Home New Cases Gold Depot Seeks Dismissal of Donna Lieberman’s Complaint to Recover $9.9 M as Clawback Transfers in Miami Metals I, Inc. Case

Gold Depot Seeks Dismissal of Donna Lieberman’s Complaint to Recover $9.9 M as Clawback Transfers in Miami Metals I, Inc. Case

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June 14, 2021, Southern District of New York – Last week, Defendant Gold Depot, Inc. (“Gold Depot”) moves under Rule 7012 of the Federal Rules of Bankruptcy Procedure to dismiss an adversary action filed by Donna Lieberman in her capacity as a litigation trustee of the Miami Metals Litigation Trust to avoid and recover clawback transfers and disallow claims. Gold Depot alleges that the Trustee’s complaint fails to state a plausible claim for relief.

The Trustee brought the complaint to avoid and recover alleged preferential transfers of property that occurred during the ninety (90) day period before the commencement of Debtor Miami Metals I, Inc.’s bankruptcy proceedings, pursuant to section 547 and 550 of chapter 11 of title 11 of the Bankruptcy Code. The Trustee also sought to avoid any transfers that may have been fraudulent conveyances, pursuant to sections 544(b), 548, and 550 of the Bankruptcy Code and any unauthorized transfers that cleared post-petition, according to section 549 of the Bankruptcy Code. The total avoidable transfers allegedly made to Gold Depot during the preference period were purportedly cash payments worth $9,900,006.52.

The case is In re Miami Metals I, Inc, Lieberman, in her capacity as the litigation trust v. Gold Depot, Inc., Case No: 18-13359 (SHL) in the United States Bankruptcy Court for Southern District of New York. The Trustee is represented by the law firm of Cole Schotz P.C.

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