The case of H. Jason Gold v. First Tennessee Bank, N.A. (In re Taneja), Adversary Case No. 10-1225 (Bankr. E.D. Va. July 30 2012), concerns an elaborate fraud perpetrated by a mortgage broker, Financial Mortgage, Inc. (“FMI”), against various warehouse lenders, and a bankruptcy trustee’s later attempt to recover payments made by the mortgage broker to its innocent lenders as fraudulent conveyances. Facts […]
Read MoreThe Eleventh Circuit recently avoided, as fraudulent transfers, certain liens pledged by subsidiaries to secure a $500 million loan made to their parent, Tousa, Inc. See Senior Transeastern Lenders v. Official Comm. of Unsecured Creditors (In re Tousa, Inc.), No. 11-11071, 2012 WL 1673910 (11th Cir. May 15, 2012). These liens were avoided as upstream transfers that, pursuant […]
Read MoreIn Mark S. Kirschner v. John D. Goglia, et al., Case No. 11 Civ. 08250-JSR (S.D.N.Y. May 9, 2012), the United States District Court for the Southern District of New York granted a motion to withdraw the reference by defendants in an adversary proceeding commenced by the trustee in the Refco bankruptcy case, asserting fraudulent conveyance […]
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