Information on Corporate Bankruptcy Proceedings in Delaware and Throughout the United States
Introduction
On September 1, 2010, Judge Christopher S. Sontchi of the United States Bankruptcy Court for the District of Delaware issued a decision finding that the payment practices between a creditor and debtor satisfied the ordinary course of business defense. Judge Sontchi’s decision is worth review as it provides a current look at one of…
Introduction
Earlier this month, the Liquidating Trustee in the Intermet bankruptcy filed preference actions against various defendants. This post will look at the nature of Intermet’s business, why the company filed for bankruptcy and the circumstances behind the formation of the Liquidating Trust that is pursuing the preference actions.
As I often do on this…
Introduction
In July of this year, Ascendia Brands, Inc., began filing preference actions against various defendants who allegedly received payments from Ascendia. According to the complaints, the defendants, many of whom were former customers of the company, received “avoidable” payments either before or after Ascendia filed for bankruptcy. Citing various provisions of the Bankruptcy Code,…
Introduction
In June of last year, retailer Whitehall Jewelers filed for Bankruptcy in the United States Bankruptcy Court for the District of Delaware. Last month, 14 months after filing for bankruptcy, Whitehall filed over 90 adversary actions in Delaware seeking to recovery payments the company made to various creditors during the 90 days prior to…
Introduction
Two weeks ago, preference actions were commenced against a long list of defendants in the New Century Mortgage (“New Century”) and Tweeter Home Entertainment (“Tweeter”) bankruptcies. The plaintiff in the New Century preference actions is Alan M. Jacobs, the liquidating trustee authorized under New Century’s Second Amended Plan of Liquidation to commence and prosecute…
