This APScans is a report of the complaints, dismissals, defaults and judgments (“CDDJ”) in the Spansion 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 Pirinate Consulting Group, LLC, as Claims Agent for the Chapter 11 Estates of Spansion, 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. -
Adversary Proceedings Overview
Lead Bankruptcy Case Name (Case Number): Spansion Inc. (09-10690)
Petition Date: March 1, 2009
Bankruptcy Court District (Division): District of Delaware
Associated Debtors: The Associated Debtors are: Spansion Inc., a Delaware corporation ; Spansion Technology LLC, a Delaware limited liability company ; Spansion LLC, a Delaware limited liability company ; Cerium Laboratories LLC, a Delaware limited liability company , and Spansion International, Inc., a Delaware corporation .
Plaintiff:Pirinate Consulting Group, LLC, as Claims Agent for the Chapter 11 Estates of Spansion, Inc. et al.
Number of Proceedings: 61
When Filed:February 25, 2011
Adversary Proceeding Judge: Chief U.S. Bankruptcy Judge Kevin J. Carey
Plaintiff's Counsel:ASK Financial LLP (St.Paul, MN), Kara E Casteel (Lead Attorney); Eckert Seamans Cherin & Mellott LLC (Wilmington, DE) through its attorney Ronald S. Gellert
Avoidance Period: The complaint identifies the preference period as the period "[o]n or within ninety (90) days before the Petition Date, that is between December 1, 2008 and March 1, 2009."
Proceedings to Watch
Bankruptcy preference claims against professionals, and especially law firms, are important to watch because they tend to generate more motions practice (motions to dismiss and motions for summary judgment) and hence more court decisions than the average bankruptcy preference proceedings. In the case of the Spansion adversary proceedings, the dominant player in the prosecution of bankruptcy preference claims, ASK Financial, is taking on the some heavy hitters in the legal, accounting, and investment banking fields, and the dollars involved are significant. (See table to right.)
Perhaps this list will provide some solace for all of those CFOs, controllers, credit managers, and business managers who, upon having their company hit with a preference claim, have suffered the question "How could you let this happen?" As we have had to explain to our clients on many occasions, getting hit with a preference claim is not a matter of having done something wrong. Even the best in the bankruptcy and restructuring fields are not immune.
|Latham & Watkins LLP
|King & Spalding LLP
|Baker & McKenzie Global Services LLC
|K&L Gates LLP
|Wilson Sonsini Goodrich & Rosati, Professional Corporation
|Brown Rudnick LLP
|Morrison & Foerster LLP
|Houlihan Lokey, Inc.
|Gordian Group, LLC
|McKinsey & Company, Inc.
|Deloitte & Touche LLP
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