AFI Holding Inc. v. Barclay
Sep
04
2008
Ruling
Bankruptcy court erred in finding that investors in debtor's Ponzi scheme did not exchange reasonably equivalent value up to amount invested.
Procedural posture
Appellants, investors in chapter 7 debtor, challenged a decision of the Bankruptcy Court for the Central District of California, which granted appellee chapter 7 trustee summary judgment in an action to avoid transfers the debtor made to the investors prior to the debtor's bankruptcy pursuant to 11 U.S.C.S. § 544(b). The trustee cross-appealed the bankruptcy courts denial of prejudgment interest.
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Court
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