Mar
12
2010
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.
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Commercial case opionion summary, case decided on March 12,2010, LexisNexis #0510-024
Feb
10
2010
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.
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Commercial case opionion summary, case decided on February 10,2010, LexisNexis #0410-056
Mar
27
2009
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.
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Consumer case opionion summary, case decided on March 27,2009, LexisNexis #0509-065
Feb
03
2009
Shubert v. Lucent Techs. Inc. (In re Winstar Communs. Inc.)
Appellant creditor sought review of a decision from the United States District Court for the District of Delaware, which affirmed a bankruptcy court decision holding, among other things, that the trustee was entitled to recover approximately $ 188 million from the creditor under 11 U.S.C.S. § 550(a) as an avoidable preference payment.
Ruling:
Bankruptcy court properly held that debtor's primary supplier was a non-statutory insider allowing for avoidance of transaction within one-year prior to petition date.
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Commercial case opionion summary, case decided on February 03,2009, LexisNexis #0309-067
Jan
20
2009
Askenaizer v. Wyatt (In re BeaconVision Inc.)
Plaintiff, the chapter 7 trustee, filed a complaint against various defendants who were alleged to have received funds from a $ 200,000 deposit to an escrow account made by the debtor as an anticipated loan commitment fee for a $ 2 million loan that was never completed. The $200,000 was distributed. The primary issue was which defendant was the initial transferee of the deposit for purposes of transferee liability under 11 U.S.C.S. § 550(a).
Ruling:
Corporate lender was initial transferee of funds disbursed out of escrow deposit intended as commitment fee for debtor's loan.
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Commercial case opionion summary, case decided on January 20,2009, LexisNexis #0309-068
Jul
11
2008
Schnittjer v. Linn Area Credit Union (In re Sickels)
Plaintiff chapter 7 trustee filed an adversary proceeding pursuant to 11 U.S.C.S. § 544 against defendant creditor seeking to avoid the creditor's mortgage. The trustee asserted that the mortgage was not recorded prior to the petition date. The parties filed cross-motions for partial summary judgment.
Ruling:
Trustee not entitled to money judgment once mortgage recorded in violation of stay had been avoided.
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Consumer case opionion summary, case decided on July 11,2008, LexisNexis #0808-119
Jun
03
2008
Terry v. Meredith (In re Meredith)
Appellant bankruptcy trustee brought an adversary proceeding against appellee, the president of a corporate successor of debtor, claiming that he was entitled to recover the value of certain assets fraudulently transferred from the bankruptcy estate, pursuant to 11 U.S.C.S. § 550(a)(1). The bankruptcy court and U.S. District Court for the Eastern District of Virginia, at Richmond, rejected the trustee's claim. The trustee appealed.
Ruling:
Transfer of accounting practice from debtor to corporate successor was not recoverable from nominal president of successor who did not benefit from the transfer.
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Consumer case opionion summary, case decided on June 03,2008, LexisNexis #0708-032
Apr
30
2008
Zimmerman v. Maney
Appellants, officers of a corporation that sold property of debtors, a married couple who filed a chapter 13, challenged an order of the Bankruptcy Court for the District of Arizona granting summary judgment to the chapter 13 trustee on a claim to avoid transfer of the property to defendants, including appellants and others, and holding said parties jointly and severally liable for the proceeds thereof per 11 U.S.C.S. § 550(a)(1).
Ruling:
Bankruptcy court properly avoided transfer of balance of proceeds of estate property sale where no abandonment had occurred.
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Consumer case opionion summary, case decided on April 30,2008, LexisNexis #0608-065
Aug
16
2007
Sanders v. Quan Ky Hang (In re Hoa Ky Hang)
Plaintiff, the chapter 7 trustee, sought to avoid the transfer of the debtor's former residence and the proceeds from the refinancing and sale thereof, pursuant to 11 U.S.C. § 544(b), and to impose liability upon the defendant transferee, the debtor's son, under 11 U.S.C. § 550. The son's defense was that he gave reasonably equivalent consideration in exchange for the transfer.
Ruling:
Contstructive trust imposed on house purchased by debtor's son with proceeds of sale of house preferentially transferred to him by debtor.
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Feb
07
2007
Broadway Advisors LLC v. Hipro Elecs. Inc. (In re Gruppo Antico Inc.)
Defendant filed a motion for judgment on the pleadings in chapter 11 debtor's adversary proceeding, which alleged that transfers made by debtor to defendant within 90 days prior to the bankruptcy petition date were avoidable as preferences pursuant to 11 U.S.C. §§ 547(b) and 550.
Ruling:
"Mere conduit" defense to avoidance applied to entity that forwarded debtor's payments to the company it serviced.
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