The national debt settlement company Morgan Drexen, whose successors are embroiled in their own legal troubles, seem to be facing more upcoming issues from their own bankruptcy filing.
On April 30, 2015 Morgan Drexen filed for bankruptcy protection. The filing was converted to a Chapter 11 reorganization and then back to a Chapter 7 liquidation.
The Bankruptcy Trustee appears to be preparing to go after people related to Morgan Drexen. A recent court filing says, “The remaining assets of the estate requiring administration by the Trustee appear to be certain, potential causes of action, including but not limited to, potential causes of action against the officers and directors of the Debtor, potential professional negligence causes of action; and professional avoidance actions.
In order to ensure a cost effective result is achieved by the Trustee’s prosecution of the Potential Causes of Action, the Trustee intends to compensate all future counsel on a contingency basis when incurring fees prosecuting the Potential Causes of Action.” – Source
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