§ 550

White v. Wachovia Dealer Servs. (In re Wyatt)

Chapter 7 trustee commenced this adversary proceeding against defendant lender seeking to recover postpetition payments made by the debtor to the lender with respect to the loan on the debtor's truck. The parties filed cross-motions for summary judgment.
Ruling: 
Trustee could avoid lien on debtor's truck and recover postpetition payments to secured creditor.
ABI Membership is required to access the full summary of White v. Wachovia Dealer Servs. (In re Wyatt). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Consumer case opionion summary, case decided on November 17,2010, LexisNexis #1210-104

Paloioan v. Lasalle Bank

The District Court for the Northern District of Illinois, Eastern Division, affirmed a bankruptcy court's finding that a debtor hospital was insolvent by 1997 but that plaintiff bankruptcy trustee could not recover, as fraudulent conveyances, payments made to defendant investment pool trustee (IPT) because the IPT was paid by the debtor's accounts receivable factor. Both sides appealed.
Ruling: 
Denial of recovery of alleged fraudulent transfer vacated and remanded for redetermination of debtor's insolvency.
ABI Membership is required to access the full summary of Paloioan v. Lasalle Bank. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on August 27,2010, LexisNexis #0910-105

Rodriguez v. Drive Fin. Servs. LP (In re Trout)

In consolidated cases, plaintiff bankruptcy trustee appealed a Bankruptcy Appellate Panel for the Tenth Circuit (BAP) decision affirming a bankruptcy court's determination that, having successfully avoided a preferential vehicle lien under 11 U.S.C.S. § 547, the trustee could not have a money judgment against defendant creditors equal to the value of the avoided liens under 11 U.S.C.S. § 550(a).
Ruling: 
Trustee not entitled to money judgment against creditors after successful avoidance of lien.
ABI Membership is required to access the full summary of Rodriguez v. Drive Fin. Servs. LP (In re Trout). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Consumer case opionion summary, case decided on June 23,2010, LexisNexis #0810-128

CLC Creditors Grantor Trust v. Howard Savings Bank (In re Commercial. Loan Corp.)

Creditors' trust brought an adversary proceeding against defendant transferees of funds from a bankruptcy debtor alleging that the transfer of funds to the transferees as payment for stock in the debtor constituted an avoidable fraudulent transfer. The transferees admitted that the transfer was constructively fraudulent but asserted a defense under 11 U.S.C.S. § 550(b)(1) based on taking the transfer in good faith.
Ruling: 
Constructively fraudulent transfer for value accepted in good faith was not avoidable.
ABI Membership is required to access the full summary of CLC Creditors Grantor Trust v. Howard Savings Bank (In re Commercial. Loan Corp.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on April 29,2010, LexisNexis #0710-035

Northrup v. Magnum Oilfield Servs. (In re Aspen Exploration Inc.)

In this adversary proceeding, plaintiff Trustee sought to avoid and to recover a $ 150,000 postpetition transfer under authority of 11 U.S.C.S. §§ 549, 550. Defendant transferee's answer denied the material allegations of the complaint. The Trustee moved for summary judgment.
Ruling: 
Unauthorized postpetition transfer to initial transferee could be avoided.
ABI Membership is required to access the full summary of Northrup v. Magnum Oilfield Servs. (In re Aspen Exploration Inc.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on April 28,2010, LexisNexis #0710-125

Stevenson v. Genna (In re Jackson)

Plaintiff trustee sought judgment on an adversary complaint to recover, under 11 U.S.C.S. § 550, alleged preferential transfers made to defendant judgment creditors and their lawyers (the law firm). The trustee filed a motion for summary judgment.
Ruling: 
Garnishment payment from debtor's accounts within 90 days of petition date was a preferential transfer.
ABI Membership is required to access the full summary of Stevenson v. Genna (In re Jackson). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Consumer case opionion summary, case decided on March 26,2010, LexisNexis #0610-021

Mervyns LLC v. Lubert-Adler Group IV LLC (In re Mervyns Holdings LLC)

Plaintiff unsecured creditors committee (the Committee) filed an adversary action to recover alleged damages from the financial transactions surrounding the sale of the debtor's assets in a private equity transaction. Defendant bank filed a motion to dismiss and the Committee filed a motion for leave to file a second amended complaint.
Ruling: 
Subsequent transferee claim by committee of unsecured creditors against bank dismissed.
ABI Membership is required to access the full summary of Mervyns LLC v. Lubert-Adler Group IV LLC (In re Mervyns Holdings LLC). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on March 12,2010, LexisNexis #0510-024

In re C.W. Mining Co.

Creditors filed an involuntary bankruptcy petition against a mining company and obtained an order requiring the company to enter bankruptcy. A trustee was appointed to administer the company's bankruptcy estate, and he filed adversary proceedings against a coal company, seeking an order requiring the coal company to turn over assets. The court held a trial on claims the trustee raised in his adversary proceedings and to resolve other issues.
Ruling: 
Coal company ordered to turn over property received from debtor mining company after petition date.
ABI Membership is required to access the full summary of In re C.W. Mining Co.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on February 10,2010, LexisNexis #0410-056

Yoppolo v. MBNA Am. Bank (In re Dilworth)

Former creditor appealed a grant of summary judgment by the United States Bankruptcy Court for the Northern District of Ohio in favor of bankruptcy trustee, holding that a balance transfer check drawn on the debtor's credit card and made payable to the former creditor was a preferential transfer, voidable and recoverable under 11 U.S.C.S. §§ 550(a) and 547(b). The bankruptcy appellate panel affirmed.
Ruling: 
Credit card balance transfer properly held to be a voidable preferential transfer.
ABI Membership is required to access the full summary of Yoppolo v. MBNA Am. Bank (In re Dilworth). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Consumer case opionion summary, case decided on March 27,2009, LexisNexis #0509-065

Fry v. Maxim Global Inc. (In re Maxim Truck Co.)

Plaintiff bankruptcy trustee brought an adversary proceeding against defendants, related entities and the principal of the entities, alleging that the entities' security interest in a bankruptcy debtor's assets, and the assumption and subsequent sale of the assets, were avoidable as preferential or fraudulent transfers. The entities and the principal moved to dismiss certain claims asserted in the trustee's amended complaint as untimely.
Ruling: 
Avoidability proceeding dismissed with respect to transactions outside preference period.
ABI Membership is required to access the full summary of Fry v. Maxim Global Inc. (In re Maxim Truck Co.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on February 17,2009, LexisNexis #0409-138

Pages

Subscribe to § 550