New Opinions

Reasonable Financial Controls At Arms’ Length Do Not Transform a Lender Into An Insider

October 19, 2021 admin

October 5, 2021, District of Delaware – Four Defendant entities – Salem Investment Partners III, LP, along with SIP III Holdings, Inc., Plexus Fund III, LP, and Plexus Fund QP III, LP, filed motions to dismiss Trustee Jeoffrey Burtch’s amended complaint in the bankruptcy case of Parker School Uniforms, LLC for its alleged failure to […]

New Article : Navigating Preference Actions in Retail Industry Restructurings

October 12, 2021 admin

9/17/2021 – Navigating Preference Actions in Retail Industry Restructurings (Authors: Colin Adams and Michael A. Cohen / Colin Adams is senior managing director at M3 Partners. Michael A. Cohen is managing director at Stretto.) https://www.law.com/newyorklawjournal/2021/09/17/navigating-preference-actions-in-retail-industry-restructurings/ (13)

A Plaintiff’s Complaint Was Not an Impermissible Shotgun Pleading

October 10, 2021 admin

September 30, 2021, Northern District of Georgia – The Trustee of Menser’s Chapter 7 bankruptcy estate sought to avoid the premium payments from Defendant Nationwide Mutual Insurance Company as fraudulent conveyances. The Trustee argued that Nationwide was the initial or subsequent transferee of the premium payments. Further, the alleged payments were actual fraudulent transfers as […]

No Credible Evidence of Fraud, Judgment Entered in Favor of a Defendant

October 9, 2021 admin

September 30, 2021, District of New Hampshire – Plaintiffs M&M Electrical Supply Company, Inc. (M&M) and Consolidated Electrical Distributors, Inc. (CED) brought actual fraud, fraudulent intent, and several other claims against Defendant David R Blais, a former president of a company named, DRB Electric, Inc. By way of background, Plaintiff M&M sold certain supplies to […]

Amended Complaint is Timely Since the Original Complaint Was Filed Before a Two-Year Expiration Period

October 8, 2021 admin

September 27, 2021, Eastern District of Tennessee – Debtor The Strauss Company, Inc., a contractor, issued a check to Defendant Jarrett Builders, Inc., to pay for some subcontracting work on a construction project. Fewer than 90 days later, three creditors filed an involuntary Chapter 7 petition against Strauss. Strauss sought to recover the money paid to […]

Fragile Financial Conditions Under § 548 Must Be Satisfied

October 8, 2021 admin

September 7, 2021, Northern District of Texas – As part of a refinancing transaction in 2014, Debtors Stone Panels, Inc. (“SPI”) and Stone Panels Holding Corp. (“Holding”) jointly borrowed roughly $14 million that was immediately transferred to Defendant Thompson Street Capital Partners III, L.P. (“Thompson Street”) to partially satisfy a debt for which only Holding […]

Debtor Held Properties in Constructive Trust, No Fraudulent Conveyance Under § 544

October 7, 2021 admin

September 29, 2021, Middle District of Georgia – Trustee Walter W. Kelley for the bankruptcy estate of Julia Marie Haar sought to avoid, as fraudulent conveyances, the transfer of two parcels of realproperty by Debtor to Defendant David Haar. As to the facts of the case, the Debtor is Defendant’s sister. Defendant purchased the two […]

Another Win for Madoff Trustee: May Recover Fictitious Profits Received by Gerald and Barbara Family Trust

October 6, 2021 admin

September 30, 2021, Southern District of New York – Irving H. Picard, The Securities Investor Protection Act of 1970 (SIPA) (“SIPA Trustee”), for the substantively consolidated SIPA liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”) and Bernard L. Madoff (“Madoff”), brought an adversary proceeding to avoid and recover fictitious profits received by the Gerald […]

New Article : Avoiding Fraudulent Transfer Claims From Loan Workouts

October 4, 2021 admin

September 13, 2021 – Avoiding Fraudulent Transfer Claims from Loan Workouts (Author: Hanna Lahr and James Roberts). https://bankingjournal.aba.com/2021/09/avoiding-fraudulent-transfer-claims-from-loan-workouts/ (2)

$800k Alleged Clawback Suit Against The Independent Bankersbank

October 2, 2021 admin

September 16, 2021, Northern District of Texas – Trustee Diane G. Reed for the bankruptcy estate of The Lasalle Group, Inc. ( “Debtor”) initiates a complaint to avoid and recover transfers worth $ $830,441.95, allegedly made by the Debtor to The Independent Bankersbank (“TIB”) as fraudulent conveyances under Sections 548, 550, 502 and 544 of the […]

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