legal notes: THE LEGAL SIDE OF ABL

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					legal notes: THE LEGAL SIDE OF ABL
Jonathan Helfat; Richard Kohn
The Secured Lender; May/Jun 2009; 65, 4; Docstoc
pg. 72




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Description: The cases selected for this issue address the "good faith" transferee defense available to subsequent transferees of a fraudulent transfer under Section 550(b) of the Bankruptcy Code and whether statements made by a lender about a guarantor's business conduct may constitute defamation per se. In addition, the authors have provided an update on a previous case they wrote about where a lender was subject to a one-year preference look back period. In CNB Int'l Inc v. Kelleher(CNB Int'l Inc), the Bankruptcy Court found that the consideration paid by CNB as part of the leverage buyout was approximately $11.3 million more than the value of the assets it received and that this amount constituted an avoidable fraudulent transfer. Meanwhile, in Schubert v. Lucent Technologies Inc, the Third Circuit agreed with the lower courts that Lucent was liable for receiving a preferential transfer during the period between go and 365 days prior to Winstars bankruptcy.
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