In Chapter 7 bankruptcy proceedings, district court’s judgment in favor of the trustee, who had filed an adversary action against the defendants claiming fraudulent conveyance under the section 4(a)(2) of the Uniform Fraudulent Transfer Act, is affirmed in part and reversed in part where: 1) bankruptcy court did not commit clear error in finding that statutory condition for a fraudulent conveyance was satisfied; and 2) district court’s ruling with respect to the dividend is reversed as the trustee is entitled to the dividend because it was an integral part of the leveraged buy-out.
Read Boyer v. Crown Stock Distrib., Inc. , No. 09-1699
Appellate Information
Appeal from the United States District Court for the Northern District of Indiana, Fort Wayne Division
Decided November 18, 2009
Judges
Before: Posner, Rovner, and Williams, Circuit Judges
Opinion by Posner, Circuit Judge
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