The court granted summary judgment to the defendants, finding that the shareholders' sale of debtor's stock in the context of a leveraged buyout conducted through a bank escrow agent constituted a "settlement payment" for purposes of ยง 546(e) and could not be avoided by the trustee or the DIP as a fraudulent transfer.
Date:
Friday, June 29, 2007
Judge:
Judge Timothy J. Mahoney (Retired)