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19-Oct-2019 01:27

See, e.g., Boston Reg'l, 410 F.3d at 107 (holding that in a liquidating plan, "there exists a substantial policy interest in favor of adhering to the general rule governing related to jurisdiction: the strong federal policy in favor of the expeditious liquidation of debtor corporations and the prompt distribution of available assets to creditors").1983); In re Cartridge Television, Inc., 535 F.2d 1388, 1390 (2d Cir.1976).The Engagement Letter also provided Mc Mahan the option, which Mc Mahan exercised, to place an additional 15% on the amount of the offering.(“Mc Mahan” or “Defendant”) whereby Mc Mahan agreed to serve as Charys’s “exclusive financial advisor and placement agent” in connection with a private placement by Charys of up to 0 million in senior convertible notes (the “Notes”).Mc Mahan responded with a motion to dismiss, arguing that that: (1) the Engagement Letter contained a forum selection clause requiring the action to be commenced and litigated in Connecticut state court; (2) Charys failed to plead sufficient facts to establish its claims; and (3) Charys’s admission that the Transfers were made on account of an antecedent debt proved that the Transfers were in exchange for reasonably equivalent value.The Trusts filed a response and an amended complaint.

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The Plaintiff relies on Resorts, which states that in some circumstances the length of time since confirmation may be relevant to whether a matter has a "close nexus" to a bankruptcy plan or proceeding.At the time of the contract, the Debtors were incorporated in California; three years after entering into the contract, the Debtors changed their state of incorporation to Delaware.In this case, the Plaintiff argues that there is a sufficiently close nexus between this adversary proceeding and the bankruptcy case because (1) the claims arose pre-confirmation, (2) the claims were incorporated into the Plan, which reserved jurisdiction over them, (3) the proceeds of the claims, if any, will benefit the estate's creditors, (4) the adversary proceeding was commenced shortly after the Plan's effective date, (5) this is a liquidating case rather than a reorganization, and (6) federal policy and consistency is fostered by having all actions in one central court.In Resorts, the Court concluded that there was no "related to" jurisdiction over the dispute where the action was commenced approximately seven years after confirmation.

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As the Third Circuit stated in Resorts, "if the mere possibility of a gain or loss of trust assets sufficed to confer bankruptcy court jurisdiction, any lawsuit involving a continuing trust would fall under the `related to' grant.Plan provisions that purport to preserve the bankruptcy court's jurisdiction are not alone sufficient to establish post-confirmation jurisdiction; instead the court must determine whether "a matter affects the interpretation, implementation, consummation, execution, or administration of a confirmed plan...." Resorts, 372 F.3d at 168-69.