"Bankruptcy Court Issues Significant Fraudulent Transfer Ruling in the TOUSA Bankruptcy Case"

October 27, 2009 | Skadden, Arps, Slate, Meagher & Flom LLP | Mark A. McDermott, George A. Zimmerman, Rodrigo A. Guerra, Jr.

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.

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