The plaintiff alleged that BMW did not deliver engines or other products to Fisker under the agreements.
On November 22, 2013, Fisker filed its Chapter 11 bankruptcy petition. Under the plan, a liquidating trust was formed, which, among other things, initiated an adversary proceeding against BMW attempting to recover the Payments as alleged fraudulent transfers under § 544 and § 548 of the Bankruptcy Code and the allegedly applicable California or Delaware law.
In return, Magnacca allegedly guided Radio Shack into an ill-fated recapitalization transaction with Standard General and away from other alternatives that would have brought more value to the company.
Then, they led him to believe that other opportunities awaited him.
It is possible that the directors may have breached their duty of care.
However, the court rejected BMW’s argument that the fraudulent transfer provisions of § 548 do not apply to extraterritorial transfers (i.e., those for which the “center of gravity” is outside the United States), concluding that § 548 applies to property everywhere in the world because any property recovered by a debtor or trustee becomes property of the estate under § 541 and the estate should have access to its property regardless of where it may be located. After determining that the complaint sufficiently pleaded that Fisker did not receive reasonably equivalent value in the form of materials, services, or otherwise from BMW after making the Payments and that Fisker had been insolvent for several years prior to the Payments, the Court allowed the trustee’s § 548 claim to proceed in part.Pursuant to the Plan of Liquidation, the Company has filed with the State of Maryland all documents required to convert the Company into a Maryland statutory trust. Upon the Conversion, each outstanding share of common stock of the Company will be converted into and exchanged for one unit of beneficial interest of Crossroads Liquidating Trust and all physical certificates representing common stock of the Company will become null and void.In addition, DST Systems, Inc., will no longer serve as the transfer agent for the Company and American Stock Transfer & Trust Company, LLC (“AST”) will be the distribution agent for Crossroads Liquidating Trust.Thus, we say The students in Chemistry 101 have been complaining about the textbook, which (not that) is hard to follow.The clause which is hard to follow is nonrestrictive in that it does not indicate which text is being complained about; even if the clause were omitted, we would know that the phrase the textbook refers to the text in Chemistry 101.