Judge Gustafson

Maxwell v. Novell Inc. (In re matchFirst Inc.)

Plaintiff, a chapter 7 trustee, moved for judgment on the pleadings on an adversary complaint against defendant creditor which sought an order per 11 U.S.C.S. § 510(b) subordinating defendant's claim for $100 million in "damages" in connection with a failed business venture with debtor. At issue was whether the claim concerned a purchase of debtor's stock or was one for damages for breach of underlying agreements with debtor.
Ruling: 
Claim for fraud in stock purchase subordinated.
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Commercial case opionion summary, case decided on June 23,2010, LexisNexis #0910-068

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