Kipperman v. Circle Trust F.B.O. (In Re Grafton Partners, L.P.)

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• noting that while the “rhetoric of decisions” references this definition as being broad, “reality is different”
• noting that the definition “relies on a conclusory laundry list of securities industry terms of art that contain the words ‘settlement payment’ without articulating the elements of a settlement payment”
• proof that the transferor was running a Ponzi scheme can suffice to warrant a finding of actual fraud
• transactions in illegally unregistered securities are not “commonly used in the securities trade”
• “The term 'Ponzi scheme’ is the legacy of what Chief Justice Taft described as ‘the remarkable criminal financial career of Charles Ponzi.’ ” (quoting Cunningham v. Brown, 265 U.S. 1, 7, 44 S.Ct. 424, 68 L.Ed. 873 (1924))
• the court declined to apply § 546(e) in a case involving an illegally unregistered security because an illegally unregistered security “can hardly be described as a ‘payment commonly used in the securities trade.’ ”

Source: CourtListener parenthetical corpus (CC0).