Download the full pdf of the complaint by clicking: here
June 17, 2022, US Bankruptcy Court for the Southern District of Texas – Ronald J. Sommers, Chapter 7 trustee (“Trustee”) for the estate of Magellan E & P Holdings, Inc. (“Debtor”) sues seventeen Defendants to avoid and recover approximately $3,303,233.39 as alleged “preferential transfers” and disallow Defendants’ claims in the bankruptcy case.
The Trustee in his complaint alleges that the Debtor was insolvent during the preference period of 90-days prior to the bankruptcy filing. He claims that the Debtor’s books and records arguably reflect that Debtor transferred money to Defendants during the preference period.
The Trustee argues that the alleged transfers are avoidable and that the bankruptcy estate is entitled to a judgment against the Defendants for avoidance and recovery of the alleged “preferential transfers” pursuant to 11 U.S.C. §§547(b) and 550.
The Defendants include American Eagle Logistics LLC; Cased Hole Well Services LLC; Wood Group PSN, Inc.; Mancon Construction Co. among others.
Magellan E&P Holdings, Inc., Case No. 21-31087, US Bankruptcy Court for the Southern District of Texas.
Share
Texas Trustee Attempts to Lasso $3.3 Million in Preference Clawbacks
By roland jones
rgj@rolandjones.com
Jones & Associates
Texas Trustee Attempts to Lasso $3.3 Million in Preference Clawbacks
Creditors Committee Seeks Wipe Out of UMB Bank's Alleged Unperfected Liens
Medical Center Trustee Sues Doc for Alleged Gross Mismanagement
Fifty-Nine Defendants Face Preference Clawback in Hopedale Mining Bankruptcy
Citibank, Schwab, Others Face Clawback Storm in Log Storm Security Case
Miami Debtor Sues Lenders in Priority of Lien Battle
Trustee Alleges $20M PPP Loan Repay Is Per Se Not Ordinary
Trustee Togut Sues Bank to Avoid Alleged “Fraudulent” Debt
Trustee And O&D Insurance Co. in $2M Clash
Download the full pdf of the complaint by clicking: here
June 17, 2022, US Bankruptcy Court for the Southern District of Texas – Ronald J. Sommers, Chapter 7 trustee (“Trustee”) for the estate of Magellan E & P Holdings, Inc. (“Debtor”) sues seventeen Defendants to avoid and recover approximately $3,303,233.39 as alleged “preferential transfers” and disallow Defendants’ claims in the bankruptcy case.
The Trustee in his complaint alleges that the Debtor was insolvent during the preference period of 90-days prior to the bankruptcy filing. He claims that the Debtor’s books and records arguably reflect that Debtor transferred money to Defendants during the preference period.
The Trustee argues that the alleged transfers are avoidable and that the bankruptcy estate is entitled to a judgment against the Defendants for avoidance and recovery of the alleged “preferential transfers” pursuant to 11 U.S.C. §§547(b) and 550.
The Defendants include American Eagle Logistics LLC; Cased Hole Well Services LLC; Wood Group PSN, Inc.; Mancon Construction Co. among others.
Magellan E&P Holdings, Inc., Case No. 21-31087, US Bankruptcy Court for the Southern District of Texas.
Related posts: