Friday, October 23, 2015
Plaintiff: Alan D. Halperin, as Liquidation Trustee of the GFES Liquidation Trust.
On July 24, 2015, Alan D. Halperin, as Liquidation Trustee of the GFES Liquidation Trust, filed approximately fifty-eight actions (the “Avoidance Actions”) pursuant to Sections 547, 548, and 549 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
On October 27, 2013 (the “Petition Date”) Green Field Energy Services, Inc., Hub City Tools, Inc., and Proppant One, Inc. (collectively, the “Debtors”) filed voluntary petitions in the Bankruptcy Court under Chapter 11 of the Bankruptcy Code. On February 6, 2014, the Debtors filed their Joint Plan of Liquidation of Green Field Energy Services, Inc. et al. [Docket No. 478] and the Disclosure Statement with Respect to Joint Plan of Liquidation of Green Field Energy Services, Inc. et al. [Docket No. 479]. On March 14, 2014, the Debtors filed their Second Amended Joint Plan of Liquidation of Green Field Energy Services, Inc. et al. [Docket No. 717] (as so modified, confirmed, and implemented, the “Plan”). On April 23, 2014, the Bankruptcy Court entered its order confirming the Plan [Docket No. 885] (the “Confirmation Order”) and the Plan became effective on May 12, 2014 [Docket No. 941].
In accordance with the Plan, and pursuant to a Liquidation Trust Agreement dated May 12, 2014 (the “Liquidating Trust Agreement”), a liquidating trust (the “Liquidating Trust”) was established to accept and hold all assets of the Debtors’ estates, including the Avoidance Actions. Alan D. Halperin was appointed trustee of the Liquidation Trust (the “Liquidation Trustee”).
The Plan provides that the Liquidation Trustee has the sole authority to prosecute the Avoidance Actions.
The substance of the Complaints reviewed thus far is somewhat standard. Plaintiff does assert fraudulent conveyance claims under Section 548, relying solely on the recitation of the statutory language. Plaintiff does not identify the specific invoices reflecting the alleged antecedent debt, providing only the payment amounts, payment dates, clear dates, and the check or wire numbers. Nor does Plaintiff identify which of the Debtors incurred the antecedent debt or ultimately made the payment.
Prime Clerk, LLC is the claims agent for Green Field Energy Services, Inc. General case information can be found at: https://cases.primeclerk.com/gfes/ and the official ECF docket can be found on Bankruptcy Court’s website at: http://www.deb.uscourts.gov/ .
R. Grant Dick IV