Fort Washington Bankruptcy Discusses Trustee Clawback in Shapiro & University of Miami Mess

Keeping in mind that this author is a Fort Washington bankruptcy attorney — and that limits my familiarity with out-of-state exemption law (indeed, there are at least 52 different exemption schemas in Chapter 7 bankruptcy) — it is nonetheless easy to see that the trustee in the Nevin Shapiro (and/or Capitol Investments USA) case has a duty to inquire about the gifts and benefits awarded players who were recruits for the University of Miami. The trustee, of course, is obligated in any case to re-acquire assets which duly and rightfully belong to creditors of the debtor. Here, the great question might be whether such money actually belongs to the creditor: i.e., was the payment to players simply a violation of NCAA rules or was it manifestly inimical to the stated goals of the investment corporation, for if the corporate charter allowed broad authority to spend for whatever reason, the creditors might have a hard time arguing the money was not rightfully spent.

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