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§ 547

Savage & Assocs. P.C. v. A.I. Credit Corp. (In re Teligent Inc.)

Sep
02
2005
Ruling
Debtors'payments to a company for financing the debtors'business insurance premiums were not preferential transfers since the company was oversecured and had properly perfected its security interest.
Procedural posture

Plaintiff representative of unsecured creditors of reorganized bankruptcy debtors brought an adversary proceeding against defendant, a company which financed insurance premiums, alleging that the debtors' payments to the company for financing its business insurance premiums constituted preferential transfers under 11 U.S.C. § 547. The company moved for summary judgment.

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opinion summary, case decided on September 02, 2005 , LexisNexis #0206-115
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Gordon v. NovaStar Mortg. Inc. (In re Hedrick)

Aug
31
2005
Ruling
Creditor's loan security deed was not an avoidable preference since the security deed was effective not on its recording but on the date of execution, which was prior to 90-day lookback period, and under equitable subordination doctrine.
Procedural posture

Plaintiff chapter 7 trustee in bankruptcy sought to avoid as a preference, a security deed recorded for the benefit of defendant lender against debtors'residence that secured a refinancing loan, pursuant to 11 U.S.C. § 547. The trustee asserted that the recording was a transfer of an interest in debtors'property within the 90-day period preceding the bankruptcy, made while debtors were insolvent. Both parties moved for summary judgment.

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opinion summary, case decided on August 31, 2005 , LexisNexis #0106-094
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In re Value Music Concepts

Aug
22
2005
Ruling
Creditor representative could pursue preference avoidance actions on debts assumed under a settlement agreement between debtors and creditors two weeks before chapter 11 filings.
Procedural posture

Plaintiff, in his capacity as the creditor representative appointed pursuant to 11 U.S.C. § 1123(b)(3) under debtors'confirmed chapter 11 plan, sued defendant creditors, seeking to recover, pursuant to 11 U.S.C. § 547(b), alleged preferential transfers for the benefit of unsecured creditors. Defendants moved for summary judgment.

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opinion summary, case decided on August 22, 2005 , LexisNexis #0206-015
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