The U.S. Bankruptcy Court denied the U.S. Trustee’s motion for an order directing the appointment of an examiner to the AgFeed Industries case. As previously reported, “An examiner, an independent third party, must be appointed to review and report on the Debtors’ investment of $70 million in China, assets acquired or lost in China, including but not limited to cash and accounts receivable, potential claims and causes of action that may exist as a result of AgFeed’s dealings in China. It is in the best interest of all parties to these bankruptcy cases that such an examination is done by an independent third party, a third party who is free from any potential taint from past events, and free from any pending litigation….Given the raising of funds through the issuance of securities, the large losses in 2010, and the Debtors’ continuing course of conduct to avoid or evade disclosure, culminating in the August 15, 2013 SEC filing evidencing an intent by AgFeed to never restate its financials, it is imperative that the results of any investigation be publicly disseminated in a report to the bankruptcy court and all parties in interest. This can best be accomplished through the appointment of an independent examiner.”
About Ben Schlafman
Ben Schlafman is a University of Rhode Island graduate in Political Science and Marketing who got his start selling and promoting bankruptcy and distressed data products for New Generation Research, Inc. With over 8 years of hands on experience in the bankruptcy and distressed sectors, Ben writes, manages and supports an array of restructuring products under the New Generation Research umbrella.