This APScans reports the recent substantive filings made in the Tribune Company adversary proceedings for recovery of preferential transfers under section 547 of the Bankruptcy Code (bankruptcy preferences). The adversary proceedings were brought by The Official Committee of Unsecured Creditors of Tribune Company, on behalf of Tribune Company, et al.
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.
See also CADDJ APScans Report of Complaints, Answers, Dismissals, Defaults and Judgments in the Tribune Company Bankruptcy Preferential Transfer Recovery Adversary Proceedings
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. .
Theories of Recovery:
Of the 209 complaints filed on December 3rd and 4th, all appeared to name individuals as the defendants. The primary theory of recovery is avoidance of preferential transfers to an "insider" made during the 1 year prior to the bankruptcy petition filing under Section 547. The amount and basis for each transfer is identified on Exhibit A to each complaint. The identified transfer bases include: "Restricted Stock Units", "Executive Transition", "Deferred Bonus", "Excise Tax Gross Up", and "Phantom Equity".
A secondary theory of recovery is avoidance of fraudulent conveyances pursuant to Section 548(a)(1)(B). Although Section 548 provides for a 2 year avoidance period, apparently all of the transactions the Committee seeks to avoid occurred within a 1 year period.
Adversary Proceedings Overview
Lead Bankruptcy Case Name (Case Number): Tribune Company (08-13141 )
Bankruptcy Court District (Division): District of Delaware
Petition Date: Lead Debtor Petition Date was December 8,2010
Associated Cases: There are 111 associated debtors. The two primary debtors bringing avoidance claims are Tribune Company and Tribune Broadcasting Company.
Plaintiff: Official Committee of Unsecured Creditors of Tribune Company in complaints against "Insiders". Tribune Company and The Hartford Courant Company as debtors in possession as to trade creditor complaints.
Number of Proceedings: 312
When Filed: December 3, 2010
Adversary Proceeding Judge: Chief U.S. Bankruptcy Judge Kevin J. Carey
Plaintiff's Counsel: For the "insider" recovery actions, Landis Rath & Cobb LLP (Wilmington, Delaware) through its attorneys Adam G. Landis, James S. Green, Jr., Landon Ellis and Richard Scott Cobb. For the trade creditor recovery actions, Cole, Schotz, Meisel, Forman & Leonard, P.A. (Wilmington, Delaware) through its attorneys Norman L. Pernick, Michael F. Bonkowski, J. Kate Stickles, Patrick J, Reilley
Avoidance Period: The complaints filed on December 3rd and 4th identify the preference period as starting 1 year prior to as to "insiders" as defined in Section 101(31); Commencing on December 5, 2010, complaints were filed against trade creditors and a 90 day preference period was applied.
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