Legal Opinion
Onkyo Europe Electronics GMBH v. Global Technovations Inc. (In Re Global Technovations Inc.)
Court of Appeals for the Sixth Circuit
Decided September 13, 2012No. 11-1582PublishedCited by 91 opinions
1Opinion of the Court
OPINION
BOGGS, Circuit Judge.
Global Technovations Incorporated («GTi”) Went bankrupt after it purchased Onkyo America Incorporated (“OAI”), a subsidiary of Onkyo Corporation (“Onk-yo”). GTI had purchased OAI for $13 million in cash and $12 million in three-year promissory notes. Onkyo attempted to recover the remainder of the purchase price from GTI’s bankruptcy estate by filing a proof of claim for $12 million. GTI responded by suing Onkyo under the theory that the OAI purchase was a fraudulent, voidable transaction. The bankruptcy court agreed. The court found that OAI was worth $6.9 million…
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