Earlier this summer, the Delaware Bankruptcy Court issued an opinion in the New Century Holdings bankruptcy addressing the definition and purpose of the “Divestiture Rule.” See Carr v. New Century TRS Holdings, Inc. (In re New Century TRS Holdings, Inc.), Adv. No. 09-52251(KJC)(Bankr. D. Del. June 7, 2012)(hereinafter “Opinion at *___”). Under the Divestiture
New Century TRS Holdings bankruptcy
Decision in New Century TRS Holdings, Inc. Holds That Publication in 2 Newspapers is Insufficient to Grant a Motion for Summary Judgment
By Fox Rothschild LLP on
Posted in Opinions
Summary
In a 14 page opinion published June 7, 2011, Judge Carey ruled that publication of notice in only two newspapers was insufficient information to grant a motion to dismiss based on adequacy of notice. Judge Carey’s opinion is available here (the “Opinion”).
Background
New Century TRS Holdings, Inc. (the “Debtor”), filed…
New Century Mortgage and Tweeter Home Entertainment Both File Preference Complaints Against Various Defendants
By Fox Rothschild LLP on
Posted in Preference Litigation
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…