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IN RE COLONIAL REALTY CO.

Bankruptcy No. 90-21980, Adversary No. 96-2255.

226 B.R. 513 (1998)

In re COLONIAL REALTY COMPANY, Jonathan Googel, Benjamin Sisti, Debtors. Hal M. HIRSCH, As Trustee of the Consolidated Estates of Colonial Realty Company, Jonathan Googel, and Benjamin Sisti, Debtors, Plaintiff, v. Gerald STEINBERG, Robert Simons, Barbara Simons, Sharon Simons, Harris Simons, and Bruce Simons, Defendants.

United States Bankruptcy Court, D. Connecticut.

September 9, 1998.

Attorney(s) appearing for the Case

David M. Pollack, Eric H. Lindenman, and Howard P. Magaliff, Gainsburg & Hirsch LLP, New York City, for plaintiff.

Richard P. Weinstein, Weinstein & Wisser, P.C., West Hartford, CT, for Gerald Steinberg.

Mark B. Seiger, Edwards & Angell, Hartford, CT, for Gerald Steinberg, Robert Simons, Barbara Simons, Sharon Simons, Harris Simons and Bruce Simons.

MEMORANDUM OF DECISION

ROBERT L. KRECHEVSKY, Bankruptcy Judge.

I.

ISSUE

In this adversary proceeding, which consumed six trial days, Hal M. Hirsch ("the trustee"), trustee of the consolidated estates of Colonial Realty Company ("Colonial"), Jonathan Googel ("Googel"), and Benjamin Sisti ("Sisti") (together, "the debtors"), primarily contends that transfers of certain corporate stock by Googel and Sisti to Gerald Steinberg...

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