In re Expert South Tulsa, LLC (Rebein and RE3 Development, LLC v Cornerstone Creek Partners)

Rebein appealed the bankruptcy appeal panel decision affirming summary judgment on his claim that a sale of real estate by expert to Cornerstone was a fraudulent conveyance. The panel affirmed holding that the sale, which included cash and forgiveness of debt, was not flatulent as the total monies paid and forgiven were reasonably equivalent to the value of the property, the dismissal of the mortgage foreclosure case in state court extinguished the mortgage debt as a matter of law, the transfer of the note to a different entity before dismissal did not change the outcome and the debt extinguishment was in exchange for the property as it was part of the whole deal which led to the transfer and dismissal.