Charles Russell, LLP Ex Rel. Awal Bank, BSC v. HSBC Bank USA, N.A. (In Re Awal Bank, BSC)

MEMORANDUM OF OPINION

ALLAN L. GROPPER, Bankruptcy Judge.

INTRODUCTION

This opinion resolves certain aspects of a dispute between Charles Russell, LLP, London, as External Administrator (the “External Administrator”) of Awal Bank, BSC (“Awal Bank” or the “Debtor”), a bank in insolvency proceedings in Bahrain, and HSBC Bank USA, National Association (together with its affiliates, branches and subsidiaries, “HSBC” or “Defendant”), one of Awal Bank’s largest creditors. The principal issue for decision arises in connection with the External Administrator’s adversary proceeding seeking to avoid or…