Bankruptcy Preference Creditor's Digest
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Tribune Company – Current APScans of Bankruptcy Adversary Proceedings to Recover Preferential, Fraudulent Transfers
This APScans reports the recent substantive filings made in the Tribune Company adversary proceedings for recovery of preferential transfers under section 547 of the Bankruptcy Code (bankruptcy preferences). The adversary proceedings were brought by The Official Committee of Unsecured Creditors of Tribune Company, on behalf of Tribune Company, et al.
Pre-Applied Filters: The following filings are not included in the "Current" APScan: certificates or affidavits of service, receipts for filing fees and other clerical matters.
Not For Individual Docket Monitoring: Pre-applied filters may eliminate important notices and certificates. 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.
This APScans is updated daily to cover filings made as of midnight on the previous day. This APScans covers filings ENTERED during the period from April 01, 2012 through May 17, 2012. .
| AP No. | Ent'd (Filed) | Filed by | Defendant | Cat. | Event | Tribune Company APSCANS™ | |
|---|---|---|---|---|---|---|---|
| # | |||||||
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| 10-54010 KJC | 496 | 05/14/2012 19:05:53 (05/14/2012) | M. Milano (aty) | Fitzsimmons et al | Admin | Appearance-- | Notice of Appearance Filed by Microsoft Corporation and Microsoft Licensing, GP. (Milano, Maria) |
| 10-53963 KJC | 1241 | 05/08/2012 14:09:23 (05/08/2012) | J. Green (aty) | JPMorgan Chase Bank, N.A., Individually and as adm | Admin | Withdrawal of Document - Notice | Notice of Withdrawal of Notice of Appearance (Related Document(s) 1239 ) Filed by Official Committee of Unsecured Creditors (Green, James) |
| 10-53963 KJC | 1240 | 05/07/2012 15:59:08 (05/07/2012) | J. Green (aty) | JPMorgan Chase Bank, N.A., Individually and as adm | Admin | Appearance-- | Notice of Appearance Filed by Official Committee of Unsecured Creditors (Attachments: # (1) Certificate of Service) (Green, James) |
| 10-53963 KJC | 1239 | 05/07/2012 15:53:58 (05/07/2012) | J. Green (aty) | JPMorgan Chase Bank, N.A., Individually and as adm | Admin | Appearance-- | Notice of Appearance Filed by Official Committee of Unsecured Creditors (Green, James) |
| 12-50446 KJC | 004 | 04/10/2012 15:37:15 (04/10/2012) | J. Green, Jr. (aty) | Citigroup Global Markets, Inc. et al | Process | Summons-- | Summons and Notice of Pretrial Conference Served on Defendant Merrill Lynch, Pierce, Fenner & Smith Incorporated. (THIS Matter has been Stayed: an Answer Deadline has not been Set) (related Document 1 ) Answer due Date: 05/10/2012. (Attachments: # (1) Certificate of Service) (Green, Jr., James) |
| 12-50446 KJC | 003 | 04/09/2012 16:51:09 (04/09/2012) | J. Green, Jr. (aty) | Citigroup Global Markets, Inc. et al | Process | Summons-- | Summons and Notice of Pretrial Conference Served on Defendant Citigroup Global Markets, Inc.. (related Document 1 ) Answer due Date: 05/9/2012. (Attachments: # (1) Certificate of Service) (Green, Jr., James) |
| 10-54010 KJC | NaN | 04/05/2012 12:00:37 (04/05/2012) | KPB (crt) | Fitzsimmons et al | Dismissal | Adv Proc Closed | Adversary Case 10-54010 Closed by Deputy Clerk. (KPB) |
| 10-54010 KJC | 495 | 04/05/2012 11:36:03 (04/05/2012) | KPB (crt) | Fitzsimmons et al | court | Transmittal | Transmittal Letter Transferring Venue to the U. S. District Court for the Southern District of New York. (Related Document(s) 491 ) (KPB) |
| 12-50446 KJC | 001 | 04/02/2012 18:54:12 (04/02/2012) | J. Green, Jr. (aty) | Citigroup Global Markets, Inc. et al | Pleading | Complaint-- | Adversary Case 12-50446. Complaint by Official Committee of Unsecured Creditors against Citigroup Global Markets, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated. Fee Amount $293 (02 (Other (e.g. other Actions that would have been brought in State Court if unrelated to Bankruptcy))). AP Summons Served due Date: 07/31/2012. (Attachments: # (1) Exhibit A# (2) Exhibit B) (Green, Jr., James) |
Related Materials:
Theories of Recovery:
Of the 209 complaints filed on December 3rd and 4th, all appeared to name individuals as the defendants. The primary theory of recovery is avoidance of preferential transfers to an "insider" made during the 1 year prior to the bankruptcy petition filing under Section 547. The amount and basis for each transfer is identified on Exhibit A to each complaint. The identified transfer bases include: "Restricted Stock Units", "Executive Transition", "Deferred Bonus", "Excise Tax Gross Up", and "Phantom Equity".
A secondary theory of recovery is avoidance of fraudulent conveyances pursuant to Section 548(a)(1)(B). Although Section 548 provides for a 2 year avoidance period, apparently all of the transactions the Committee seeks to avoid occurred within a 1 year period.
Adversary Proceedings Overview
Lead Bankruptcy Case Name (Case Number): Tribune Company (08-13141 )
Bankruptcy Court District (Division): District of Delaware
Petition Date: Lead Debtor Petition Date was December 8,2010
Associated Cases: There are 111 associated debtors. The two primary debtors bringing avoidance claims are Tribune Company and Tribune Broadcasting Company.
Plaintiff: Official Committee of Unsecured Creditors of Tribune Company in complaints against "Insiders". Tribune Company and The Hartford Courant Company as debtors in possession as to trade creditor complaints.
Number of Proceedings: 312
When Filed: December 3, 2010
Adversary Proceeding Judge: Chief U.S. Bankruptcy Judge Kevin J. Carey
Plaintiff's Counsel: For the "insider" recovery actions, Landis Rath & Cobb LLP (Wilmington, Delaware) through its attorneys Adam G. Landis, James S. Green, Jr., Landon Ellis and Richard Scott Cobb. For the trade creditor recovery actions, Cole, Schotz, Meisel, Forman & Leonard, P.A. (Wilmington, Delaware) through its attorneys Norman L. Pernick, Michael F. Bonkowski, J. Kate Stickles, Patrick J, Reilley
Avoidance Period: The complaints filed on December 3rd and 4th identify the preference period as starting 1 year prior to as to "insiders" as defined in Section 101(31); Commencing on December 5, 2010, complaints were filed against trade creditors and a 90 day preference period was applied.