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On February 3, Judge Martin Glenn of the United States Bankruptcy Court of the Southern District of New York denied defendants’ motions to dismiss four adversary proceedings brought by the liquidating trust for Residential Capital LLC against several originators of residential mortgage loans.
adversary proceedings for recovery of avoidable transfers under Chapter 5 of the Bankruptcy Code, including preferential transfers under Section 547(bankruptcy preferences) brought by Buchwald Capital Advisors LLC as Liquidating Trustee for the liquidating trust of Midway Games Inc., et al..A party to an adversary proceeding must not consider APScans to be a substitute for reviewing the docket of the proceeding in which it is a defendant.Theories of Recovery: These tranfer avoidance actions are unique in their use against trade creditors of a Section 548 Fraudulent Transfer count; and two counts under the Delaware Fraudulent Transfer Act Sections 1304, 1305, 13 using the bootstrap provision of Bankruptcy Code Section 544. (Wilmington, Delaware) through its attorney John D.Those close to the deal report that this may be the first time a bankruptcy trustee or debtor-in-possession has sold an interest in the right to receive litigation recoveries, enabling the estate to liquidate a portion of a contingent asset and thereby hedge against appellate risk. Mag Corp filed a petition for chapter 11 bankruptcy in August of 2001, which was later converted to chapter 7. Buchwald, initiated fraudulent conveyance litigation against Rennert and Renco on behalf of Mag Corp’s creditors, seeking to recover up to 0 million for extracting bond dividends from Mag Corp for extravagant personal benefits, essentially bleeding the magnesium mining company dry when it was already in desperate need of funds for its own restoration.In February 2015, as a result of a four-week trial in the bankruptcy court, a jury found the defendants guilty of defrauding Mag Corp and liable to the estate to the tune of 3 million.