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Luton, Esquire, Frank Grese, III, Esquire, Young, Conaway, Stargatt & Taylor, LLP, Wilmington, DE, for Plaintiff. Jameson, Esquire, Prickett, Jones & Elliott, PA, Wilmington, DE, for Defendants. For the reasons set forth below, the Motion will be granted, in part, and the adversary will be dismissed for lack of jurisdiction.
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For these reasons, the Court dismissed the complaint.
court jurisdiction would not raise specter of unending, post-confirmation jurisdiction) (quoting Astro Power, 335 B. In many smaller or mid- sized cases it may make sense to dispense with the liquidating trust and simply change the name of the debtor and finish the liquidation through use of the debtor and the Bankruptcy Court.
The Merrill Lynch defendants thereafter filed a motion to dismiss the amended complaint for lack of personal jurisdiction.
The complaint was subsequently amended to add the Merrill Lynch defendants, the third-party purchasers of the Xantrex stock, as additional defendants.
In some other cases, following the sale of the assets with the confirmation of a liquidating plan is the not best path. On May 11, 2005, plaintiff Astropower Liquidating Trust filed an eleven-count complaint against various defendants, asserting claims arising from the debtor’s pre-petition sale of its Xantrex Tech stock, with the help of the Merrill Lynch defendants, for a price substantially less than the release price of Xantrex stock just two months later in an initial public offering.