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Equitable Subordination: Good-Faith Transferees Beware Publications Share this See Also Share this April 14, 2006 Full PDF Partner Jeffrey Saferstein and associate Penny Dearborn's article, "Equitable Subordination: Good-Faith Transferees Beware," appeared in the April issue of the ABI Journal. The article discusses a recent decision in the Enron chapter 11 case, Enron Corp. v. Avenue Special Situations Fund II L.P., where the U.S. Bankruptcy Court ruled that "bank claims held by postpetition transferees may be equitably subordinated pursuant to section 510(c) of the U. S. Bankruptcy Code on the basis that the transferors engaged in inequitable prepetition conduct." Jeff and Penny note that this decision is an "unprecedented expansion of the doctrine of equitable subordination and the decision's significance extends beyond Enron and threatens serious disruption to the distressed debt trading markets" and explore its implications.