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Trigeant creditor BTB appeals order disallowing $32.6 million claim
By Kali Hays
New York, April 10 – Trigeant holdings Ltd. creditor BTB Refining, LLC filed an appeal of a March 27 order from the U.S. Bankruptcy Court for the Southern District of Florida which disallowed and estimated at $0 BTB’s $32.6 million lost profits claim, according to a Friday court filing.
As previously reported, BTB filed a $35.12 million claim against Trigeant, of which $32.6 million represented Trigeant’s alleged liability to BTB for “breach of contract, tortious interference with contract, tortious interference with prospective contractual or business relations, negligent misrepresentation, fraud and conspiracy” and other claims covered in a lawsuit pending in the District Court of Harris County, Texas.
According to the March 27 order, BTB’s claim states that the calculation of lost profits represents net profits from unrealized processing and facility lease revenues during 2013 and 2014.
Specifically, BTB claims it is entitled to the lost profits it would have earned in 2013 and 2014 but for Trigeant’s failure to enter into a refinery lease under a letter of intent signed in December 2012.
Judge Erik P. Kimball said in the order that “the best approach for estimation in this matter is to multiply the face amount of the lost profits claim by the probability that a trier of fact may find in favor of BTB.”
Judge Kimball said “a trier of fact” could not find in favor of BTB on the intent and knowledge and independently tortious or unlawful conduct counts of its lost profits claims.
As a result, the judge ruled that “there is zero probability that BTB will prevail on its claim.”
Trigeant, a Boca Raton, Fla.-based petroleum company, filed for bankruptcy on Aug. 25, 2014. The Chapter 11 case number is 14-29027.
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