SAN FRANCISCO - A panel of the Ninth Circuit U.S. Court of Appeals on June 5 affirmed a ruling which held that a court-ordered sale of a debtor's property did not constitute a fraudulent transfer based on the actual value of the property sold (Kenneth Bailey v. Georges Elias, et al. $(In Re: Kenneth Bailey$), No. 10-60031, Chapter 11, 9th Cir.; 2013 U.S. App. LEXIS 11322).