Bankruptcy Blogs

Introduction

Last week, Visteon Corporation began filing preference complaints against hundreds of current and former creditors of the company. This post will look briefly at the nature of Visteon’s business, why the company filed for bankruptcy, as well some of the likely “next steps” now that the company has filed its preference complaints.

The Bankruptcy Filing

The well known travails of Fred Wilpon, the principal owner of the New York Mets, have all converged this past week. He, his partner Saul Katz and their families and affiliated enterprises (the “Wilpon/Katz Group”) lost several hundred million dollars when Bernard Madoff’s long running Ponzi scheme finally unraveled at the height of the financial crisis in 2008. The Mets’ on-field performance has been dismal, and

In this prior post, I discussed a ruling by Judge Massey, wherein he ruled in favor of a Chapter 7 Trustee who sought to set aside a security deed that did not contain the appropriate signature of an unofficial witness. Gordon v. Wells Fargo, Adv. No. 08-6612, 430 B.R. 287 (December 10, 2009) (click here for the opinion). U.S. Bank (the successor-in-interest to Wells Fargo) appealed the decision to the District Court, which in turn certified the question to the Supreme Court of Georgia.