In re Allen

No. 13-3543, Slip Op. (3rd Cir. September 26, 2014)
Where a debtor avoids a fraudulent transfer and obtains a recovery order, it has sufficiently "recovered" those funds such that they are part of the debtor's estate under the Bankruptcy Code.
Procedural context:
Reversing and remanding District Court.
In 1999, Advanced Telecommunications Network ("ATN"), transferred $6 million to its former owners, including Daniel Allen ("Allen"), as part of a shareholder litigation settlement. ATN later filed for bankruptcy and avoided the transfer and obtained a recovery order. Allen subsequently filed his own bankruptcy case. He argued that the funds were never recovered and were therefore property of his estate.
Fisher, Scirica, Cowen

ABI Membership is required to access the full summary. Please Sign In using your ABI Member credentials. Not a Member yet? Join ABI now - it is absolutely worth it!

About us in numbers

3355 in the system

3233 Summarized

1 Being Processed