Earlier this month, Bettina M. Whyte, the SemGroup Litigation Trustee (the “Trustee”) filed approximately 350 adversary actions against various creditors in the SemCrude bankruptcy. The majority of the adversary actions are preference actions under 11 U.S.C. section 547 of the United States Bankruptcy Code. Some of the adversary actions, however, allege defendants received fraudulent transfers from various SemCrude debtors (the “Debtors”).
As stated in the Trustee’s pleadings, Debtors filed for bankruptcy in July of 2008. On November 30, 2009, Debtors’ Fourth Amended Joint Plan of Reorganization (the “Plan”) was confirmed by the United States Bankruptcy Court for the District of Delaware. Debtors bankruptcy proceeding, as well as the Trustee’s adversary actions, are before the Honorable Brendan L.
