December 15, 2021, District of Colorado – M. Stephen Peters, as Chapter 7 trustee for the bankruptcy estate of Debtor Rusty Gold Hydro-Testers, Inc., institutes an adversary proceeding against a full-line carbon steel pipe distributor on the West Coast, SeAH Steel America, Inc. for avoidance and recovery of preferential transfers under § 547(b) and § 550(a) of the Bankruptcy Code.
As alleged in the complaint, Debtor d/b/a Catamount Oilfield Services, and SeAH Steel America engaged in business, whereby the latter sold certain goods to the Debtor. Peters argues that during ninety (90) days before Rusty Gold’s bankruptcy, the Debtor transferred $601,880.29 to SeAH Steel America that allegedly qualifies as a preference under the Bankruptcy Code Section 547. Peters also alleges that it made a written demand to SeAH Steel America to return the total amount of the alleged transfers. However, the Trustee claims that Defendant’s response to that demand allegedly failed to present sufficient evidence to support a defense to avoid the alleged transfers.
The bankruptcy case is captioned In re Rusty Gold Hydro-Testers, Inc., Case No. 20-12629-MER, pending in the U.S. Bankruptcy Court for the District of Colorado. Honorable Judge Michael E. Romero is overseeing the Debtor’s bankruptcy case. The law firm of Markus Williams Young & Hunsicker LLC represents the Trustee.