NJ Firm's Bankruptcy Estate Could Sue Insiders, Report Says
By Jeannie O'Sullivan (November 8, 2016, 9:41 PM EST) -- The bankruptcy estate of New Jersey foreclosure firm Zucker Goldman & Ackerman LLC may have grounds to sue its insiders over their interests in a separate company purportedly bankrolled by the firm's funds, according to a report released Tuesday.
The startup and operation of 4S Technologies LLC, a company formed by Zucker Goldberg Managing Member Michael Ackerman, has whittled the amount the firm's creditors can recover under its Chapter 11 plan, said the report by former U.S. Bankruptcy Judge Donald Steckroth of Cole Schotz PC, the bankruptcy examiner whom the creditors committee enlisted to investigate possible claims.
Ackerman formed 4S, a...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!