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IBP Corp Initiates Adversary Proceedings Against Seventy Nine (79) Creditors.

Marianne O'Toole, Esq., the plan Administrator of IBP Corp filed seventy nine (79) lawsuits against its creditors earlier this month to recover allegedly voidable preferential transfers under Chapter 11 Section 547 of the Bankruptcy Code. The highest claim is for the amount of $1,200,963.71 and was filed against Neogem (I) Ltd.

Doubledown published Trader Monthly and other glossy magazines aimed at wealthy and aspiring Wall Street bankers and traders. On February 25, 2009, Doubledown had filed to liquidate under Chapter 7 of the U.S. Bankruptcy Code. The closely-held company, which also published Cigar Report, Corporate Leader, Dealmaker and Private Air, had filed for protection from its creditors with the U.S. Bankruptcy Court in Manhattan.

The U.S. case is In re Doubledown Media, LLC. Bankruptcy Judge Stuart M. Bernstein is presiding over this case. The plaintiff has retained The Law Offices of Robert L. Geltzer to represent them as their attorneys.