Information on Corporate Bankruptcy Proceedings in Delaware and Throughout the United States
Introduction
In July of 2011, the Chapter 7 Trustee (the “Trustee”) in the Ultimate Acquisition Partners (formerly “Ultimate Electronics”) bankruptcy began filing complaints to avoid and recover payments which the Trustee alleged were avoidable transfers under section 547 of the United States Bankruptcy Code. Earlier this month, the Trustee filed another round of preference complaints…
Introduction
A couple of weeks ago, the Chapter 7 Trustee (the “Trustee”), in the Ultimate Acquisition Partners bankruptcy, began filing complaints to avoid and recover payments the Trustee alleges constitute preferential transfers under section 547 of the Bankruptcy Code. Ultimate Acquisition filed chapter 11 petitions for bankruptcy in the Delaware Bankruptcy Court on January 26,…
Background
Last month, the Chapter 7 Trustee in the Sunset Aviation bankruptcy began filing preference actions against various defendants seeking the recovery of alleged avoidable transfers. The Sunset Aviation bankruptcy proceeding includes the consolidated bankruptcies of Sunset Aviation, Inc., JetDirect Aviation and Regal Jets, LLC. The first bankruptcy commenced on February 25, 2009, when Regal…
