Development Specialists, Inc. v. Kaplan (In Re Irving Tanning Co.)

LYNCH, Circuit Judge.

Development Specialists, Inc. (“DSI”), in its capacity as trustee of a trust established to benefit the creditors of several related insolvent entities, appeals from the bankruptcy court’s ruling that the transaction here—the largely debt-financed purchase of a family-owned leather manufacturer—was not a fraudulent conveyance and did not amount to a violation of the fiduciary duties of the company’s directors. The district court, acting as an intermediate appellate court, affirmed the bankruptcy court’s ruling. Development Specialists, Inc. v. Kaplan, 574 B.R. 1, 2 (D.…