creditors and preferential transfers

[RBDB]

What is the name of your state (only U.S. law)?

I live in the UK, and have been fleeced by a Ponzi scheme in Tennessee. The perpetrator is in involuntary Chapter 7 bankruptcy, and in jail pending hearings. The bankruptcy was filed by 3 creditors, against the wishes of the other investors. There are virtually no assets apart from secured claims, meaning nothing left for the investors to share.

My question is: if I accept there will be no money back and withdraw my claim, am I still considered a creditor when it comes to the Trustee wanting people to pay back any money I received over the last 90 days, or even going back up to 5 years? As it stands, the only way any of us will get anything back is from each other, and this will force decent honest people into bankruptcy by having to pay back what they've received. Some people will be destitute - a truly horrible situation. Anyone have a similar experience or can advise? Thanks

[JETX]

Originally Posted by RBDB

if I accept there will be no money back and withdraw my claim, am I still considered a creditor when it comes to the Trustee wanting people to pay back any money I received over the last 90 days, or even going back up to 5 years?

Yes. Your not being included as a creditor in the filing does NOT restrict the trustee from pursuing preferential payments you might have received.

We have a very large Ponzi case here in the USA (Bernie Madoff) where payments were made to 'investors' that are now being pursued by the Trustee... and they were never on the creditor matrix.
[url=http://www.boston.com/business/articles/2009/04/10/madoff_trustee_seeks_first_clawback/]Madoff trustee seeks first 'clawback' - The Boston Globe[/url]
[url=http://news.yahoo.com/s/nm/20090409/us_nm/us_madoff_clawback_2]Madoff trustee seeks $150 million investor "clawback"[/url]