Guardians of Grail

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Creditors Go After Heller Pension Fund Legal Pad,[link widoczny dla zalogowanych]
Creditors think about $24 million in pension contributions for 2007 fall under a fraudulent transfer claim they say they'll assert against former shareholders. About $10.2 million was in other pension plans that have been liquidated and closed,[link widoczny dla zalogowanych], leaving about $13.8 million for creditors to haggle over.
The creditors committee is hoping to show the firm was insolvent as early as 2007,[link widoczny dla zalogowanych], and that money that flowed out of it throughout 2008 is theirs. They hope to distribute all $49 million in assets out of the plan as soon as Friday or Monday and close it.
But wait,[link widoczny dla zalogowanych], there's more: Those pesky accounts receivable,[link widoczny dla zalogowanych], and more bank flogging.
Speaking of money,[link widoczny dla zalogowanych], Heller has collected $23 million in accounts receivable since it filed for bankruptcy in December. It had collected $70 million in the three months between its dissolution and the bankruptcy,[link widoczny dla zalogowanych], according to an interim status report filed in bankruptcy court.
About $54 million in AR is left,[link widoczny dla zalogowanych]. Paragraph 22 of the report says a lot about the creditors' resignation on collecting the rest:
"The Committee is not satisfied with a 63 percent collection rate,[link widoczny dla zalogowanych], but unfortunately the most important three months of collections - the three months immediately after dissolution - occurred while Bank of America and/or Citibank was essentially managing the Debtor through its absolute control over each check released and paid by Bank of America and/or Citibank. By the time of the Debtor's bankruptcy filing,[link widoczny dla zalogowanych], most accounts were more than ninety days old. Thus,[link widoczny dla zalogowanych], a 30% collection rate post-petition is essentially in the range of what the Committee anticipated very early in this case - in other words,[link widoczny dla zalogowanych], the low hanging fruit had already been picked by the time of the bankruptcy filing."
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