Lyondell Chemical – CADDJ Adversary Proceedings Report of Complaints, Dismissals, Defaults, Judgments

This APScans is a report of the complaints, answers, dismissals, defaults and judgments (“CADDJ”) in the Lyondell Chemical Company adversary proceedings for recovery of avoidable transfers under Chapter 5 of the Bankruptcy Code, including preferential transfers under Section 547(bankruptcy preferences) brought by Edward S. Weisfelner, as Trustee of the LB Litigation Trust. This report is a “start-end” report and does not report filings between these CADDJ events.

 

APScans Tags: The CADDJ Report uses complex algorithms in an attempt to identify filings in each of the categories of complaints, answers (and other responsive pleadings), defaults, dismissals and judgments. No assurance is given that the nature of each docket entry will be identified correctly.

Not For Individual Docket Monitoring: Pre-applied filters may eliminate important notices and certificates. A party to an adversary proceeding must not consider APScans to be a substitute for reviewing the docket of the proceeding in which it is a defendant.

 
 

To see a current APScans report of recent substantive filings, click this link.

This APScans covers filings ENTERED during the period from January 1, 2010 date through Monday, February 23, 2015. -

Dist/Cs/JdgDocket TextFiled By/ForAP Name/AP No/Dkt NoClaim TypeEntered
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Adversary Proceedings Overview

Lead Bankruptcy Case Name (Case Number): Lyondell Chemical Company (09-10023)

Petition Date: Lyondell Chemical Company filed on January 6, 2009. On April 24, 2009, LyondellBasell Industries AF S.C.A. and LyondellBasell AFGP S.a.r.l. filed petitions. On May 8, 2009, certain other affiliates filed.

Bankruptcy Court District (Division): Southern District of New York (Manhattan)

Associated Debtors: There are 93 Associated Debtors.

Plaintiff:Edward S. Weisfelner, as Trustee of the LB Litigation Trust

Number of Proceedings: 665

When Filed:Bankruptcy preference actions under Section 547 started on December 7, 2010.

Adversary Proceeding Judge: U.S. Bankruptcy JudgeRobert E. Gerber

Plaintiff's Counsel:Brown Rudnick LLP (New, York) through its attorneys Steven D. Pohl and Thomas H. Montgomery

Avoidance Period: The complaint does not identify the preference period by dates.

The Third Amended and Restated Joint Chapter 11 Plan of Reorganization for the LyondellBasell Debtors was confirmed on April 23, 2010 and became effective on April 30, 2010. Pursuant to the Plan, the LB Litigation Trust was established for the purpose of pursuing certain claims for the benefit of holders of Allowed General Unsecured Claims and 2015 Notes Claims. The Debtors assigned certain claims of the Debtors’ estates that could be brought under section 547 of the Bankruptcy Code or in the alternative based upon the same underlying facts under section 548 of the Bankruptcy Code and the right to recover on account of such claim under section 550 of the Bankruptcy Code.

The body of the complaints is a mere recitations of the statutory requirements. The Exhibit A identification of transfers provides an identification of the transferor Associated Debtor and the invoice being paid (the antecedent debt) is identified by number and date.

With 93 different debtors, insolvency is always a question to be evaluated on a debtor by debtor basis. Unfortunately, on the liability side, the Schedules of Assets and Liabilities will frequently not provide any guidance. The $17,095,639,048 in secured claims is repeated on many of the schedules. If solvency is indicated after excluding the secured debt, whether there is a basis for allocation of the secured debt is a question that may need to be addressed.