bankruptcy clawback - 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.

Neosho Concrete Products Accuses Fiberglass Composite Manufactures of Alleged Breach of Contract

April 25, 2021 admin

Plaintiff-Debtor Neosho Concrete Products Company sues Defendant Owens Corning Sales, LLC for alleged damages, specific performance of a contract and seeks declaratory relief as to the ownership or interest in 20,000 tons of Rockwool shot.

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.

Permian Crude Transport Trustee Sues a Dallas-Based Energy Company for Alleged Fraudulent Payments Worth $11M

April 18, 2021 admin

Plaintiff Daniel J. Sherman, as the duly appointed Chapter 7 trustee of the estate of Permian Crude Transport, L.P. charges Matador Resources Company for the avoidance and recovery of fraudulent transfers worth $11M under sections 24.005, 24.006, and 24.013 of the Texas Uniform Fraudulent Transfer Act and sections 544, 548, and 550 under title 11 of the Bankruptcy Code.

Bankrupt GenCanna Sues Creditors For Unpaid Hemp Products, Seeks to Recover $1.7M For Alleged Unjust Enrichment and Breach

April 16, 2021 admin

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Bankrupt hemp-derived cannabinoids company OGGUSA, Inc. (f/k/a GenCanna Global USA, Inc.) recently initiated adversary proceedings against five defendants, alleging breach of contract and unjust enrichment.

More than 40 Adversary Proceedings Initiated in Achaogen, Inc. Bankruptcy Case

April 12, 2021 admin

Trustee Edward E. Neiger of the Achaogen Plan Trust, formed in connection with the bankruptcy case of Achaogen, Inc, initiated adversary proceedings against approximately forty-two defendants last week.

A Florida Court Rules in Favor of a Title Insurance Company Because Plaintiff Failed to Meet His Burden of Proof on Issue of Reasonably Equivalent Value

April 10, 2021 admin

The Court ruled that a debtor's transfer of assets to a defendant was not avoidable as a fraudulent transfer under 11 U.S.C.S. § 548 and Fla. Stat. §§ 726.105, 726.106, because the debtor transferred tangible assets in exchange for the defendant's assumption of debtor's title insurance policy liabilities.

Visium Technologies Asks $5M as Damages From Defendants For Alleged Reckless Filing of an Involuntary Bankruptcy Case

April 10, 2021 admin

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Recently, Visium Technologies, Inc. commenced an adversary proceeding against three companies and their principals to seek damages due to alleged improvident, bad faith, wrongful, reckless filing of an involuntary bankruptcy case.

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

Gustech Communications Trustee Seeks to Recover $83k as Preference and Fraudulent Transfers from American Express Bank and Others, Says Debtor Paid Principal’s Credit Card Debt

April 2, 2021 admin

Trustee Robert Anderson for the estate of Gustech Communications LLC charges American Express Bank and others under Sec. 547 and Sec. 548 of the Bankruptcy Code to set aside certain payments as preference or fraudulent conveyances.

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