Circuit City Inundates Creditors With Adversary Suits

Law360, New York (November 11, 2010, 4:29 PM EST) -- Adversary proceedings brought by bankrupt Circuit City Stores Inc.'s liquidating trustee have continued to flood in over the past week, with at least 565 filed by Thursday, including an $81 million proceeding against Panasonic Corp. and Bank of America NA.

The adversary proceedings, filed in the the U.S. Bankruptcy Court for the Eastern District of Virginia since Nov. 5, involve preferential transfers made by Circuit City in the 90 days preceding its November 2008 bankruptcy filing and other demands. The transfers relate to a variety of...
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