*****SPAM***** Trustee Using Costs of Sale in
Posted: Mon Mar 16, 2009 9:51 am
Kenneth,
Having looked at the complaint, I'm assuming that the payment made 3 days
before the filing was not a normal installment payment? Query then, if that
payment had not been made, would those funds been available to provide a
distribution to creditors (i.e. not exempt)? Given the judge and the amount
of the payment, I understand, but may not agree with why the trustee is
taking a shot at avoiding the transfer.
Larry
Kenneth Jay Schwartz
Sent: Monday, March 16, 2009 9:46 AM
To: cdcbaa@yahoogroups.com
Subject: *****SPAM***** Re: [cdcbaa] Trustee Using Costs of Sale in
Preference Complaint Analysis
I do too, but have never seen it employed in a preference setting, where
nominally (without costs of sale being taken into account), the junior is
fully secured. Here, the trustee is saying that with costs considered, the
second was rendered 85% undersecured. If his analysis is correct, I will
then just have to fight him as to the value of the property. We had a full
appraisal at the time of the filing for $810k, and the trustee's drive-by,
done 18 months later was for 725k as of the date of the filing
Kenneth Jay Schwartz, Esq.
LAW OFFICE OF KENNETH JAY SCHWARTZ
21031 Ventura Boulevard, 12th Floor
Woodland Hills, California 91364-2203
Telephone: (818) 226-1205
Facsimile: (818) 226-1213
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