- 11 U.S.C.
Smith v. Spohn (In re IFS Fin. Corp.)
Aug
26
2009
Ruling
Transferee allowed to set aside default in avoidance proceeding but with responsibility for costs due to negligence.
Procedural posture
Plaintiff chapter 7 trustee obtained a default judgment against defendant, an investor who allegedly received a large transfer of funds from the debtor entities. The investor moved to set aside a default judgment, asserting that his failure to respond to the complaint was not willful because the caption and body of the complaint did not clearly identify him as a party from whom the trustee sought relief.
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Court
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Myers v. Raynor (In re Raynor)
Jun
04
2009
Ruling
Bankruptcy appellate panel refused to reconsider bankruptcy court's finding that trustee's avoidance proceeding was not time barred despite reservation of appeal of the issue in approved settlement.
Procedural posture
Plaintiff filed an adversary proceeding against defendant, a chapter 7 debtor's wife, seeking an order avoiding transfers the debtor made to his wife. The bankruptcy court for the District of Nebraska approved a stipulated judgment which settled the trustee's action but allowed appellant debtor and his wife to appeal the issue of whether the trustee's action was time-barred. The debtor and his wife appealed.
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Court
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Judge or Jurisdiction information not available
Myers v. Raynor (In re Raynor)
Oct
27
2008
Ruling
Bankruptcy court denied motion to dismiss timely filed adversary proceeding.
Procedural posture
Plaintiff filed an adversary proceeding against defendant a debtor's spouse, to avoid certain transfers made by intervenor debtor to his spouse. The debtor filed a motion to dismiss, claiming that the adversary proceeding was time barred.
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Court
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Elway Co. LLP v. Miller (In re Elrod Holdings Corp.)
Sep
30
2008
Ruling
Settlement payments for private securities by a financial institution were not subject to avoidance.
Procedural posture
Plaintiff chapter 7 trustee filed an adversary proceeding against defendants, transferees, creditor seeking to avoid alleged transfers. The transferees filed a motion for partial summary judgment on two of the fraudulent transfer claims. The transferees asserted that 11 U.S.C.S. § 546(e) operated to prevent the trustee from avoiding the alleged transfers under 11 U.S.C.S. § 548(a)(1)(B).
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Casa De Cambio Majapara S.A. de C.V. v. Wachovia Bank (In re Casa De Cambio Majapara S.A. de C.V.)
Jul
09
2008
Ruling
Prejudgment attachment issued in connection with failure of swap agreements was subject to bankruptcy safe harbor.
Procedural posture
Plaintiff chapter 11 debtor filed an adversary proceeding against defendant creditor seeking to avoid and recover, pursuant to 11 U.S.C.S. § 547 and 11 U.S.C.S. § 550, transfers made for the benefit of the creditor. The creditor moved for summary judgment. The legal issue presented was whether prejudgment attachments that the creditor obtained in New York and Illinois were subject to the safe harbor in 11 U.S.C.S. § 546(g).
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Court
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- 11 U.S.C.
Newton v. Wells Fargo Fin. Inc. (In re Dill)
Jun
03
2008
Ruling
Avoidance proceeding dismissed as untimely where there was no basis for tolling two-year statute of limitations.
Procedural posture
A chapter 7 trustee filed an adversary proceeding seeking to avoid the lien of a creditor pursuant to 11 U.S.C.S. § 547(b), that the avoided lien be preserved for the benefit of the estate, and that the statute of limitations under 11 U.S.C.S. § 546 be tolled due to the willful failure of the creditor to provide proof of its security interest and to file a proof of claim. The creditor moved for summary judgment.
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Court
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Markus v. Fried (In re Geneva Steel LLC)
May
14
2008
Ruling
Two-year statute of limitations for avoidance of transfer was tolled due to debtor's nondisclosure.
Procedural posture
Plaintiffs, a chapter 11 trustee and others, filed an adversary proceeding against defendants, a Delaware corporation and others, seeking an order avoiding the transfer of real property to the Delaware corporation. The parties filed cross-motions for summary judgment on the issue of whether the two-year statute of limitations imposed by 11 U.S.C.S. § 546(a) had expired.
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Court
:
- 11 U.S.C.
In re Magwood
Feb
22
2008
Ruling
Seller's right to reclaim vehicle was stayed on petition date.
Procedural posture
Creditor filed a motion for relief from the automatic stay to exercise its right under 11 U.S.C.S. § 546(c)(1) to reclaim a vehicle sold to the debtor. The debtor objected to the motion. The issue was whether a sale must have been in the ordinary course of business of both the buyer and seller to give the seller a right of reclamation.
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Court
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Brandt v. B.A. Capital Co. (In re Plassein Intl Corp.)
Apr
20
2007
Ruling
Leveraged buyouts made through financial institution were unavoidable settlements.
Procedural posture
Plaintiff bankruptcy trustee brought an adversary proceeding against defendant former shareholders of private corporations acquired by bankruptcy debtors, seeking to avoid the sale of the shareholders'stock to the debtors under 11 U.S.C. § 544(b) as constructively fraudulent under Del. Code Ann. tit. 6, §§ 1304 and 1305. The shareholders moved to dismiss the complaint.
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Court
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In re Dana Corp.
Apr
19
2007
Ruling
Reclamation claims against goods disposed of to pay prior lienholders were valueless.
Procedural posture
The court entered a reclamation order, establishing procedures for resolving reclamation claims. The debtors filed a notice and proposed reconciliation of some 132 reclamation claims, asserting a prior lien defense to the claims. The reclamation claimants, parties that had supplied prepetition goods to the debtors in the course of business just prior or during the debtors'insolvency, filed objections to the reclamation notice.
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Court
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