October 8, 2019, Texas – The Texas Supreme Court is deliberating on the interpretation of “good faith” as it relates to the Texas Uniform Fraudulent Transfer Act. The litigating parties recently finished the oral arguments on the question certified by the Fifth Circuit. The apex court will opine on the issue, bringing a …Read More »
Judgment Debt Against A Debtor is Non-Dischargeable Under § 523(a)(2)(A), Where a Debtor Knowingly Makes a False Representation to the Creditors.
October 5 , 2019, Northern District of Texas – Debtor Jenkins and his wife Elizabeth Jenkins (collectively, the “Jenkins”) purchased a property titled Bennett Lawson Property in 2001. At the time of purchase, the property had an on-site conventional anaerobic septic tank sewer system installed. In or about 2007, the …Read More »
September 22, 2019, New York– Two weeks ago, the overseas investors who gained from Bernie Madoff’s infamous $19 billion Ponzi scheme filed a petition with the Supreme Court to nullify the Madoff Trustee’s efforts to recover the funds transferred to them. The overseas investors filed their petition after the US …Read More »
September 10, 2019, New York – President Trump recently signed a new law titled – Small Business Reorganization Act of 2019 (“SBRA”). The SBRA will come into effect on February 2020. The SBRA is designed to fill a gap in the current bankruptcy laws by providing a framework for small businesses …Read More »
September 3, 2019, Delaware– During the last month, Michael Goldberg, the liquidating Trustee in the Woodbridge Group of Cos., Chapter 11 proceedings initiated over 50 lawsuits to claw back close to $1 million, allegedly a part of its $1.3 billion Ponzi scheme. Commencing with the first filings on December 4, …Read More »
September 1, 2019, Southern District of New York – Last week, Gregory M. Messer, the Chapter 7 trustee for the bankruptcy estate of Debtor Fyre Festival LLC sued famous models and socialites Kendall Jenner, Bella Hadid and Emily Ratajkowski for return of payments for defrauded investors and attendees. By way …Read More »
Georgia: A Trustee’s One-Year Extension Period to File an Avoidance Action Begins After Concluding a § 341 Meeting Under § 546(a)
September 1, 2019, Middle District of Georgia– Debtors Kenneth and Janice Brownlee, initially filed the underlying bankruptcy case on March 21, 2017, as a Chapter 11 proceeding. The Trustee brought an adversary proceeding on April 9, 2019, one day less than a year after conducting the § 341 meeting. Defendant …Read More »
The Statutory Language of § 547(c)(4) Limits the New Value Defense to a “Benefitting Creditor” in a Tri-Party Transaction
August 4, 2019, Southern District of Texas– The case revolves around the dispute that arose from a series of three-party transactions between Black Elk Energy Offshore Operations, LLC, The Grand, Ltd, and Freedom Well Services, LLC (“FWS”) somewhere in 2015. The net result of these transactions was the transfer of …Read More »
August 1, 2019, Eastern District of Michigan – On August 23, 2018, Debtor and the Plaintiff Christopher Andrews initiated an adversary proceeding by filing a complaint against Marvin Miller LLC (the Miller Law Firm). A few months later, the Defendant Independent Purchaser Class (IPC), as an interested third party, filed …Read More »
A Trustee’s Avoidance Claim Under 11 U.S.C.S. § 544, Was Not Subject to Dismissal Despite the State Court’s Ruling That the Parties Contract was Unenforceable.
July 22, 2019, Eastern District of New York – Debtor Jadeco Constr. Corp was in the business of providing asphalt and concrete paving of roadways, curbs, and sidewalks to local municipalities. Jacinto DeAlmeida was the owner, president, and sole officer of the Debtor. In June 2008, the Debtor successfully submitted …Read More »
July 14, 2019, Southern District of New York, – Last week, the bankruptcy court for Southern District of New York denied the Trustee Irving Picard’s motion for summary judgment against the defendant Legacy Capital, Ltd in the Madoff’s bankruptcy case, thereby sending 9-year clawback case to trial. While considering the motion …Read More »
July 9, 2019, Southern District of Western Virginia – Earlier this month, Coal giant Blackjewel, LLC, apparently one of the largest coal companies in the US by sales volume made an emergency bankruptcy filing. The company also closed its two large operations in the Powder River Basin in Wyoming, resulting …Read More »