Adelphia’s Fraudulent Conveyance Action Against Goldman Barred by Judicial Estoppel

The U.S. Court of Appeals for the Second Circuit April 4 held that appellant Adelphia Recovery Trust’s fraudulent conveyance action against appellee Goldman, Sachs & Co. is barred by the doctrine of judicial estoppel (Adelphia Recovery Trust v. Goldman, Sachs & Co., 2014 BL 93533, 2d Cir., 11-1858-cv, 4/4/14).

Affirming the judgment of the bankruptcy court, Judge Ralph K. Winter concluded that the appellants are estopped from pursuing a claim that would reattribute asset ownership based on a determination of asset ownership among the various entities agreed to by the pertinent parties, after a plan of reorganization has ...