Legal Opinion
Burtch v. Opus, LLC (In re Opus East, LLC)
United States Bankruptcy Court, D. Delaware
Decided March 23, 2015No. Case No. 09-12261 (MFW) (Jointly Administered); Adv. No. 11-52423 (MFW)PublishedCited by 88 opinions
1Opinion of the Court
OPINION1
Mary F. Walrath, United States Bankruptcy Judge
I. PROCEDURAL BACKGROUND. . .48
II. JURISDICTION.. .48
III. FACTUAL BACKGROUND.. .48
IV. DISCUSSION...50
A. Insolvency... 50
1. Balance Sheet Test... 51
2. Inadequate Capital and Cash Flow Tests.. .53
B. Piercing the Corporate Veil.. .57
1. Undercapitalization and Insolvency .. .59
2. Facade for Shareholder... 60
3. Observance of Corporate Formalities ... 62
4. Siphoning • of Funds by Shareholder. . .63
5. Element of Injustice or Unfairness ... 64
C. Breach of Fiduciary Duty... 66
1. Standard of Fiduciary Duty... 66
2. Specific Breaches... 68
a. Transfer…
2Cases cited95 opinions
- Daubert v. Merrell Dow Pharmaceuticals, Inc.Supreme Court of the United States · 1993
- In Re Paoli Railroad Yard PCB LitigationCourt of Appeals for the Third Circuit · 1994
- United States v. Richard Junior FrazierCourt of Appeals for the Eleventh Circuit · 2004
- Barnhill v. JohnsonSupreme Court of the United States · 1992
- Nemec v. ShraderSupreme Court of Delaware · 2010
90 more not listed; retrieve them via the Exa API.
3Cited by88 opinions
- Nespresso USA, Inc. v. Ethical Coffee Co. SADistrict Court, D. Delaware · 2017
- Beskrone v. OpenGate Capital Grp. (In re Pennysaver USA Publ'g, LLC)United States Bankruptcy Court, D. Delaware · 2018
- Official Comm. Unsecured Creditors of HH Liquidation, LLC v. Comvest Grp. Holdings, LLC (In re HH Liquidation, LLC)United States Bankruptcy Court, D. Delaware · 2018
- Martin Hilti Family Trust v. Knoedler Gallery, LLCDistrict Court, S.D. Illinois · 2019
- Weisfelner v. Blavatnik (In re Lyondell Chemical Co.)United States Bankruptcy Court, S.D. New York · 2017
83 more not listed; retrieve them via the Exa API.