When fraudulent transfer claims arise in bankruptcy, the
debtor is usually accused of being the dishonest transferor. However, in a
recent case from Chief U.S. Bankruptcy Judge Ronald King, the Debtor successfully
pursued a claim against her disbarred ex-husband. Galaz v. Galaz , Adv.
Fred Wilpon, the owner of the New York Mets , was a
close friend of Bernie Madoff, and it has been generally believed since the
outset of the scandal that Wilpon, his family and affiliated enterprises lost
hundreds of millions in the great Ponzi scheme. It has also been known
that the Wilpon group...
In a 113 page opinion, U.S. District Judge Alan S. Gold
has reversed a controversial fraudulent conveyance judgment in the TOUSA
bankruptcy case. In re TOUSA, Inc. , Case No. 10-60017 (S.D. Fl.
2/11/11). You can find the opinion here .
A Series of Highly Unfortunate Events
On this edition, Benjamin D. Feder of Kelley Drye & Warren LLP discusses the background of the lawsuit filed by Irving Picard, trustee of Bernard L. Madoff Investment Securities LLC, against the Wilpon Group, owner of the New York Mets. Mr. Feder explains the issues involved in the lawsuit and the...
Fred Wilpon, Saul
Katz, and their families and affiliated enterprises (the "Wilpon/Katz
Group") last week formally requested the dismissal of the adversary proceeding
commenced by Irving Picard, the trustee
of Bernard L. Madoff Investment Securities LLC ("BLMIS") . In a two
One of a receiver's duties in administering a Ponzi
scheme case is to commence appropriate litigation to avoid and recover property
that the Ponzi schemer fraudulently transferred to third parties. By law, a
receiver generally has the benefit of nationwide service to reach a defendant's
In the consolidated bankruptcy proceeding of Frederick
Darren Berg and the Meridian Funds, the trustee filed several fraudulent
transfer actions. In one of them, against Jack W. Brown and Margaret A. Heftel,
the trustee claimed that fictitious interest payments were constructive