Anderson Slams Creditors' $75M Claims Against Insiders

Law360, New York (August 12, 2011, 12:19 PM EDT) -- Defunct magazine wholesaler Anderson News LLC on Wednesday criticized creditors’ attempt to pursue roughly $75 million in claims against company insiders in Delaware bankruptcy court, saying they are only trying to harass the estate over a related antitrust case.

The magazine creditors are not entitled to step in and assert fraudulent transfer and fiduciary-based claims on behalf of the company, and are merely clamoring for standing because the estate recently appealed the toss of an antitrust action against the creditors, according to Anderson.

“The standing motion,...
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.