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Court Throws Out Creditors’ DIP Breach of Fiduciary Claims

Download the full pdf of the opinion by clicking: here June 27, 2022, US Bankruptcy Court for the Eastern District of Virginia – The Eastern Virginia Bankruptcy Court granted a motion for summary judgment brought by David A. Brandon, Paul E. Raether, et al. (“Defendants”) dismissing TRU Creditor Litigation Trust’s count alleging breach of fiduciary […]

Court Finds Trustee Not Liable For Auction SNAFU

Download the full pdf of the opinion by clicking here June 17, 2022, US Bankruptcy Court for Colorado District – Colorado Bankruptcy Court grants Trustee Jeffrey L. Hill’s request for summary judgment declaring two Trustee’s Sale Deeds as void and unenforceable in the bankruptcy case of Kenneth C. Casey, Inc. (“Debtor”). The Court simultaneously denies […]

New York Court Rejects Trustee’s Demand for Calculated Damages as “Speculative” and “Flawed”

June 06, 2022, US Bankruptcy Court for the Southern District of New York – The Southern New York Bankruptcy Court found Defendant Yucaipa American Alliance Fund I, L.P. (“Yucaipa”) guilty of breach of fiduciary duty but denied damages to Catherine E. Youngman, the Litigation Trustee (“Trustee”) for Ashinc Corporation, et al. (“Debtors”), because of her […]

Picard Wins Another Madoff Clawback

June 06, 2022, US Bankruptcy Court for the Southern District of New York – In 2010, Irving H. Picard, the Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”) brought the adversary proceeding to avoid and recover “fictitious” profits transferred from BLMIS to the Defendant, Estate of James M. […]

BAP Reverses! No Earmarking Defense When Debt Character Changes

May 27, 2022, Bankruptcy Appellate Panel for the Tenth Circuit – Philip J. Montoya, the chapter 7 trustee (“Trustee”) of Chuza Oil Company (“Debtor”) appeals the Bankruptcy Court ruling which disallowed the Trustee to clawback alleged preferential and fraudulent transfers made to Paula Goldstein (“Paula”) under a subordinated promissory note. The Debtor filed a Chapter […]

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

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 […]

“What the Debtor Surrendered and What the Debtor Received” Is the Focus of Fraudulent Transfers Analysis; Holds Hawaii Bankruptcy Court

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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