Del. Ch. 7 Settlement Bypass Brings New Sanction Calls

By Jeff Montgomery (May 12, 2022, 7:04 PM EDT) -- Investors who reached a $5.2 million settlement in Delaware with the Chapter 7 trustee of film distribution company Our Alchemy for transfers that helped tank the business have joined a bid for sanctions against banks that recently sued the same investors and their lender agent to recover more than $50 million in unpaid loans and interest.

Virgo Investment Group LLC, its affiliates and principals, and George L. Miller, Chapter 7 trustee for Alchemy, argued that Alchemy pre-petition lenders Emigrant Bank and Pacific Mercantile Bank attempted an end run around the bankruptcy court and Miller by suing the Virgo parties in New...

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