Cynergy Trustee Wants $47M From Predecessor Prez

Law360, New York (March 29, 2011, 6:23 PM EDT) -- The trustee overseeing defunct credit card processor Cynergy Data LLC's liquidation launched two lawsuits Monday seeking to recoup $47 million from a co-founder of the company's predecessor and bar its CEO from pursuing his own claims against his ex-colleague.

In one of the complaints Gregory A. Taylor of Ashby & Geddes P.A. lodged in the U.S. Bankruptcy Court for the District of Delaware, liquidation trustee Charles M. Moore accuses John Martillo, co-founder of Cynergy predecessor-by-merger CPS Group Inc., of improperly redeeming $47.25 million from the debtor...
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