Cage v. Wyo-Ben Inc. (In re Ramba Inc.)
Jan
23
2006
Ruling
Sale of debtor's assets was not an avoidable transfer since property for which the debtor had no equitable interest is not estate property.
Procedural posture
Two months before bankruptcy, a buyer received the debtor's assets free of liens, paid off the debtor's under secured lender, and paid the rest of the consideration to 10 defendant unsecured creditors. The debtor paid an 11th defendant unsecured creditor. The district court entered summary judgment against plaintiff trustee on an 11 U.S.C. § 547(b) preference action. The trustee appealed.
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