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Seventh Circuit Affirms Defense Judgment in Fraudulent Transfer Case

Sean Sullivan obtained a defense judgment for Dynegy Inc. in an adversary proceeding tried to the bankruptcy court. Plaintiff trustees sought to recover substantial payments made to Dynegy for provision of natural gas to the debtor, on the ground those payments constituted a fraudulent transfer. At the conclusion of the trial, the bankruptcy court held that plaintiffs failed to prove that the debtor was insolvent at the time of the payments. Both the Federal District Court and the Seventh Circuit affirmed the defense judgment.

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