Eighteen “Clawback Actions” Commenced in Bankruptcy Case of Alpha Guardian
February 23, 2022, District of Nevada – Force 10 Agency Services as Litigation Trustee of the AG Litigation Trust initiates clawback actions against eighteen (18) defendants to avoid and recover alleged “preferential transfers” amounting to $5,134,872.63 and to “disallow any claims” held by the defendants pursuant to Sections 547, 549, 550 and 502 of the Bankruptcy Code.
AJU Steel USA, Inc., Shanghai Shican International Trading Co., Ltd., R+L Global Logistics are some of the creditors sued for a return of $1,639,200.66, $ 769,136.48, $391,006.12, respectively.
Two years ago, on February 24, 2020, Alpha Guardian, Stack-on Acquisition Parent Corp., Stack-on Products Co., Cannon Security Products, LLC, Cannon Safe, Inc., Gunvault USA, Inc., and Remline Industries, Inc. (the “Debtors”) filed voluntary Chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Nevada. The cases are being jointly administered under Case No. 21-11016-mkn. Honorable Judge David R Jones presides over the Debtors’ bankruptcy cases, and the law firm of McDonald Carano LLP is representing the Trustee.