Anderson Examiner Spots $75M In Avoidable Payments

Law360, New York (June 28, 2011, 8:42 PM EDT) -- In a boon for creditors of Anderson News LLC, the defunct magazine wholesaler could go after some $75 million in transfers that company insiders received shortly before its collapse, according to a report the Delaware bankruptcy court issued Friday.

After investigating the company’s sudden demise in February 2009, a court-appointed examiner pored over $1 billion of transfers to nondebtor affiliates but found no evidence of wrongdoing on the part of Anderson’s top brass and advised against consolidating the Anderson entities for the benefit of creditors....
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