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Home New Cases Trustee Files to Avoid $2 Million Lien

Trustee Files to Avoid $2 Million Lien

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June 13, 2022, US Bankruptcy Court Southern District of California – Ronald E. Stadtmueller, in his capacity as Chapter 7 trustee (“Trustee”) of the bankruptcy estate of Homesite Holdings, LLC (“Homesite” or “Debtor”) files a complaint against Big A Rancho Santa Fe (“Big A”), LLC, Michael Acciardi, Ivy Street Holdings, LLC, et al. (“Defendants”).

The Trustee avers that William Winokur and Firooz Payan own respectively 20% and 80% of Homesite. The property located on Castellammare Drive in Pacific Palisades, CA 90272 is allegedly the sole asset of Homesite. 

Debtor Homesite in its schedules mentions a disputed lien constituted by a deed of trust in favor of Big A in the amount of $2 million. The Trustee seeks to avoid this transfer of interest in Debtor’s property as a “fraudulent transfer” while also claiming that the deed of trust does not constitute a lien on the property of the Debtor. The Trustee alleges that the Debtor received little or no consideration or payment for the transfer of interest to Big A under the deed of trust.

The complaint also seeks to avoid a secured obligation allegedly made in favor of Ivy Street Holdings, LLC and constituted by a deed of trust recorded in 2017. The Trustee again claims that no consideration was paid to the Debtor by Winokur or by Ivy in exchange for the $225,000 obligation shown by this deed of trust. The Trustee maintains that this transfer constitutes an avoidable transfer within the meaning of Sections 3439.01,et seq. of the California Civil Code and is avoidable by the Trustee under 11 U.S.C. § 544(b). 

Ronald E. Stadtmueller v. Big A Rancho Santa Fe, LLC et al. (In re Homesite Holdings, LLC), AP No. 22-90032, US Bankruptcy Court for the Southern District of California. 

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