Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

SUMEC Textile Co. Ltd. v. Ryniker

Chinese Firm Denied Reconsideration of Order Requiring $694,157 Cash Security Posting

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

“There’s letters sealed; and my two schoolfellows, Whom I will trust as I will adders fanged, They bear the mandate; they must sweep my way And marshal me to knavery. Let it work, For ’tis the sport to have the enginer Hoist with his own petard; and ‘t shall go hard But I will delve one yard below their mines And blow them at the moon. O, ’tis most sweet When in one line two crafts directly meet.” – Prince Hamlet, in Hamlet, Act III, Scene 4. MEMORANDUM OF DECISION & ORDER Presently before the Court is appellant SUMEC Textile Company Limited’s motion for reconsideration of this Court’s order directing the Clerk of the Court to maintain the cash security posted by SUMEC pending the outcome of the Litigation Administrator’s appeal before the Second Circuit. For the foregoing reasons, appellant’s motion is DENIED. BACKGROUND On December 2, 2021, SUMEC filed its appeal before this Court seeking to overturn the November 23, 2021, decisions of the Bankruptcy Court denying its motion to reopen adversary proceedings and to vacate the entry of default against it. See DE 1; DE 1-2; DE 1-3. On December 6, 2021, appellant filed a motion to stay the execution of the $693,048.84 default judgment entered against it pending the outcome of this appeal. DE 2. In its stay motion, appellant specifically represented to the Court that “SUMEC has ample resources to settle this matter” and that “SUMEC is based in China. Collection on a Default Judgment may prove difficult in China.” DE 2 at

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
British Legal Awards 2024
November 27, 2024
London

Celebrating achievement, excellence, and innovation in the legal profession in the UK.


Learn More
GlobeSt. Healthcare Real Estate 2024
December 02, 2024 - December 03, 2024
Scottsdale, AZ

Join the industry's top owners, investors, developers, brokers and financiers for the real estate healthcare event of the year!


Learn More
ThinkAdvisor LUMINARIES Awards 2024
December 11, 2024
Las Vegas, NV

This event shines a spotlight on how individuals and firms are changing the investment advisory industry where it matters most.


Learn More
Go to Events Go to Webcasts
Associate General Counsel, Global Employment

Role TitleAssociate General Counsel, Global EmploymentGrade F13Reporting ToSenior Legal Counsel, Global EmploymentProgram/Tool/ Department/U...


Apply Now ›
Associate Attorney

Ryan & Conlon, LLP, is a boutique firm specializing in insurance defense. We are a small eclectic practice with a busy and fast paced en...


Apply Now ›
INTELLECTUAL PROPERTY PROSECUTION PARALEGAL

INTELLECTUAL PROPERTY PROSECUTION PARALEGAL - NEW JERSEY OR NEW YORK OFFICESProminent mid-Atlantic law firm with multiple regional office lo...


Apply Now ›
Go to Lawjobs