United States Third Circuit

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In re: Plassein Int'l Corp., 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).

Appellate Information

  • Argued 11/02/2009
  • Decided 12/22/2009
  • Published 12/22/2009

Judges

  • Before: SCIRICA, Chief Judge, and JORDAN and GREENBERG, Circuit Judges.

Court

  • United States Third Circuit

Counsel

  • For Appellant:
  • Charles R. Bennett, Jr. (argued), Hanify & King, Boston, MA, Kevin S. Mann, Christopher P. Simon, Cross & Simon, Wilmington, DE, for Appellant William Brandt.

  • For Appellees:
  • William P. Bowden, Andrew D. Cordo, Ricardo Palacio, Ashby & Geddes, Wilmington, DE, for Defendants-Appellees Sam Chebeir, Paul D. Gage, Daniel A. Jones, III, Kenneth Olenler, G. Kenneth Pope, Jr., Charles J. Warr, Stephen S. Wilson., Mark C. Fleming (argued), Jeffrey S. Gleason, Richard A. Johnston, Wilmer Cutler Pickering Hale & Dorr, Boston, MA, Gabriel R. MacConaill, Laurie S. Silverstein, Potter, Anderson & Corroon, Wilmington, DE, for Defendants-Appellees Thomas F. Fay, Ruth L. Fischbach, Mark R. Freedman, Robert N. Zeitlin 1999 Charitable Remainder Unitrust, William G. Russell, ZFC Associates Inc., Robert N. Zeitlin, Sidney Zeitlin., Elliot Moskowitz, Karen E. Wagner (argued), Davis, Polk & Wardwell, New York, NY, Robert J. Stearn, Jr., Richards, Layton & Finger, Wilmington, DE, for Defendant-Appellee B.A. Capital Co. LP., James A. Sarna, Sarna & Associates, Upper Nyack, NY, for Defendants-Appellees Andrew Marshall Forsberg Trust, Ethel Forsberg Revocable Trust, Janis Rae Forsberg Trust, Frank John McCarthy, Bernadine Orris, Daniel R. Orris.

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