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IN RE AXISTEL COMMUNICATIONS, INC.

Bankruptcy No. 01-10005(JBR). Adversary No. 03-53996(PBL).

312 B.R. 258 (2004)

In re AXISTEL COMMUNICATIONS, INC., Novo Networks Global Services, Inc., Novo Networks International Services, Inc., e.Volve Technology Group, Inc., Novo Networks Operating Corp. Novo Networks Metro Services, Inc., Debtors. Novo Liquidating Trust, Plaintiff, v. Forval, Defendant.

United States Bankruptcy Court, D. Delaware.

July 26, 2004.

Attorney(s) appearing for the Case

Jeffrey M. Schlerf, Gary F. Seitz, The Bayard Firm, Wilmington, DE, for Plaintiff.

Jeffrey R. Waxman, Cozen O'Connor, Chase Manhattan Centre, Wilmington, DE, Michael McLaughlin, Wasserman, Jurista & Stolz, P.C., Millburn, NJ, for Defendant.

MEMORANDUM OPINION & ORDER

PAUL B. LINDSEY, Bankruptcy Judge.

BACKGROUND

Plaintiff, successor to various rights and duties of Debtors under their confirmed Chapter 11 Plan,1 brought this adversary proceeding by filing its complaint on June 27, 2003, seeking to avoid and recover certain transfers of property and prepetition setoffs pursuant to 11 U.S.C. §...

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