Trustee Anne Elizabeth Burns Accuses Lasoroc International for Breach of Contract, Seeks $1.2 Million As Damages
August 20, 2021, Northern District of Texas – Plaintiff Trustee Anne Elizabeth Burns for the bankruptcy estate of Liftgatetrans, LLC commenced an adversary proceeding seeking to recover damages from Defendants Lasoroc International, LLC and others for an alleged breach of contract and unjust enrichment concerning the purchase and sale of the Debtor. The Trustee also seeks to avoid and recover the “fraudulent transfers” of the Debtor’s assets to the Defendants.
Allegedly, Debtor and Lasoroc International executed an agreement for the purchase and sale of the business. According to the terms of the agreement, Lasoroc International allegedly agreed to purchase the Debtor’s business for the total sum of $1,200,000.00 and assume liabilities of the Debtor in the cumulative amount of $2,000,000.00. The Trustee argues that despite Debtor’s performance, the sale was “never consummated” and Lasoroc International “failed/refused to make any payment” to the Debtor or the Trustee. It further claims that the Defendants took possession of all physical assets owned by the Debtor despite Lasoroc International’s non-performance under the agreement.
Accordingly, the Trustee alleges that Lasoroc International “breached the agreement by failing to deliver” the required payments to the Debtor and such breach has caused injury to Plaintiff, including actual damages in at least the principal amount of $1,200,000.00 as of the petition date. In the alternative, the Trustee seeks to avoid and recover $1,200,000.00 as “fraudulent transfers” allegedly made by the Debtor to the Defendants within the two years immediately before the petition date.