Total Settles Fabrics Trustee's $8.6M Suit For $150K

Law360, New York (July 2, 2010, 1:59 PM EDT) -- Total Petrochemicals USA Inc. has agreed to pay $150,000 to the trustee in charge of liquidating the assets of Fabrics Estate Inc. — formerly Propex Inc., a manufacturer of raw materials used in home construction — in order to settle an $8.6 million avoidance lawsuit.

The trustee, Eugene I. Davis, filed a motion Thursday in the U.S. Bankruptcy Court for the Eastern District of Tennessee seeking approval of the settlement. Fabrics Estate's liquidation plan, which was approved in August, allows the trustee to settle any claims...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.