Ovonyx, Inc. and Micron Technology, Inc. Seeks Dismissal of a Complaint Brought by Energy Conversion Liquidation Trust to Recover $34M as Alleged Fraudulent Conveyances
August 20, 2021, Eastern District of Michigan – Defendants Ovonyx, Inc. and Micron Technology, Inc. recently filed a motion to dismiss an adversary proceeding brought by Plaintiff Energy Conversion Liquidation Trust. The Trust sought to recover about $34M as “fraudulent transfers” from the Defendants in the bankruptcy case of Energy Conversion Devices, Inc.
Defendants argue that the Trust “lacks standing” to litigate the claims because the Trust stands terminated as on date. Defendants claim that as per the amended Liquidation Trust agreement, the extended termination date for the Trust was August 28, 2019, which had already passed, and the Trust allegedly never requested a second extension.
The case is In re Energy Conversion Devices, Inc. administered under Case No.18-04320 in the United States Bankruptcy Court for Eastern District of Michigan.