IN RE FOUNDATION FOR NEW ERA PHILANTHROPY

Bankruptcy No. 95-13729F, Adversary No. 96-0828.

201 B.R. 382 (1996)

In re FOUNDATION FOR NEW ERA PHILANTHROPY, Debtor. Arlin M. ADAMS, Trustee for Foundation for New Era Philanthropy, Plaintiff, v. PRUDENTIAL SECURITIES, INC., Defendant and Third-Party Plaintiff, v. John G. BENNETT, Jr., Third-Party Defendant. PRUDENTIAL SECURITIES, INC., Third-Party Plaintiff, v. DARTMOUTH COLLEGE, Princeton University, University of Pennsylvania, Amelior Charitable Fund, Balch Institute, Brandywine YMCA, Chattanooga Christian School, Citivision, Conservative Baptist Foreign Mission Society (CB International), Detroit Institute of Arts, English Language Institute of China, Ephrata Community Hospital Foundation, Focus, Frankford Hospital, Freedom Baptists Schools, Fuller Foundation, Gordon College, Gordon-Conwell Theological Seminary, Heal the World Foundation, J.S. Herr Foundation, Jesus Film Project, The Johnson Foundation, King College, Laity Lodge Foundation, Lan-Chester Christian School, Lancaster Christian School, Leadership Network, Maranantha Endowment Fund, The Mariposa Foundation, Mission Aviation Fellowship, Modglin Family Foundation, National Constitution Center, National Coalition Against Pornography, P.R.O. Missions, Peace Valley Church, Pennsylvania Academy of Fine Arts, Presbyterian Children's Village, Sim, U.S.A., Spring Arbor College, United World Mission, Third-Party Defendants.

United States Bankruptcy Court, E.D. Pennsylvania.

October 15, 1996.


Attorney(s) appearing for the Case

Kenneth E. Aaron, Stuart M. Brown, Buchanan Ingersoll P.C., Philadelphia, PA.

James J. Rodgers, Dilworth, Paxson, Kalish & Kauffman L.L.P., Philadelphia, PA.

Alan R. Gordon, Michael R. Lastowski, William J. Burnett, Saul, Ewing, Remick & Saul, Philadelphia, PA.

Henry J. Sommer, Eric L. Frank, Miller, Frank & Miller, Philadelphia, PA.

C. Hall Swaim, Thomas N. O'Connor, Hale and Dorr, Boston, MA.

John Francis Gough, W. Jeffrey Garson, Montgomery, McCracken, Walker & Rhoads, Philadelphia, PA.

Morton R. Branzburg, Klehr, Harrison, Harvey, Branzburg & Ellers, Philadelphia, PA.


MEMORANDUM OPINION

BRUCE I. FOX, Bankruptcy Judge.

On June 26, 1996, the chapter 7 trustee, Arlin M. Adams, filed an adversary proceeding against defendant Prudential Securities, Inc. ("PSI"). While the complaint asserts thirty-four claims against PSI, the claims are quite similar for the most part.

The trustee contends that PSI received numerous "fraudulent conveyances" within the provisions of 11 U.S.C. § 548(a)(1) over a period of approximately...

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