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Legal Update

In re TOUSA—Florida District Court Reverses and Quashes Bankruptcy Court Fraudulent Transfer Decision

14 February 2011
Mayer Brown Legal Update
On February 11, 2011, Judge Alan S. Gold of the United States District Court for the Southern District of Florida issued a 113-page opinion in In re TOUSA, Inc. (the “District Court decision”)1 in which he reversed the TOUSA bankruptcy court’s decision.2 In that prior decision, the bankruptcy court had found that certain lenders (referred to in Judge Gold’s decision as the “Transeastern Lenders”) were the recipients of fraudulent transfers when TOUSA’s indebtedness to them (the “Transeastern Loans”) was paid in full from the proceeds of $500 million in term loans made in 2007 (the “New Term Loans”).

Authors

  • Howard S. Beltzer
    T +1 212 506 2684
  • Sean T. Scott
    T +1 312 701 8310
  • Brian Trust
    T +1 212 506 2570

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