Opinion ID: 219231
Heading Depth: 1
Heading Rank: 1

Heading: facts

Text: Evans Industries, Inc., (“Evans”) operated a series of five leased facilities in Louisiana and Texas that manufactured, filled, warehoused and distributed steel drums and industrial containers. Evans filed a Chapter 11 petition in April 2006, and the bankruptcy court confirmed the reorganization plan in October 2006. The plan formed a Distribution Trust of Evans Industries (the Trust) and allocated most of Evans's assets to that Trust. R. Patrick Sharp, III was appointed Trustee. In November 2006, on the plan’s closing date, Greif Industrial Packaging (“Greif”) entered into an asset purchase agreement (“APA”) with Evans. Under the APA, Evans sold its operations at the five facilities to Greif for $11,250,000. The sale included all of Evans’s property used to conduct business at all five premises, except for certain assets specifically excluded. However, $1,657,500 of that amount would be placed in a holdback escrow account funded by Greif. Greif was entitled to make holdback claims against that account for certain expenses as allowed for in the APA. Every four months, if no claims were filed,