Rothstein Trustee Files Dozens of New Lawsuits and an Emergency Motion to Extend the Deadline to File More

With the current November 30, 2011 deadline for filing clawback avoidance claims coming up, and a number of issues still outstanding due to the involuntary petitions filed against the Banyon entities, Herb Stettin, the Trustee for the Rothstein entities, filed dozens of new Clawback lawsuits and an Emergency Motion to Extend the Deadline to File Clawback lawsuits for 90 days, with the right to request additional time.   A hearing has been set for today at 1:30 p.m.

In support of the motion, the Trustee cited to an order issued in the Middle District of Florida from U.S. Bankruptcy Court Judge Funk extending this deadline in the Taylor Bean bankruptcy. Interestingly, just last week, Berger Singerman, the same attorneys for the debtors in both cases, filed a second such motion in the Taylor Bean case stating that the uncertainty of the scope of the bankruptcy court jurisdiction, resulting from the Stern v. Marshall, U.S. Supreme Court decision, as the grounds for additional time needed to file these types of avoidance actions.

Eric N. Assouline, Esq.

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