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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2659
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Ray, this question pertains to a cause of action that was stated

Customer Question

Ray, this question pertains to a cause of action that was stated in a bankruptcy while in Chapter 11, then the appointed Trustee refused to prosecute when it got to chapter 7, and the CEO, who was the principal unsecured shareholder Motioned the Bankruptcy court to compel the Trustee to "abandon," and he did. Bankruptcy law states any abandoned property (and a cause is property), reverts back to the shareholders.
Two years later, after being discharged and all secured creditors being paid, and three years after FL Department of Corporations Administrative Dissolving, the CEO and sole shareholder wrote an "assignment of assets" (nunc pro tunc) adopting the date of corporate discharge, and assigning those cause of actions (six of them) to himself personally.

What is wrong with this?
I need CASE LAW that (1) states a corporate cause of action is "an asset," and (2) that the asset can be sold, assigned, transferred (in lieu of a debt) from the corporation to an "individual" (shareholder owed money).
Then hopefully, (3), that "individual" can prosecute that corporate cause of action as an individual, pro se.
Please remember, Bankruptcy law dictates that any asset abandoned by a Trustee in a CH-7, reverts back to the shareholder. My problem I guess, is proving a chose of action is an asset that can be moved to an individual.
Submitted: 4 years ago.
Category: Bankruptcy Law
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Customer: replied 4 years ago.

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