We believe we have a case against a trustee for, among other things, breach of feduciary responsibility. He was the appointed trustee in a chapter 11 case, and mis-represented the position of the company to push for liquidation. He told the banks that were financing the company that he had buyers, and would be able to expedite the sale if the banks would step aside and allow him to force a chapter 7 wherein he would have complete control. It's been 20 months, nothing's been sold, no creditors have been paid, the collateral was released to the banks but they have been unable to sell it. The principals are out 3 plus million dollars and a company which had a 25 year history was completely destroyed. Now, the trustee is lying low. A new judge has been appointed, and it appears that they are just trying to make the whole thing go away. Read more about the debacle on PACER/Hampshire Distributors, Inc.
2006-12-18
14:13:51
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3 answers
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questionable reality
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Law & Ethics