On on January 12, 2012 and January 13, 2012, Jeoffrey L. Burtch, Chapter 7 trustee in the ManagedStorage International, Inc. Bankruptcy, commenced Chapter 5 preferential transfer recovery litigation with the filing of 55 complaints in the District of Delaware.
Articles tagged with: Adversary Proceedings
Anderson News, LLC Bankruptcy Preference Adversary Proceedings
On on December 19, 2011, Anderson News, LLC, as debtor in possession, commenced Chapter 5 preferential transfer recovery litigation against multiple former suppliers in the District of Delaware.
The Penn Traffic Company Plan Administrator Starts Bankruptcy Preference Adversary Proceedings
On from November 8 to November 17, 2011, WDC Solutions, Ltd., as Plan Administrator in the The Penn Traffic Company, et al. Bankruptcy, commenced Chapter 5 preferential transfer recovery litigation with the filing of 62 complaints in the District of Delaware .
Chapter 7 Trustee Starts BH S&B Holdings, LLC aka Steve & Barry’s Bankruptcy Preference Adversary Proceedings
On from November 8, 2011 to November 16, 2011, Robert L. Geltzer, Esq., as Chapter 7 Trustee in the BH S&B Holdings, LLC aka Steve & Barry’s Bankruptcy, commenced Chapter 5 preferential transfer recovery litigation with the filing of 79 complaints in the Southern District of New York.
CEI Liquidation Estate f/k/a Champion Enterprises, Home Builders Bankruptcy Preference Adversary Proceedings
On November 11, 2011 and December 12, 2011, Bruce H. Matson, Creditor Trustee of the CEI Liquidation Trust in the CEI Liquidation Estate f/k/a Champion Enterprises, Inc. Bankruptcy, commenced Chapter 5 preferential transfer recovery litigation with the filing of 232 complaints in the District of Delaware.
AC Liquidating Trust Starts Advanta Corp. Bankruptcy Preference Adversary Proceedings
On November 4, 2011, AC Liquidating Trust in the Advanta Corp. Bankruptcy, commenced Chapter 5 preferential transfer recovery litigation in the District of Delaware. The following is a summary of the proceedings.
Tribune Company Creditors Committee Brings Mass “Insider” Preferential Transfer Recovery Actions
On October 3rd and 4th, 2010, the Official Committee of Unsecured Creditors of Tribune Company (the “Committee”, on behalf of Tribune Company, et al. (the “Debtors”) brought 209 adversary proceedings for the recovery of preferential transfers. Of these 209 complaints, all appeared to name individuals as the defendants. The primary theory of recovery is avoidance of preferential transfers to an “insider”, which designation under Section 547 of the Bankruptcy Code allows the Committee to seek avoidance of transfers made during a 1 year period prior to the bankruptcy petition filing. 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”.
Iowa Corn Farmers Turn Back VeraSun Energy Corporation’s Threatened Bankruptcy Preference Actions
With the passage on October 31, 2010 of the 2 year statute of limitations, Iowa’s corn farmers have definitively rebuffed a threatened onslaught of preferential transfer avoidance actions by VeraSun Energy Corporation. The 198 defendants who were named in the VeraSun preference actions only can envy the result of the tenacity and resourcefulness of these Iowa farmers. And more than a few small business owners should eat an extra helping of corn at Thanksgiving in thanks for the corn farmers undoubted influence on VeraSun’s decision to set a $20,000 floor for bringing preference actions. The story behind the success of the Iowa Corn Farmers has an important lesson.
DBSI Inc. Bankruptcy Trustee Launches 853 Avoidance Actions Against Investors, Trade Creditors
From November 1, 2010 through November 10, 2010, the Chapter 11 Trustee in the DBSI Inc. bankruptcy has launched 853 avoidance actions against investors and trade creditors. The avoidance actions are unique for several reasons.
Consolidated Bedding, Inc. Chapter 7 Trustee Files 83 Bankruptcy Preference Actions
Alfred T. Giuliano, Chapter 7 Trustee for the Bankruptcy Estates of Consolidated Bedding, Inc., et al. has filed 83 actions for the recovery of preferential transfers under Section 547 of the Bankruptcy Code. The initial adversary proceeding report on these preference actions can be viewed by clicking this link. The following is a summary of the proceedings.