Midway Games – CDDJ Bankruptcy Adversary Proceedings Report of Complaints, Dismissals, Defaults, Judgments

This APScans is a report of the complaints, dismissals, defaults and judgments (“CDDJ”) in the Midway Games Inc. adversary proceedings for recovery of avoidable transfers under Chapter 5 of the Bankruptcy Code, including preferential transfers under Section 547(bankruptcy preferences) brought by Buchwald Capital Advisors LLC as Liquidating Trustee for the liquidating trust of Midway Games Inc., et al.. This report is a “start-end” report and does not report filings between these CDDJ 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.

 
 

This APScans covers filings ENTERED during the period from January 1, 2010 date through Thursday, November7, 2013. -

Dist/Cs/JdgDocket TextFiled By/ForAP Name/AP No/Dkt NoClaim TypeEntered
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Theories of Recovery: These tranfer avoidance actions are unique in their use against trade creditors of a Section 548 Fraudulent Transfer count; and two counts under the Delaware Fraudulent Transfer Act Sections 1304, 1305, 1307 and 1308 using the bootstrap provision of Bankruptcy Code Section 544. These fraudulent transfer counts are based on a factually bare assertion that "The Debtors received less than reasonably equivalent value in exchange for the Fraudulent Transfers." While the counts based on fraudulent transfers are difficult to win against unaffiliated trade creditors (who likely provided reasonably equivalent value for the payments received), the inclusion of these counts can run up the cost of defense.

Adversary Proceedings Overview

Lead Bankruptcy Case Name (Case Number): Midway Games Inc. (09-10465)

Petition Date: February 12, 2009

Filed in: United States Bankruptcy Court for the District of Delaware

Associated Cases: The Associated Debtors are: Midway Games Inc., Midway Home Entertainment Inc., Midway Amusement Games, LLC, Midway Interactive Inc., Surreal Software Inc., Midway Studios - Austin Inc., Midway Studios - Los Angeles Inc., Midway Games West Inc., Midway Home Studios Inc., and Midway Sales Company, LLC

Plaintiff: Buchwald Capital Advisors LLC as Liquidating Trustee for the liquidating trust of Midway Games Inc., et al.

Number of Proceedings: 128 as of February 7, 2011

When Filed: 41 adversary complaints were filed on February 2-3, 2011; 30 were filed January 3-4, 2011; 32 adversary complants were filed on August 18-20, 2010; 4 were filed on September 7, 2010; 21 were filed on December 30, 2010

Adversary Proceeding Judge: Kevin Gross

Plaintiff's Counsel: Neiger LLP (New York, New York) through its attorneys Edward E. Neiger, Esq. and Jonathan S. Bodner, Esq. and Stevens & Lee, P.C. (Wilmington, Delaware) through its attorney John D. Demmy

Avoidance Period: The complaint identifies the preference period as "the ninety (90) days prior to the Petition Date". The complaint also identifies the period for recovery of fraudulent transfers under Section 548 as 2 years and provides factual allegations supporting the allegation of insolvency during that 2 year period.