AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
A group of unsecured Atlas Telecom creditors are attempting to force the beleaguered telecommunications company into bankruptcy in order to ensure that Atlas uses proceeds from its ongoing liquidation to pay creditors.
The four creditors, who are owed slightly more than $1.8 million combined, filed an involuntary bankruptcy petition on May 1. They also requested that Atlas be turned over to a trustee, a request that was denied at the time of the involuntary bankruptcy filing.
A motion for appointment of an interim trustee alleged: "Creditors have been informed that certain assets of the debtor may have been transferred to insiders of the debtor for less than fair …