Chase Manhattan Bank v. Iridium Africa Corp.

MEMORANDUM AND ORDER

THYNGE, United States Magistrate Judge.

I. Introduction

The plaintiff, The Chase Manhattan Bank (“Chase”), brought this action against various defendants alleged to be Members of Iridium LLC, a bankrupt Delaware limited liability company. Presently before the court are the parties’ cross-motions for summary judgment. For the reasons stated below, the plaintiffs motion is DENIED and the defendants’ motions are DENIED in part and GRANTED in part.

II. Background

Chase’s cause of action arises from a loan transaction between Chase 1 and Iridium Operating LLC (“Iridium Operating”).…