Web cam sex with out credit carads validations Adelphia liquidating trust

Doing so would allow parties an opportunity to play fast and loose with the requirements of the bankruptcy process and inject an unacceptable level of uncertainty into its results — exactly the result that the doctrine of judicial estoppel is intended to avoid.

[5] In pari delicto is an equitable doctrine and is rooted in the common-law notion that a plaintiff's recovery may be barred by his own wrongful conduct.

[6] The in pari delicto doctrine subjects claims to dismissal based on a premise that (i) courts should not mediate disputes between wrongdoers, and (ii) denying judicial relief to a wrongdoer is an effective means to deter illegal conduct.

Under the Bankruptcy Code, a Chapter 7 bankruptcy trustee is fortified with all of the rights that the debtor had as of the petition date, which includes all causes of action the debtor could have brought prepetition.

[1] Creative bankruptcy trustees are increasingly asserting claims for contribution under New York statutory law against third parties such as, banks, accountants and attorneys, on behalf of debtors who engaged in fraudulent behavior, such as a ponzi scheme.

The facts underpinning the avoidance action arose from a multi-million margin loan that Goldman had extended to an entity owned by the Rigas family unconnected to Adelphia.

The loan was secured by the entity’s ownership interests in certain ACC stock.

In “enumerating these factors,” the Supreme Court made clear that it did not intend to “establish inflexible prerequisites or an exhaustive formula for determining the applicability of judicial estoppel.” Accordingly, its application is highly sensitive to the facts of the particular case at issue. Goldman, Sachs & Co., et al., the Adelphia Recovery Trust (the plan-created litigation trust established for the benefit of the creditors of Adelphia Communications Corp.

(“ACC”), the parent entity of the various Adelphia companies) appealed from the District Court’s dismissal on summary judgment of its fraudulent conveyance action against Goldman Sachs & Co.

[4] Despite a bankruptcy trustee’s creative pleading, a claim for contribution will likely not survive dismissal in the Second Circuit, mainly because of the well-established Wagoner rule.

rule, which is a variant of New York’s in pari delicto defense.

Contributed by Andrea Saavedra Among equitable doctrines, the doctrine of equitable mootness — which essentially allows courts to dismiss appeals from bankruptcy confirmation or sale orders where, as a result of the plan going effective or the sale closing, granting the relief requested in the appeal would be inequitable — is well known.