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§ 1520(a)(2)

Krys v. Farnum Place LLC (In re Fairfield Sentry Ltd.)

Sep
26
2014
Ruling
Sale of Securities Investor Protection Act claim of debtor, a British Virgin Islands investment fund that invested with Madoff, was subject to § 363 review.
Issue(s)
Did the bankruptcy court err in declining to conduct, in a Chapter 15 ancillary bankruptcy proceeding, a § 363 review of a sale of the claims of debtor, a British Virgin Islands investment fund, in the liquidation of Bernard L. Madoff Investment Securities LLC under the Securities Investor Protection Act?

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Court :
Judge or Jurisdiction information not available
Commercial opinion summary, case decided on September 26, 2014 , LexisNexis #1014-100
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In re Fairfield Sentry Ltd.

Jan
10
2013
Ruling
Foreign representative's motion to avoid sale of debtor's SIPA claim denied where foreign court had held sale valid.
Procedural posture

A foreign representative filed an application seeking an order under 11 U.S.C.S. §§ 105(A), 363, 1507(A), 1520(A)(2), and 1521(A) which invalidated a trade confirmation he entered on behalf of three investment funds ("debtors") to sell a claim the debtors filed in an action under the Securities Investor Protection Act ("SIPA"). An LLC that bought the claims opposed the application.

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Commercial opinion summary, case decided on January 10, 2013 , LexisNexis #0213-032
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