Coda Estate Hits Ex-JV Partner With $14M Clawback Suit
Law360, Wilmington (August 12, 2014, 8:08 PM EDT) -- The bankruptcy estate for defunct electric carmaker Coda Holdings Inc. lodged an adversary action in the case late Monday looking to recover nearly $14 million in allegedly avoidable transfers to its China-based joint-venture battery partner, and also lodged a breach of contract claim against the company.
In a complaint filed in the Delaware bankruptcy court, John Madden, trustee for the Coda estate’s liquidating trust, claims that Tianjin Lishen Battery Joint Stock Co. Ltd. and certain affiliates still owe the California-based electric carmaker and one of its units $2.8 million in connection with an equity transfer agreement that had the Chinese battery...
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