White v. Wachovia Dealer Servs. (In re Wyatt)
Nov
17
2010
Ruling
Trustee could avoid lien on debtor's truck and recover postpetition payments to secured creditor.
Procedural posture
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.
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Court
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Paloioan v. Lasalle Bank
Aug
27
2010
Ruling
Denial of recovery of alleged fraudulent transfer vacated and remanded for redetermination of debtor's insolvency.
Procedural posture
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.
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Court
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Judge or Jurisdiction information not available
Rodriguez v. Drive Fin. Servs. LP (In re Trout)
Jun
23
2010
Ruling
Trustee not entitled to money judgment against creditors after successful avoidance of lien.
Procedural posture
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).
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Court
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Judge or Jurisdiction information not available
- 11 U.S.C.
CLC Creditors Grantor Trust v. Howard Savings Bank (In re Commercial. Loan Corp.)
Apr
29
2010
Ruling
Constructively fraudulent transfer for value accepted in good faith was not avoidable.
Procedural posture
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.
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Court
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- 11 U.S.C.
Northrup v. Magnum Oilfield Servs. (In re Aspen Exploration Inc.)
Apr
28
2010
Ruling
Unauthorized postpetition transfer to initial transferee could be avoided.
Procedural posture
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.
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Court
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- 11 U.S.C.
Stevenson v. Genna (In re Jackson)
Mar
26
2010
Ruling
Garnishment payment from debtor's accounts within 90 days of petition date was a preferential transfer.
Procedural posture
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.
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Court
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- 11 U.S.C.
Mervyns LLC v. Lubert-Adler Group IV LLC (In re Mervyns Holdings LLC)
Mar
12
2010
Ruling
Subsequent transferee claim by committee of unsecured creditors against bank dismissed.
Procedural posture
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.
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Court
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In re C.W. Mining Co.
Feb
10
2010
Ruling
Coal company ordered to turn over property received from debtor mining company after petition date.
Procedural posture
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.
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Court
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Yoppolo v. MBNA Am. Bank (In re Dilworth)
Mar
27
2009
Ruling
Credit card balance transfer properly held to be a voidable preferential transfer.
Procedural posture
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.
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Court
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Judge or Jurisdiction information not available
Fry v. Maxim Global Inc. (In re Maxim Truck Co.)
Feb
17
2009
Ruling
Avoidability proceeding dismissed with respect to transactions outside preference period.
Procedural posture
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.
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Court
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