Spansion Inc. – Current APScans Report of Bankruptcy Preference Adversary Proceedings

This daily APScans report covers all recent docket entries in the adversary proceedings brought by Pirinate Consulting Group, LLC, as Claims Agent for the Chapter 11 Estates of Spansion, Inc. et al. for recovery of avoidable transfers under Chapter 5 of the Bankruptcy Code, including preferential transfers under Section 547 (bankruptcy preferences).

 

Pre-Applied Filters: The following filings are not included in the "Current" APScan: certificates or affidavits of service, receipts for filing fees and other clerical matters.

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 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.EventSpansion, Inc. APSCANS™
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Related Materials:

Adversary Proceedings Overview

Lead Bankruptcy Case Name (Case Number): Spansion Inc. (09-10690)

Bankruptcy Court District (Division): District of Delaware

Petition Date: March 1, 2009

Associated Cases: 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.

Firm Name Clam Amount Field
Latham & Watkins LLP $4,949,943.81 Legal
King & Spalding LLP $3,166,152.02 Legal
Baker & McKenzie Global Services LLC $827,168.59 Legal
K&L Gates LLP $811,653.82 Legal
Wilson Sonsini Goodrich & Rosati, Professional Corporation $756,344.22 Legal
Brown Rudnick LLP $696,221.46 Legal
Morrison & Foerster LLP $591,118.70 Legal
Houlihan Lokey, Inc. $450,000.00 Investment Banking
Gordian Group, LLC $333,308.01 Investment Banking
McKinsey & Company, Inc. $1,208,000.00 Turnaround Consulting
KPMG LLP $2,270,686.16 Accounting
Deloitte & Touche LLP $392,318.76 Accounting

 

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