With access to cash for at least another week, the trustee overseeing Truland Group Inc.'s bankruptcy plans to launch an investigation into what led to the electrical contractor's sudden shutdown and chapter 7 filing a little more than than a month ago, Washington Business Journal reported yesterday. Wiley Rein lawyer Jason Gold, who is representing trustee Klinette Kindred, said that it is too early to determine how that investigation will pan out. At the same time, he told Hon. Brian Kenney on Monday that "if appropriate, litigation will be brought against potentially culpable parties." This hearing was the first time the prospect of "potentially culpable parties" came up. Gold said that neither he nor the trustee has come up with any information so far that would lead to criminal charges being filed in connection with the case. Nor is there information ruling out the prospect. Judge Kenney approved a consent order allowing the trustee to have access to cash to fund its administrative costs for at least another week. BMO Harris Bank NA has agreed to cover those costs outside of the $27 million it is already owed.
