Bankruptcy Judge Marvin Isgur’s order lifts bankruptcy protection of TMT affiliate New Flagship Investment just enough to allow Cathay to continue legal action to stop further transfers of the Taipei real estate.
The order is the latest wrinkle in the ongoing Houston bankruptcy case involving several affiliates of Nobu Su-led TMT. Cathay is a major secured creditor in the proceedings.
As TradeWinds reported earlier this week, Cathay asked Isgur for permission to move forward with legal action to pursue legal action for potential fraudulent transfer over a $2.71m
