IN RE HAMILTON TAFT & CO.

Bankruptcy No. 91-3-1077-TC. Adv. No. 93-3-121-TC.

176 B.R. 895 (1995)

In re HAMILTON TAFT & COMPANY, Debtor. Frederick S. WYLE, Trustee of Hamilton Taft & Company, Plaintiff, v. HOWARD, WEIL, LABOUISSE, FRIEDRICHS INCORPORATED, a Louisiana corporation; Howard Weil Financial Corporation, a Louisiana corporation; and Legg Mason, Inc., a Maryland corporation, Defendants.

United States Bankruptcy Court, N.D. California.

January 19, 1995.


Attorney(s) appearing for the Case

J. Michael Kelly, Cooley Godward Castro, San Francisco, CA (Thomas K. Potter, III, Jones, Walker, Waechter, Poitevent, Carrere & Denegre, New Orleans, LA, of counsel), for defendants Howard, Weil, Labouisse, Friedrichs Inc., Howard Weil Financial Corp. and Legg Mason, Inc.

L.J. Chris Martiniak, Feldman, Waldman & Kline, San Francisco, CA, for plaintiff Frederick S. Wyle, Trustee.


OPINION

THOMAS E. CARLSON, Chief Judge.

The principal question in this case is whether section 546(e) of the Bankruptcy Code bars a trustee from recovering as a fraudulent conveyance transfers made by a stockbroker pursuant to a reverse repurchase agreement used to facilitate a leveraged buy out. I conclude that there are no genuine issues of material fact and that section 546(e) bars trustee's action, and therefore grant summary judgment for defendant...

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