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We have deep knowledge of preference and fraudulent conveyance defense litigation. This means reviewing and analyzing hundreds of preference and fraudulent conveyance judicial opinions issued each and every year. Read more…

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A Defendant Individual Could Not Hide Behind Corporate Fictitious Name to Avoid Potential Liability for Prepetition Transfers

November 29, 2018, Northern District of Texas – Debtor BFN Operations LLC ran a profitable wholesale nursery business until 2016  when unanticipated inclement weather damaged its plant inventory and led to reduced sales. At the same time, the Debtor faced a prescheduled reduction in its pre-petition credit agreements borrowing base. …

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Delaware Bankruptcy Court : It is Improper for a Plaintiff to Raise Allegations for the First Time in His Opposition Brief to a Motion to Dismiss

November 14, 2018, Delaware – On January 27, 2016, Debtors Liquid Holdings Group, Inc. and Liquid Prime Holdings, LLC filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code. Before the Petition Date, Debtors and Defendant Gibson Dunn & Crutcher LLP entered into business agreements, under which the …

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Fact Issues As To Whether the Payment Constitutes a Preferential Transfer Under § 547 Because It Allowed Defendant to Receive More Than It Would Under a Chapter 7 Liquidation and Whether The Earmarking Doctrine applies Precluded Summary Judgment in Favor of Plaintiff

November 7, 2018, Puerto Rico – The adversary proceeding was brought before the court upon the plaintiff’s motion for summary judgment filed by the Chapter 7 Trustee for the Debtor Jesus Joel Barreto against a Defendant bank, Cooperativa de Ahorro y Crédito de Aguadilla. On September 5, 2014, the Debtor …

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A Defendant Cannot Establish an Industry Practice On the Evidence of What Only a Small Minority of Companies Are Doing

November 2, 2018, Eastern District of Louisiana –  H. Kenneth Lefoldt, the Trustee of the Debtor Whistler Energy II, LLC Litigation Trust, brought a complaint against Defendant Tetra Applied Technologies, LLC to recover transfers worth $595,603.98 that were made in the 90 days before the filing of the bankruptcy petition …

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A Defendant May Be Entitled to Sec. 548 Defense When He Acts in Good faith and Without Knowledge of Debtors’ Ponzi Activities

October 17, 2018, Idaho – Debtor DBSI and its related entities were engaged in three main spheres of business and was purportedly engaged in a massive Ponzi scheme. It ran its business and entities as a unified enterprise under common ownership and control with a small group of insiders that …

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A Trustee Could Avoid Only Partial Commission Payments Because Defendant Had No Knowledge of Debtor’s Ponzi Scheme.

October 15, 2018, Florida – The Debtors namely, Providence Financial Investment, Inc. and Providence Fixed Income Fund, LLC operated a Ponzi scheme that defrauded over 400 investors of approximately $64 million. The primary perpetrator of the Ponzi scheme, Anthony Buzaneli, was found guilty of the fraud and convicted of perpetrating …

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A Plaintiff’s Complaints Fail to State a Claim for the Avoidance of the Overdraft Loan Repayment Transfers as Constructively Fraudulent Transfers.

October 10, 2018, Florida – Debtors Able Body Temporary Services, Inc., et al. was engaged in the business of providing staffing services. Briefly, Debtors’ principals, Frank and Anne Mongelluzzi, owned numerous companies (the “Mongelluzzi Entities”). The Mongelluzzi Entities maintained multiple deposit accounts at Defendant Regions Bank. Some of the Mongelluzzi …

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A Bankruptcy Court Rules For Defendant as Trustee Fails to Plausibly Allege the Banks’ Awareness of the Fraudulent Scheme.

October 3, 2018, New York – Last year in August 2017, Irving H. Picard, the trustee for the liquidation trust of Bernard L. Madoff  Investment Securities LLC (“BLMIS”) filed an amended complaint to recover avoidable transfers totaling approximately $156 million from the Defendants BNP Paribas S.A. and its affiliates. BNP …

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Transfer of Money From a Debtor’s Creditor to Pay Off the Debtor’s Debt Was Not a Preference Because the Funds Were Earmarked

September 7, 2018, Northern District of Texas – Debtor Dependable Auto Shippers, Inc. (“DAS”) was a vehicle transport company that contracted both with individuals and with corporate customers. Individual customers paid DAS when they hired the company to transport their vehicles but DAS would bill corporate customers, issuing invoices payable …

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