In re: Plassein Int'l Corp., No. 08-2616

In an adversary proceeding brought by the trustee of a corporation and the subsidiaries it had acquired in related leveraged buy-outs, seeking to recover payments the shareholders of the acquired corporations had received for their shares on the grounds that the payments to them had been fraudulent transfers avoidable under Delaware law and the Bankruptcy Code, grant of shareholders' motion to dismiss is affirmed as, in accordance with prior case law, the payments were exempt settlement payments under section 546(e). 

Read In re: Plassein Int'l Corp., No. 08-2616

Appellate Information

On Appeal from the United States District Court for the  District of Delaware

Opinion Filed December 22, 2009

Judges

Before:  Scirica, Chief Judge, Jordan and Greenberg, Circuit Judges

Opinion by Circuit Judge  Greenberg

Counsel:

For Appellant:  Charles R. Bennett, Hannity & King; Kevin S. Mann, Christopher P. Simon, Cross & Simon

For Appellee:  William P. Bowden, Ashbty & Geddes; Mark C. Fleming, WIlliam Cutler Pickering Hale & Dorr;   Gabriel R. MacConaill, Potter Anderson & Corroon