Bankruptcy Preference Creditor's Digest
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Anderson News, LLC Bankruptcy Preference Adversary Proceedings
On on December 19, 2011, Anderson News, LLC, as debtor in possession, commenced Chapter 5 preferential transfer recovery litigation against multiple former suppliers in the District of Delaware.
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Debtor and Bankruptcy Case Overview
Lead Bankruptcy Case Name (Case Number): Anderson News, LLC (09-10695)
Petition Date: An involuntary petition was filed on March 2, 2009. On December 30, 2009, by order of the Bankruptcy Court the case was converted to Chapter 11.
Bankruptcy Court District (Division): District of Delaware
Associated Debtors: None. This is a single debtor filing.
Debtors' Industry Group: Books, Periodicals and Newspapers (SIC Code 5192)
Debtors' Business: The Debtor was a wholesaler and distributor of books and magazines.
Primary Industry Groupings of Defendants: book and magazine publishers
Adversary Proceedings Overview
Plaintiff: Anderson News, LLC, as debtor in possession
Number of Proceedings: 65
When Filed: on December 19 and December 28, 2011
Adversary Proceeding Judge: U.S. Bankruptcy Judge Christopher S. Sontchi
Plaintiff's Counsel: Ciardi Ciardi & Astin (Wilmington, Delaware) attorneys Daniel K. Astin, John D. McLaughlin, Jr. and Alissa T. Gazze
Avoidance Period: The complaint identifies the preference period as the period "[o]n or within 90 days prior to the Petition Date".
The Statute of Limitations "Extension Effect" of an Involuntary: For these bankruptcy preference defendants who thought the statute of limitations expired 9 months ago, these adversary proceeding provide a dramatic illustration of the statute of limitations extending effect of a protracted period between the filing of an involuntary and the entry of an order for relief. The preference period started 90 days before March 2, 2009, when an involuntary petition was filed. However, the 2 year statute of limitations starts when an order for relief is entered, which in this case, was not until December 30, 2009, when the case was converted to Chapter 11.
Related Materials:
BANKRUPTCY CREDITOR - ARTICLES, RESOURCES
- BANKRUPTCY PREFERENCE BASIC CONCEPTS, DEFENSES
- Introductory Concepts
- The Preferential Payment or Transfer
- Contemporaneous Exchange Defense
- Ordinary Course of Business Defense
- Subsequent New Value Defense
- Multiple Payments - Multiple Defenses
- Books and Records
- Basic Bankruptcy Preference Terminology
- A Three Question, Preliminary Self Assessment of a Bankruptcy Preference Claim
- Lesser Known Defenses
- THE PROCESS OF BANKRUPTCY PREFERENCE RESOLUTION
- The Bankruptcy Preference Recovery Decision – Who Makes It, How It Is Made
- Bankruptcy Preference Claims Timing – The Statute of Limitations, Other Factors
- The Art and Science of Negotiating Bankruptcy Preference Claims
- Bankruptcy Preference Demand Letters
- The Avoidance Complaint
- Do I Need a Lawyer to Negotiate or Defend a Bankruptcy Preference Claim?
- Creditors Committee Role in the Bankruptcy Preference Process
- Resources
- Bankruptcy Creditor Annotated Statutory Material – Bankruptcy Code
- Sec. 101 – Definitions
- Sec. 362 – Automatic Stay
- Sec. 363 – Use, Sale, Lease of Property
- Sec. 365. – Executory Contracts, Unexpired Leases
- Sec. 501 – Creditors, Claims
- Sec. 502 – Allowance of Claims, Interests
- Sec. 503 – Administrative Expenses
- Sec. 507 – Priorities
- Sec. 544 – Trustee as Successor
- Sec. 546 – Limitations on Avoiding Powers
- Sec. 547 – Preferences
- Section 548 – Fraudulent Transfers and Obligations
- Sec. 550 – Liability of Transferee of Avoided Transfer
- Bankruptcy Creditor Annotated Statutory Material – Bankruptcy Code
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