THE NEW YORK TIMES BUSINESSFRIDAY, AUGUST 7, 2020 N B9Ellen, a professor of urban policy
and planning at N.Y.U. “What
we’re not quite seeing at least the
physical manifestations of yet is
the really just stark decline in in-
comes in so many neighborhoods
around the city, and in a lot of
working-class neighborhoods.”
“We will see them,” she pre-
dicted, warning that concentrated
distress in these neighborhoods
could also have long-term conse-
quences for the children growing
up there.
Mr. Ghitza, the chief scientist at
Catalist, a Democratic data firm,
and Mr. Steitz, a principal at TSD
Communications, have tried to
solve a large multiplication prob-
lem in modeling neighborhood-
level unemployment. Official gov-
ernment statistics estimate, for
example, the share of residents in
a given census tract who are wom-
en, the share who are African-
American, and the share who
work in food service. Using such
data, Mr. Ghitza and Mr. Steitz cre-
ated an educated guess of the
number of Black female food-
service workers in each tract,
then matched those demograph-
ics to national monthly unemploy-
ment statistics on the occupations
and demographic groups most se-
verely affected in this downturn.
The approach makes it possible
to gauge employment differences
at a finer level of geography than
what the government reports. But
these estimates also come with
much wider room for error than
official statistics, and the re-
searchers warn that the results
should be viewed alongside other
data as policymakers try to under-
stand an economy in free fall.
The resulting maps capture the
flip side of recent analyses of pri-
vate-sector data showing whererestaurants have cut hours or
where stores have closed their
doors. Those business closings
have been clustered, too, often in
downtown districts where office
workers no longer come in, or in
wealthy neighborhoods where
residents have sharply reduced
their spending (or where they
have left town altogether).
These maps reflect, instead,
where the workers who once
staffed those restaurants, bars,
hotels and offices commuted
home at night.
The maps also highlight how
the distinct nature of the coro-
navirus economic shock has di-
vided cities into neighborhoods
where most people can work from
home and neighborhoods where
most can’t. And because the latter
group is disproportionately made
up of Black and Hispanic workers,
those lines also largely follow pat-terns of racial segregation, as in
Chicago.
As of June, the Chicago metro
area had an unemployment rate of
15.6 percent, according to the Bu-
reau of Labor Statistics. But Mr.
Ghitza and Mr. Steitz estimate
that in some neighborhoods on the
predominantly African-American
South Side, the unemployment
rate was more than double that.
Wealthier neighborhoods on the
North Side had unemployment
rates of less than 10 percent.
In a recent analysis, Peter
Ganong, an economics professor
at the University of Chicago,
found that workers in the lowest
quintile of income have experi-
enced three times as many job
losses as workers in the highest
quintile. But that’s just looking
through the lens of income alone.
He says layering race, age and
gender could push the differenceseven further at the census tract
level.
Jesse Rothstein, an economist
who is part of a team that has been
tracking the effects of the pan-
demic on the labor market, agreesthat it’s possible for unemploy-
ment rates in some neighbor-
hoods to barely budge while oth-
ers soar across town.
“There aren’t that many food-
service workers that live in Bever-
ly Hills,” he said.
In Los Angeles, job losses ap-
pear to be most severe in South
Los Angeles, in predominantly
Hispanic parts of the city.Until now, some of the worst
pain of the recession has been
eased in these neighborhoods by a
major federal expansion of unem-
ployment benefits, including
weekly $600 supplemental pay-
ments to millions of workers. Re-
search shows that this aid signifi-
cantly lifted the spending of un-
employed workers; the money
from the government might well
have circulated through busi-
nesses in their own neighbor-
hoods, too.
But those jobless benefits ex-
pired at the end of July. Now, as
Congress and the White House
wrangle over whether and how to
extend the aid, these maps offer
one more insight: These are the
neighborhoods where workers —
and the businesses that depend on
their spending — would most
acutely suffer without more fed-
eral help.CENSUS TRACT LEVEL UNEMPLOYMENT RATE2% 6% 10% 14% 18% 22% 26% 30%THE NEW YORK TIMESLos Angeles
February 2020 June 2020
GLENDALE GLENDALELONG BEACH LONG BEACHSOUTH LOS ANGELES SOUTH LOS ANGELESDOWNTOWN DOWNTOWNBEVERLY HILLS BEVERLY HILLS5 MILES 5 MILESThe Neighborhoods Where Workers Can’t Work
The anguish of
unemployment is
spreading unevenly.
FROM PRECEDING PAGE
week that has helped jobless
workers pay bills through the
spring and early summer.
Job postings are picking up,
but more layoffs are expected.
While the elevated levels of job-
less claims show that businesses
are still struggling to keep em-
ployees on the payroll, there has
been some pickup in hiring. After
drooping, job postings at the on-
line jobs site ZipRecruiter rose by
7.4 percent in July and are still
climbing, said Julia Pollak, the
company’s labor economist.
But the latest economic data is
mixed, she cautioned. Surveys
from the Institute for Supply Man-
agement, for instance, showed
that activity in service industries
expanded last month, but that the
employment index declined, an in-
dication that many companies are
still not bringing back workers.
There were steep increases in
joblessness related to the per-
forming arts and other live events
in July, Ms. Pollak said.
And announcements of impend-
ing layoffs continue to pile in. Ms.
Pollak has been tracking plant
closings and layoffs that the gov-
ernment requires to be an-
nounced in advance. “They are
showing that new layoffs are still
taking place at an alarming rate,”
she said. “Plenty of layoffs are
scheduled for August, September
and October, as well.”
“Many companies are realizing
now that the effects will be much
longer than expected,” she said.The July jobs report is likely to
reflect lost momentum.
On Friday morning, the Labor De-
partment will offer another gauge
of the pandemic’s impact: the em-
ployment report for July. Econo-
mists’ forecasts vary widely, with
a consensus pointing to a gain of
1.5 million jobs but some expect-
ing a net loss.
In any case, the figure is ex-
pected to be far less auspicious
than the June gain of 4.8 million.
And even an addition of 1.5 million
jobs would be a small fraction of
the 22 million lost in March and
April, when all but essential busi-
nesses closed.
There was a burst of hiring after
lockdown orders were lifted, and it
seemed as if the economy might
rebound sharply in the late spring.
But a coronavirus surge in states
like California, Florida and Texas,
and the reintroduction of restric-
tions, has dimmed those hopes.
“There is a lot of uncertainty
this time around,” said Lydia
Boussour, senior U.S. economistwith Oxford Economics, whose
firm estimates that employment
dropped last month by 280,000.
“The labor market has definitely
lost momentum in recent weeks.”Getting traction in the job
market may require new skills.
With rising concerns that tempo-
rary layoffs are turning into per-
manent job losses, economists
worry what this will mean for
workers at the bottom rungs of the
labor market — those with the
fewest skills and the lowest pay.
Workers in low-skill industries
like restaurants and bars will need
retraining to be hired in sectors
like manufacturing, construction
or technology, said Rubeela Fa-
rooqi, chief U.S. economist at High
Frequency Economics.
“It’s not easy to switch,” she
said. “We are at risk of structural
damage to the labor market.”
Ms. Farooqi also warned that
the mounting number of school
closings would make it difficult for
parents to re-enter the work force,
causing more lasting damage tothe labor market.A freelance job offer after
months of nothing.
For Curtis Hoover, the freelance
designing gig came just in time.
His regular state unemployment
benefits had run out, as had the
weekly $600 supplement that
Congress approved to help joblessworkers make it through the pan-
demic. He was still eligible for
payments under an emergency
extension of benefits for 13 weeks,
but the clock was ticking on that
assistance as well.
“It couldn’t have come at a bet-
ter time,” said Mr. Hoover, who got
his first assignment this week.
“I’m very grateful that I can workin my safe environment, although
it’s odd jumping in as a team mem-
ber when you have never met the
team face to face.”
Mr. Hoover, who is 57 and lives
in Reading, Pa., lost his job as a
graphic designer last year. His
search for new work got off to a
slow start. He had an interview
the week before the shutdowns —
and remembers debating whether
he should shake hands at the
meeting — but it went nowhere.
Two other interviews were can-
celed in the following weeks.
Last month, as the expiration of
the $600 supplement loomed, he
prepared for the steep cut in in-
come. He pared his spending, can-
celing Netflix, ending his gym
membership, and shopping more
carefully at the supermarket.
“I’m in a fortunate position be-
cause I paid off my house several
years ago,” Mr. Hoover said. “If I
had a mortgage, I’d be in deep
trouble by now.”Despite a Modest Decline, Jobless Claims Still Top 1 Million
Niecie’s Restaurant in Kansas City, Mo. There has been a rise in hiring.CHRISTOPHER SMITH FOR THE NEW YORK TIMESNelson D. Schwartz and Ben Cassel-
man contributed reporting.FROM FIRST BUSINESS PAGE
VIRUS FALLOUTUCC PUBLIC SALE NOTICE
PLEASE TAKE NOTICE that on September 15, 2020 commencing at 2:00 p.m. Eastern Time (the “Sale Date”), virtually via web-based video
conferencing and/or telephonic conferencing program selected by Secured Party, based upon the occurrence of one or more Events of Default
under certain documents (the “Loan Documents”) copies of which are available for inspection as hereinafter described, pursuant to such Loan
Documents and Article 9 of the Uniform Commercial Code as enacted in the State of New York (“UCC”), MSC-Two Tower HoldCo, LLC (“Secured
Party”) shall dispose of, by public sale, the right, title, and interest of TTC Mezz LLC (“Debtor”) in and to the following assets (collectively,
the “Collateral”): (i) one hundred percent (100%) of the limited liability company interests in Two Tower Center LLC, a Delaware limited
liability company (“Premises Owner”); and (ii) all other “Collateral” (as such term is defined in that certain Pledge and Security Agreement
from Debtor to Secured Party dated as of August 31, 2018 (the “Pledge Agreement”)) pledged by Debtor to Secured Party under the Pledge
Agreement. The public sale shall be conducted by Mannion Auctions, LLC, by William Mannion, Auctioneer, NYC DCA License No. 796322, and/
or Matthew D. Mannion, Auctioneer, NYC DCA License No. 1434494. Instructions for participating in the virtual auction shall be provided to
all Qualified Bidders.
Based upon information provided by Debtor, Premises Owner, and certain other persons and entitles affiliated therewith, it is the
understanding of Secured Party (but without any representation or warranty by Secured Party as to the accuracy or completeness of the
following matters) that (i) Debtor owns one hundred percent (100%) of the limited liability company member-ship interests in Premises Owner
(the “Membership Interests”); and (ii) Debtor indirectly owns a total of one hundred percent (100%) of the fee interest in the real property
designated as (x) Tract I, Tax Lot 2.21 xlot SFLA 418800, Tax Block 2.02 in the Township of East Brunswick, County of Middlesex, State of New
Jersey; and (y) Tract II, Tax Lot 2, Tax Block 2.02 Qual C0200 in the Township of East Brunswick, County of Middlesex, State of New Jersey and,
together with Tract I, also known as 2 Tower Center Boulevard, East Brunswick, NJ 08816 (Tract I and Tract II are together the “Premises”).
Based upon information from the public records, the Premises are encumbered by and subject to, among other things, a first mortgage
(“Mortgage”) originally made by Premises Owner to Benefit Street Realty Partners Operating Partnership L.P. (“Original Mortgage Lender”)
securing indebtedness in the original principal amount of $50,000,000 (“Mortgage Loan”).
The Collateral is offered “AS IS, WHERE IS”, with all faults, and neither Secured Party nor any person acting for or on behalf of Secured Party
makes any guarantee, representation, or warranty (including, without limitation, any representation or warranty of merchantability or fitness),
express or implied, of any kind or nature whatsoever. Each bidder must make its own inquiries concerning the Collateral.
PLEASE TAKE FURTHER NOTICE that in addition to any other requirements referenced in this notice there are specific requirements for any
potential successful bidder in connection with obtaining information and bidding on the Collateral, including but not limited to execution of
a confidentiality agreement and a requirement that each bidder must be a “Qualified Transferee” (as defined in that certain Intercreditor
Agreement (“Intercreditor Agreement”) concerning, among other things, the Collateral) and that each bidder must deliver such documents as
are required by the Intercreditor Agreement and the governing documents relating to the Collateral.
Secured Party will be permitted to bid at the sale, and notwithstanding any requirement herein that the sale of the Collateral be for cash,
Secured Party may credit bid all or any portion of the outstanding balance of the amounts due under the Loan Documents, originally in the
amount of $12,000,000. Secured Party reserves the right, in its sole and absolute discretion, to (a) set a minimum reserve price, to reject all
bids (including without limitation any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed by the
Secured Party upon prospective bidders in connection with the sale or to whom in the Secured Party’s sole judgment a sale may not lawfully be
made) and terminate the sale, or adjourn the sale to such other date and time as Secured Party may deem proper, by announcement at the place
and on the date of sale, and any subsequent adjournment thereof, without further publication or notice, and (b) impose any other commercially
reasonable conditions upon the sale of the Collateral as Secured Party may deem proper in its sole and absolute discretion.
The Membership Interests are unregistered securities under the Securities Act of 1933 as amended. Because of this, each prospective bidder
seeking to be a "Qualified Bidder" (as deter-mined by Secured Party in its sole and absolute discretion) shall be required, among other things,
to execute and deliver to Secured Party a "Bidding Certificate" certifying, among other things, that such bidder: (i) will acquire the Collateral for
investment purposes, solely for its own account and not with a view to distribution or resale; (ii) is an accredited investor within the meaning of
the applicable securities laws; (iii) has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating
the merits and risks of investment and has sufficient financial means to afford the risk of investment in the Collateral; and (iv) will not resell or
otherwise hypothecate the Collateral without either a valid registration under applicable federal or state laws, including without limitation the
Securities Act of 1933 as amended, or an available exemption therefrom.
The public sale of the Collateral shall be subject to the further terms and conditions set forth in the “Terms of Public Sale” (including without
limitation terms and conditions with respect to the availability of additional information, bidding requirements, deposit amounts, bidding
procedures, and the consummation of the public sale), which are available by contacting: Newmark & Company Real Estate, Inc., 125 Park
Avenue, New York, New York 10017, Attn: Brock Cannon, tel. (212) 372-2066, email [email protected]IN THE UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS, HOUSTON DIVISION
In re:
TAILORED BRANDS,INC.,et al.,^1
Debtors.)
)
)
)Chapter 11
Case No.20-33900 (MI)
(Jointly Administered)
Re: Docket No.124
NOTICE OF INTERIM ORDER (I) APPROVING NOTIFICATION
AND HEARING PROCEDURES FOR CERTAIN TRANSFERS OF
AND DECLARATIONS OF WORTHLESSNESS WITH RESPECT
TO COMMON STOCK, AND (II) SCHEDULING A FINAL
HEARING ON THE APPLICATION THEREOF
TO: ALL ENTITIES (AS DEFINED BY SECTION 101(15) OF
THE BANKRUPTCY CODE) THAT MAY HOLD BENEFICIAL
OWNERSHIP OF COMMON STOCK OF TAILORED BRANDS, INC.
(THE“COMMON STOCK”):
PLEASE TAKE NOTICEthat, on August 2, 2020 (the “Petition Date”),
the above-captioned debtors and debtors in possession (collectively, the
“Debtors”) filed petitions with the United States Bankruptcy Court for the
Southern District of Texas (the“Court”) under chapter 11 of title 11 of the
United States Code (the “Bankruptcy Code”). Subject to certain excep-
tions,section 362 of the Bankruptcy Code operates as a stay of any act to
obtain possession of property of or from the Debtors’ estates or to exer-
cise control over property of or from the Debtors’estates.
PLEASE TAKE FURTHER NOTICEthat on the Petition Date, the
Debtors filed theDebtors’ Emergency Motion Seeking Entry of Interim and
Final Orders Approving Notification and Hearing Procedures for Certain
Transfers of and Declarations of Worthlessness with Respect to Common
Stock[Docket No.19] (the“Motion”).
PLEASE TAKE FURTHER NOTICEthat on August 4, 2020, the Court
entered theCorrected Interim Order Approving Notification and Hearing
Procedures for Certain Transfers of and Declarations of Worthlessness with
Respect to Common Stock[Docket No. 124] (the “Order”) approving pro-
cedures for certain transfers of and declarations of worthlessness with
respect to Common Stock,set forth in Annex 1 attached to the Order (the
“Procedures”).^2
PLEASE TAKE FURTHER NOTICEthat, pursuant to the Order, a
Substantial Shareholder may not consummate any purchase, sale, or
other transfer of Common Stock or Beneficial Ownership of Common
Stock in violation of the Procedures, any such transaction in violation
of the Procedures shall be null and voidab initio, and certain remedial
actions (including mandatory purchases or sales of Common Stock) may
be required to restore the status quo.
PLEASE TAKE FURTHER NOTICEthat, pursuant to the Order, the
Procedures shall apply to the holding and transfers of Common Stock or
any Beneficial Ownership therein by a Substantial Shareholder or some-
one who may become a Substantial Shareholder.
PLEASE TAKE FURTHER NOTICEthat, pursuant to the Order, a
50-Percent Shareholder may not claim a worthless stock deduction
with respect to Common Stock or Beneficial Ownership of Common
Stock, in violation of the Procedures, any such deduction in violation
of the Procedures shall be null and voidab initio, and the 50-Percent
Shareholder shall be required to file an amended tax return revoking such
proposed deduction.
PLEASE TAKE FURTHER NOTICEthat, upon the request of any per-
son or entity, the proposed notice, claims, and solicitation agent for the
Debtors, Prime Clerk LLC, will provide a copy of the Order and a form of
each of the declarations required to be filed by the Procedures in a rea-
sonable period of time. Such declarations are also available via PACER
on the Court’s website at https://ecf.txsb.uscourts.gov for a fee, or free
of charge by accessing the Debtors’restructuring website at http://cases.
primeclerk.com/TailoredBrands.
PLEASE TAKE FURTHER NOTICEthat the final hearing (the “FinalHearing”) on the Motion shall be held on August 27, 2020, at 3:30
p.m., prevailing Central Time. Any objections or responses to entry of a
final order on the Motion shall be filed on or before 4:00 p.m., prevail-
ing Central Time, on August 24, 2020, and shall be served on: (a) the
Debtors 6100 Stevenson Boulevard, Fremont, California 94538, Attn: A.
Alexander Rhodes; (b) proposed counsel to the Debtors, Kirkland & Ellis
LLP, 601 Lexington Avenue, New York, New York 10022, Attn: Joshua A.
Sussberg, P.C. and Aparna Yenamandra; (c) proposed co-counsel to the
Debtors, Jackson Walker LLP, 1401 McKinney Street, Suite 1900, Houston,
Texas 77010, Attn: Matthew D.Cavenaugh and Victoria Argeroplos;
(d) the United States Trustee for the Southern District of Texas, 515
Rusk Street, Suite 3516, Houston Texas 77002, Attn: Hector Duran and
Stephen Statham; (e) counsel to any statutory committee appointed in
these chapter 11 cases; (f) counsel to the Prepetition ABL Agent and the
DIP Agent, (i) Morgan Lewis & Bockius LLP, One Federal Street, Boston,
Massachusetts 02110, Attn: Matthew F. Furlong, Julia Frost-Davies and
Christopher L. Carter, and (ii) Winstead PC, 600 Travis Street, Suite 5200,
Houston,Texas 77002,Attn:Sean Davis;(g) counsel to term lenders under
the Debtors’ prepetition term loan facility, Gibson, Dunn & Crutcher LLP,
200 Park Avenue, New York, New York, 10166, Attn: Scott J. Greenberg
and Jeremy D. Evans; (h) counsel to the indenture trustee for The Men’s
Wearhouse, Inc.7.00% Senior Notes due 2022, Emmet, Marvin & Martin,
LLP,120 Broadway,32nd Floor,New York,NewYork 1027 1,Attn:Elizabeth
M. Clark; and (i) to the extent not listed herein, those parties requesting
notice pursuant to Bankruptcy Rule 20002. In the event no objections to
entry of the Final Order on the Motion are timely received,the Court may
enter such Final Order without need for the Final Hearing.
PLEASE TAKE FURTHER NOTICEthat failure to follow the Procedures
set forth in the Order shall constitute a violation of, among other things,
the automatic stay provisions of Section 362 of the Bankruptcy Code.
PLEASE TAKE FURTHER NOTICEthat any prohibited purchase, sale,
other transfer of,or declaration of worthlessness with respect to Common
Stock, beneficial ownership thereof, or option with respect thereto in
violation of the order is prohibited and shall be null and voidab initio
and may be subject to additional sanctions as this court may determine.
PLEASE TAKE FURTHER NOTICEthat the requirements set forth in
the Order are in addition to the requirements of applicable law and do
not excuse compliance therewith.
Houston, Texas, August 4, 2020,/s/ Matthew D. Cavenaugh,Matthew
D. Cavenaugh (TX Bar No. 24062656), Kristhy Peguero (TX Bar No.
24102776),Veronica A.Polnick (TX Bar No.24079148),Victoria Argeroplos
(TX Bar No. 24105799),JACKSON WALKER L.L.P.,1401 McKinney
Street, Suite 1900, Houston, Texas 77010, Telephone: (713) 752-4200,
Facsimile: (713) 752-4221, Email: [email protected], kpeguero@
jw.com, [email protected], [email protected],Proposed Co-Counsel
to the Debtors and Debtors in Possession-and-KIRKLAND & ELLIS LLP,
KIRKLAND & ELLIS INTERNATIONAL LLP,Joshua A. Sussberg, P.C.
(admittedpro hac vice), Christopher Marcus, P.C. (admittedpro hac vice),
Aparna Yenamandra (admittedpro hac vice),601 Lexington Avenue,New
York, New York 10022, Telephone: (212) 446-4800, Facsimile: (212) 446-
4900, Email: [email protected], [email protected],
[email protected] -and- James H.M. Sprayregen, P.C.,
300 North LaSalle Street, Chicago, Illinois 60654, Telephone: (312) 862-
2000,Facsimile:(312) 862-2200,Email:[email protected],
Proposed Co-Counsel to the Debtors and Debtors in Possession(^1) A complete list of each of the Debtors in these chapter 11 cases
may be obtained on the website of the Debtors’ proposed claims and
noticing agent at http://cases.primeclerk.com/TailoredBrands. The loca-
tion of the Debtors’ service address in these chapter 11 cases is: 6100
Stevenson Boulevard,Fremont,California 94538. 2
Capitalized terms used but not otherwise defined herein have the
meanings ascribed to them in the Order or the Motion,as applicable.
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS, HOUSTON DIVISION
In re: NOBLE CORPORATION
PLC,et al.,
Debtors.^1
:
:
:
Chapter 11
Case No.20-33826 (DRJ)
(Jointly Administered)
NOTICE OF (I) PROCEDURES APPLICABLE TO CERTAIN
HOLDERS OF COMMON STOCK OR OPTIONS, (II)
PROCEDURES FOR CERTAIN TRANSFERS OF COMMON
STOCK OR OPTIONS AND DECLARATIONS OF
WORTHLESSNESS WITH RESPECT TO COMMON STOCK
AND (III) FINAL HEARING ON THE APPLICATION THEREOF
TO: ALL ENTITIES (AS DEFINED BY SECTION 101(15) OF THE
BANKRUPTCY CODE) THAT MAY HOLD BENEFICIAL OWNERSHIP
OF COMMON STOCK OR OPTIONS OF NOBLE CORPORATION PLC
(THE“COMMONSTOCK”):^2
PLEASE TAKE NOTICEthat on July 31,2020 (the“Petition Date”),the
above-captioned debtors and debtors-in-possession (collectively, the
“Debtors”), filed petitions with the United States Bankruptcy Court for
the Southern District of Texas (the“Court”) under chapter 11 of title 11 of
the United States Code, 11 U.S.C. §§ 101–1532 (the“Bankruptcy Code”).
Subjecttocertainexceptions,section362oftheBankruptcyCodeoperates
as a stay of any act to obtain possession of property of or from the Debtors’
estatesortoexercisecontroloverpropertyoforfromtheDebtors’estates.
PLEASE TAKE FURTHER NOTICEthat on the Petition Date, the
Debtors filed the Debtors’Motion for Entry of Interim and Final Orders (I)
Approving Notification and Hearing Procedures for Certain Transfers of
Common Stock of Noble Corporation plc and (II) Directing Declarations
of Worthlessness with Respect Thereto and (III) Granting Related Relief
DocketNo.25.
PLEASE TAKE FURTHER NOTICEthat on August 3, 2020, the Court
entered the Final Order Approving Notification and Hearing Procedures
for Certain Transfers of Common Stock of Noble Corporation plc and (II)
Directing Declarations of Worthlessness With Respect Thereto and (III)
Granting Related Relief [Docket No. 87] (the “Order”) approving proce-
dures for certain transfers of, and declarations of worthlessness with
respectto,CommonStock,setforthinExhibit1attachedtotheOrder(the
“Procedures”).
PLEASE TAKE FURTHER NOTICEthat, pursuant to the Order, a
Substantial Shareholder or person that may become a Substantial
Shareholder may not consummate any purchase,sale,or other transfer of
Common Stock or Options or Beneficial Ownership of Common Stock or
OptionsorinviolationoftheProcedures,andanysuchtransactioninviola-
tionoftheProceduresshallbenullandvoidabinitio.
PLEASE TAKE FURTHER NOTICEthat, pursuant to the Order, a 50%
Shareholder may not claim a worthless stock deduction in respect of the
Common Stock or Beneficial Ownership of Common Stock in violation of
the Procedures,any such deduction in violation of such Procedures is null
and voidab initio, and the 50% Shareholder shall be required to file an
amendedtaxreturnrevokingsuchproposeddeduction.
PLEASE TAKE FURTHER NOTICEthat, pursuant to the Order, the
Procedures shall apply to the holding and transfers of Common Stock
and/or Options or any Beneficial Ownership therein by a Substantial
ShareholderorsomeonewhobecomesaSubstantialShareholder.
PLEASE TAKE FURTHER NOTICEthat upon the request of any entity,
the proposed notice, solicitation, and claims agent for the Debtors, Epiq
Corporate Restructuring, LLC, will provide a copy of the Order and a form
of each of the declarations required to be filed by the Procedures in a rea-
sonable period of time.The Order and such declarations are also available
via PACER on the Court’s website at https://ecf.txsd.uscourts.gov for a fee,
or at no charge by accessing the Debtors’restructuring website at https://
dm.epiq11.com/noble.
PLEASE TAKE FURTHER NOTICE THAT FAILURE TO FOLLOW THE
PROCEDURESSETFORTHINTHEORDERSHALLCONSTITUTEAVIOLATIONOF,
AMONG OTHERTHINGS,THE AUTOMATIC STAY PROVISIONS OF SECTION 362
OFTHEBANKRUPTCYCODE.
PLEASETAKE FURTHER NOTICETHAT ANY PROHIBITED PURCHASE,SALE,
OTHERTRANSFEROF,ORDECLARATIONOFWORTHLESSNESSWITHRESPECT
TO, COMMON STOCK OR BENEFICIAL OWNERSHIP THEREIN IN VIOLATION
OF THE ORDER IS PROHIBITED AND SHALL BE NULL AND VOIDAB INITIO
AND MAY BE SUBJECT TO ADDITIONAL SANCTIONS AS THIS COURT MAY
DETERMINE.
PLEASE TAKE FURTHER NOTICEthat the requirements set forth in
the Order are in addition to the requirements of applicable law and do not
excusecompliancetherewith.
Dated: August4,2020, Houston,Texas
Respectfully Submitted, By:/s/ John F. Higgins,PORTER HEDGES LLP,
John F. Higgins (TX 09597500), Eric M. English (TX 24062714), M.
Shane Johnson (TX 24083263), Megan Young-John (TX 24088700),
Emily D. Nasir (TX 24118477), 1000 Main St., 36th Floor, Houston,
Texas 77002, Telephone: (713) 226-6000, Facsimile: (713) 226-6248,
[email protected], [email protected], sjohnson@
porterhedges.com, [email protected], enasir@
porterhedges.com,Proposed Co-Counsel to the Debtors and Debtors-in-
Possession-and-SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP,
George N.Panagakis (admittedpro hac vice),Anthony R.Joseph (admitted
pro hac vice), 155 N.Wacker Dr., Chicago, Illinois 60606-1720,Telephone:
(312) 407-0700,Facsimile:(312) 407-0411,george.panagakis@skadden.
com,[email protected] -and- Mark A.McDermott (admitted
pro hac vice),Jason N.Kestecher (admittedpro hac vice),Nicholas S.Hagen
(admittedpro hac vice),One Manhattan West,New York,New York 10001,
Telephone:(212)735-3000,Facsimile:(212)735-2000,mark.mcdermott@
skadden.com, [email protected], nicholas.hagen@skadden.
com, 1 ProposedCounseltotheDebtorsandDebtors-in-Possession
Due to the large number of Debtors in these jointly administered
chapter 11 cases,a complete list of the Debtors and the last four digits of
theirtaxidentification,registration,orlikenumbersisnotprovidedherein.
A complete list of such information may be obtained on the website of the
Debtors’claims and noticing agent at https://dm.epiq11.com/noble.The
locationofDebtorNobleCorporationplc’sprincipalplaceofbusinessinthe
United States and the Debtors’service address in these chapter 11 cases is
13135DairyAshford,Suite800,SugarLand,Texas77478. 2
Capitalized terms used but not defined herein shall have the mean-
ingsascribedtotheminExhibit1totheFinalOrder.