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In re TSAWD Holdings, Inc.
United States Bankruptcy Court for the District of Delaware
574 B.R. 482, 2017 WL 4179817 (2017)
In March 2016, TSA Stores, Inc. (TSA), a sporting goods and retail apparel store, filed for bankruptcy. Several creditors sought to recover from TSA’s estate: TSAWD Holdings, Inc., including O2Cool, a designer, manufacturer, and distributor of sporting goods; and Yusen along with several of its affiliates, including OOCL and Orient Overseas Container Line Limited (Orient Overseas), TSA’s logistics and supply-chain management vendors. In the months leading up to TSA’s filing, O2Cool delivered several shipments to one of TSA’s logistics vendors pursuant to an agreement between O2Cool and TSA. The goods made it through the supply chain, passing through several vendors, and ended up aboard Orient Overseas’ vessels for delivery to TSA. A nonnegotiable bill of lading issued by Orient Overseas listed the vendor who consolidated and crated the goods as the consignor instead of their manufacturer, O2Cool. After learning of TSA’s bankruptcy filing, O2Cool sent five stop-shipment notices to Yusen, which did not possess the goods at the time of notice. O2Cool then sent a notice to OOCL, which OOCL acknowledged but did not obey. TSA eventually took possession of the goods, and they were sold by its estate to pay creditors in its bankruptcy proceeding. TSA and Yusen filed a joint motion for summary judgement to determine rights to goods shipped from O2Cool to TSA.
Rule of Law
Holding and Reasoning (Walrath, J.)
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