DelawareBankruptcyLitigation

Devonshire PGA Holdings Opinion – Payments for Prior Representation

04/15/16

In a 21 page decision released April 15, 2016, Judge Sontchi of the Delaware Bankruptcy Court ruled on summary judgment regarding a claim submitted by attorneys related to previous litigation.  Judge Sontchi’s opinion is available here (the “Opinion”).  The Opinion was issued in Devonshire PGA Holdings LLC, Case No. 13-12460.

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Pacific Sunwear Files Chapter 11 Bankruptcy in Delaware – Commercial Landlords Beware

04/11/16

On April 7, 2016, Pacific Sunwear of California, Inc. (aka PacSun, aka Pacific Sunwear) filed for chapter 11 protection in the United States Bankruptcy Court for the District of Delaware.

Through the bankruptcy, Pacific Sunwear is seeking bankruptcy protection in order to get rid of two thirds of its debt and restore its balance sheet, according to CEO Gary Schoenfeld in a statement. Pacific Sunwear is also looking to reduce the cost of running its stores, either by negotiating with landlords or getting out of leases.

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Renewable Energy Solar Company Abengoa Files for Bankruptcy

04/05/16

The Spanish renewable energy solar company giant, Abengoa SA and its American affiliates, have filed for bankruptcy protection before the U.S. Bankruptcy Court for the District of Delaware.  The Spanish energy company continues talks with its banks and bondholders to agree on its plan to restructure billions of dollars in debt.

Background

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AE Liquidation Opinion Narrows New Value Defense

04/04/16

In an 11 page decision signed March 29, 2016, Judge Walrath of the Delaware Bankruptcy Court revised a calculation of new value pursuant to an order from the District Court remanding the case.

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Sports Authority – Consignment Actions Have Begun

03/21/16

On March 15 and 16, 2016, the Debtors in the Sports Authority bankruptcy, Case No. 16-10527, filed approximately 161 adversary complaints against consignment vendors.  The purpose of these complaints is to determine the priority and validity of the consignment vendors’ claims of title and their claim to a security interest in the consigned goods.

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Coldwater Creek Inc. Preference Actions Filed

03/20/16

In the United States Bankruptcy Court for the District of Delaware, Peter Kravitz, as the Liquidating Trustee of the CWC Creditors Liquidating Trust, filed approximately 106 preference actions on March 15, 2016 seeking the avoidance and recovery of allegedly preferential and fraudulent transfers under Sections 547, 548 and 550 of the Bankruptcy Code, along with the disallowance of claims under Section 502(d) and (j).

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Simplexity, LLC Preference Actions Filed

03/20/16

On March 14, 2016, Charles A. Stanziale, Jr., as the Chapter 7 Trustee of Simplexity, LLC, et al. (the “Debtors”) filed approximately 44 preference complaints seeking to avoid and recover alleged preferential transfers pursuant to Sections 547 and 550 of the Bankruptcy Code, and to disallow claims of the defendants pursuant to Section 502(d).

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Summary Judgment Granted in Favor of New Matco Defendants in NewStarcom Holdings Bankruptcy

03/14/16

In the NewStarcom Holdings bankruptcy matter, Miller v. American Capital Ltd., et al. (In re NewStarcom Holdings, Inc., et al.), Adv. Pro. 10-50063 (CSS) (Bankr. D. Del. March 8, 2016), the Delaware Bankruptcy Court ruled upon various motions, including a motion for summary judgment filed by defendants.

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Sports Authority Files for Bankruptcy – Formation & 341 Meetings Scheduled

03/08/16

On March 2, 2016, each of the seven debtors which collectively comprise Sports Authority filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. The cases are jointly administered under Case No. 16-10527 before the Honorable Mary F.

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