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Majestic Star Casino LLC v. Barden Dev. Inc. (In re Majestic Star Casino LLC)

Majestic Star Casino LLC v. Barden Dev. Inc. (In re Majestic Star Casino LLC)

Ruling
Revocation by parent of debtor's qualified subchapter S status was an avoidable transfer.
Procedural posture

Debtors multi-jurisdictional casino operators brought an adversary complaint to avoid a postpetition transfer and disposition of alleged property of the estate under 11 U.S.C.S. §§ 549, 550, and for violation of the automatic stay under 11 U.S.C.S. § 362. The transfer was alleged to have occurred when defendant parent revoked debtors' qualified subchapter S subsidiary (QSub) status with defendant Internal Revenue Service (IRS).

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Commercial opinion summary, case decided on January 24, 2012 , LexisNexis #0212-129