Summary

In a straight-forward 9 page decision signed May 1, 2012, Judge Walrath of the Delaware Bankruptcy Court granted a defendant’s motion to dismiss a preference complaint, but granted the plaintiff leave to amend. Judge Walrath’s opinion is available here (the “Opinion”).  Numerous posts on this blog discuss other opinions issued by the Delaware Bankruptcy Court dealing with preference payments, as can be seen here. PREFERENCE OPINION POSTS.

Additionally, this opinion is very similar to that discussed in this prior post: Decision in Everything But Water, LLC Requires Preference Claimants to Identify Transferees Specifically in Granting Motion to Dismiss.

Background

The Debtors are comprised of two entities, Ultimate Acquisition Partners, LP and CC Retail. They oper

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A debtor’s LLC membership interest is treated differently in state court collection proceedings than it is in bankruptcy. In state court collections a judgment creditor’s remedy to execute a judgment against a multi-member LLC is limited to a charging lien. The lien gives the creditor a right to receive any distributions of money or property from the LLC to the debtor member.

Bankruptcy trustees have greater rights against the bankruptcy debtors LLC membership interest. The general rule is that a trustee can sell the debtor’s right to distributions. The trustee is not limited to a charging lien and does not have to wait until the LLC actually makes a distribution. In ad

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Baseball team owner, Frank McCourt must be having his best week in months. He was able to sell the Los Angeles Dodgers to a group of investors, including NBA Hall of Famer, Magic Johnson for $2.15 billion. Sources say that McCourt was originally hoping for at least $1.5 billion. He is likely glad that he passed on the previous bids offered since the Dodgers were first put on sale last November.

In addition to basketball star Johnson, the buyers group includes Hollywood producer, chief executive officer of Mandalay Entertainment Group and co-owner of the Golden State Warriors, Peter Gulber, and former President of the Atlanta Braves and Washington Nationals, Stan Kasten.

But before McCourt can start dancing in the street, he must comply with the team’s bankruptcy-exit plan. T

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Planning a good retirement is perhaps the most important financial goal to achieve. In order to be able to enjoy a nice retirement, you must plan early and build a strong investment portfolio that will support you when you are well in your retirement period. You can actually develop your own retirement plan with a financial advisor assisting you, and in this part we are going to discuss some of the most important aspects to consider. Let’s have a look, shall we?

The first thing you need to determine is the retirement goals you want to achieve. Calculate the amount of money you will need to maintain your existing lifestyle – or pursue an even better one – as well as the amount of time you have before you retire. These Full Post…