Articles tagged with: RG Steel Sparrows Point LLC

Reports, Articles, Motions, Opinions Concerning RG Steel Sparrows Point Bankruptcy Preferential, Fraudulent Transfer Avoidance Adversary Proceeding Litigation

RG Steel Warren Starts WP Steel Venture LLC Bankruptcy Preference Recovery

On January 18, 2013, RG Steel Warren, LLC, Debtor in Possession in the WP Steel Venture LLC Bankruptcy, commenced Chapter 5 preferential transfer recovery litigation with the filing of 137 complaints in the District of Delaware . These complaints are in addition to the 287 preference complaints already filed by co-debtor RG Steel Sparrows Point LLC.  These complaints add $40 million in preference claims to the more than $107 million filed by RG Steel Sparrows Point.  The plaintiff may also be expecting that the yield on these claims will be higher than usual . . . the ordinary course of business defense appears questionable for many of the preference period payments.

RG Steel Sparrows Point Starts WP Steel Venture LLC Bankruptcy Preference Recovery

On from January 7 to January 9, 2013, RG Steel Sparrows Point, LLC, Debtor in Possession in the WP Steel Venture LLC Bankruptcy, commenced Chapter 5 preferential transfer recovery litigation with the filing of 287 complaints in the District of Delaware .   This plaintiff/debtor in possession has tapped a honey hole of preference claims totaling, to this point, more than $107 million. The plaintiff may also be expecting that the yield on these claims will be higher than usual . . . the ordinary course of business defense appears questionable for many of the preference period payments.