In the majority opinion of the Bankruptcy Appellate Panel for the Ninth Circuit Court of Appeals ("BAP 9th Cir."), the Court, affirming the bankruptcy court order and judgment, held that the...
Judge(s):
HOLLOWELL, PAPPAS and DUNN, Bankruptcy Judges. PAPPAS, Bankruptcy Judge, Dissenting.
Summarized by Paul Lucey , Leverson Lucey & Metz, S.C.
13 years 8 months ago
Citation:
Frederick Grede v. Bank of New York Mellon, Case Nos. 10-3787, 10-3990 & 11-1123 (7th Cir. Aug. 9, 2012)
Ruling:
Order and judgment of the District Court are affirmed: Investment manager's illegal pledge of client funds to secure short-term loans supporting manager's trading activity for its own account and...
Summarized by Laura Bartell , Wayne State University Law School
13 years 10 months ago
Citation:
2012 Fed App 0006P (6th Cir. BAP Apr. 23, 2012)
Ruling:
Affirmed grant of summary judgment by bankruptcy court to chapter 7 trustee avoiding lien on manufactured home under Section 544 because lien was not perfected under Kentucky law. Creditor had...
A) The Defendants are not transferees under §550(e) for the purposes of imposing fraudulent transfer liability under the Ninth Circuit’s dominion test because the Defendants never had legal...
Judge(s):
Bankruptcy Judges Donovan (sitting by designation), Dunn, and Hollowell (concurring opinion)
Summarized by Paul Stewart , Stewart Robbins Brown & Altazan, LLC
14 years 4 weeks ago
Citation:
Fifth Circuit Court of Appeals, Docket no. 10-10989
Ruling:
"Not all securities frauds are Ponzi Schemes." Receiver moved for turnover against charity that received $240,000 from companies prior to receivership, primarily arguing under the Texas Uniform...
Judge(s):
Before JONES, Chief Judge, and HIGGINBOTHAM and SOUTHWICK, Circuit Judges.
Summarized by Steven Holmes , Cavazos Hendricks Poirot, PC
14 years 4 weeks ago
Citation:
Case No. 11-10070 (5th Cir. March 20, 2012).
Ruling:
Plaintiff had standing to avoid the debtor’s guaranty obligations pursuant to 11 U.S.C. § 544(b) and the laws of the State of New York. The decision was driven by the Fifth Circuit’s...
Judge(s):
Benavides and Prado, Circuit Judges, and Alvarez, District Judge, sitting by designation.
The Bankruptcy Appellate Panel affirmed the ruling of the Bankruptcy Court for the Northern District of Ohio, which dismissed a Chapter 7 Trustee's complaint seeking to avoid a mortgage against the...
Summarized by Frank Volk , U.S. Bankruptcy Court, Southern District of West Virginia
14 years 2 months ago
Citation:
SunTrust Bank, N.A. v. Macky (In re McCormick), No. 10-2027, --- F.3d ----, 2012 WL 414667 (4th Cir. Feb. 10, 2012).
Ruling:
The same notice imputed to a bona fide purchaser is that which is enjoyed by a trustee pursuant to 11 U.S.C. § 544(a)(3), thus permitting the trustee under applicable North Carolina law to rely...
Judge(s):
Hon. Paul V. Niemeyer, Hon. G. Steven Agee, and Hon. James A. Wynn, Jr.
The 10th Circuit Court of Appeals ruled in favor of creditor Bank of America ("BAC" or "Creditor"), as successor in interest to Countrywide Financial, affirming the judgment of the district court.
The Court of Appeals affirmed that the debtor was the "de facto" owner of three bank accounts that funded the alleged fraudulent transfers and that the chapter 7 trustee met his burden in...
