Bankr. No.:
94-30016
Adv. No.:
94-3007
Chapter:
7
Date of Decision:
December 1, 1995
Issue:
(1) Whether the trustee was entitled to turnover of certain personalty from Debtors because it was non exempt estate property? (2) Whether the trustee was entitled to avoid as a preference Debtor's payment of $100,000.00 to the state for restitution on a criminal charge? (3) Whether the trustee was entitled to avoid as preferences Debtor's transfers to family members of stock in a closely held corporation?
Ruling:
Debtors had to turn over some guns, a coin collection, and a golf cart because they were non exempt estate property. The $100,000.00 restitution payment by Debtor to the state was a voidable preference. Debtor's transfer of stock to family members in February and December 1993 were not voidable preferences. Debtor's transfer of one-half his stock in the closely held corporation to his son was a voidable fraudulent transfer that occurred sometime within one year of Debtor's petition.
Full Bankruptcy Court Decision:
