11th Circ. Reverses Bankruptcy Sale, Suggests Sanctions

Law360, Miami (August 18, 2014, 8:16 PM EDT) -- The Eleventh Circuit on Friday ruled that the bankruptcy petition of Boca Raton, Florida-based Global Energies LLC was filed by one of the company's shareholders in bad faith and said that the bankruptcy court erred in failing to consider new evidence and void the sale of the company's assets.

A three-judge panel for the federal appeals court ruled in favor of Joseph Wortley, who accused the two other shareholders of Global Energies of conspiring to put the company into bankruptcy with the help of an attorney. After the sale of the company's assets, Wortley uncovered previously withheld evidence showing that his...

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