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NINTH U.S. CIRCUIT COURT OF APPEALS

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Where member of board of directors of corporation that later went into bankruptcy attempted to assist the corporation by purchasing its real property, and trustee brought a fraudulent conveyance claim, district court erred when it determined that the value of the real property was its fair market value because bankruptcy court’s determination of value, which applied reductions based on a quick and bundled sale, was not clearly erroneous. Bankruptcy and district courts did not err in holding that board member was a good faith transferee and in reducing his liability by the value he paid for the property where board member entered the transaction to enable the company to survive and proposed a repurchase option to protect the company. Board member was entitled to a credit for the amount that his codefendants paid in a settlement agreement where member and the settling codefendants committed the same injury under California Code of Civil Procedure Sec. 877, and board member was entitled to credit in entire amount paid. Debtor’s repayment of a loan to a group, which included several directors, was not per se a preference where special circumstances tipped in favor of board member as a director-creditor.
In the Matter of JTS Corporation – filed August 10, 2010

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