Newtek Small Business Finance Seeks to Stay an Arbitration Hearing Brought by Saint James Holding and Investment Company Trust
November 24, 2021, District of Delaware – Newtek Small Business Finance brings forth a lawsuit against a Delaware-based financial service provider, Saint James Holding and Investment Company Trust (SJT), and its trustee to stay their alleged “bogus arbitration hearing” in the bankruptcy case of Anglin Cultured Stone Products, LLC and Champion Property Holdings, LLC.
In its complaint, Newtek argues that Anglin and Champion allegedly attempted to confirm a reorganization plan by obtaining funding from SJT but ultimately could not confirm it. The case then proceeded towards a Chapter 11 liquidation. Adding further, Newtek argues that while Anglin, Champion, and Newtek were negotiating the terms of the proposed liquidation, SJT allegedly began a “series of harassing, baseless, and bogus actions interfering with and in violating the automatic stay” of Section 362(a) of the Bankruptcy Code.
Accordingly, Newtek accuses SJT of allegedly asserting several “nonsensical and bogus allegations” to support a claim of two billion seven hundred fifty-six million four hundred thousand ($2,756,400,000.00) and seeks an order of permanently staying the alleged “bogus arbitration” under §105 of the Bankruptcy Code.
In re: Anglin Cultured Stone Products, LLC and Champion Property Holdings, LLC, Case No. 21-10396 JTD Chapter 11 Jointly Administered