DelawareBankruptcyLitigation

On December 28, 2014, Egenix, Inc. filed for bankruptcy with the United States Bankruptcy Court for the District of Delaware.  As of today’s date, the only document filed with the Court in this action is the petition itself.  According to the petition, Egenix has $500,000 to $1 million in estimated assets, and $1 million to $10 million in estimated debts.

In an 18 page opinion released December 18, 2014 in the Conex Holdings bankruptcy (Bank. D. Del.

Can a financially distressed be “forced” into bankruptcy by its creditors?  In other words, is it possible for creditors to subject a distressed entity into an involuntary bankruptcy proceeding?

The efficient manner of speech which Judge Walsh employs during hearings shines through in this opinion released December 5, 2014 in the Worldspace bankruptcy (Bank. D. Del. 08-12412).  In 3-1/2 pages of his opinion, Judge Walsh explains the requirements of a motion for reconsideration and illustrates the weakness of the movant’s position.  Judge Walsh’s opinion is available here (the “Opinion”).

On October 17, 2014, Charles M. Forman, the Chapter 7 Trustee of the Satcon Technology Corp. bankruptcy estate, filed a number of complaints seeking the avoidance and recovery of alleged preferential transfers pursuant to Sections 547 and 550 of the Bankruptcy Code.  To review a prior post concerning the filing of these complaints, click here.