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DE Bankruptcy Court Addresses Standing In the Context of a Fraudulent Conveyance Action
In the recent case of Phillips v. Josmic 2 (In re ONH AFC CS Investors), the U.S. Bankruptcy Court for the District of Delaware (the court) examined the issue of standing in the context of a fraudulent conveyance action and whether a liquidating trustee had standing to pursue fraudulent conveyance claims when the beneficiaries of those claims were the debtors’ equity holders. Under limited circumstances, which were present in this case, the court found that the trustee could pursue such claims.
The debtors, prior to the commencement of their bankruptcy cases, raised money to finance the purchase of an Atlanta office building complex. Some of the money was borrowed, but the debtors also raised an additional $44 million from investors to assist in funding the purchase. As alleged by the liquidating trustee, although the debtors were successful in raising the money from investors, the transaction never closed and the debtors never purchased the office complex. In point of fact, most of the investor funds were dissipated by the debtors prior to the commencement of the bankruptcy cases.
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