In the United States Bankruptcy Court for the District of Delaware, Peter Kravitz, as the Liquidating Trustee of the CWC Creditors Liquidating Trust, filed approximately 106 preference actions on March 15, 2016 seeking the avoidance and recovery of allegedly preferential and fraudulent transfers under Sections 547, 548 and 550 of the Bankruptcy Code, along with the disallowance of claims under Section 502(d) and (j).
CWC Liquidating Inc. (f/k/a Coldwater Creek Inc.) (the "Debtors") filed voluntary petitions for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on April 11, 2014 under Chapter 11 of the Bankruptcy Code. By order dated September 17, 2014, the Court entered an order (the "Confirmation Order") confirming the Modified Third Amended Joint Plan Of Liquidation Of Coldwater Creek Inc. And Its Debtor Affiliates Pursuant To Chapter 11 Of The Bankruptcy Code (the "Plan"), which became effective on September 26, 2014 (the "Effective Date").
In accordance with the Plan and the Confirmation Order, the Trust was established on the Effective Date of the Plan. Also on the Effective Date, as contemplated by the Plan and Confirmation Order, the Debtors and the Liquidating Trustee entered into that certain CWC Creditors' Liquidating Trust Agreement (the "Liquidating Trust Agreement")
The law firm of ASK Financial represents the Liquidating Trustee in these various preference cases. The pretrial conference has not yet been scheduled.
For preference defendants looking for an analysis of defenses that can be asserted in response to a preference complaint, 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.