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In re TOUSA, Inc. -- Solvency Opinions and Savings Clauses Attacked in a Fraudulent Conveyance Decision
by King & Spalding LLP - Atlanta Office
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November 13, 2009
Previously published on November 11, 2009
On October 13, 2009, the Bankruptcy Court for the Southern District of Florida entered a 176 page order in Official Committee of Unsecured Creditors of TOUSA, Inc., et al. vs. Citicorp North America, Inc., et al. (In re Tousa, Inc.), which, among other things, avoided over $400 million of liens and co-borrower obligations on the basis that such liens and obligations were fraudulent conveyances under Section 548 of the Bankruptcy Code and applicable state fraudulent conveyance or fraudulent transfer law.
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