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Expert Analysis

9th Circ. Favors Substance Over Form In Fitness Holdings

Law360, New York (May 6, 2013, 7:08 PM EDT) -- The Ninth Circuit, in In re Fitness Holdings International Inc.,[1] recently did everything but invoke its inner Shakespeare[2] in holding that a court administering a bankruptcy case may recharacterize a purported debt obligation as equity. While Fitness Holdings is not novel in this regard, it appears to break new ground at the circuit court level by injecting the recharacterization analysis directly into the calculus of the "value" provided by a defendant in a constructive fraud case brought under Section 548 of the Bankruptcy Code. Like Juliet's rose, to the Ninth Circuit, clearly what matters is what something is, not what it is called....

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