bankrupt case - Jones & Associates

Bankruptcy Court for Southern District of New York: Pre-Petition Claims May Not Set-Off Against Post-Petition Claims Under Doctrine of Mutuality

May 31, 2021 admin

The Bankruptcy Court for Southern District of New York recently concluded that the defendant investment institutions are liable for breach of contract and turnover of property because their purported setoffs were invalid and their safe harbor defenses failed.

GTC Works Seeks To Avoid Transfer of Liens Against the Debtor’s Assets Under Sec. 547

April 23, 2021 admin

GTC Works, LLC recently brought an adversary proceeding according to Rule 7001 of the Federal Rules of Bankruptcy Procedure to determine the rights of the defendants in the sale proceeds and to avoid transfers of certain liens against the Debtor’s assets.

Deposit Funds Held by a Non-Debtor Third Party is Not An Estate Property, Alleges Plaintiff in Figueroa Mountain Brewing Bankruptcy Case

April 3, 2021 admin

Plaintiff Pacific Beverage Company sues a private equity and debt investment firm to seek a declaratory judgment under Sec. 541 of the Bankruptcy Code in the bankruptcy case of Figueroa Mountain Brewing, LLC

O.K. Cargo Corp Trustee Charges Insiders for Allegedly Diverting Debtor’s Money to Pay Their Expenses and Non-Debtor Debts

April 2, 2021 admin

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Trustee Drew M. Dilworth sues insiders for allegedly diverting the Debtor’s monies to pay their personal obligations and debts of another company from the Debtor's account.

Shelton Brothers, America’s Influential Importer of Belgian and European Beers, Demands $500K From One of its Distributor For Allegedly Breaching a Contract

April 1, 2021 admin

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Plaintiff-Debtor Shelton Brothers, Inc. accuses Defendant Longbow Distribution, LLC of a breach of contract and seeks to turn over the property of the estate under Sec. 542 (b) of the Bankruptcy Code.

US Spanish Television Network Trustee Indicts a Spanish Media Company for Return of Fraudulent Transfers Worth $10M

March 6, 2021 admin

Trustee Omar Romay charges a Spanish media company for avoidance and recovery of $10,000,000.00 under Sec. 548 and 550 of the Bankruptcy Code.

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