November 1, 2019, Delaware – Last month, Alan D. Halperin and Ankura Trust Company, as co-trustees (the “Trustees” or “Plaintiffs”) of the M & G Corporation Litigation Trust ( the “Trust”), initiated approx. (112) one hundred twelve complaints against numerous defendants to avoid and recover certain transfers made by Debtor M & G USA Corporation and its affiliated debtors.
Specifically, the Trustees sought to avoid and recover all preferential transfers of property that occurred during the ninety (90) day period before the commencement of the Debtors’ bankruptcy proceedings, according to sections 547 and 550 of chapter 11 of title 11 of the United States Bankruptcy Code. The Trustees also brought claims related to any transfers that may have been fraudulent conveyances under sections 544(b), 548, and 550 of the Bankruptcy Code and sections 1304 and 1307 of Chapter 13 of title 6 of the Delaware Commerce and Trade Law.
According to the court filings, the largest case in the group is filed against Shell Chemical LP for the return of transfers worth $2,13,40,237.63. ADP, LLC and Italian Underwriting Srl are sued for $29,05,348.08 and $23,58,476.75 respectively.
As per recent docket filing, the Trust has filed a motion for entry of an order, under section 105(a) of the Bankruptcy Code, Bankruptcy Rules 3007 and 9006 and Local Rule 9006-2, to extend the claims objection deadlines by six (6) months to and including June 30, 2020. The hearing is scheduled for 11/20/2019 at 11:00 AM at US Bankruptcy Court, Wilmington, Delaware and the objections to the Trust’s motion is due by 11/13/2019.
By way of background, (Mossi & Ghisolfi) M&G USA Corporation was founded in 2012. On October 30, 2017, M & G USA Corporation and its ten affiliated debtors, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. On October 24, 2017, M&G Polymers USA, LLC filed its Chapter 11 case in the same court. The cases are pending before the Honorable Brendan L. Shannon and are jointly administered under Case No. 17-12307.