LIPPE v. BAIRNCO CORP.

No. 96 Civ. 7600(DC).

288 B.R. 678 (2003)

Richard A. LIPPE, Archie R. Dykes, and John J. Robbins, as Trustees for Keene Creditors Trust, Plaintiffs, v. BAIRNCO CORPORATION et al., Defendants.

United States District Court, S.D. New York.

January 28, 2003.


Attorney(s) appearing for the Case

Levy Phillips & Konigsberg, LLP, New York City, Saiber Schlesinger Satz & Goldstein, LLC, By: David R. Gross, Rsq. Geoffrey Gaulkin, James H. Gianninoto, Newark, New Jersey, Budd Larner Rosenbaum Greenberg & Sade, P.C., By: Kathleen Marchetti, Short Hills, New Jersey, for Plaintiffs.

Debevoise & Plimpton, By: John H. Hall, Steven Klugman, Jeremy Feigelson, Jennifer R. Cowan, Jeffrey I. Lang, Caroline H. Luckenbach, New York City, Schulte Roth & Zabel LLP, By: Irwin J. Sugarman, Michael S. Chernis, New York City, McCarter & English, LLP, By: Charles F. Rysavy, Alissa Pyrich, Newark, New Jersey, for Defendants.


OPINION

CHIN, District Judge.

In this case, plaintiffs contend that in the 1980s, as Keene Corporation ("Keene") became the subject of a rapidly increasing number of asbestos claims, it engaged in a series of fraudulent conveyances intended to place hundreds of millions of dollars in assets beyond the reach of claimants. In 1981, Keene formed a holding company, Bairnco Corporation ("Bairnco"), and eventually Keene itself became a wholly-owned subsidiary...

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