Rodgers
Rodgers v. Monaghan Co. (In re Laguna Beach Motors, Inc.)
Opinion
Lead Opinion
Ryan, J.
MEMORANDUM OPINION
R. Neil Rodgers (“Trustee”) brought this action under § 548 of the Bankruptcy Code (the “Code”) seeking to recover $307,921.55 (the “Funds”) in fraudulent transfers from James, Wanda and Michael Monaghan and the Monaghan Company, an Arizona General Partnership (“Defendants”). The Mona-ghan Company is owned solely by the Mon-aghans. I granted Trustee’s motion for summary judgment. Defendants asserted a § 550(b)(1) defense as good faith purchasers, who took for value and without notice. At trial, I ruled that Defendants should be treated as one legal entity for purposes of this proceeding. I also found that Defendants received the Funds in good faith and without notice. In a Memorandum Opinion dated April 14, 1993, I held that Defendants were entitled to a § 550(b)(1) defense only to the extent of $10,000 and that the Trustee was entitled to recover $297,-921.55. Defendants asked me to amend my findings of fact and conclusions of law with respect to the April 14 opinion. I took this matter under submission.
JURISDICTION
The Court has jurisdiction over this adversary proceeding pursuant to 28 U.S.C. § 1334 (a) (1991) (the district courts shall have original and…