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Andrew J. Maxwell, trustee for the estate of Horizon Group Management, LLC, v. Daniel Michael, et al. (In re Horizon Group Management, LLC)

14bk41230, 16ap00394
Upon crossing motions for summary judgment in an adversary proceeding seeking fraudulent transfer and other relief from the prepetition management and owners of the debtor, held:  The plaintiff/trustee failed to establish grounds for summary judgment in his favor on the sole legal issue on which it was sought—whether a finding of no value in a bankruptcy sale order as to an asset was preclusive on the value of the asset prepetition for the purposes of establishing the elements of a fraudulent transfer.  The defendants fare better, having shown that the plaintiff/trustee has offered no golden creditor on which to predicate state law avoidance of transfer earlier than captured by bankruptcy avoidance.  In all other respects, the defendants’ motion fails.  The plaintiff/trustee’s motion is therefore DENIED.  The defendants’ motion is GRANTED in part, but otherwise DENIED.

Tuesday, July 18, 2023