Introduction
The Chapter 7 Trustees in the Pope & Talbot and Specialty Motors bankruptcies recently filed hundreds of complaints in the United States Bankruptcy Court for the District of Delaware. George Miller is the Chapter 7 Trustee in the Pope & Talbot bankruptcy while Jeoffrey Burtch is the Trustee in the Specialty Motors (aka "Von Weise Inc.") bankruptcy. Both groups of complaints seek the avoidance and recovery of alleged preferential transfers from various creditors of the debtors.
On September 28, 2012, Southern Air Holdings ("Southern Air" or "Debtor"), along with various related entities, filed chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. As stated in its Declarations in Support of Chapter 11 Petitions and First Day Relief (the "Declaration" or "Decl."), Southern Air describes itself as a "long-haul, wide-body air cargo" provider for governments and commercial users. Decl.
Introduction
Introduction
Last month, the Chapter 7 trustee (the "Trustee") in the Viashow bankruptcy filed avoidance actions against several creditors of the bankruptcy estate. One avoidance action in particular seeks to recover damages allegedly sustained by Viashow due to breaches of fiduciary duties by its officers and directors (the "D&O Action"). In addition to Viashow's officers and directors, the D&O Action seeks damages against defendants who allegedly "aided and abetted" the officers and directors in their breach.
On October 31, 2010, Wolverine Tube, Inc. ("Wolverine") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to the Declaration of Wolverine's President in Support of Debtors' Petitions (the "Declaration"), the company's bankruptcy filing resulted from several factors, most notably a drop in cash due to volatility in commodity prices and high debt obligations. See Declaration at pp. 2-3.
Introduction
Introduction
This week, Edward Gavin, the liquidating trustee (the "Trustee") for the Ultimate Escapes bankruptcy, filed preference complaints against several defendants. Under the complaints, the Trustee alleges that the defendants received preferential transfers that are avoidable under 11 U.S.C. section 547 of the Bankruptcy Code. For those unfamiliar with this bankruptcy proceeding, Ultimate Escapes ("Ultimate" or the "Debtor") filed petitions for bankruptcy in the Delaware Bankruptcy Court on September 20, 2010.