High Court To Hear $16.5M Centaur Ch. 11 Clawback Appeal

Law360, New York (May 1, 2017, 10:47 AM EDT) -- The U.S. Supreme Court agreed Monday to resolve a circuit split over whether bankruptcy safe-harbor transfers to financial institutions include those where the institutions didn’t directly benefit, taking up an appeal from a former racetrack and casino shareholder seeking to avoid returning $16.5 million to the estate of gambling operator Centaur LLC.

Merit Management Group LP brought the instant appeal to challenge the Seventh Circuit’s ruling in July, where a unanimous panel held that a Bankruptcy Code safe harbor provision forcing trustees to honor transfers to...
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