maintained by John DeGroote Services, LLC, Trustee
News Updates
Litigation
BearingPoint Trustee Allowed To Move $1.9B Suit To Va.
Law360, New York (July 12, 2011, 10:23 PM ET) — The New York bankruptcy judge overseeing the Chapter 11 proceedings for BearingPoint Inc. said on Monday that the technology consulting firm’s liquidating trustee can bring a $1.9 billion suit against BearingPoint’s former CEO and eight directors in Virginia state court.
Ex-BearingPoint Directors to Face Lawsuit Over Bankruptcy in State Court
Former BearingPoint Inc. directors will face a $1.88 billion lawsuit over their role in the consulting company’s insolvency in state court, a repercussion of a recent Supreme Court decision that could affect many bankruptcies.
Stern v. Marshall: Narrow Holding, Broader Implications!
In Stern v. Marshall, 564 U.S. ____ (June 23, 2011), the U.S. Supreme Court, in a 5–4 decision, held that the bankruptcy court could not, as a constitutional matter, enter a final judgment on a counterclaim that did not arise under Title 11 or in a case under Title 11, even though 28 U.S.C. § 157(b)(2)(C) expressly permits it to do so.
Aftermath of Stern v. Marshall – BearingPoint Court declines to oversee lawsuit
The e-ink is barely dry on the commentators’ articles and blog postings about the Supreme Court’s jurisdiction-affecting decision last month in Stern v Marshall, 10-179, 56 U.S. –, 2011 U.S. LEXIS 4791 (June 23, 2011).
BearingPoint Trustee Says Execs Cost Co. Over $1B
Law360, New York (November 30, 2010, 8:06 PM ET) — BearingPoint Inc.’s liquidating trustee is seeking permission to sue the technology consulting firm’s former CEO and board of directors in Virginia state court, accusing them of hindering the sale of the company and costing it more than $1 billion.
BearingPoint Liquidating Trustee Seeks Discovery from Cerberus
John DeGroote Services, LLC, the liquidating trustee of the BearingPoint, Inc. Liquidating Trust, filed a motion with the bankruptcy court earlier today seeking the ability to serve document requests on Cerberus Capital Management, L.P. and asking the court to require Cerberus to produce discovery at the offices of counsel for the liquidating trustee, Bingham McCutchen LLP.
BE Estate
BearingPoint, Inc. Unsecured Creditors to Receive Third Distribution
$5 Million Distribution Results from Litigation Recoveries, Asset Sales
BearingPoint, Inc. Unsecured Creditor Pool Reduced to $793 Million
Additional Distribution Planned for Year End
BearingPoint, Inc. Unsecured Creditors to Receive $18 Million in First Distribution
Recoveries to All Creditors to Surpass $438 million; Additional Recoveries Planned
