Midway Games Inc. – Current APScans Report of Transfer Avoidance Adversary Proceedings

This APScans reports all recent docket entries in the Midway Games Inc. adversary proceedings for recovery of preferential transfers under section 547 of the Bankruptcy Code (bankruptcy preferences). The adversary proceedings were brought by Buchwald Capital Advisors LLC as Liquidating Trustee for the liquidating trust of Midway Games Inc., et al.

 

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This APScans is updated daily to cover filings made as of midnight on the previous day. This APScans covers filings ENTERED during the period from August 01, 2015 through September 29, 2015. .

AP No.Ent'd (Filed)Filed byDefendantCat.EventMidway Games Inc. APSCANS™
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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.