NJ Firm's Bankruptcy Estate Could Sue Insiders, Report Says

Law360, New York (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...

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