On Sept. 30, 2010, attorneys for the New-York based law firms, Kelley Drye & Warren and Silverman Acampora, notified several corn producers and their attorneys in Iowa and across the Midwest that they are withdrawing demands for preference claims against a number of producers in the VeraSun Bankruptcy proceeding. In August, these law firms sent letters to producers who received payment for corn or other services from VeraSun Energy within 90 days of the company’s filing of Ch. 11 bankruptcy. These letters notified producers that payments received within the 90-day timeframe were preference claims under the U.S. Bankruptcy Code that should be returned to the bankruptcy estate and offered to settle with producers for 80 percent of the amount paid. The law firms requested that farmers respond to their settlement offer by Sept. 30, 2010.
Iowa State University
Herbold, Erin, "Important Update for Farmers that Supplied Grain to VeraSun within 90 days of Bankruptcy" (2010). Integrated Crop Management News. 363.
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