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Savage & Assocs. v. Mandl (In re Teligent Inc.)

The plaintiff, the unsecured claim estate representative of the debtor, commenced an adversary proceeding to avoid and recover alleged preferential and fraudulent transfers made by the debtor to defendant, the former chief executive officer ("CEO") of the debtor. The preference amount was $40,105.40 and the constructive fraudulent transfer concerned loan proceeds in the amount of $12 million the CEO was released from having to repay.
Debt forgiveness extended to debtor's former CEO was avoidable.
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Commercial case opionion summary, case decided on January 03,2008, LexisNexis #0208-028