Photo of Joseph H. Lemkin

Joseph H. Lemkin is a Shareholder and member of Stark & Stark’s Bankruptcy & Creditors’ Rights Group. Mr. Lemkin’s practice primarily focuses on the areas of bankruptcy law, commercial litigation, business reorganization, and related matters, with a particular emphasis on creditors’ rights. Mr. Lemkin has extensive experience representing mortgage lenders in both consumer and commercial bankruptcy proceedings, as well as secured creditors, creditors’ committees, debtors and trade creditors, and bankruptcy trustees.

Last week, South Korea’s Hanjin Shipping Company (“Hanjin”) filed for bankruptcy protection under the Debtor Rehabilitation and Bankruptcy Act in the Seoul Central District Court in South Korea. As the world’s seventh largest container shipper servicing 8% of the Trans-Pacific trade in the United States, Hanjin’s bankruptcy filing is cause for concern for landlord retail anchor tenants, such as Target and JCPenney, as well as to other trade creditors and suppliers.

Continue Reading Shipping Giant Hanjin Files International Bankruptcy Proceeding In Newark

On October 29th, the the liquidating trustee of the Radio Shack liquidating trust filed lawsuits in the United States Bankruptcy Court for the District of Delaware seeking to claw back “preferential” payments made by Radio Shack to its creditors. These payments were made within the 90 days of its bankruptcy filing on February 15, 2015.

The creditors sued in these cases include, among others, landlords, utility providers, banks, logistics companies and providers of electronic goods. All totaled, approximately 200 creditors were sued for allegedly being “preferred.” These creditors undoubtedly provided valuable services and goods that Radio Shack accepted and used prior to filing for bankruptcy protection.

Additionally, many of these creditors likely had outstanding receivables as of the date Radio Shack filed for bankruptcy, which may never be paid. Under these circumstances, it is easy to understand why vendors might feel outraged upon receipt of a preference complaint.
Continue Reading Radio Shack Creditors Preferred? – Not If New Value Was Provided