TradingSecrets

$MMAT ⚖️ TRUSTEE v. EQUINITI — $64,174.86 PLUS INTEREST SOUGHT 🏛️ U.S. Bankruptcy Court, District of Nevada 👨‍⚖️ Judge Gary Spraker 📁 Bankruptcy: 24-50792-gs 📂 Adversary proceeding: 26-05029-gs 📅 Docket reviewed through November 4, 2026. 📄 DOC. 1 — COMPLAINT FILED AUGUST 5, 2026 Trustee Christina Lovato seeks repayment of $64,174.86 that Meta allegedly paid Equiniti on July 18, 2024, for “investor related expenses”—22 days before Meta filed bankruptcy. The trustee alleges the payment covered an existing debt, occurred while Meta was insolvent, and gave Equiniti more than it would have received through Chapter 7. 💰 WHAT DOES THE TRUSTEE WANT? ▪️ Declare the payment an avoidable preferential transfer. ▪️ Order Equiniti to return $64,174.86 to the estate. ▪️ Award interest and enter judgment. 📚 PLAIN ENGLISH A preference claim seeks to recover certain payments made shortly before bankruptcy so the money can be distributed under bankruptcy rules. Even a legitimate bill payment can potentially be recoverable. This claim does not itself establish fraud. 📂 WHY A SEPARATE CASE NUMBER? An adversary proceeding is a separate lawsuit within the bankruptcy, with its own complaint, summons and docket. That is standard procedure for this type of recovery claim. 🗓️ WHAT HAS HAPPENED? 📌 AUG. 5 — DOC. 1: Complaint filed. 📌 AUG. 10 — DOC. 4: Summons issued. 📌 AUG. 12 — Equiniti served by mail, according to the certificate. Proof filed AUG. 13 as DOC. 5. 📌 SEPT. 17 — DOC. 6: Scheduling conference continued to October 22. 📌 OCT. 22 — DOC. 8: Hearing continued to November 19. Minute entry entered October 23. 📌 OCT. 23 — DOC. 7: Trustee files a NOTICE OF INTENT TO TAKE DEFAULT, stating Equiniti has not answered or otherwise responded. ⏰ NOVEMBER 18, 2026 — RESPONSE DEADLINE The notice warns that the trustee will pursue default unless Equiniti files and serves an answer or another responsive pleading by this date. ⚖️ NOVEMBER 19, 2026 — STATUS HEARING 🕜 1:30 p.m. Pacific / 4:30 p.m. Eastern 💻 Zoom Video 📄 Docket entry 8. This is listed as a STATUS HEARING, not a default-judgment hearing. ❓ WHY ISN’T EQUINITI RESPONDING? Interesting question—but the docket does not explain why. Possible explanations include an internal routing problem, a missed deadline, settlement discussions outside the docket, or a decision about defense costs. These are possibilities only, not established facts. Equiniti may also have defenses depending on the payment’s circumstances. 🔎 WHAT STANDS OUT? The supplied November 4 docket shows no answer, entry of default, or default judgment. The trustee’s November 18 deadline falls immediately before the next status hearing. A default warning is not a judgment, and a judgment would not itself guarantee collection. 📌 This complaint seeks repayment—not trading records or shareholder lists. Any recovery goes to the bankruptcy estate, not automatically to shareholders. ⚠️ Allegations are not court findings. Informational summary with clearly identified speculation. Not legal advice.