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District Court Approves Trustee’s Use of Net Investment Method In Calculating Net Equity of the Customers in the Madoff Ponzi Scheme

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April 15, 2022, New York – The District Court for the Southern District of New York has held in favor of a Trustee’s attempt to avoid and recover “approximately $16,880,000 that was transferred by BLMIS (Bernard L. Madoff Investment Securities LLC) to the entity defendants, Sage Associates and Sage Realty (“Sage Accounts”), in the two […]
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“What the Debtor Surrendered and What the Debtor Received” Is the Focus of Fraudulent Transfers Analysis; Holds Hawaii Bankruptcy Court

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May 3, 2022, West Virginia – Pacific Links U.S. Holdings, Inc., et al. in this adversary proceeding sought to avoid, as “constructively fraudulent”, certain guaranties and mortgages that they granted to defendant Tianjin Dinghui Hongjun Equity Investment Partnership (Limited Partnership) (“TDH”). Plaintiffs sought partial summary judgment determining that they did not receive reasonably equivalent value […]
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Trustee’s Use of Net Investment Method Preferred In Calculating Net Equity of the Customers in the Madoff Ponzi Scheme

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April 15, 2022, New York – The District Court for the Southern District of New York has held in favor of the Trustee’s motion to avoid and recover “approximately $16,880,000 that was transferred by BLMIS (Bernard L. Madoff Investment Securities LLC) to the entity defendants, Sage Associates and Sage Realty (“Sage Accounts”), in the two […]
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Illinois Bankruptcy Court Allows Recovery of Transfers Made for the Benefit of Debtor’s Controlling Shareholders

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March 30, 2022, Illinois – The Bankruptcy Court for the Central District of Illinois has allowed Sheldon Stone, the Trustee for the debtor International Supply Co. (ISCO), to avoid and recover transfers in the amount of $ 1,720,000 made “from International Supply Co. to Citizens Equity First Credit Union (CEFCU)” on behalf of Lee Hofmann. […]
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Investor’s Profits From Ponzi Scheme Are Not ‘For Value”; Trustee Picard To Recover $3.8 Million From Partnership Firm and Its Former Partner

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March 13, 2022, Southern District of New York –  Trustee Irving H. Picard, for the substantively consolidated liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS “) and Bernard L. Madoff (“Madoff”), brought an adversary proceeding against Defendants Ken-Wen Family Limited Partnership and its general partner, Kenneth Brown (“Brown”). Through its complaint, the Trustee sought to avoid […]
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New York Court Holds For Defendant; Plaintiffs’ Complaint Related To Fraud, Conspiracy, Breach of Fiduciary Dismissed

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March 4, 2022, Southern District of New York – The case arose from the financing and development of two parcels of land outside Dallas, Texas, known as Wade Park. Plaintiffs Wade Park Land, LLC, (“WP Land”),Wade Park Land Holdings, LLC (“WPL Holdings”), and Thomas Family Trust brought seventeen claims against defendants in their amended complaint, […]
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Georgia Court Denies Trustee’s Motion For Summary Judgment; Rules That Factual Disputes Must Be Heard For Evidence

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March 8, 2022, Northern District of Georgia – Tamara Miles Ogier, in her capacity as the Chapter 7 Trustee for the estate of Debtor BLS Contracting, LLC, filed a motion for summary judgment in connection with her complaint against Defendant Superior Distribution Roofing &Building Materials (“SRS”) to avoid and recover a preferential transfer under Section 547 […]
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Delaware Court Discusses Weighted Average and Range Analysis To Determine Ordinary Course of Business; Rules in Favor of Defendant

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March 1, 2022, District of Delaware – Trustee George L. Miller commenced an adversary proceeding to avoid and recover certain prepetition transfers made by Debtors J&M Sales, Inc. to Defendant Exist, Inc. under Sections 547, 548, and 550 of the Bankruptcy Code. Following an unsuccessful mediation, the Trustee filed a motion for summary judgment concerning his […]
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Alabama Court Grants Defendant’s Motion for Summary Judgment in Part Concerning Plaintiff’s Fraudulent Suppression Claims

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 March 6, 2022, Northern District of Alabama – The opinion concerns disputes between various people and entities in the poultry processing industry. Plaintiffs Gemstone Foods, LLC, and RCF, LLC, sought relief against Defendants AAA Foods Enterprises, Inc., A&M Consulting Firm, LLC, Portioning Partners, Farm Fresh Foods, LLC, Cooper, Hill & LeCroix, CPA, and various owners and […]
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