Copia Part 3: Gloves Come Off In Chapter 11 – Door Opens For Bare-Knuckle Litigator and Fraudulent Transfer Charges

Copia’s increasingly combative bankruptcy process took a decidedly gladiatorial turn late Tuesday night when Robert Mondavi’s now-insolvent wine and food center withdrew its previous liquidation plan.

LITIGATION AGAINST BANK OF NEW YORK

As reported by Wine Industry Insight on Feb. 20, Copia’s plan met with aggressive objections from unsecured creditor Copia Claims LLC which contends that the refinancing of Copia’s bond debt was flawed and that as much as $65 million could be recovered in associated litigation from the Bank of New York Mellon  (BONYM).

HEARING SCHEDULED FOR APRIL 10

A hearing to approve the McGrane/Copia Claims litigation plan has been scheduled for 10 a.m., April 10 at bankruptcy court in Santa Rosa.

If the court approves the plan, then Copia Claims is expected to file fraudulent transfer litigation against BONYM  in U.S. District Court for the Southern District of New York.

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IN THIS VIP CENTER ARTICLE:

• BANK OF NEW YORK BOTCHED COPIA’S 2007 BOND REFINANCING

• FRAUDULENT TRANSFER BEGAN WITH “FUDGED” LEGAL OPINION LETTER?

• THE “FUDGED” ORRICK LETTER: A TECHNICAL MISTAKE OR SUBSTANTIAL ERROR?

• OPINION LETTER DID NOT ADDRESS FRAUDULENT TRANSFER

• COPIA INSOLVENCY INFLUENCED ORRICK OPINION LETTER

• LAST MINUTE BACKTRACKING BY BONYM AND ACA

• TRADERS STILL BUYING AND SELLING 1999 BONDS