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§ 546(e)

Official Committee of Unsecured Creditors of Norstan Apparel Shops Inc. v. Lattman (In re Norstan Apparel Shops Inc.)

Mar
30
2007
Ruling
S-Corp distributions to shareholders did not qualify under safe harbor provision as they did not involve publicly traded securities of impact the public securities market.
Procedural posture

Defendants filed a motion to dismiss the complaint filed by plaintiff, chapter 11 debtor's official committee of unsecured creditors, which alleged that certain payments made to defendants by debtor were constructive fraudulent conveyances to defendants pursuant to 11 U.S.C. § 544 and N.Y. Debt. & Cred. Law §§ 273, 274 and 275, and that defendants breached their fiduciary duty to debtor.

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opinion summary, case decided on March 30, 2007 , LexisNexis #0507-061
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Hayes v. Morgan Stanley DW Inc. (In re Stewart Fin. Co.)

Mar
30
2007
Ruling
Payments to investment company margin accounts belonging to debtor's former principal were not avoidable.
Procedural posture

Plaintiff trustee filed an action against defendant investment company to avoid and recover, as fraudulent transfers, certain payments made by the debtor that were to be applied to margin accounts opened by and belonging to a former principal of the debtor. The investment company filed a motion for summary judgment.

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opinion summary, case decided on March 30, 2007 , LexisNexis #0507-023
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Official Comm. of Unsecured Creditors v. Acres of Diamonds LP (In re The IT Group Inc.)

Dec
29
2006
Ruling
Settlement payment by financial institution was protected from avoidance.
Procedural posture

Plaintiff liquidating trust brought an adversary claim against defendant transferee, seeking to avoid and recover $575,000 as a fraudulent transfer pursuant to 11 U.S.C. §§ 548(a)(1)(B) and 550. The transferee moved for summary judgment, asserting that the transfer was a non- avoidable settlement payment pursuant to 11 U.S.C. § 546(e). Transferee and the trust also filed motions in limine concerning expert witness testimony.

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opinion summary, case decided on December 29, 2006 , LexisNexis #0207-096
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Picard v. Avellino (In re Bernard L. Madoff Inv. Sec. LLC)

Jan
01
2001
Ruling
Claims against Madoff accountant with actual knowledge the firm was not trading securitieswere not barred by safe harbor and could proceed. (Bankr. S.D.N.Y.)
Issue(s)
Should the Madoff trustee’s amended proceeding to avoid and recover preferential and fraudulent transfers be dismissed?

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Commercial opinion summary, case decided on January 01, 2001 , LexisNexis #0816-078
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