On October 13, 2009, the United States Bankruptcy Court for the Southern
District of Florida issued an important ruling in the Chapter 11 liquidation
proceedings of TOUSA, Inc. and its subsidiaries, voiding as fraudulent transfers
approximately $500 million dollars in obligations and transfers by TOUSA. As
this decision involves a fairly common type of financing transaction, this
mailing provides a brief overview of the transactions, the ensuing litigation,
and some key take-aways from the ruling.
