§ 548(a)

Industrial Enters. Of Am. v. Tabor Acad. (In re Pitt Penn Holding Co.)

Defendant school filed a motion to dismiss plaintiff debtor's complaint against it, alleging (1) fraudulent transfers under 11 U.S.C.S. § 548, (2) unjust enrichment, (3) fraudulent conveyances under 11 U.S.C.S. § 544, and (4) recovery of fraudulent transfers under 11 U.S.C.S. § 550.
Ruling: 
Transfers of stock to school by debtor's executives without consideration while debtor was insolvent could be recovered as fraudulent.
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Commercial case opionion summary, case decided on September 16,2011, LexisNexis #1011-122

Farmer v. Racsko (In re Racsko)

Adversary plaintiff, the chapter 7 trustee, brought an action against defendant debtor, averring that the debtor fraudulently transferred funds in the amount of $79,973.27 to a trust of which she was trustee, and seeking to avoid and recover the transfer pursuant to 11 U.S.C.S. §§ 548(a), 544(b)(1), and 550(a), and in conjunction with Tenn. Code Ann. § 66-3-305 (2004).
Ruling: 
Transfer to debtor's former spouse for less than equivalent value was constructively fraudulent and avoidable.
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Consumer case opionion summary, case decided on September 14,2011, LexisNexis #1011-123

PSN Liquidating Trust v. Intelsat Corp. (In re PSN United States Inc.)

Plaintiff, a liquidating trust for a Chapter 11 debtor, moved for partial summary judgment on its claim against defendant satellite service providers on claims of constructive fraudulent transfers under either 11 U.S.C.S. § 548(a)(1)(B) or the corresponding Florida state statutes. The providers filed a cross-motion for summary judgment on the constructive fraudulent transfer claims and actual fraud claims under § 548(a)(1)(A) or state law.
Ruling: 
Transfers from debtor to satellite service provider pursuant to provider's contract with debtor's parent were not constructively fraudulent as debtor received value.
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Commercial case opionion summary, case decided on September 09,2011, LexisNexis #1011-069

Springel v. Prosser (In re Innovative Commun. Corp.)

Plaintiff, a Chapter 11 trustee, sought to recover pre-petition fraudulent transfers and unauthorized post-petition transfers from defendant transferees, who were the adult children of the debtors' board president, chairman, and chief executive officer (CEO).
Ruling: 
Trustee could recover fraudulent and constructively fraudulent transfers from debtor's president, chairman and CEO to adult children.
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Commercial case opionion summary, case decided on August 05,2011, LexisNexis #0911-056

Gowan v. Wachovia Bank (In re Dreier LLP)

Plaintiff bankruptcy trustee brought an adversary proceeding against defendant bank alleging that a lien granted to the bank to secure a loan to a bankruptcy debtor in furtherance of the fraudulent Ponzi scheme of the debtor's principal was avoidable as a fraudulent or preferential transfer. The bank moved to dismiss the complaint.
Ruling: 
Lien could not be avoided in absence of fraud and where contemporaneous exchange for new value defense applied.
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Commercial case opionion summary, case decided on August 03,2011, LexisNexis #0811-124

M. Davis Mgmt. v. Zink (In re M. Davis Mgmt.)

Plaintiff reorganized debtor sought, pursuant to 11 U.S.C.S. § 544(b), § 548(a)(1)(A), and § 550, and Fla. Stat. § 726.105(1)(a), § 726.106, and § 726.108, to avoid pre-petition transfers from the pre-bankruptcy company to defendants, its former vice president, director, and CEO, and his wife, majority (51%) shareholder and company president. Both parties moved for partial or final summary judgment.
Ruling: 
Transfer made with actual intent to hinder, delay or defraud creditors avoided.
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Commercial case opionion summary, case decided on July 19,2011, LexisNexis #0911-057

Liebersohn v. Vetri (In re DAmbrosio)

The chapter 7 trustee sought a judgment pursuant to 11 U.S.C.S. § 548(a)(1)(A) and (B), against defendant, the purchaser and transferee of debtors' real property, in the amount of $52,010.19, including $23,597.40 in funds at closing, and 28,422.79, in the form of a deposit.
Ruling: 
Debtor's transfer of funds back to purchaser of property was fraudulent to extent not a reasonable exchange for new value.
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Consumer case opionion summary, case decided on July 18,2011, LexisNexis #0811-094

Rhiel v. Mortgage Elec. Registration Sys. (In re Gavin)

Trustee brought an action against defendants alleging that a refinancing mortgage could be avoided as a constructive fraudulent transfer under 11 U.S.C.S. § 548(a)(1)(B) and under the Ohio Uniform Fraudulent Transfer Act (Ohio UFTA), Ohio Rev. Code Ann. § 1336.04(A)(2).
Ruling: 
Mortgage securing refinance for which debtor was not obligated on the note was not a fraudulent transfer.
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Consumer case opionion summary, case decided on July 11,2011, LexisNexis #0811-026

Wadsworth v. Word of Life Christian Ctr. (In re McGough)

Chapter 7 trustee filed a proceeding seeking to avoid debtors' charitable contributions under 11 U.S.C.S. § 548. Defendant was the donee. Before the court was the Trustee's motion for partial summary judgment and the donee's motion for partial summary judgment.
Ruling: 
Charitable deductions in excess of 15 percent of debtor's gross annual income were avoidable.
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Consumer case opionion summary, case decided on July 06,2011, LexisNexis #0811-095

Ryan v. Montoya (In re Gonzales)

Trustee filed a complaint against defendant grantee--a debtor's daughter-- seeking to recover real property pursuant to 11 U.S.C.S. 548 (a)(1)(B). The trustee asserted that he was entitled to recover the property because the debtor transferred the property to her daughter for no consideration only five weeks prior to the filing of her chapter 7 bankruptcy petition.
Ruling: 
Insolvency, as factor in fraudulent transfer, cannot be inferred from commencement of chapter 7 case shortly after transfer.
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Consumer case opionion summary, case decided on July 01,2011, LexisNexis #0811-027

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