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In re Canopy Fin. Inc.

Ruling: 
Transferee could not vacate default in avoidance proceeding where it did not supply necessary precedent to district court.
Procedural posture: 
In a claw-back action by a receiver on behalf of plaintiff debtor, a default judgment was entered against defendant casino for plaintiff's monies spent by two of its officers, who were later convicted of fraud. When plaintiff executed on the judgment, defendant moved under Fed. R. Bankr. P. 9024 to vacate the default. A bankruptcy judge denied the motion. The U.S. District Court for the Northern District of Illinois affirmed. Defendant appealed.
Issue: 
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Commercial case opionion summary, case decided on February 28,2013, LexisNexis #0313-104