From our private database of 35,600+ case briefs...
In re Biolitec, Inc.
United States Bankruptcy Court for the District of New Jersey
2013 WL 1352302 (2013)
Biolitec, Inc. (Biolitec) (defendant) was the United States affiliate of a multinational group of companies called Biolitec Group, all of which were substantially controlled by Wolfgang Neuberger. Biolitec entered a supply-and-distribution contract with AngioDynamics, Inc. (AngioDynamics) (plaintiff). AngioDynamics sued Biolitec in New York for breach of the contract and was awarded $23 million. After the New York lawsuit began, Biolitec showed a drastic diminution in assets and an increase in debt. Biolitec appealed the New York judgment and also filed for chapter 11 bankruptcy. AngioDynamics sued Biolitec in Massachusetts for fraudulently funneling $18 million worth of assets to related entities in an effort to render themselves judgment proof. The Massachusetts court entered a preliminary injunction to prevent further asset transfer and to prevent a merger with Biolitec Austria. Biolitec appealed the Massachusetts injunction, and the United States Court of Appeals for the First Circuit affirmed the injunction. Nevertheless, Biolitec completed the merger before the First Circuit’s decision was given. AngioDynamics filed a motion in the bankruptcy court for the appointment of a chapter 11 trustee, arguing that the appointment of a trustee was required to protect the interests of Biolitec’s creditors, due to systematic looting of Biolitec by the debtor-in-possession.
Rule of Law
Holding and Reasoning (Steckroth, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 619,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead our student testimonials
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.Learn about our approachRead more about Quimbee
Here's why 619,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 35,600 briefs, keyed to 984 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.