Jul
15
2008
Anstine v. Carl Zeiss Meditec AG (U.S. Medical Inc.)
Appellant trustee sued appellee creditor pursuant to 11 U.S.C.S. § 547(b)(4)(B), seeking to avoid certain transfers. The bankruptcy court held that the creditor was a nonstatutory insider under 11 U.S.C.S. § 101(31) and permitted the trustee to avoid the transfers. The United States Bankruptcy Appellate Panel reversed the bankruptcy court. The trustee appealed the judgment.
Ruling:
Bankruptcy appellate panel properly reversed finding that creditor was an insider where creditor operated at arm's length on transfer in question.
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Commercial case opionion summary, case decided on July 15,2008, LexisNexis #0808-066