Articles tagged with: Tribune Company

Reports, Articles, Motions, Opinions Concerning Tribune Company Bankruptcy Preferential, Fraudulent Transfer Avoidance Adversary Proceeding Litigation

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”.