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§ 101(53B)

Hutson v. M.J. Soffe Co. (In re National Gas Distribs. LLC)

Aug
25
2009
Ruling
Agreements between LLC and debtor for purchase of natural gas were not "swap agreements" and were avoidable.
Procedural posture

Plaintiff chapter 11 trustee filed an adversary proceeding against an defendant LLC, seeking a determination that contracts debtor a natural gas distributor concluded with the LLC were fraudulent transfers and preferential transfers that could be avoided under 11 U.S.C.S. §§ 548(a)(1)(A) and (B), 547(b), and 550(a)(1). The LLC filed a motion for summary judgment.

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Commercial opinion summary, case decided on August 25, 2009 , LexisNexis #0909-106
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Hutson v. E.I. du Pont de Nemours & Co. (In re National Gas Distribs. LLC)

Feb
11
2009
Ruling
Bankruptcy court erred in holding that "commodity forward agreements" must be traded in a financial market and not involve physical delivery of the commodity.
Procedural posture

Plaintiff trustee commenced adversary proceedings by filing complaints to avoid numerous natural gas supply contracts entered into during the year before a bankruptcy petition was filed. Defendant customers moved to dismiss the complaints or alternatively for summary judgment. The Bankruptcy Court for the Eastern District of North Carolina denied the motions. The customers were granted permission to file an interlocutory appeal.

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Court :
Judge or Jurisdiction information not available
Commercial opinion summary, case decided on February 11, 2009 , LexisNexis #0309-071
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Hutson v. Smithfield Packing Co. (In re Natl Gas Distribs. LLC)

May
24
2007
Ruling
Forward agreement for sale of natural gas by debtor was not a swap agreement so that transfers thereunder were avoidable.
Procedural posture

Plaintiff bankruptcy trustee brought an adversary proceeding against defendant purchaser of natural gas from a bankruptcy debtor, seeking to avoid transfers of gas to the purchaser as fraudulent under 11 U.S.C. § 548(a)(1). The purchaser moved to dismiss the complaint or, in the alternative, for summary judgment, because the transfers were made in connection with a swap agreement and thus not subject to avoidance under 11 U.S.C. § 546(g).

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opinion summary, case decided on May 24, 2007 , LexisNexis #0707-001
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