Broadbridge LA creditor’s dismissal motion still under consideration

By Sarah Lizee

Olympia, Wash., Nov. 4 – Broadbridge LA LLC secured creditor Museum Building Holdings, LLC’s motion seeking dismissal of the debtor’s Chapter 11 bankruptcy case is still under consideration, according to a minute entry filed Friday with the U.S. Bankruptcy Court for the Eastern District of New York.

As previously reported, Museum Building said the case was filed in bad faith and without corporate authority.

Broadbridge’s only asset is a one million square-foot commercial space in Los Angeles. When it filed bankruptcy, the company said it was trying to prevent an immediate foreclosure and forfeiture of an investment of about $100 million in the property.

The secured creditor said this demonstrates the “extreme bad faith nature” of the debtor’s filing.

Museum Building said the debtor’s financial condition is a two-party dispute between the debtor and itself.

The secured creditor added that the debtor has no discernable cash flow, no employees, and few, if any, unsecured creditors, and can’t meet current expenses.

The company also failed to get the required pre-filing unanimous consent from independent managers and other members, the secured creditor said. At least one of those members affirmatively did not consent to the filing, Museum Building noted.

Great Neck, N.Y.-based Broadbridge LA filed bankruptcy on Aug. 9 under Chapter 11 case number 22-72048.

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