This APScans is a complete report of the complaints, answers (and other responsive pleadings), dismissals, defaults and judgments in the NewPage Corporation Bankruptcy mass adversary proceedings for recovery of avoidable transfers under Chapter 5 of the Bankruptcy Code, including preferential transfers under Section 547 (bankruptcy preferences). These avoidance actions are brought in the Bankruptcy Court for the District of Delaware by Pirinate Consulting Group LLC as litigation trustee of the NP Creditor Litigation Trust.
AT A GLANCE as of September 30, 2013 – 767 Open out of 800 Avoidance Complaints Filed; 565 Summons Issued; 1 Complaints Amended; 0 Answers Filed; 0 Motions to Dismiss; 0 Summary Judgment Motions; 0 Decisions
ITEMS OF NOTE – Statute of limitations ran September 7, 2013. However, 19 potential defendants have executed short term statute of limitations tolling agreements with the Debtors with likely reason being that the Debtors’ have not reached a decision on whether to assume the pre-petition, executory contracts with these potential defendants.
On September 13, 2013, the Plaintiff filed 787 motions to adopt “streamlined procedures”. On and prior to that date, Plaintiff had only issued 31 summons.
No trade creditor industry group seems to have been spared. However, logistic providers were the target in almost 1 in 10 complaints. This is ironic because most in this same industry group received favorable treatment under first day motions resulting in full payment of many of their prepetition claims. The irony – if amounts paid in the preference period were paid post petition pursuant to a critical vendor order, there would be no preference claim. For an overview of the complaints, the defendants, the Debtors and their bankruptcy case and the players in these adversary proceedings, click this link.
This APScans covers filings ENTERED during the period from the Debtors' petion dates through Thursday, November7, 2013. -