February 14, 2014
(Editor’s Note: This post is an excerpt from an article appearing in Practitioner Insights on WestlawNext)
Ritz Camera & Image LLC’s bankruptcy trustee was dealt a blow when a Delaware bankruptcy judge ruled four of his claims against camera maker Canon U.S.A. Inc. did not survive a motion to dismiss.
In re Ritz Camera & Image LLC et al., No. 12-11868; Ritz Camera & Image LLC v. Canon U.S.A. Inc., Adv. No. 12-50986, 2014 WL 432192 (Bankr. D. Del. Feb. 4, 2014).
U.S. Bankruptcy Judge Kevin Gross of the District of Delaware nixed trustee Alfred T. Giuliano’s claims for unconscionability, economic duress, unjust enrichment and declaratory judgment, saying he failed to show Canon bamboozled the bankrupt camera store chain into agreeing to pay Canon more than $3 million.
The judge, however, let stand the trustee’s fraudulent-transfer claims.