Williams v. Federal Deposit Insurance Company (In re Positive Health Management), 769 F. 3d 899 (2014).
The Fifth Circuit addressed a Bankruptcy Code question involving the value that a “good faith transferee” must give in order to defeat a fraudulent transfer claim under the Bankruptcy Code. In this context, the sometimes familiar concept of “reasonably equivalent value” is not the test for this defense. Rather it is a naked concept of “value”. Under the Fifth Circuit standards cited in the case, the measure of value is not what is given by the transferor, but what is received by the transferee (which may well be different amounts). In the present case, the Fifth Circuit addressed facts that permitted an accurate observation of value (and held that the value received by the non-debtor party exceeded the value provided by that party).