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IN RE QSI HOLDINGS, INC.

No. 08-1176.

571 F.3d 545 (2009)

In re QSI HOLDINGS, INC.; Quality Stores, Inc., Debtors. QSI Holdings, Inc.; Quality Stores, Inc., Plaintiffs-Appellants, v. Dennis E. Alford, et al., Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: July 6, 2009.

Attorney(s) appearing for the Case

ARGUED: John K. Cunningham, White & Case LLP, Miami, Florida, for Appellants. Boyd A. Henderson, Miller Johnson, Grand Rapids, Michigan, for Appellees. ON BRIEF: John K. Cunningham, Matthew C. Brown, White & Case LLP, Miami, Florida, Glenn M. Kurtz, White & Case LLP, New York, New York, Robert S. Hertzberg, Pepper Hamilton LLP, Detroit, Michigan, Benjamin M. Mather, Michael H. Reed, Pepper Hamilton LLP, Philadelphia, Pennsylvania, for Appellants. Boyd A. Henderson, Miller Johnson, Grand Rapids, Michigan, for Appellees.

Before NORRIS, COOK, and GRIFFIN, Circuit Judges.

OPINION

ALAN E. NORRIS, Circuit Judge.

In this appeal, we must determine whether § 546(e) of the Bankruptcy Code applies to privately traded securities. If that is indeed the case, then the settlement payments made to defendant shareholders are exempt from avoidance. This is an issue of first impression in this circuit and we now hold, as did the bankruptcy and district courts below, that § 546(e) is not limited to publicly traded securities but...

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