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Perkins v. Haines - S.E.C.'s Amicus Brief

Perkins v. Haines - S.E.C.'s Amicus Brief

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Published by: FloridaLegalBlog on Oct 27, 2011
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10/27/2011

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 No. 10-10683-BB __________________________________________________________________ UNITED STATES COURT OF APPEALSFOR THE ELEVENTH CIRCUIT __________________________________________________________________ WILLIAM F. PERKINS, PLAN TRUSTEE FOR INTERNATIONALMANAGEMENT ASSOCIATES, LLCAppellantv.AENA Y. HAINES, ET AL,Appellees __________________________________________________________________ On Direct Appeal from the United States Bankruptcy Court for the NorthernDistrict of Georgia, Atlanta Division __________________________________________________________________ 
BRIEF OF THE SECURITIES AND EXCHANGE COMMISSION, AMICUSCURIAE, IN SUPPORT OF APPELLEES AND AFFIRMANCE OF THEORDER OF THE BANKRUPTCY COURT
 __________________________________________________________________ DAVID M. BECKER General CounselMARK D. CAHNDeputy General CounselJACOB H. STILLMANSolicitor KATHARINE B. GRESHAMAssistant General CounselMORGAN BRADYLYONSAttorneySecurities and Exchange Commission100 F. Street, NEWashington, DC 20549(202) 551-7926 (Bradylyons)
Case: 10-10683 Date Filed: 07/08/2010 Page: 1 of 35
 
William F. Perkins v. Haines, et al 
; Docket No. 10-10683-BB
CERTIFICATE OF INTERESTED PERSONS AND CORPORATEDISCLOSURE STATEMENT
The Certificate of Interested Persons and Corporate Disclosure Statementfiled with the Brief of Appellant William F. Perkins, Plan Trustee for InternationalManagement Associates, LLC, as supplemented by the Certificate of InterestedPersons and Corporate Disclosure Statement filed with the Brief of Defendants-Appellees, should also include:Becker, David M.Cahn, Mark D.Gresham, Katharine B.Stillman, Jacob H.C-1 of 1
Case: 10-10683 Date Filed: 07/08/2010 Page: 2 of 35
 
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TABLE OF CONTENTSPage
CERTIFICATE OF INTERESTED PERSONS ANDCORPORATE DISCLOSURE STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . C-1TABLE OF CITATIONS...........................................iiiINTEREST OF THE SECURITIES AND EXCHANGE COMMISSION..... 1STATEMENT OF THE ISSUES ..................................... 3FACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4SUMMARY OF ARGUMENT....................................... 8ARGUMENT..................................................... 9The bankruptcy court correctly determined that the generalrule in Ponzi schemes applies whether an investment involvesequity or debt................................................ 9A.Investors with equity interests in an entityoperated as a Ponzi scheme give “value” for transfers upto the amount of principal invested for purposes of the affirmative defense to a fraudulent transfer action........... 9
Case: 10-10683 Date Filed: 07/08/2010 Page: 3 of 35

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