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Bankruptcy Court Issues Significant Fraudulent Transfer Ruling in the TOUSA Bankruptcy Case
by Salvatore Guerrera
Skadden, Arps, Slate, Meagher & Flom LLP - New York Office
Mark A. McDermott
Skadden, Arps, Slate, Meagher & Flom LLP - New York Office
Gregory A. Robins
Skadden, Arps, Slate, Meagher & Flom LLP - Los Angeles Office
George A. Zimmerman
Skadden, Arps, Slate, Meagher & Flom LLP - New York Office
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November 9, 2009
Previously published on October 27, 2009
On October 13, 2009, the United States Bankruptcy Court for the Southern District of Florida issued an important ruling in the Chapter 11 liquidation proceedings of TOUSA, Inc. and its subsidiaries, voiding as fraudulent transfers approximately $500 million dollars in obligations and transfers by TOUSA. As this decision involves a fairly common type of financing transaction, this mailing provides a brief overview of the transactions, the ensuing litigation, and some key take-aways from the ruling. It should be noted, however, that the TOUSA decision -- like all fraudulent transfer decisions -- turns on its specific facts and circumstances. Accordingly, it s not clear the extent to which the decision will impact the structuring of leveraged finance transactions in the future, nor will it necessarily dictate the outcome in other litigation challenging such transactions.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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