November 12, 2018Last week the NPA Government Relations Committee issued an alert about a Chapter 11 Bankruptcy reorganization filing by Republic Metals and two of its affiliated companies on November 2, 2018 in the Southern District of New York. Some pawnbrokers have already been contacted by Donlin Recano & Company, the firm that will manage issues for Republic in the reorganization. If you have not yet received any communication, and Republic has not paid you for goods delivered to them, you will be allowed to file a claim in the reorganization. Here is additional information to that contained in our November 5, 2018 Alert: 1.The court held a hearing on November 6, 2018. If you are a creditor in this proceeding, you should receive notices of the court’s decisions. We will continue following this bankruptcy reorganization to the best of our ability. 2.We have been contacted by some NPA members who are creditors of Republic or one of its affiliates in this reorganization. Tim Collier and Fran Bishop continue to communicate with these affected members.3.Working with our pawnbroker members, we have received referrals for three law firms in the New York City area who are qualified to represent NPA members with claims for payment against Republic or its affiliates in this reorganization proceeding. Fran Bishop has the contact information for these law firms. 4.If you delivered metals to Republic within 45 days prior to November 2, 2018, that is on or after September 18, 2018, you may want to contact your own lawyer or one of the law firms referred to the NPA in order to determine whether you need to make a special “reclamation right” claim or an “administrative claim” allowed by the Bankruptcy Code. In either case, your claim must be filed prior to 20 days following November 2, 2018 – or not later than November 21, 2018. If you have made deliveries to Republic during the time periods referenced above, feel free to contact Fran Bishop, NPA GRC Liaison, at fbishopdp1@gmail.com.
