First off, greed in any one is not good and can lead to their downfall. Next, and most importantly to a lawyer like me, greed in an attorney is not good, and in my opinion can lead to ethical problems. Well, the July 15, 2010 court opinion of the U.S. Bankruptcy Court in New Jersey in the case of IN RE SKYWORKS VENTURES, INC. (found online at
http://www.leagle.com/unsecure/page.htm?shortname=inbco20100715742) proves the point brilliantly.
Essentially the court found that the lawyers knew better than to file the bankruptcy petition, but did so anyway. Thus, it certainly was not a “good faith” filing. Especially when there was a bona fide dispute. The court further noted in this case and as a warning to all that “petitioning creditors should carefully examine the risks undertaken in the filing of an involuntary petition.”
You can read the opinion yourself, and I encourage you to do so. As an aside, I always have said don’t mess with the court….particularly a federal court. Here is proof positive why you should not.