- 11 U.S.C.
In re Del Corso
Dec
27
2007
Ruling
Sanctions imposed and attorneys'fees ordered disgorged where counsel advised and assisted debtor in unlawful prepetition fraudulent transfer.
Procedural posture
The United States Trustee ("UST") filed a motion for sanctions, pursuant to Fed. R. Bankr. P. 9011, against the debtor's counsel. The UST filed a motion to disgorge the fees and return the fees paid by the debtor to counsel in a chapter 7 case.
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- 11 U.S.C.
Covey v. Hackett (In re Roadrunner Delivery Inc.)
Dec
19
2007
Ruling
Prepetition claim discharged in shareholder's bankruptcy could not be subject of avoidance proceeding in bankruptcy of the corporation.
Procedural posture
Plaintiff chapter 7 trustee filed an adversary proceeding against defendant, a corporate debtor's sole shareholder, claiming that $6,753.95 in payments the debtor made to the shareholder were fraudulent and should be avoided under 11 U.S.C. § 548(a)(1)(B). The shareholder filed a motion to dismiss the trustee's complaint.
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- 11 U.S.C.
Montoya v. Wilson (In re Wilson)
Nov
30
2007
Ruling
Contribution to Roth IRA for which debtors were not eligible was not fraudulent transfer.
Procedural posture
Plaintiff chapter 7 trustee filed an adversary proceeding against defendants, debtors, seeking to avoid as fraudulent under 11 U.S.C. § 548 contributions that the debtors made to their individual retirement accounts ("IRA"). The debtors moved to dismiss. The motion implicated Fed. R. Bankr. P. 7052, which incorporated Fed. R. Civ. P. 52(c).
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- 11 U.S.C.
McGranahan v. Dillard (In re Dillard)
Oct
30
2007
Ruling
Return of one-half interest in property to former spouse after temporary transfer to debtor for refinancing pursuant to divorce decree was not avoidable.
Procedural posture
Plaintiff chapter 7 trustee sought to avoid the transfer of a one-half joint tenancy interest in real property by the debtor to defendant transferee, the debtor's former spouse, pursuant to Cal. Civ. Code § 3439.05, 11 U.S.C. § 548(a)(1)(B), 11 U.S.C. § 547.
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- 11 U.S.C.
Fransen v. Nicassio Corp. (In re Metro Sewer Servs.)
Aug
10
2007
Ruling
De facto merger occurred where corporation signed letter of intent to acquire debtor so that transfers to corporation were avoidable.
Procedural posture
Plaintiff chapter 7 trustee moved for partial summary judgment on certain of its claims against defendants, a corporation and its principals, seeking to recover transfers made to the corporation as fraudulent under 11 U.S.C. § 548(a)(1)(A) and (B), seeking to hold the principals personally liable for the improper transfers, and alleging that the debtor incurred damages as a result of a de facto merger or a joint venture with the corporation.
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- 11 U.S.C.
Reaves v. Comerica Bank-California (In re GTI Capital Holdings)
Aug
02
2007
Ruling
Collateralization of antecedent debt conferred new reasonably equivalent value upon debtor for transfer of interest in property.
Procedural posture
Defendant, a secured creditor of chapter 7 debtor, filed a motion for summary judgment in an action brought by plaintiff chapter 7 trustee, alleging that the creditor's late filing of UCC-1 Financing Statements constituted a preference or a fraudulent conveyance that should be avoided and recovered for the benefit of the estate pursuant to 11 U.S.C. §§ 544(b) and 548. The trustee filed a cross motion for summary judgment.
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- 11 U.S.C.
Sullivan v. Schultz (In re Schultz)
May
14
2007
Ruling
Transfer of disabled debtor's inheritance into special needs trust was not avoidable.
Procedural posture
Plaintiff chapter 7 trustee brought a complaint seeking to avoid the transfer of debtor's inheritance from her grandmother into a special needs trust as a fraudulent transfer pursuant to 11 U.S.C. § 548, to recover the transfer from the special needs trustee pursuant to 11 U.S.C. § 550(a). The issue was whether debtor received reasonable equivalent value, for purposes of 11 U.S.C. § 548(a)(1)(B).
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- 11 U.S.C.
Applewhite v. Akin (In re Akin)
Mar
20
2007
Ruling
Debtor's transfer of CD proceeds into childrens'bank accounts within one month prior to filing was avoidable.
Procedural posture
Plaintiff trustee filed a motion for partial summary judgment on his adversary complaint to avoid, pursuant to 11 U.S.C. § 548(a)(1), the transfers by defendant debtors of the proceeds from certificates of deposit (CDs) into bank accounts opened in the names of defendant children.
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- 11 U.S.C.
Gredd v. Bear Stearns Sec. Corp. (In re Manhattan Inv. Fund Ltd.)
Jan
09
2007
Ruling
Transfers by debtor to brokerage firm with intent to hinder, delay or defraud creditors were avoidable.
Procedural posture
Chapter 11 trustee and defendant brokerage firm filed cross-motions for summary judgment in trustee's action, which sought to avoid margin payments deposited in debtor's account at the firm pursuant to 11 U.S.C. § 548(a)(1)(A).
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- 11 U.S.C.
Fisher v. Moon (In re Fisher)
Oct
04
2006
Ruling
Duly noticed and conducted foreclosure sale for less than reasonable value was not a fraudulent transfer.
Procedural posture
Defendant county treasurer foreclosed on debtor's property for non- payment of property taxes. The total consideration received was the outstanding tax obligation of $1,843.75. Debtor and the chapter 13 trustee filed an avoidance action under 11 U.S.C. § 548(a)(1)(B), claiming the value of the property was approximately $68,000, and thus the transfer by the treasurer constituted a fraudulent conveyance. The parties moved for summary judgment.
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