Centaur Ch. 11 Trustee Can Pursue $11M Avoidance Action

Law360, Wilmington (August 19, 2013, 8:20 PM EDT) -- A Delaware bankruptcy judge on Monday refused to toss an $11 million avoidance action in the Chapter 11 proceeding of casino and racetrack operator Centaur LLC, ruling the litigation trustee had made a sufficient case to allege the prepetition distribution to two minority stakeholders was “objectively unreasonable.”

U.S. Bankruptcy Judge Kevin J. Carey ruled that defendants Joseph and Linda Porr Sweeney's arguments that they received the reasonably equivalent value of their 7.9 percent stake in the undeveloped Valley View Downs racetrack and casino are not enough...
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