Earlier this month, Avidity Partners, LLC ("Avidity"), in its role as claims agent for the bankruptcy estates of AbitibiBowater, Inc, et al ("Debtors"), began filing avoidance actions against various defendants. As alleged in the complaints, on April 16, 2009, Debtors filed petitions for bankruptcy with the United States Bankruptcy Court for the District of Delaware.

Earlier this month, the Chapter 7 Trustee (the "Trustee") appointed in the Indalex bankruptcy began filing avoidance actions against various Indalex creditors. For those not familiar with the Indalex bankruptcy, Indalex filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware on March 20, 2009. Prior to filing bankruptcy, Indalex was one of the largest aluminum extruders in the United States.

Last year, the Liquidating Trustee (the "Trustee") in the Midway Games bankruptcy began filing avoidance actions against creditors of the bankruptcy estate. Midway Games ("Midway" or the "Debtor") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware on February 12, 2009. For those not familiar with this bankruptcy proceeding, Midway developed and distributed video games throughout the North America, Europe and Asia.

Introduction

On October 20, 2010, Emivest Aerospace Corporation ("Emivest") filed a petition for bankruptcy in the United States Bankruptcy Court for the District of Delaware.

Introduction

American Safety Razor Company ("ASR"), one of the largest manufacturers of shaving razors and blades, filed for bankruptcy protection in Delaware on July 28, 2010. According to the Declaration of ASR's Chief Financial Officer, Andrew Bolt (the "Bolt Declaration"), the company's net sales for 2009 totaled $330 million, down from the $351 million in sales achieved in 2008. See Bolt Declaration, pgh. 11.

Introduction

On August 15, 2011, Evergreen Solar ("Evergreen"), filed chapter 11 petitions for Bankruptcy in the United States Bankruptcy Court for the District of Delaware.  According to the Declaration of Evergreen's CEO, Michael El-Hillow (the "Declaration" or "Decl."), filed in support of its bankruptcy petitions, Evergreen incorporated in Delaware in 1994 and manufactures "multi-cystalline silicon wafers."  The company uses its silicon wafers in the production of photovoltaic solar cells, which in turn are installed in solar panels under the Evergreen trade name.  Decl. at 3.

Introduction

Introduction