The United States Supreme Court held in BFP v. Resolution Trust, that properties sold at “force-sale” mortgage foreclosure sales properly conducted pursuant to a state’s foreclosure statute are presumed to have been sold for “reasonably equivalent value” for purposes of Section 548 of the Bankruptcy Code. 511 U.S. 531, 114 S.Ct. 1757 (1994). Accordingly,
JEVIC OPINION ILLUSTRATES THE IMPORTANCE OF LANGUAGE USED IN ORDERS
The In re Jevic Holding Corp. chapter 11 case continues to make news. The case is likely best remembered for the 2017 Supreme Court decision holding that the distribution scheme in a structured dismissal of a Chapter 11 case cannot violate the absolute priority rule. The case has since been converted to Chapter 7, and
Second Circuit Finds Madoff Trustee can seek to Clawback Billions in Funds Transferred Abroad
Earlier this week, the U.S. Court of Appeals for the Second Circuit revived 88 fraudulent transfer cases that were consolidated on appeal. In those actions, the trustee for the Liquidation of Bernard L. Madoff Investment Securities LLC sought to recover billions of dollars in funds transferred out of the U.S. to foreign investors, called feeder
Alert: Liquidation Trustee Awarded $17 Million Against Former CEO and Others
In a suit by the trustee of the liquidation trust of Green Field Energy Services, a defunct oil services business, against the debtor’s former CEO and others, the U.S. Bankruptcy Court for the District of Delaware found that the trustee can recover almost $17 million. See Halperin v. Moreno, et al. (In re Green Field
Trustee of Duane Martin and Tisha Martin Campbell’s Chapter 7 Case Brings Suit to Recover Property subject to Loan from Will & Jada Pinkett Smith’s Company
In entertainment and bankruptcy news, the chapter 7 trustee for the bankruptcy filed by former celebrity couple Duane Daniel Martin and Tisha Martin Campbell (the “Debtors”), brought suit against Roxe, LLC (“Roxe”) and others claiming that Roxe was formed by Martin and his brother (also a defendant to this suit) to conceal Martin’s ownership of
Bankruptcy Court Grants Motion To Dismiss Based Upon Affirmative Defense
Michael Temin writes:
When deciding a motion to dismiss a complaint pursuant to Federal R. Bankr. 7008, which incorporates Rule 12(b)(6), a court must accept all factual allegations in the complaint as true and construe all inferences from those allegations in favor of a plaintiff. It was, therefore, unusual when a Michigan bankruptcy court dismissed
Ninth Circuit Clarifies Point Center Decision — To Preserve Right to Appeal, there Must be Evidence in the Bankruptcy Record That Appellant was Appearing, Objecting or Represented
An opinion issued yesterday by the U.S. Court of Appeals for the Ninth Circuit reiterates the importance of filing written objections and appearing in the Bankruptcy Court to preserve rights to appeal. The opinion clarifies the Ninth Circuit’s recent opinion on this issue, which we covered in a recent blog post. In Reid and
For Fraudulent Transfer Statute of Limitations, Transfer of Real Property Occurred upon Recording of Deed, not Execution
A recently issued opinion by the U. S Bankruptcy Court for the District of New Mexico provides some guidance on the relevant date for the transfer of real property for purposes of the statute of limitations applicable to fraudulent transfer claims.
In Gonzales v. Sexton (In re Esquibel), Adv. No. 17-1042-j (Bankr. D.N.M. July
Hawaii Bankruptcy Appeal Serves as a Reminder on Preferential Transfers
In an appeal from the U.S. Bankruptcy Court for the District of Hawaii, the U.S. District Court for the District of Hawaii determined when the date of the transfer occurred for the purposes of a preferential transfer asserted by a trustee pursuant to 11 U.S.C. §547. See Coulson v. Kane (In re Price), Civ.
Ninth Circuit Finds Filing an Objection and Attending Hearing Not Prerequisites for Standing To Appeal a Bankruptcy Court Order
Yesterday a panel of the U.S. Court of Appeals for the Ninth Circuit issued an opinion reversing a district court order dismissing an appeal from the bankruptcy court for lack of standing. See Harkey v. Grobstein (In re Point Center Financial, Inc.), Bankr. No. 16-56321, D.C. No. 8:16-cv-1336-DSF (May 29, 2018, 9th Cir.).
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