Rochester, NY -- Kodak has been out of bankruptcy court for months, but the trustee representing Kodak's unsecured creditors is looking to reclaim money paid to Kodak's vendors before the company filed Chapter 11.
One of those vendors is Custom Molding Solutions, and president Dwight Campbell tells WHAM 1180 his company is being sued for nearly $100,000 under a clause that few had heard about.
But George Conboy, President of Brighton Securities, says such "clawback" claims are common after a bankruptcy. Payments to vendors 90 days before the Chapter 11 filing are being sought, even from companies that lost money still owed when Kodak filed.
Conboy says hundreds of companies are each being sued for small amounts, that could total millions of dollars, in hopes by the trustee they won't put up a fight in court. The beneficiaries could include some retirees in our area who lost their executive pension when the company went bankrupt.