From July 8 – 9, 2014, Charles A. Stanziale, in his capacity as the chapter 7 trustee of Tri-Valley Corporation, et al., filed approximately 23 complaints seeking to avoid and recover alleged preferential transfers pursuant to Sections 547 and 550 of the Bankruptcy Code. Tri-Valley Corporation, and various affiliated entities (the "Debtors") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware on August 7, 2012.
By way of background, on March 25, 2013, the Bankruptcy Court entered an Order converting the Debtors' cases to Chapter 7 proceedings. On March 26, 2013, Charles A. Stanziale, Jr. was appointed as the Chapter 7 Trustee (the "Trustee") in the Debtors' bankruptcy cases.
The law firm of McCarter & English, LLP represents the Trustee in these various preference cases. The pretrial conference has not been scheduled. These adversary actions, as well as the Debtors' bankruptcy proceeding, are before the Honorable Mary Walrath.
For readers looking for more information concerning preference litigation, including an analysis of defenses that can be asserted, below are several articles on this topic:
Preference Payments: Brief Analysis of Preference Actions and Common Defenses
Minimizing Preference Exposure: Require Prepayment for Goods or Services
Minimizing Preference Exposure (Part II) – Contemporaneous Exchanges
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
