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Lost Millions Spark Call For Examiner In Freight Co.'s Ch. 11

Law360 (February 8, 2019, 7:59 PM EST) -- The U.S. Trustee's Office has asked a Florida bankruptcy court to appoint an examiner to look into claims that more than $100 million paid to a bankrupt freight payment services company before it entered Chapter 11 is missing.

In an emergency motion filed Wednesday, U.S. Trustee Daniel McDermott said IPS Worldwide LLC is also on board with his request for an examiner to look into the allegations made by Stanley Black & Decker Inc. and other IPS customers last week that the funds IPS were supposed to pass along to the customers' shipping companies never reached the shippers.

"Based on the...

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January 25, 2019

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