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Florida bankruptcy judge holds ‘savings clause’ unenforceable when voiding guarantees as fraudulent transfers

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • October 30 2009

A Florida bankruptcy court, on Oct. 13, 2009, issued a 182-page decision after a 13-day trial, among other things, avoiding on fraudulent transfer grounds (a) secured subsidiary guarantees of $500 million and (b) $420 million pre-bankruptcy payments