Tradewinds, Inc. v. Citibank, N.A.

MEMORANDUM AND ORDER

This case is before the Court on motion of defendants-counter-claimants to set aside a distribution of corporate assets of plaintiff Tradewinds, Inc., and for other relief aimed at preserving assets which are potentially subject to a judgment in this litigation.

I

The counterclaimants have repeatedly urged that the liquidation of Tradewinds, Inc., pendente lite constituted a wrongful disposition of corporate assets in breach of certain statutory obligations to creditors. Accordingly, the counterclaimants sought to add the corporation’s four liquidating trustees as real…