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IN RE TRANSCARE CORP.

Nos. 21-2547, 21-2576.

81 F.4th 37 (2023)

IN RE: TRANSCARE CORPORATION, Debtor. Salvatore LaMonica, as Chapter 7 Trustee of the Jointly-Administered Estates of TransCare Corporation, et al., Plaintiff-Appellee, Shameeka Ien, Plaintiff, v. Lynn Tilton, Defendant-Appellant, Patriarch Partners Agency Services, LLC, Patriarch Partners, LLC, Patriarch Partners Management Group, LLC, Ark II CLO 20011, Limited, ARK Investment Partners II, L.P., LD Investments, LLC, Patriarch Partners II, LLC, Patriarch Partners III, LLC, Patriarch Partners VIII, LLC, Patriarch Partners XIV, LLC, Patriarch Partners XV, LLC, Transcendence Transit, Inc., Transcendence Transit II, Inc., Defendants. Patriarch Partners Agency Services, LLC, Transcendence Transit, Inc., Transcendence Transit II, Inc., Appellants, v. Salvatore LaMonica, as Chapter 7 Trustee of the Jointly-Administered Estates of TransCare Corporation, et al., Trustee-Appellee.

United States Court of Appeals, Second Circuit.

Decided: August 28, 2023.

Attorney(s) appearing for the Case

Mark A. Perry , Weil, Gotshal & Manges LLP, Washington, DC ( Michael T. Mervis , Proskauer Rose LLP, New York, NY, Kellam M. Conover , Gibson Dunn & Crutcher LLP, Washington, DC, on the brief), for Appellants.

Carter G. Phillips , Sidley Austin LLP, Washington, DC ( Avery Samet , Amini LLC, New York, NY, William R. Levi , Aaron P. Haviland , Sidley Austin LLP, Washington, DC, on the brief), for Appellees.

Before: Menashi, Nathan, and Merriam, Circuit Judges.

This case arises from a transaction executed by Lynn Tilton, a private equity investor and the sole director of TransCare Corporation. When TransCare was on the verge of bankruptcy, Tilton hatched a plan to salvage the profitable parts of the business and spin them off into a new company. She directed Patriarch Partners Agency...

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