June 21, 2019, Southern District of New York– Last week, the United States of America (the “Government” or the “United States”), by its attorney Geoffrey S. Berman, objected to the second amended joint plan of reorganization (“Plan”) of Trident Holding Company, LLC and its Debtor affiliates. According to the Government, …Read More »
June 7, 2019, Northern District of California– Last week, the defunct San Francisco-based law firm Sedgwick, LLP, filed a motion pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure and Section 877.6 of the California Code of Civil Procedure, for approval of a compromise among the Debtor and …Read More »
June 2, 2019, Southern District of New York – The liquidating Trustee of defunct sports and concert ticket broker National Events Holding LLC is making an effort to clawback more than $10 millions as alleged fraudulent transfers from Arizona Cardinals, online broker Ticket Network, Inc., and many others. Last week, …Read More »
May 13, 2019, New York – JPMorgan Chase Bank, N.A., and other financial institutions have finally agreed to settle with Wilmington Trust Company, solely in its capacity as trust administrator and trustee of the Motors Liquidation Company Avoidance Action Trust (the “AAT”), as established under the Debtor General Motors’ second …Read More »
A Trustee Establishes Insolvency by Preponderance of the Evidence-Based upon the Presumption of Insolvency and the Testimony of the Trustee’s Expert
April 30, 2019, Massachusetts – The Chapter 7 Trustee Gary W. Cruickshank for the estate of Debtor Boston Grand Prix, LLC (BGP) brought a lawsuit against the Defendant, George R. Roberts Company (GRRC) to avoid two allegedly preferential transfers made by checks payable to GRRC in the total amount of …Read More »
April 12, 2019, Southern District of New York – Last week, the trustee liquidating the estate of SunEdison, Inc. initiated an adversary proceeding against a logistics company – Expeditors International in the New York bankruptcy court seeking to clawback $17 million in payments that SunEdison made to the defendant on …Read More »
A Transfer may be Deemed Fraudulent if the Debtor’s Assets are Unreasonably Small to Generate Sufficient Profits to Sustain Operations
April 6, 2019, New Jersey– Debtor, the Mall at Galaxy, Inc. was engaged in the business of leasing condominium units. Martin J. Sergi was the president, treasurer and a board member of the Debtor since 1986 and was a 90% equity holder in the Debtor since 1997. In addition to …Read More »
Section 548(e)(1) Does Not Condition Avoidance on a Trust Being Deemed Invalid and Unlawful Under State Law.
April 2, 2019, Western District of Texas– Debtor Stephen Jeffery Cyr was an orthopedic surgeon who had a substantial income and enjoyed an extravagant lifestyle. The Debtor and his spouse Leann Marry, also a Defendant in this case, allegedly attempted to shield their income, assets, and lifestyle from creditors, while …Read More »
Supreme Court to Review the Sixth Circuit’s Decision on Tribal Immunity in Greektown Casino Bankruptcy
April 1, 2019, Eastern District of Michigan – Last week, Buchwald Capital Advisors LLC, the Litigation Trustee to the Greektown Litigation Trust urged the U.S. Supreme Court to hear its case seeking to claw back $177 million transferred from a tribe-owned casino in Detroit before it went bankrupt. The litigation …Read More »
Perfection Under Sec. 547 (e)(1) Occurs When a Bonafide Purchaser of a Property Cannot Acquire an Interest that is Superior to the Interest of the Transferee.
March 27, 2019, Northern District of Georgia – Trustee Jason L. Pettie, for the estate of Debtor Mark Louis Greiner, brought a lawsuit against a Defendant Quicken Loans, Inc. to recover and avoid a transfer as a preference under 11 U.S.C. § 547(b) when it recorded a security deed on …Read More »