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KOL Commences Litigation on behalf of the Liquidating Trust of Debtor PTMS Liquidating Corp. (f/k/a ProxyMed and MedAvant) Against General Atlantic, LLC and Braden Kelly for Causing the Demise of the Company
On March 30, 2010, KOL was retained by the Liquidating Trust, created pursuant to the Chapter 11 Plan of Liquidation for the PTMS Liquidating Corp. that was approved by order of the United States Bankruptcy Court for the District of Delaware on July 15, 2009, to represent the Liquidating Trust concerning potential claims against General Atlantic LLC and certain of its current or former officers or partners. General Atlantic LLC was the largest single shareholder of the Debtor, owning as much as 26.8% of its outstanding common stock and its designee Braden Kelly served as a Director of the Company and the Chairman of the Board. On December 21, 2010, after an extensive investigation, KOL commenced litigation against General Atlantic, LLC and Braden Kelly in the United States Bankruptcy Court for the District of Delaware for allegedly taking actions, that were contrary to the interest of the Debtor which caused the Debtor to have to file for bankruptcy on July 23, 2008.
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