Contemporary Indus. Corp. v. Frost

Pre 2005-Act: 
Pre 2005-Act
Ruling: 
Payments to debtor's shareholders in exchange for stock properly held exempt from avoidance as settlement payments.
Procedural posture: 
Appellants, a corporation and a committee of its unsecured creditors, appealed from a grant of summary judgment in favor of the former shareholders of the corporation. The bankruptcy court concluded, and the U.S. District Court for the District of Nebraska agreed, that the payments were exempt from avoidance as settlement payments within the meaning of a former version of 11 U.S.C.S. § 546(e). The case also implicated 11 U.S.C.S. § 741.
Issue: 
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Commercial case opionion summary, case decided on April 29,2009, LexisNexis #0609-105