§ 502(d)

Firestar Diamond, Inc., In re

Ruling: 
Banks' claims were disallowed as the trustee demonstrated that these were based on amountsowed to entities that received fraudulent transfers from the corporate debtors. (Bankr. S.D.N.Y.)
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Commercial case opionion summary, case decided on April 22,2020, LexisNexis #0620-032

Southern Produce Distrib. Inc. v. Adams (In re Southern Produce Distrib. Inc.)

Ruling: 
Creditor growers could not be ordered to turn over crops to debtor distributor prior to ajudicial determination that they had breached their agreement with the debtor. (Bankr.E.D.N.C.)
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Court: Judge or Jurisdiction information not available
Commercial case opionion summary, case decided on March 11,2020, LexisNexis #0420-082

Miller, In re--Miller v. New Penn Fin., LLC

Ruling: 
Trustee could assert her bona fide purchaser status defensively and object to the claims in total or as to the secured status. (Bankr. N.D. Ga.)
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Consumer case opionion summary, case decided on October 31,2017, LexisNexis #0419-080

Madoff, In re--Sec. Inv’r Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC

Ruling: 
Stay of trial denied as court retained equitable jurisdiction over fraudulent transferproceeding despite transferees' withdrawal of claims. (Bankr. S.D.N.Y.)
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Consumer case opionion summary, case decided on January 18,2019, LexisNexis #0219-056

In re Stone & Webster Inc.

Ruling: 
Insurer's claim based on note for antecedent insurance debt allowed.
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Commercial case opionion summary, case decided on February 29,2016, LexisNexis #0316-079

In re KB Toys Inc.

A bankruptcy trustee objected to claims of purchasers of trade claims against bankruptcy debtors which were subsequently avoided as preferential transfers to the original holders of the claims.
Ruling: 
Trustee's objection to avoidable trade claims purchased from original holders sustained.
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Commercial case opionion summary, case decided on May 04,2012, LexisNexis #0612-035

Wu v. Stephen H. Swift Trust (In re Swift Instruments Inc.)

Plaintiff Chapter 7 trustee filed a complaint against defendants, two trusts and individuals. The trustee sought summary judgment on her claim to subordinate defendants' proofs of claims under 11 U.S.C.S. § 510(b). Both trusts contended in cross motions for summary judgment that their claims could not be subordinated as a matter of law, and one trust also sought to dismiss the trustee's claims for relief under 11 U.S.C.S. §§ 502(d) and 547.
Ruling: 
Trustee could not subordinate damages claim that was not a recharacterized securities or equities claim.
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Commercial case opionion summary, case decided on December 14,2010, LexisNexis #0111-119

B.C. Rogers Processors Inc. v. CIT GroupEquip. Fin. Inc. (In re B.C. Rogers Poultry Inc.)

Plaintiff former owners of bankruptcy debtors brought an adversary proceeding against defendant lessor of the debtors' equipment under a sale/leaseback agreement between the debtors and the lessor alleging that, upon the debtors' default, the lessor improperly drew on the owners' letters of credit and sold the equipment. The lessor moved for summary judgment.
Ruling: 
Independence of letters of credit from debtors' owners from debtors' agreement with lessor which they secured did not preclude equitable subrogation of owners to rights of debtor after debtor defaulted.
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Commercial case opionion summary, case decided on November 16,2009, LexisNexis #1209-100

Sheils v. 65248 Canada Ltd. (In re Mackay)

Citing 11 U.S.C. § 502(d), the chapter 7 trustee objected to two claims filed by a foreign entity on the ground that the claims were expressed in terms of foreign currency. At issue was whether each claim had to be converted to an appropriate exchange rate and, if so, the appropriate date to use to determine the proper exchange rate between the foreign currency in which the claim was expressed and United States dollars.
Ruling: 
Claims filed by foreign entity and expressed in foreign currency was to be valued at exchange rate on judgments were recorded in U.S.
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Consumer case opionion summary, case decided on October 12,2007, LexisNexis #0108-094

Enron Corp. v. Ave. Special Situations Fund II LP (In re Enron Corp.)

Plaintiff bankruptcy trustee brought an adversary proceeding against defendant transferees of claims against bankruptcy debtors, asserting that the transferees'claims were subject to disallowance under 11 U.S.C. § 502(d) based on avoidable transfers received by the transferor bank in unrelated transactions. The transferees moved to dismiss the trustee's complaint.
Ruling: 
Court denied motion to dismiss trustee's avoidance complaint since the transferees'claims against debtors were subject to disallowance under section 502(d) if the claims were related to avoidable transfers received by the transferor bank.
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