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Corporate Resource Services Settlement Sought

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The Chapter 11 trustee assigned to Corporate Resource Services’ case filed with the U.S. Bankruptcy Court a motion to approve a settlement, by and among the Trustee and Crowe Horwath LLP.

The settlement motion explains, “The Settlement resolves potential claims by the Trustee against Crowe Horwath that otherwise would have resulted in protracted and costly litigation. The Trustee believes that the Debtors’ estates have meritorious claims against Crowe Horwath, but Crowe Horwath strongly denies these claims and has identified numerous defenses it would assert, and as with any litigation the ultimate outcome is uncertain. In contrast to the delay, cost, and uncertainty of litigation, the Settlement represents a favorable alternative for all parties in interest. The Debtors’ estates will recover $2.1 million in the near term and avoid the risk and delay of litigation. The Parties engaged in extensive negotiations with the assistance of counsel that culminated in the proposed Settlement. The Trustee respectfully submits that the Settlement is beneficial to the Debtors’ estates and the creditors, and requests that the Court approve the Settlement and grant the other relief sough herein.” The Court scheduled a March 27, 2018 hearing with objections due by March 20, 2018.

Read more Corporate Resources Service bankruptcy news.

The post Corporate Resource Services Settlement Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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