Delaware Business Bankruptcy Report

Delaware Business Bankruptcy Report

Category Archives: Case Summaries

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Ambient Corporation files Chapter 11 in Delaware

Posted in Delaware Chapter 11 Filings, Judge Kevin Gross
On Monday, July 28, 2014, Massachusetts based Ambient Corporation filed for chapter 11 protection in Delaware.  Attached here is a copy of the petition that includes a list of the top 20 unsecured creditors.  According to the petition, Ambient has between 50 and 99 creditors. Ambient’s estimated assets are listed between $1 million and $10 million … Continue Reading

Source Home Entertainment, LLC seeks Chapter 11 protection

Posted in Delaware Chapter 11 Filings, Judge Kevin Gross
On Monday, June 23, 2014, magazine publisher and distributor Source Home Entertainment, LLC and its affiliate debtors (the “Debtors”) filed for chapter 11 protection in Delaware.  The Bonita Springs, Florida company lists assets of $205 million and liabilities of $290 million.   A copy of Source Home Entertainment’s bankruptcy petition is attached here (Voluntary Petition). … Continue Reading

American Optical Services, Inc. files Chapter 11

Posted in Delaware Chapter 11 Filings, Judge Christopher S. Sontchi
On Friday, June 20, 2014, Nevada based American Optical Services, Inc. filed for chapter 11 protection in Delaware. A copy of American Optical’s bankruptcy petition is attached here (Voluntary Petition). A list of the top 30 creditors was filed with the petition. According to the petition, American Optical has between 1,000 and 5,000 creditors. American Optical’s … Continue Reading

Petition Date Fixes Amount of Defendant’s Subsequent New Value

Posted in Case Summaries, Preferences, Publications, United States Court of Appeals for the Third Circuit
 Authored by Jeffrey R. Waxman This article was originally published in American Bankruptcy Institute Journal, Vol. XXXIII, No. 3, March 2014. The ABI Journal published a pair of articles in the March 2012 issue addressing the U.S. Bankruptcy Court for the District of Delaware’s decision in Friedman’s Liquidating Trust v. Roth Staffing Companies LP . This article provides an update following … Continue Reading

Happy Holidays to Preference Defendants: Third Circuit Holds Post-Petition Payments Do Not Reduce New Value Defense in Subsequent Preference Action

Posted in Case Summaries, Preferences, United States Court of Appeals for the Third Circuit
n this precedential decision by the United States Court of Appeals for the Third Circuit, the Court in Friedman's Liquidating Trust v. Roth Staffing Companies LP (Case No. 13-1712) held that "where 'an otherwise unavoidable transfer' is made after the filing of a bankruptcy petition, it does not affect the new value defense."… Continue Reading

Bankruptcy Court Grants Insurance Premium Financing Company’s Motion for Summary Judgment on Claims of Preference Liability

Posted in Avoidance Actions, Judge Peter J. Walsh, Preferences
On December 5, 2013, Bankruptcy Judge Peter J. Walsh granted summary judgment in favor of an insurance premium financing company relating to alleged preference liability asserted by Chapter 7 trustee.  In ruling in favor of the Defendant, the Court determined that the company’s secured status was determined as of the date of the transfer of … Continue Reading