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MATTER OF MUNFORD, INC.

No. 94-9046.

98 F.3d 604 (1996)

Matter of MUNFORD, INC., a/k/a Majik Market, Debtor. Danné Brokaw MUNFORD, as Executrix of the Estate of Dillard Munford; James M. Carroll; Russell Fellows; Joseph W. Hardin; Jay Rubel; Winston M. Blount; Herbert J. Dickson; James L. Ferguson; Robert M. Gardiner; Richard K. Leblond; Andrall E. Pearson; S.B. Rymer, Jr., Shearson Lehman Brothers, Inc.; DFA Investment Dimensions Group, Inc.; State Street Bank & Trust Company; PNC Bank, National Association; Boston Safe Deposit and Trust Company, Plaintiffs-Appellees, v. VALUATION RESEARCH CORPORATION, Defendant, Munford, Inc., Defendant-Appellant.

United States Court of Appeals, Eleventh Circuit.

October 28, 1996.

Attorney(s) appearing for the Case

Susan A. Cahoon, Neal S. Berinhout, Kilpatrick & Cody, Atlanta, GA, Kenneth L. Millwood, Nelson, Mullins, Riley & Scarborough, Atlanta, GA, for defendant-appellant.

David E. Bennett, Vedder, Price, Kaufman & Kammholz, Chicago, IL, Edward H. Wasmuth, Jr., Thomas W. Rhodes, Smith, Gambrell & Russell, Atlanta, GA, Leon S. Jones, Joseph J. Burton, Jr., Burton & Anderson, Atlanta, GA, Peyton S. Hawes, Jr., Law Offices of Peyton S. Hawes, Jr., Atlanta, GA, John H. Williamson, Gregory R. Hanthorn, R. Matthew Martin, Jones, Day, Reavis & Pogue, Atlanta, GA, C. Murray Saylor, Ragsdale, Beals, Harper & Seigler, Atlanta, GA, Randall Quinn, Katharine Gresham, Jacob Stillman, SEC, Washington, DC, for plaintiffs-appellees.

Before HATCHETT, Chief Judge, CLARK, Senior Circuit Judge, and MILLS, District Judge.

PER CURIAM:

As a matter of first impression in this circuit, we hold that 11 U.S.C. § 546(e) does not bar the trustee in bankruptcy from avoiding payments the debtor corporation made to its shareholders in a leveraged buy-out.

FACTS

In August 1987, Dillard Munford, the founder and chief executive officer of Munford, Inc., suggested to Munford, Inc.'s board of directors (the board) that it sell Munford, Inc. At that time, Munford, Inc., a public...

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