July 29, 2012

11th Circuit Upholds Fraudulent Transfer Ruling in In re Tousa

The Legal Intelligencer

Wilmington and Philadelphia partner Andy Kassner and associate Joe Argentina co-authored a two-part series for The Legal Intelligencer on the case of In re Tousa.

Part one of the series is titled, “11th Circuit Upholds Fraudulent Transfer Ruling in In re Tousa.”

The case is significant because the court upheld the ruling of the bankruptcy court that various pre-bankruptcy refinancing transactions involving subsidiary guaranties constituted fraudulent transfers, and lenders will need to examine possible unwinding of such refinancings involving distressed companies in the future.

Andy and Joe, members of the firm's Corporate Restructuring Practice Group, also note that the case demonstrates how judges can review the same factual record and come to opposite legal conclusions.

Click the PDF link below to read the entire article.

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