In re Kimball Hill, Inc., et al.; KHI Liquidation Trust v. C. Goshy Enterprises, Inc.
08 B 10095, 10 A 00998
Upon the Defendant’s motion for summary judgment in the adversary proceeding brought by the Chapter 11 Liquidation Trustee to avoid and recover fraudulent and preferential transfers and disallow claims, held: (i) without evidence supporting an implied contract theory, the Liquidation Trustee could not establish that the transfer was on account of an antecedent debt, an element of the preference avoidance claim; but (ii) for many of the same reasons that the preference avoidance claim fails, genuine factual disputes exists as to whether an indirect benefit defense exists as to the fraudulent transfer avoidance claim. Motion for summary judgment granted in part and denied in part.