Tag Archives: Bankruptcy Court for the Southern District of New York

Seventh Circuit Reverses Bankruptcy and District Courts in Delineating the Ordinary Course of Business’s Baseline of Dealings Requirement  in In re Sparrer Sausage Co.

By Evan T. Miller, Esq.

The United States Court of Appeals for the Seventh Circuit (the “Seventh Circuit”) recently reversed a Bankruptcy Court ruling and District Court affirmation (both in the Northern District of Illinois, and collectively, the “Lower Courts”) that had given only partial credit to a preference defendant’s section 547(c)(2)(A) ordinary course of business defense. Continue reading

In re Lyondell Chemical Co. 2016 Update – Judge Gerber Finds Pre-Merger D&Os Did Not Possess Actual Intent to Hinder, Delay or Defraud Creditors in Prepetition Leveraged Buyout

By Evan T. Miller, Esq.

As a follow-up to the In re Lyondell Chemical Co. opinion Judge Gerber issued in November 2015, in which he ruled on various avoidance action claims against the Debtors’ shareholders (the “Shareholder Opinion”, whose related blog post can be found here), the Court issued an opinion last week addressing similar claims against the Debtors’ Pre-Merger directors and officers (the “Pre-Merger Directors and Officers”). Continue reading

LBOs, BODs, and Fraudulent Transfers: Judge Gerber Clarifies When a Board Has Actual Intent to Hinder, Delay or Defraud Creditors in a Prepetition Leveraged Buyout in In re Lyondell Chemical Co.

By Evan T. Miller, Esq.

Judge Gerber, a bankruptcy judge sitting in the Southern District of New York, recently issued an opinion denying in part and granting in part motions to dismiss filed by fraudulent transfer defendants in three separate adversary proceedings. Continue reading