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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

March 17, 2022 admin

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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 […]

Construction Company Loses Breach of Contract Bid Against Lenders

January 27, 2023 admin

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Download the full pdf of the opinion by clicking: here January 04, 2023, US Bankruptcy Court for Connecticut – The Connecticut Bankruptcy Court denied Dennis Group’s summary judgment motion on the allegations of breach of contract and fraud against People’s United Bank, N.A., and B.M.O. Harris Bank, N.A. Dennis Group was engaged by Old CP, […]

Court Denies Summary Judgment On “Strip-and-Strand” Allegations

June 29, 2022 admin

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Download the full pdf of the opinion by clicking here June 22, 2022, US Bankruptcy Court for the District of Delaware – The Delaware Bankruptcy Court denies the motion for partial summary judgment filed by Maxus Liquidating Trust (“Trust”) on a 23-count complaint that the Trust brought against YPF S.A. (“YPF”) and Repsol, S.A. (“Repsol”) […]

Pension Plan Loans are Bona Fide Debts Under the Bankruptcy Code

August 17, 2021 admin

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August 6, 2021, District of New Mexico – A Chapter 7 Trustee sued a trustee of a Pension Plan (“Defendant”) to recover a sum that a Debtor paid to the Plan shortly before filing bankruptcy. The money repaid a loan that one of the Debtors took from the Pension Plan. Plaintiff’s theories of recovery are […]

Court Dismisses Law Firm’s “In Pari Delicto” Defense as Premature at Motion to Dismiss Stage

October 4, 2022 admin

September 22, 2022, US Bankruptcy Court for Nevada – The Nevada Bankruptcy Court denied dismissal of the bankruptcy Trustee’s suit against a law firm under Federal Rule of Civil Procedure 12(b)(6). The Trustee’s complaint alleged “professional malpractice”, “breach of fiduciary duty”, and other claims against the law firm and the Court denied the use of […]

Ambiguous Clauses Must Be Read in Context of Entire Agreement

September 24, 2021 admin

September 13, 2021, Southern District of New York – Capstone Asset Management Co., Ltd. (“Capstone”) sued Defendants Dearborn Capital Group LLC (“Dearborn”) and its principal Oren Richland to recover out-of-pocket expenses that it incurred during its attempt to assist the Defendants in securing financing. Capstone alleges that Dearborn breached the explicit obligation memorialized in two […]

New York Court Rules in Favor of Defendants on Their Ordinary Course of Business Defense

February 7, 2022 admin

February 3, 2022, Eastern District of New York – Plaintiff Bryan Ryniker, the Litigation Administrator for the post-confirmation Debtors Décor Holdings, Inc., et al. commenced separate preference actions against three sets of defendants, all represented by Montgomery, McCracken, Walker & Rhoads LLP. Each defendant filed motions for summary judgment asserting the affirmative defenses of the ordinary course of […]

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

April 15, 2022 admin

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 […]

A Texas Bankruptcy Court Discusses Application of “Contemporaneous Exchange” Against Insider Guarantors

February 2, 2021 admin

The Court discusses the rationale for the creation of the insider concept in the bankruptcy avoidance arena.

Level 8 Apparel Trustee’s Complaint Against Insider Defendants Dismissed for Lack of Specificity in Allegations

January 30, 2021 admin

The case discusses interesting issue of lack of specificity in a trustee's complaint and allegations.

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