Former Monitor's committee looks to recover $2.13 million in transfers

By Caroline Salls

Pittsburgh, May 15 - The official committee of unsecured creditors for MCG LP, formerly Monitor Co. Group LP, filed an adversary proceeding Wednesday in an attempt to avoid and recover $2.13 million in preferential transfers made during the 90-day period preceding the company's bankruptcy filing, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The defendants are Two Canal Park, LLC and Mid-West Portfolio Corp., formerly known as Realty Associates Iowa Corp. (RAIC).

According to the filing, Monitor leased space in a building in Cambridge, Mass., from RAIC and Two Canal. The property served as Monitor's corporate headquarters until the Jan. 11 closing of its asset sale.

The committee said Monitor's liquidity problems resulted in payment defaults on the amended lease.

The transfers sought in the committee's adversary proceeding were made by Monitor for payment of rent, operating costs, tax costs and other amended lease fees, the filing said.

Monitor, a Cambridge, Mass.-based strategy consulting firm, filed for bankruptcy on Nov. 7, 2012. Its Chapter 11 case number is 12-13042.

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