Question: First Jersey Securities Inc filed a petition for Chapter 11
First Jersey Securities, Inc., filed a petition for Chapter 11 bankruptcy after the Securities and Exchange Commission (SEC) obtained a court order against the firm to repay $75 million in illegal proceeds. On the same day that its petition was filed, First Jersey transfer red $600,000 in assets to its attorneys, the law firm RSW, to pay for previous and future legal services. The trustee and SEC both challenged the transfer of the assets to the debtor's lawyers. The bankruptcy court and district court upheld the transfer. The trustee and SEC appealed. Why do you believe the circuit court either upheld or overturned the district court's ruling?
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