Home New Cases Central Trust Bank & Others Sued For Avoidance of “Unperfected” Security Interests

Central Trust Bank & Others Sued For Avoidance of “Unperfected” Security Interests

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November 12, 2021, District of Kansas – The Official Committee of Unsecured Creditors of Bear Communications, LLC files a complaint against The Central Trust Bank fka Central Bank of the Midwest, Big Bear Leasing, Inc., Big Bear Investments, LLC, and Brett T. Niles, asserting claims allegedly belonging to the Debtor’s bankruptcy estate. 

Specifically, the Committee seeks a declaratory relief that Central Trust Bank “did not perfect” its security interest in certain motor vehicles and a bank account. The Committee seeks to avoid the “unperfected” security interests and seeks turnover of any transfers allegedly made on account of such avoided security interests. Through its complaint, the Committee also seeks to invoke the equitable doctrine of marshaling of assets. The Committee urges the Court to direct Central Trust Bank to first exhaust recovery on any collateral belonging to non-debtor affiliates – Bear Leasing, Bear Investments, and Niles before seeking to recover on collateral that is the property of the Debtor’s bankruptcy estate.

In re Bear Communications, LLC, Case No. 21-10495

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