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Securities and Exchange Commission v. Brennan

230 F.3d 65 (2000)

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Securities and Exchange Commission v. Brennan

United States Court of Appeals for the Second Circuit
230 F.3d 65 (2000)

Facts

The Securities and Exchange Commission (SEC) received a money judgment against Robert Brennan (debtor) for violations of securities laws. While the SEC case was pending, Brennan created an overseas trust and funded it with securities valued at $5 million. A month after funding the trust, Brennan filed for Chapter 11 bankruptcy, initiating the automatic stay on any pursuit of creditors against Brennan. Believing Brennan had access to the overseas trust and was using the funds for his personal use, the bankruptcy trustee sought a repatriation order for the overseas trust based on the governmental-unit exception to the automatic stay, which in some circumstances permits governmental units to continue the pursuit of a judgment from a debtor who has filed for bankruptcy. The bankruptcy court denied the trustee’s request for the repatriation order. The trustee appealed to the district court, and the district court issued the repatriation order. Brennan appealed.

Rule of Law

Issue

Holding and Reasoning (Cabranes, J.)

Dissent (Calabresi, J.)

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Bankruptcy

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