KCC Precedent Search Options

KCC's Corporate Restructuring Court Documents Search provides access to thousands of historical court documents located on KCC public access websites. Please use the form below to refine and maximize search results.

For information about the data provided, please review the Disclaimer statement.

Disclaimer


Kurtzman Carson Consultants LLC ("KCC") does not guarantee or warrant that the data provided herein is accurate, complete, or current and shall not be liable to you for any loss or injury arising out of or caused in whole or in part by the acts, errors or omissions of KCC, whether negligent or otherwise, in procuring, compiling, gathering, formatting, interpreting, reporting, communicating or delivering the information contained in this website. KCC does not undertake any obligation to update, modify, revise or reorganize the information provided herein, or to notify you or any third party should the information be updated, modified, revised or reorganized. In no event shall KCC be liable to you or any third party for any direct, indirect, incidental, consequential or special damages (including, but not limited to, damages arising from the disallowance of a potential claim against a client of KCC or damages to business reputation, lost business or lost profits), whether foreseeable or unforeseeable and however caused, even if KCC is advised of the possibility of such damages. KCC is not in the business of providing professional or legal advice with respect to this website service and this website service should not be relied on as a substitute for financial, legal or other professional advice.

Please review KCC's Terms of Use and Privacy Statement for additional information regarding the data maintained on this website. By using this site, you consent to the terms of KCC's Terms of Use and Privacy Statement regarding the use and processing of personal information, and any and all other terms that may be set forth on this site concerning the collection of personal information. If you do not agree to these terms, you should not use this site. You further agree that by utilizing this site, your rights and obligations, as well as the rights and obligations of KCC, shall be governed, at KCC's sole discretion, by the laws of the State of California.

Electronic mail or other communications through this website or otherwise to KCC or any party in connection with any matter will not be treated as privileged or confidential. KCC does not endorse or warrant and is not responsible for any third-party content that may be accessed from this website.

Welcome to the website relating to the shareholder clawback lawsuits being prosecuted by the LB Creditor Trust and the LB Litigation Trust (collectively, the “Trusts”) created pursuant to the plan of reorganization of the Lyondell Debtors. In these lawsuits, the Trusts seek to recover amounts paid to former shareholders of Lyondell in connection with the failed leveraged buyout of Lyondell by Basell AF S.C.A., on or about December 20, 2007. The lawsuits contend that these payments to shareholders constitute fraudulent transfers under applicable law and should be returned to the Trusts for distribution to the Lyondell Debtors’ unsecured creditors.

There are three separate shareholder clawback lawsuits, two based on state law (“State Law Clawback Action I” and “State Law Clawback Action II”) and one based on federal bankruptcy law (the “Federal Law Clawback Action,” and collectively, the “Actions”).

State Law Clawback Action I (which was commenced on October 22, 2010 and amended on December 13, 2011, December 19, 2011 and April 7, 2014); the Federal Law Clawback Action (which was commenced on December 23, 2010 and amended on April 7, 2011 and April 7, 2014); and the State Law Clawback Action II (which was commenced on December 19, 2011 and amended on April 7, 2014) are currently pending in the United States Bankruptcy Court for the Southern District of New York before the Honorable Judge Robert E. Gerber (the “Bankruptcy Court”).

On January 11, 2011, various defendants filed motions to dismiss the State Law Clawback Action I. On January 14, 2014, the Court issued a Decision and Order on the motions to dismiss (the “Decision and Order”). In the Decision and Order, among other things, the Court denied that portion of the motions to dismiss, which was premised on the applicability of Section 546(e) of the Bankruptcy Code to state law claims and on implied preemption by Section 546(e), and granted that portion of the motions to dismiss concerning the Plaintiff’s intentional fraudulent transfer claim. Moreover, the Court granted the Plaintiff leave to replead the intentional fraudulent transfer claim. On April 7, 2014, the Plaintiff delivered to the Bankruptcy Court confidential copies of amended complaints in the Actions repleading the intentional fraudulent transfer claim, which were filed in redacted form on the public dockets on April 18, 2014.

State Law Clawback Action I

(Edward S. Weisfelner, as Trustee of the LB Creditor Trust v. Fund 1, et al. (Adv. Pro. No. 10-04609)):

• A copy of the Second Amended Complaint in the State Law Clawback Action I (which was filed on December 19, 2011) [Docket No. 253] can be viewed by clicking here.

• Defendants in the State Law Clawback Action I have filed motions to dismiss the lawsuits. A copy of the lead defendants’ motion to dismiss in the State Law Clawback Action I [Docket No. 72] can be viewed by clicking here.

• The Trustee’s opposition to these motions to dismiss [Docket No. 142] can be viewed by clicking here.

• The lead defendants’ reply brief in further support of their motion to dismiss [Docket No. 168] can be viewed by clicking here.

• On May 12, 2011, the Court heard oral argument on the motions to dismiss the State Law Clawback Action I, and took such motions under submission.

• On January 14, 2014, the Bankruptcy Court issued its Decision and Order on motions to dismiss [Docket No. 1891], a copy of which can be found by clicking here.

• On April 18, 2014, the Plaintiff filed a redacted form of the Third Amended Complaint in the State Law Clawback Action I [Docket No. 1941], a copy of which can be found by clicking here.

• A summons was issued in connection with the Third Amended Complaint on August 11, 2014 [Docket No. 1988], a copy of which can be found by by clicking here.

Federal Law Clawback Action

(Edward S. Weisfelner, as Trustee of the LB Litigation Trust v. Hoffman, et al. (Adv. Pro. No. 10-05525)):

• A copy of the Amended Complaint in the Federal Law Clawback Action (which was filed on April 20, 2011) [Docket No. 264] can be viewed by clicking here.

• Defendants in the Federal Law Clawback Action have filed motions to dismiss the lawsuit. A copy of the lead defendants’ motion to dismiss in the Federal Law Clawback Action [Docket No. 158] can be viewed by clicking here.

• The Trustee’s opposition to these motions to dismiss [Docket No. 295] can be viewed by clicking here.

• The lead defendants’ reply brief in further support of their motion to dismiss [Docket No. 303] can be viewed by clicking here.

• Oral argument on the motions to dismiss was held on July 12, 2011. On October 6, 2011, the Bankruptcy Court entered an Order [Docket No. 511] denying the defendants’ motion to dismiss based on the argument that the Trustee lacked standing to bring the Federal Law Clawback Action. A copy of the Order can be viewed by clicking here. With respect to the other grounds asserted for dismissal of the lawsuit, the defendants' motion to dismiss remained pending.

• On April 18, 2014, the Plaintiff filed a redacted form of the Second Amended Complaint in the Federal Law Clawback Action [Docket No. 753], a copy of which can be found by clicking here.

• On May 8, 2014, the Plaintiff filed a motion for class certification of a defendant class in the Federal Law Clawback Action [Docket Nos. 755 and 756], a copy of which can be found by clicking here. The proposed defendant class consists of all Lyondell shareholders who received Merger Consideration, with the exception of certain former Lyondell shareholders as set forth in both the Second Amended Complaint in the Federal Law Clawback Action and the Plaintiff’s motion for class certification.

• A summons was issued in connection with the Second Amended Complaint on August 7, 2014 [Docket No. 775], a copy of which can be found by clicking here.

State Law Clawback Action II

(Edward S. Weisfelner, as Trustee of the LB Creditor Trust v. Reichman, et al. (Adv. Pro. No. 12-01570)):

• A copy of the Complaint in State Law Clawback Action II (which was filed on December 19, 2011) can be viewed by clicking here.

• On April 18, 2014, the Plaintiff filed a redacted form of the Amended Complaint in the State Law Clawback Action II [Docket No. 27], a copy of which can be found by clicking here.

Note

Kurtzman Carson Consultants LLC ("KCC") maintains this website at the direction of Brown Rudnick LLP, the attorneys for the Trusts. KCC maintains this website for the public's convenience and, while KCC makes every attempt to ensure the accuracy of the information contained herein, this website is not the website of the United States Bankruptcy Court or the Supreme Court for the State of New York and does not contain the complete, official record of the Bankruptcy Court. All documents filed with the Courts are available for inspection at the United States Bankruptcy Court, Southern District of New York or the Supreme Court for the State of New York, New York County.