Transvantage Solutions, Inc.
TransVantage Solutions, Inc. (d/b/a Freight Traffic Services) filed for bankruptcy protection in May 2013 and was converted to Chapter 7 the following month.
A New Jersey-based business that provided freight auditing and payment services on behalf of its manufacturing customers, TransVantage estimated it's assets to be over $71 million with liabilities at $41 million but with most of the former being comprised by an unspecified claim against it's largest secured creditor.
More than 500 adversary Complaints were filed in 2015 by the Trustee Alfred T. Giuliano which all asserted that TransVantage was operated as a Ponzi scheme and that the alleged payment of carrier invoices were commingled between customer accounts with fraudulent intentions.
Giuliano began an increasingly-aggressive campaign to settle the adversaries and entered into direct settlements with other carriers which resulted in millions of dollars in proceeds for the creditors.
