Paloian v. Dordevic

Record contained sufficient evidence to support Bankruptcy Ct.’s order directing defendant-debtor’s mother to turnover to debtor’s bankruptcy estate fifty-percent of stake in company, where Bankruptcy Ct. could properly find that defendant served as debtor’s nominee with respect to said stake, and that equitable ownership of said stake belonged to debtor. While defendant argued that either she had significant financial stake in said company or that she was nominee on behalf of third-party who had significant financial stake in said company, record showed that debtor had invested $773,250 in company that was used, in conjunction with $1,000,000 construction loan in startup costs for said company. Moreover, there was no documentary support for defendant’s claims, and testimony from other partner in company also did not support defendant’s claims. Record also showed that debtor had placed stake in company in defendant’s name in anticipation of collection activities against her.