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Walrath) Defendants Merrill Lynch Asset Management and Merrill Lynch Investment Managers Limited moved to dismiss a fraudulent transfer complaint for lack of personal jurisdiction.
The Court also held that, in the absence of such continuous and systematic contacts between the Merrill Lynch Defendants and the United States, there also was no basis to assert jurisdiction for discovery purposes.
court jurisdiction would not raise specter of unending, post-confirmation jurisdiction) (quoting Astro Power, 335 B. In many smaller or mid- sized cases it may make sense to dispense with the liquidating trust and simply change the name of the debtor and finish the liquidation through use of the debtor and the Bankruptcy Court.
In sum, the proper retention of claims and causes of action in a plan not only protects a liquidating trustee from attack under res judicata but also may be necessary, depending on the jurisdiction, to confer jurisdiction on the bankruptcy court to hear and determine such claims and causes of actions under the bankruptcy court's "related to" jurisdiction.
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An article in the American Bankruptcy Institute Journal Volume XXIX, Number 5 at page 44 entitled Structured Chapter 11. Their contact with the Debtor was solely as third-party purchaser of stock of Xantrex Technology, Inc. Also, the Merrill Lynch Defendants did not seek out the Debtor; instead it was the Debtors, through an intermediary, who reached out to the Merrill Lynch Defendants in Europe. Neither of the Merrill Lynch Defendants were registered to do business in the United States, and neither filed proofs of claim in the bankruptcy case.In some other cases, following the sale of the assets with the confirmation of a liquidating plan is the not best path.For example, there may not be sufficient unencumbered assets to fund the rest of the case, or there may not be enough assets to satisfy the various types of claims that must be paid in full in order to obtain confirmation.