District Court Reverses Bankruptcy Court’s Controversial Fraudulent Transfer Tousa Decision | McDermott Skip to main content

District Court Reverses Bankruptcy Court’s Controversial Fraudulent Transfer Tousa Decision

District Court Reverses Bankruptcy Court’s Controversial Fraudulent Transfer Tousa Decision

Overview


United States District Court Judge Alan S. Gold, on February 11, 2011, reversed a Florida bankruptcy court’s controversial October 2009 fraudulent transfer judgment against a group of lenders based on their receipt of a $421 million loan repayment in July 2007. 3V Capital Master Fund, et al., v. Official Committee of Unsecured Creditors of Tousa, Inc., et al, Case No. 10-60017-CIV (S.D. Fla. Feb. 11, 2011). A different District Judge is still considering appeals from another part of the bankruptcy court’s ruling against those lenders who provided the funds for the July 2007 payment.