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IN RE OPUS EAST, LLC

Case No. 09-12261 (MFW) (Jointly Administered) Adv. No. 11-52423 (MFW).

528 B.R. 30 (2015)

IN RE: OPUS EAST, LLC et al., Debtor. Jeoffrey L. Burtch, Chapter 7 Trustee for the Estate of Opus East, LLC, Plaintiff, v. Opus, LLC, a Minnesota limited liability company; Opus Corporation, A Minnesota Corporation; Gerald Rauenhorst 1982 Irrevocable Trust f/b/o Grandchildren and the Gerald Rauenhorst 1982 Irrevocable Trust f/b/o Children; Keith P. Bednarowski and Luz Campa, as Trustees thereof; Opus Real Estate VII, L.P.; Opus Real Estate VIII, L.P.; Mark Rauenhorst, individually; Keith P. Bednarowski, individually, Luz Campa, individually, Adler Management, LLC; Marshall M. Burton, individually; Opus Property Services, LLC; Opus 2, LLC; Opus Architects & Engineers, P.C.; Opus Architects & Engineers, Inc.; Opus Core, LLC; Opus Northwest, LLC; Opus Design Build, LLC; Opus Development Corporation; Opus Holding, LLC; Opus Holding, Inc.; Opus AE Group, Inc., Defendants.

United States Bankruptcy Court, D. Delaware.

Signed March 23, 2015.

Attorney(s) appearing for the Case

Wesley J. Bailey , Patrick J. Coffin , Vickie L. Driver , Coffin & Driver, PLLC, M. Ross Cunningham , Michael R. Cunningham , Christopher M. McDowell , Martin E. Rose , Steve Sanfelippo , Rose Walker L.L.P., Dallas, TX, Dale R. Dube, Robert W. Pedigo , Cooch and Taylor, P.A., Wilmington, DE, for Plaintiff.

William Pierce Bowden , Amanda Winfree Herrmann , Leigh-Anne M. Raport , Ashby & Geddes, P.A. Wilmington, DE, Theresa H. Dycoschak , Peter J. Goss , Lariss Jude , Jane E. Maschka , Woodrow T. Roberts , Dennis M. Ryan , Zachary L. Stephenson , Wahl, Faegre & Benson LLP, Minneapolis, MN, for Defendants.

OPINION1

I. PROCEDURAL BACKGROUND ...48

II. JURISDICTION...48

III. FACTUAL BACKGROUND ...48

IV. DISCUSSION...50

A. Insolvency...50 1. Balance Sheet Test ...51 2...

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