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“Actions A Corporate Fiduciary Takes Under A Contract With His Corporation May Breach The Contract Itself, But It Does Not Breach Its Duties to the Corporation “, Illinois Bankruptcy Court Dismisses Trustee Goldstein’s Complaint For Breach Of Fiduciary Duty & Fraudulent Transfer

May 17, 2021, Northern District of Illinois – Debtor VitaHEAT Medical, LLC manufactured and sold medical products. Defendant William Haas was the director of the Debtor, and his company, Defendant Thinheat, LLC, was one of the Debtor’s members. Thinheat owned several patents and in 2012 issued a patent license to the Debtor. Six years later, […]

Northern District of Illinois – Focus of Inquiry Regarding Reasonably Equivalent Value Must Be On A Specific Transfer That A Trustee Seeks to Avoid Rather Than On Analysis of The Transaction’s Overall Value To A Debtor

May 19, 2021, Northern District of Illinois – Ronald Peterson filed an adversary proceeding as a Trustee of Chapter 7 Debtor Mack Industries, Ltd against Defendant Premier Electric Services, Inc. to avoid over $520,000 in transfers as fraudulent or preferential. Premier moved to dismiss the claim in Count 1 of the amended complaint for fraudulent transfers […]

A Connecticut Court Denies A Defendants’ Motion To Dismiss, Alleged Assets Were Transferred For Less Than Reasonably Equivalent Value

May 20, 2021, District of Connecticut – Debtor Integrity Graphics, Inc. was a full-service print and design company in Connecticut. The Debtor had a commercial revolving line of credit with Defendant People’s United Bank (PUB), as well as additional loans (collectively, the “Loan”) that were subject to a master credit agreement between the Debtor and […]

A Virginia District Court Denies Defendant’s Motion to Withdraw Reference, Finds Defendants Had Already Submitted to the Bankruptcy Court’s Equitable Jurisdiction

May 28, 2021, District of New Jersey – The case arose from the underlying adversary proceedings involving Debtor LeClairRyan, which is a national law firm headquartered in Virginia. Defendant UnitedLex provided personnel to assist the wind-down operations and received compensation for those individuals’ services from the bankruptcy estate. The joint venture between the Debtor and UnitedLex […]

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