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Case Summaries

Georgia: A Trustee’s One-Year Extension Period to File an Avoidance Action Begins After Concluding a § 341 Meeting Under § 546(a)  

August 4, 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 …

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The Statutory Language of § 547(c)(4) Limits the New Value Defense to a “Benefitting Creditor” in a Tri-Party Transaction

August 1, 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 …

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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 …

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Madoff Trustee’s Legacy Capital To Go For Trial – Court Denies Trustee Motion for Summary Judgment

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 …

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Feds Objects to Trident USA’s Chapter 11 Plan, Alleging Improper Interference with the Government’s Right to Recoupment and Set-off

June 21, 2019, Southern District of New York– Last week, the United States of America (the “Government” or the “United States”), by its attorney Geoffrey S. Berman, objected to the second amended joint plan of reorganization (“Plan”) of Trident Holding Company, LLC and its Debtor affiliates. According to the Government, …

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National Events Trustee Seeks More Than $10M From Football Club, Online Ticket Broker, and Others.

June 2, 2019, Southern District of New York – The liquidating Trustee of defunct sports and concert ticket broker National Events Holding LLC is making an effort to clawback more than $10 millions as alleged fraudulent transfers from  Arizona Cardinals, online broker Ticket Network, Inc., and many others. Last week, …

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