Petition of the day

Thepetition of the day is:

Issues:(1) Whether the the U.S. Court of Appeals for the 2nd Circuit correctly heldcontrary to several other courts of appealsthat the presumption against federal preemption of state law does not apply in the bankruptcy context; (2) whether the 2nd Circuit correctly heldfollowing the U.S. Courts of Appeals for the 3rd, 6th, and 8th Circuits, but contrary to the U.S. Courts of Appeals for the 7th and 11th Circuitsthat a fraudulent transfer is exempt from avoidance under 11 U.S.C. 546(e) when a financial institution acts as a mere conduit for fraudulently transferred property, or whether instead the safe harbor applies only when the financial institution has its own beneficial interest in the transferred property; and (3) whether the 2nd Circuit correctly heldcontrary to this court’s decisions holding that it is for Congress, and not the courts, to balance the multiple purposes of the Bankruptcy Code, and that courts must therefore rely first and foremost on the text of the Codethat 11 U.S.C. 546(e) is properly construed to extend far beyond its text and impliedly preempt fraudulent-transfer actions brought by private parties (as opposed to the trustee expressly mentioned in the statute).