Section 547(b) of the Bankruptcy Code allows a debtor (or its trustee) to set aside pre-bankruptcy transfers to "insiders" of the debtor.  The definition of insider includes companies for which an individual debtor served as a "director" when the transfers occurred.  Does "director" include a "director emeritus"?  No, the Tenth Circuit held yesterday.  Rupp v. United Sec. Bank (In re Kunz), No. 06-4014 (10th Cir. June 5, 2007).

Barry Barnett

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