Official Committee of Unsecured Creditors of Norstan Apparel Shops Inc. v. Lattman (In re Norstan Apparel Shops Inc.)
Mar
30
2007
Ruling
S-Corp distributions to shareholders did not qualify under safe harbor provision as they did not involve publicly traded securities of impact the public securities market.
Procedural posture
Defendants filed a motion to dismiss the complaint filed by plaintiff, chapter 11 debtor's official committee of unsecured creditors, which alleged that certain payments made to defendants by debtor were constructive fraudulent conveyances to defendants pursuant to 11 U.S.C. § 544 and N.Y. Debt. & Cred. Law §§ 273, 274 and 275, and that defendants breached their fiduciary duty to debtor.
ABI Membership is required to access the full summary of Official Committee of Unsecured Creditors of Norstan Apparel Shops Inc. v. Lattman (In re Norstan Apparel Shops Inc.) Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
: