Stone v. Citizens Equity First Credit Union (In re Int’l Supply Co.)

BVLaw
Full Text of Court Cases
March 30, 2022
3621 Motors and Generators
335312 Motor and Generator Manufacturing
bankruptcy
fair value, cash flow, fraudulent transfer, projections, insolvency, balance sheet, reasonably equivalent value, unjust enrichment

Stone v. Citizens Equity First Credit Union (In re Int’l Supply Co.),
2022 Bankr. LEXIS 865; 2022 WL 962296
US
Federal Court
Illinois
United States Bankruptcy Court
Bradley Sargent; Neil Gerber, CPA
Mary P. Gorman

Summary

The trustee of International Supply Company (ISCO) asked for avoidance and recovery of prepetition fraudulent transfers made to Citizens Equity First Credit Union. ISCO was insolvent when the transfers were made, and the transfers were for the benefit of the controlling shareholder. The court disallowed two of the fraudulent transfers. Some complaint counts against certain individuals were dismissed without prejudice.
Stone v. Citizens Equity First Credit Union
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See Also

Bankruptcy Court Sides With Trustee—Disallows (Fraudulent) Transfers

The trustee of International Supply Company (ISCO) asked for avoidance and recovery of prepetition fraudulent transfers made to Citizens Equity First Credit Union. ISCO was insolvent when the transfers were made, and the transfers were for the benefit of the controlling shareholder. The court disallowed two of the fraudulent transfers. Some complaint counts against certain individuals were dismissed without prejudice.