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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 […]

Trustee’s Use of Net Investment Method Preferred 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 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 […]

Illinois Bankruptcy Court Allows Recovery of Transfers Made for the Benefit of Debtor’s Controlling Shareholders

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. […]

Investor’s Profits From Ponzi Scheme Are Not ‘For Value”; Trustee Picard To Recover $3.8 Million From Partnership Firm and Its Former Partner

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 […]

New York Court Holds For Defendant; Plaintiffs’ Complaint Related To Fraud, Conspiracy, Breach of Fiduciary Dismissed

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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