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Trainor Glass Creditor Committee Seeks to Recover pre-Chapter 11 Payments

Post Time:Apr 16,2013Classify:Industry NewsView:61

The Official Committee of Unsecured Creditors of Trainor Glass Co. has filed more than 140 "Complaints" against companies Trainor Glass paid during the 90 days prior to filing for bankruptcy in March 2012. The committee is looking to avoid and recover payments made during the pre-filing period. The payments include transfers of "property, either by checks, cashier checks, wire transfers, direct deposit, or otherwise to certain entities," according to court documents.

The Official Committee of Unsecured Creditors consists of three unsecured creditors that were selected in late March 2012 to represent the group of creditors in the bankruptcy proceedings. The committee includes representatives for the International Painters and Allied Trade Industry Pension Fund, Knowles Door Check Co., and Oldcastle BuildingEnvelope.

In the complaints, the committee makes several claims, including that, "on the date each transfer was made, [Trainor Glass]: was insolvent or became insolvent as a result of such Transfer; was engaged in business or a transaction, or was about to engage in business or a transaction, for which any property remaining with [Trainor Glass] was an unreasonably small capital; or intended to incur, or believed it would incur, debts that would be beyond [its] ability to pay as such debts matured," according to the documents.

Additionally, the committee claims that each payment, cited as a "preferential transfer," enabled the company that received the payment—the Defendant—to receive more than the it would have if: "[Trainor Glass'] case was brought under chapter 7 of the Bankruptcy Code; the Preferential Transfers had not been made; and the Defendant had received payment of such debt to the extent provided by the Bankruptcy Code."

Numerous glass and glazing companies are among those listed in the complaints, with payment amounts ranging from less than $10,000 to more than $1 million. They include:

3Form Inc., $133,397All Metals Fabrication, $20,524Applied Research Associates, $32,647Architectural Metal Fabricator, $20,000Architectural Systems Inc., $813,835Architectural Testing, $15,500Armortex, $15,619Assa Abloy, Besam Entrance Solutions, $207,879Brothers Glass & Glazing, $23,792Building Envelope Solutions, $477,151C.R. Laurence Co., $171,170Coyote Glass, $66,977Curtain Wall Erectors Inc., $619,695Custom Window Company, $16,245Dorma Glas Inc., $18,705EFCO Corp., $718,583Fa?ade Concepts, $76,097Firestone Building Products, Una-Clad, $114,012Hafele America Co., $8,062J.E. Berkowitz, $303, 151Kawneer Co., $147,448Klein USA, $63,886Mammen Glass & Mirror Inc., $67,469Mapes Industries Inc., $16,736McGrory Glass, $75,740Mestek, Linel Signature, $18,533Midwest Wholesale Hardware, $51,795Northwestern Industries Inc., $15,309Nupress Facades, $52,960Pittco Architectural Metals, $24, 723Safti First, $53,906Security Lock Distributors, $35,069Skyline Design, $105,039Skyline Sky-Lites, $158,197Supersky Products, $27,112Tremco, $69,250Trulite Glass & Aluminum Solutions, $503,266Unicel Architectural Inc., $84,400Viracon, $1,155,077W&W Glass, $481,924YKK AP, $152,571Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/trainor-glass-creditor-committee-seeks-recover-pre-chapter-11-payments-1311033Author:

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