Panel Finds Crystallex Did Not Allege Fraudulent Transfer Was Made By Debtor

Mealey's (January 4, 2018, 12:39 PM EST) -- PHILADELPHIA — In a majority ruling, the Third Circuit U.S. Court of Appeals on Jan. 3 reversed a district court’s ruling in favor of a Canadian gold producer, who is seeking to obtain payment of a $1.20 billion arbitral award issued against Venezuela, finding that the company failed to plead that a fraudulent transfer was made by a debtor under Delaware law (Crystallex International Corp. v. Petroleos De Venezuela, S.A., Nos.  Nos. 16-4012 & 17-1439, 3rd Cir., 2018 U.S. App. LEXIS 95)....

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