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Business Planning Keyed to Gevurtz
In re Ehmann v. Fiesta Investments
Citation:
319 B.R. 200 (2005)Facts
Fiesta Investments, LLC was formed in 1998 by Anthony and Alice Ehmann, the parents of debtor Gregory Ehmann. The LLC held a 17% interest in City Leasing Co. Ltd. and a 25% interest in Desert Farms LLC. After Gregory Ehmann filed for Chapter 7 bankruptcy in May 2000, City Leasing was liquidated, resulting in Fiesta receiving approximately $837,000 in cash distributions. Fiesta continued to receive quarterly cash distributions from Desert Farms. Despite these inflows, no formal distributions were made to the debtor’s bankruptcy estate. Instead, substantial sums were paid to other members, including $374,500 in loans to members or their controlled entities, a $42,500 payment to one member, and $124,000 to redeem another member’s interest. When the Trustee demanded information and distributions, the managing member (debtor’s father) responded that Fiesta was created to remove assets from the parents’ estate for tax purposes and to accumulate investments for their children after the parents’ deaths.
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