Kipperman v. Circle Trust F.B.O. (In Re Grafton Partners, L.P.)
United States Bankruptcy Appellate Panel for the Ninth Circuit
1Opinion of the Court
OPINION
KLEIN, Bankruptcy Judge.
The federal securities laws intersect with the Bankruptcy Code in this appeal arising from a “Ponzi scheme” that collapsed into federal criminal prosecutions and bankruptcy.
The essential question is whether nonpublic transactions in illegally unregistered securities can be the subject of “settlement payments” that are “commonly used in the securities trade” within the meaning of 11 U.S.C. § 741(8). If so, then such payments made to appellee “financial institution” are immunized from trustee avoiding powers by 11 U.S.C. § 546(e).
Before the collapse, appellee, the…
2Cases cited25 opinions
- United Sav. Assn. of Tex. v. Timbers of Inwood Forest Associates, Ltd.Supreme Court of the United States · 1988
- Cunningham v. BrownSupreme Court of the United States · 1924
- McCarthy v. BronsonSupreme Court of the United States · 1991
- Koons Buick Pontiac GMC, Inc. v. NighSupreme Court of the United States · 2004
- Merrill v. Abbott (In Re Independent Clearing House Co.)District Court, D. Utah · 1987
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- Contemporary Industries Corp. v. FrostCourt of Appeals for the Eighth Circuit · 2009
- Picard v. Merkin (In Re Bernard L. Madoff Investment Securities LLC)United States Bankruptcy Court, S.D. New York · 2010
- Official Committee of Unsecured Creditors of Norstan Apparel Shops, Inc. v. Lattman (In Re Norstan Apparel Shops, Inc.)United States Bankruptcy Court, E.D. New York · 2007
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