- 11 U.S.C.
TSIC Inc. v. Thalheimer (In re TSIC Inc.)
Apr
28
2010
Ruling
Severance payment to former director and CEO during two-year lookback period was a transfer for less than equivalent value and avoidable.
Procedural posture
Debtor filed an adversary proceeding seeking to avoid a $ 6,055,000 severance payment made to a former director and chief executive officer (CEO). Debtor filed a motion for summary judgment requesting the court find that the payment was an avoidable fraudulent transfer pursuant to 11 U.S.C.S. § 548(a)(1)(B)(i), (ii)(IV). The CEO filed a cross-motion for summary judgment.
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Court
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