Articles tagged with: RG Steel Warren LLC

Reports, Articles, Motions, Opinions Concerning RG Steel Warren Bankruptcy Preferential, Fraudulent Transfer Avoidance Adversary Proceeding Litigation

RG Steel Warren Starts WP Steel Venture LLC Bankruptcy Preference Recovery

On January 18, 2013, RG Steel Warren, LLC, Debtor in Possession in the WP Steel Venture LLC Bankruptcy, commenced Chapter 5 preferential transfer recovery litigation with the filing of 137 complaints in the District of Delaware . These complaints are in addition to the 287 preference complaints already filed by co-debtor RG Steel Sparrows Point LLC.  These complaints add $40 million in preference claims to the more than $107 million filed by RG Steel Sparrows Point.  The plaintiff may also be expecting that the yield on these claims will be higher than usual . . . the ordinary course of business defense appears questionable for many of the preference period payments.