Order Slows Efforts to Collect from Carriers in TransVantage Case
A federal judge slowed the bid by the bankruptcy trustee for freight bill payment firm TransVantage Solutions to collect hundreds of millions of dollars from nearly 500 carriers and shippers.
U.S. Bankruptcy Court Judge Kathryn Ferguson granted a motion by customers and carriers that used TransVantage, which failed in 2013 with debts exceeding $40 million. The Trustee, Alfred Giuliano, in April sued carriers and customers, seeking repayment in as little as 30 days.
Ferguson’s order set July 24 as the filing date for motions to dismiss the trustee’s case and created a schedule stretching into October for arguments.
Shirley Sooy, the owner of New Jersey-based TransVantage, is facing federal charges including wire fraud. Prosecutors allege her firm commingled the money from companies that paid and received the funds. Sooy also is alleged to have run a Ponzi scheme, using the money collected for a yacht, a sports car and vacation property.
