Introduction
Earlier this month, the chapter 11 trustee (the "Trustee") in the DBSI bankruptcy began filing adversary actions seeking the avoidance and recovery of alleged fraudulent transfers. The Trustee filed the adversary actions against various defendants, some of whom the Trustee identifies as "John Doe 1 -10." This post will look briefly at the DBSI bankruptcy proceeding, why DBSI filed for bankruptcy, as well as some of the events that have transpired since the compnay filed for bankruptcy.
Background
Earlier this month, the Chapter 7 Trustee for the Rehrig International bankruptcy estate filed several preference actions against various defendants. As set forth in the complaints, the Trustee seeks to avoid and recover payments which he contends are preferential transfers, fraudulent conveyances and/or postpetition transfers. Rehrig filed for bankruptcy on September 5, 2008. Less than four months later, Rehrig’s Chapter 11 proceedings were converted to cases under chapter 7. Soon after the conversion to Chapter 7, the Office of the United States Trustee appointed George L.
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