through the Petition Date is approximately $63 million.
  • In or around November 2017, Consultants commenced an arbitration proceeding in a Beth Din (an arbitration panel governed by Jewish law) to recover the amounts due under the Consulting Agreement. In or around March 2018, the Beth Din issued an award in favor of the Consultants for $8.3 million.
  • When it was not paid, the Consultants moved to confirm the Award and obtained judgment against the Original Operating Entities, Bloom and Gold.
  • In October 2016, Bank United loaned $10 Million to Seasons Corporate LLC and obtained a security interest in all of Corporate's assets. The Operating Entities guaranteed the Loan on an unsecured basis. Although payments on the Loan were current at the time the Judgment was issued, Bank United declared a default under the Loan, based on the Judgment.
  • As a result of the actions by the Consultants and Bank United, the Company's cash was dramatically reduced, rendering it unable to keep the store shelves stocked. Suppliers began to require COD payments and attempts to obtain funding to restock the Stores were unsuccessful.
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  • The Company has retained Joel Getzler and William Henrich of the firm of GHA as Co- Chief Restructuring Officers ("CRO") to assist in the development of restructuring options and negotiation of a reorganization plan, oversee and execute the process for the sale of the Debtors' assets, monitor and manage the Debtors'  operations and cash flow and guide the Debtors through the bankruptcy process, including performing the necessary bankruptcy administration requirements. Messrs. Getzler and Henrich will commence acting as Co-CRO once the Debtors obtain D&O insurance.
  • The Debtors seek authority to enter into the DIP Facility in the total amount of $5.7 million, which will provide the Debtors with access to as much as $4,000,000 during the period of 14 days after entry of the Interim DIP Order in accordance with the Debtors' Budget. The Debtors negotiated the DIP Documents as part of their larger discussions with the Prepetition Secured Lender and DIP Lender.
  • The DIP Lenders' willingness to provide the DIP Loan was contingent on the Debtors' agreement to enter into an Asset Purchase Agreement, pursuant to which
    the DIP Lender has presented a stalking horse bid to acquire certain of the Debtor's assets, free and clear of liens, claims and encumbrances, for $12 million, subject to higher and better offers.

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Source:  Declaration of Joel Getzler pursuant to Local Bankruptcy Rule 1007-4 and in support of Chapter 11 petitions and first day motions (Docket No. 4) 

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Previous Bankruptcy Cases That May Provide Insight Into the Seasons Grocery Case

Familiarity with precedent from cases filed in the same jurisdiction, by the same counsel, and/or by companies in the same industry is absolutely critical in developing a successful investment or litigation strategy and drafting the most effective pleadings in complex bankruptcy cases. That's why we thought that the following lists of selected precedential cases relevant to the Blue Gold Equities/Seasons Kosher bankruptcy might be of particular interest.

We've even included a link to receive an email with a few key filings from the Blue Gold Equities cases  just to get you started.  Of course, with our database of millions of documents from thousands of cases, this only scratches the surface on the research you could do with our system.  If that sounds like something you could use, details on our system and how to get a trial are provided below as well.