Bankrupt Cal Dive Launches $20M Clawback Campaign

Law360, Wilmington (March 2, 2017, 10:03 PM EST) -- The bankruptcy estate for defunct undersea oil drilling services firm Cal Dive International Inc. launched a campaign of avoidance actions Thursday looking to claw back more than $20 million in payments made before the now-liquidating company filed for Chapter 11 protection.

Nearly 150 avoidance actions flooded the Delaware bankruptcy court docket Thursday from Cal Dive counsel The Rosner Law Group LLC, seeking what are known as preference payments, monetary transfers made during the 90-day period before the debtor entered court protection.

The total amount sought exceeds $20 million and could push higher as more adversary actions are piled into the Cal...

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