Goody's Plan Admin Wants $17M Back From CIT

Law360, New York (August 14, 2009, 2:21 PM EDT) -- The liquidating plan administrator for defunct Goody's Family Clothing Inc. has filed an adversary suit seeking to recover more than $17 million in transfers from the retailer to financial services firm CIT Group Inc.

In a complaint filed in the U.S. Bankruptcy Court for the District of Delaware on Thursday, the plan administrator said that CIT provided factoring services to several vendors and suppliers of Goody's.

Factoring services involve purchasing all or part of a company's accounts receivable, giving the company immediate access to cash in...
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