Du+rkin
Du+rkin v. Piper Trust Co. (In re Denman & Co.)
Opinion
Lead Opinion
Ryan, J.
MEMORANDUM OPINION
On October 1, 1990, Piper Trust Company (“Piper”) entered into an agreement with Denman & Co. (“Debtor”) whereby Debtor would administer the assets of the Denman Commingled Bond Fund (the “Denman Fund”). On October 22, 1990, Piper entered into a trust agreement (the “Trust Agreement”) with the State of Florida (“Florida”). Pursuant to Florida’s directions, Piper invested $100,000,000 (the “Florida Assets”) in the Denman Fund. Later, Debtor made four transfers totalling $260,847.66 (the “Transferred Assets”) to Piper. On March 12,1992, Debtor filed for relief under chapter 7 of title 11 of the United States Code §§ 101-1330 (1995) (the “Code”).
On March 30, 1995, Ronald Durkin (“Dur-kin”), the chapter 7 trustee of Debtor’s estate, filed a third amended complaint seeking to avoid and recover the Transferred Assets from Piper (the “Complaint”). On May 22, 1995, Piper filed the motion to dismiss or in the alternative for summary judgment (the “Motion”). At a hearing on July 5, 1995, I *709 took the summary judgment matter under submission.
JURISDICTION
This court has jurisdiction over this ease pursuant to 28 U.S.C. § 1334 (a) (1995) (the district courts shall…