O'Toole v. Karnani (In Re Trinsum Group, Inc.)

How courts have described this case

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

• holding that a note obligation is an antecedent debt and payments pursuant to that note obligations were payments made on account of that antecedent debt
• stating that the Complaint should include “some sort of ‘balance sheet’ test or information ... that the [cjourt can use to infer that the corporation’s liabilities exceeded their assets at the time the transfers took place”
• finding complaint containing “net income and net cash flow figures” and alleging that “revenue declined” and “debt levels rose” by specified percentages insufficient
• dismissing constructive fraudulent transfer claims due to the trustee's failure to sufficiently plead the less than reasonably equivalent value requirement
• New York’s insolvency test parallels the “balance sheet” test under the United States Bankruptcy Code
• “Without this information, it is impossible for the Court to reasonably infer whether the transfer was for less than reasonably equivalent value.”

Source: CourtListener parenthetical corpus (CC0).