Law360, New York (September 27, 2010, 12:46 PM EDT) -- In Longview Aluminum LLC v. Brandt (In re Longview Aluminum LLC), 2010 WL 2635787 (N.D. Ill. June 28, 2010), a member of the board of managers of a limited liability company settled a lawsuit against the LLC, receiving partial payment four months prior to the LLC filing its petition for Chapter 11 bankruptcy.
The bankruptcy trustee sought to recover the payment to the member as a preferential transfer to an “insider.”
The bankruptcy court held that, despite having been stripped of many of his membership rights...
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