SunEdison’s CEO Opposes Unsecured Creditor’s Clawback Motion
December 22, 2016, New York – During the last week, SunEdison CEO John S. Dubel filed a supplemental declaration in the New York court testifying that the renewable energy giant may have substantial and plausible claims against its yieldco subsidiaries and allowing unsecured creditors to pursue them would hamper a joint process seeking sale or reorganization. John S. Dubel alleged that it was best for any potential claims against the yieldcos to remain under the debtor’s control so as not to upset negotiations over a possible sale transaction or reorganization under a plan. The official committee of unsecured creditors in the clawback motion argued that projects, payments, and services transferred to publicly traded yieldcos TerraForm Power Inc. and TerraForm Global Inc. were done when SunEdison was already insolvent, and there was a huge difference between the equity values it received in exchange.
SunEdison, which develops renewable energy products around the world, filed for Chapter 11 protection in April 2016. The bankruptcy case is In re SunEdison Inc., case number 1:16-bk-10992, in the U.S. Bankruptcy Court for the Southern District of New York.
Trustee Establishes the Avoidability of Properties Under §548 Based on Multiple Badge of Fraud
Osherow v. Charles (In re Wolf), Nos. 15-31477-HCM, 16-03002-HCM, 16-03005-HCM, 2016 Bankr. LEXIS 3397 (U.S….Read More
Madoff Trustee Moves for Direct Appeal to Second Circuit in a Clawback Fight Against RBS
March 28, 2017, New York – On March 15, 2017, the trustee Irving Picard for…Read More
A New York Bankruptcy Court Narrows Madoff Trustee’s $905 Million Lawsuit Against an Accounting Firm
In re Bernard L. Madoff Inv. Secs. LLC, Nos. 08-01789 (SMB), 10-05421 (SMB), 2016 Bankr….Read More
Supermarket Chain A&P Creditors Heaved a $4.4M Clawback Suit Against Egg- Suppliers
New York, August 2, 2017 – The unsecured creditors of a supermarket chain Great Atlantic…Read More
Genuine Issue of Fact Exist as to Whether Alleged Transfer is Earmarked for Payment of Pre-Petition Debt
Deeba v. Pinkerton & Finn, P.C. (In re Macco Props.), No. 12-1118-R, 2016 Bankr. LEXIS…Read More