Congratulations to Dunn Law, P.A. attorneys Michael Dunn and Jerrod Maddox, representing @Kenneth A. Welt as Chapter 7 Trustee of the Bankruptcy Estate of 98 SE 7, LLC, recently assisted in securing court approval of a settlement for payment to the Estate of $1,585,000.
The case involved Estate claims including fraudulent transfers, successor liability, director and officer breaches of fiduciary duty, among others. The Trustee investigated and identified several causes of action against insiders and affiliates of the Debtor, including notably the fraudulent transfer of a multi-million dollar commercial property in Deerfield Beach several months before the bankruptcy.
After the Trustee filed suit and early-stage litigation, the parties entered extensive negotiations, including with the secured creditor, and several other entities and individuals. This global settlement resolved pending litigation matters in both bankruptcy and state court, along with other asserted claims among the parties, and will net a very significant recovery for the Estate’s creditors.