Robert Nix Federal Building, 33 S. 9th St, Philadelphia. (Photo: Wikipedia.com) Sacks Weston's Creditors Remain Hostile to Firm's Chapter 11 Plan
Third-party litigation funders Virage Capital and Jordan Litigation Funding pushed a judge Wednesday to dismiss the firm's Chapter 11 petition. Meanwhile, co-founder Andrew Sacks was absent from the hearing, purportedly dodging service of a subpoena from Virage.
April 10, 2024 at 05:36 PM
4 minute read
What You Need to Know
- Sacks Weston faced a motion to dismiss its bankruptcy proceedings Wednesday, with litigation funder Virage Capital claiming the firm filed for bankruptcy in bad faith back in August 2023.
- Virage also claimed that it, along with creditor Jordan Litigation Funders, would not confirm the firm's current Chapter 11 plan should the bankruptcy continue.
- While firm co-founder John Weston testified regarding the details of the firm's past and current finances, co-founder Andrew Sacks was not present at court.
As a Pennsylvania bankruptcy judge prepares to rule on the legitimacy of embattled Philadelphia firm Sacks Weston's Chapter 11 petition, a hearing on Wednesday offered a preview into the difficulties the firm will face in convincing its creditors to support the plan moving forward.
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