Tousa: Implications For Solvency Opinion Providers

Law360 (December 7, 2009, 1:31 PM EST) -- On Oct. 13, 2009, the U.S. Bankruptcy Court for the Southern District of Florida entered a final judgment against the senior lenders of liquidating homebuilder TOUSA Inc., in a fraudulent transfer proceeding.

Pursuant to federal bankruptcy law (the code), and New York and Florida state law, the court ruled that money lent to Tousa by a group of first and second lien lenders before Tousa and certain of its affiliates filed for bankruptcy protection on Jan. 29, 2008, constituted a fraudulent transfer.

The court cited Section 548(a)(1)(B) of the code, which permits the avoidance of any transfer of an interest of...

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