Official Committee of Unsecured Creditors v. Citicorp N. Am. Inc. (In re Tousa Inc.)
Oct
13
2009
Ruling
Liens given by debtor's subsidiary to secure credit line six months prior to petition date was avoidable.
Procedural posture
Plaintiff Official Committee of Unsecured Creditors filed an adversary proceeding against defendants, a chapter 11 debtor, the debtor's subsidiaries, a bank, and others, seeking a determination, inter alia, that liens the subsidiaries gave the bank to secure a revolving line of credit were avoidable under 11 U.S.C.S. §§ 544(b) and 548, and state law, and that payments made to the debtor's creditors to settle a lawsuit were also avoidable.
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Court
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