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CLARE OAKS: Mintz, Levin Represents UMB Bank, 2 Others

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In the Chapter 11 cases of Clare Oaks, the law firm of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that it is representing the following creditors and parties:

a. UMB Bank, N.A., as bond trustee and master trustee with
respect to the following bonds: (i) $14,000,000 Revenue
Bonds, Series 2012A (Clare Oaks) (consisting of the
subseries Series 2012A-1 Bonds through the Series 2012A-3
Bonds), (ii) $39,991,094 Subordinated Revenue Refunding
Bonds, Series 2012B (Clare Oaks), and (iii) $35,008,974
Subordinated Revenue Refunding Bonds, Series 2012C (Clare
Oaks) (consisting of the subseries Series 2012C-1 Bonds
through the Series 2012C-3 Bonds);

b. Lapis Advisers, LP as holder of certain Bonds; provided,
however, Lapis has retained separate counsel in connection
with its offer to purchase the Debtor’s assets under a plan
of reorganization; and

c. Amundi Pioneer Asset Management, Inc. as holder of certain
Bonds.

UMB, serves as the bond trustee and the master trustee with respect to the Bonds. Further information with respect to the nature and amount of the claim of the Bond Trustee is set forth in the proof of claim filed by the Bond Trustee (Claim Number 77) in this case. The address of the Bond Trustee is as follows: UMB Bank, N.A., as Trustee, c/o Michael G. Slade, 120 South Sixth Street, Suite 1400, Minneapolis, MN 55402. Mintz represents UMB generally in the above captioned chapter 11 case.

Lapis is the asset manager for funds holding certain Bonds. As of the date of this statement, Lapis through its managed funds holds par value $54,760,823 of the Bonds. Lapis acquired its economic interests in the Bonds less than one year before the Debtor filed its chapter 11 petition on June 11, 2019, including (a) $24,217,093 in the fourth quarter of 2018, and (b) $30,543,730 in the fourth quarter of 2019. The address of Lapis is as follows: Lapis Advisers, LP, 265 Magnolia Avenue, Suite 100, Larkspur, CA 94939.

Pioneer is the asset manager for funds holding certain Bonds. As of the date of this statement, Pioneer through its managed funds holds par value $13,099,162 of the Bonds. Pioneer acquired its economic interests in the Bonds greater than one year before the Petition Date. The address of Pioneer is as follows: Amundi Pioneer Asset Management, Inc., 60 State Street, Boston, MA 02109.

The Clients are aware of and have consented to their contemporaneous representation by Mintz in these bankruptcy proceedings as set forth herein. Mintz is not currently aware of any prepetition claims of Mintz against the Debtor.

Nothing contained herein is with prejudice to any right, remedy, or claim of the Clients or otherwise and all such rights are expressly preserved.

Mintz reserves its right to supplement or amend this statement.

Counsel for the Clients can be reached at:

MINTZ, LEVIN, COHN, FERRIS, GLOVSKY and POPEO, P.C.
Adrienne K. Walker, Esq.
One Financial Center
Boston, MA 02111
Tel: (617) 542-6000
Fax: (617) 542-2241
Email: awalker@mintz.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/EiClBs

About Clare Oaks

Clare Oaks is a not-for-profit corporation that operates a continuing care retirement community. Its facilities and services include independent living, assisted living, skilled nursing, rehabilitation, and memory care services.

It previously sought bankruptcy protection (Bankr. N.D. Ill. Case No. 11-48903) on Dec. 5, 2011 .

Clare Oaks sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-16708) on June 11, 2019.

At the time of the filing, the Debtor estimated assets of between $10 million and $50 million and liabilities of between $100 million and $500 million.

Judge Donald R. Cassling oversees the case.

The Debtor tapped Polsinelli PC as legal counsel; Solic Capital Advisors LLC as financial advisor; and Stretto LLC as claims and balloting agent and as administrative advisor.

The Office of the U.S. Trustee appointed creditors to serve on the official committee of unsecured creditors on June 28, 2019. The committee tapped Perkins Coie, LLP as its legal counsel.

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