United States Ninth Circuit

In a bankruptcy adversary proceeding alleging that a member of debtor corporation's board of directors engaged in a constructive fraudulent conveyance by buying property from the company and that defendant was liable for the value of the property, the bankruptcy court's order is affirmed where 1) the bankruptcy court's finding that the reasonably equivalent value of the property was $11,820,000 was not clearly erroneous; 2) this amount was reduced by $10,432,815 million because defendant was a good faith transferee under California Civil Procedure Code section 3439.08; and 3) defendant was entitled to a settlement credit of $4.5 million under California Civil Code section 877.

Appellate Information

• Decided 08/10/2010
• Published 08/10/2010

Judges

• Procter Hug, Jr.

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Christian B. Nielsen, Jeffrey C. Wurms