UPDATE: Arcapita Creditors Want to Go After Millions in Claims
In a Tuesday filing with U.S. Bankruptcy Court in Manhattan, Arcapita’s official committee of unsecured creditors said it wants to challenge three sets of claims that it says could unlock millions of dollars for creditors of the liquidating firm. The creditors think they can recover more than $33 million owed to Arcapita being held by three Bahrain banks and save Arcapita from $100 million in liabilities stemming from a 2011 transaction with its subsidiary Arcapita Investment Holdings that may have been insolvent. The creditors also think they can get $1.2 million more related to a “preference” claim, which typically refers to claims from the 90-day period before a company files for bankruptcy. In their filing, the creditors said they didn’t think litigation would be overly expensive.