Cellceutix Corp. v. Nickless (In re Formatech, Inc.)

MEMORANDUM OF DECISION ON DEFENDANT TRUSTEE’S MOTION TO DISMISS OR FOR SUMMARY JUDGMENT AS TO PLAINTIFF CELLCEUTIX CORPORATION AND MOTION FOR SUMMARY JUDGMENT OF SOVEREIGN BANK, N.A. AS TO PLAINTIFF CELLCEUTIX CORPORATION

MELVIN S. HOFFMAN, Bankruptcy Judge.

This adversary proceeding arises from a dispute between Cellceutix Corporation and David M. Nickless, the chapter 7 trustee of the estate of Formatech, Inc., over Cellceutix’s claim of a right to rescind an agreement by which it transferred shares of its stock to Formatech. The chapter 7 trustee seeks dismissal of Cellceutix’s three-count…