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IN RE CNB INTERN., INC.

Bankruptcy No. 99-11240 B. Adversary No. 01-1193 B.

393 B.R. 306 (2008)

In re CNB INTERNATIONAL, INC., Debtor. CNB International, Inc. and The Official Committee of Unsecured Creditors of CNB International, Inc., Plaintiffs, v. Timothy S. Kelleher, Julie Kelleher, Kelleher & Company, Inc., Kelleher & Company LLC, Schwartz & Freeman, Northlands Inc. f/k/a Clearing-Niagara, Inc., Enprotech Corp., Enprotech Mechanical Services, Inc., EMS Parts Inc., EMS Spares Inc., Verson International Group, plc, Verson International Group, Inc., Littell International, Inc., CIT Lending Services Corporation f/k/a Newcourt Commercial Finance Corporation f/k/a AT & T Commercial Finance Corporation, Lloyds TSB Bank PLC f/k/a Lloyds Bank plc, and John Doe # 1 Through John Doe # 20, Defendants.

United States Bankruptcy Court, W.D. New York.

September 5, 2008.

Attorney(s) appearing for the Case

Kenneth Oestreicher, Esq., Gary S. Posner, Esq., Cameron J. Macdonald, Esq., Whiteford, Taylor & Preston L.L.P., Baltimore, MD, and Robert J. Feldman, Esq., Gross Shuman Brizdle & Gilfillan PC, Buffalo, NY, for the CNB International Litigation Trust.

Robert I. Bodian, Esq., David L. Barres, Esq., Francis J. Earley, Esq., Paul J. Ricotta, Esq., Mintz Levin Cohn Ferris Glovsky and Popeo, P.C., New York, NY, for Defendant Lloyds TSB Bank plc.

DECISION & ORDER

CARL L. BUCKI, Chief Judge.

In this adversary proceeding, the plaintiffs seek to recover a fraudulent conveyance that allegedly occurred when the debtor corporation was formed through a leveraged buyout. During an intense trial of almost three weeks duration and in post-trial briefs totaling more than 400 pages in length, the parties have presented a plethora of complex legal and factual issues concerning valuation and liability. Although...

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