In re: Kwok

CourtDistrict Court, D. Connecticut
DecidedJanuary 21, 2025
Docket3:24-cv-00724
StatusUnknown

This text of In re: Kwok (In re: Kwok) is published on Counsel Stack Legal Research, covering District Court, D. Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In re: Kwok, (D. Conn. 2025).

Opinion

UNITED STATES DISTRICT COURT DISTRICT OF CONNECTICUT ) IN RE: KWOK, BANKR. NO. 22-50073 (JAM) ) Debtors Chapter 11 ) ) MEI GUO, ) Appellant, ) ADV. PRO. NO. 23-5008 v. ) CIVIL NO. 3:24-CV-724 (KAD) ) LUC A. DESPINS, ) Trustee-Appellee. ) ) ) JANUARY 21, 2025 ) MEMORANDUM OF DECISION Kari A. Dooley, United States District Judge: Mei Guo (“Appellant” or “Ms. Guo”) challenges the order of the Bankruptcy Court granting in part Chapter 11 Trustee Luc A. Despins’ (“Trustee” or “Appellee”) Motion for Summary Judgment, in which the Bankruptcy Court determined first that the Individual Debtor Ho Wan Kwok (the “Debtor” or “Kwok”) was the beneficial owner of both a 2006 Bombardier Global Express XRS B70 aircraft (the “Bombardier”) and Whitecroft Shore Limited (“Whitecroft”), and second, that the proceeds from the sale of the Bombardier, as well as Ms. Guo’s ownership interest in Whitecroft, must be turned over to the Debtor’s bankruptcy estate (the “Estate”). See Luc A. Despins, Ch. 11 Trustee v. Mei Guo, No. 23-ap-5008 (JAM) (Bankr. D. Conn. Apr. 3, 2024), ECF No. 126. For the reasons set forth below, the order of the Bankruptcy Court is AFFIRMED. Facts and Procedural History The Court presumes the parties’ familiarity with the underlying facts and repeats only those necessary for deciding the instant motion.1 The Bombardier and its Ownership The Debtor is the Appellant’s father. The Bombardier is a private jet bearing serial number

0X9189 and registration number T7-GQM (later changed to T7-17777). In 2009, the Debtor purchased the Bombardier directly from its manufacturer for approximately $37 million. Initially, legal title to the Bombardier was held by Head Win Group Ltd. (“Head Win”), whose sole purpose was to hold the Bombardier. In 2015, Head Win reached an agreement—executed by the Debtor— with ACASS Canada, to operate and manage the Bombardier (the “ACASS Operation Agreement”). Pursuant to that Agreement, notices, invoices, etc. directed from ACASS Canada to Head Win were to be sent care of Golden Spring NY Ltd. (“Golden Spring”), which is the Debtor’s alter ego.2 In 2015 and 2016, invoices issued by ACASS Canada to Head Win were paid by Golden Spring, as well as New Dynamic Development Limited (“New Dynamic”), which is an

offshore company held by the Debtor. Between March 2016 and July 2016, Head Win transferred title to the Bombardier to Anton Development, a Hong Kong entity. Prior to June 27, 2017, the Debtor’s private chef, Han Chunguang (“Mr. Han”), was Anton Development’s sole shareholder. Between June 2016 and June 2019, no less than $2.6 million in invoices were issued by ACASS Canada to Anton

1 The Court adopts and incorporates herein the undisputed facts as found by the Bankruptcy Court. The undisputed facts reflect, in part, the Bankruptcy Court’s various evidentiary rulings, which, as set forth below, this Court has affirmed. 2 On December 4, 2023, in another adversary proceeding, the Bankruptcy Court granted default judgment against Golden Spring and determined, inter alia, that “[a]t all times Golden Spring was an alter ego of the Debtor.” See Luc A. Despins, Ch. 11 Trustee v. Golden Spring (New York) Ltd., No. 23-ap-5018 (JAM) (Bankr. D. Conn. Dec. 4, 2023), ECF No. 35. Development in connection with the operation and management of the Bombardier. Those invoices were paid by Golden Spring. On June 27, 2017, Mr. Han transferred Anton Development to Ms. Guo for one Honk Kong dollar (“HKD”). In November 2018, Anton Development transferred title to the Bombardier to Whitecroft. Whitecroft is a British Virgin Islands (“BVI”) entity of which Ms. Guo is the sole member and

director, and its permanent address is listed as “c/o Golden Spring (New York) LTD, PO Box 2120, New York, NY 10101.” Whitecroft’s sole purpose was to hold the Bombardier. While held by Whitecroft, Golden Spring made no less than $2.4 million in payments to ACASS Canada for maintenance and operation of the Bombardier. On January 25, 2022, ACASS Canada sent a Letter of Intent to purchase the Bombardier to Whitecroft care of Golden Spring, and to the attention of Ms. Yvette Wang (“Ms. Wang”) and Mr. Max Krasner (“Mr. Krasner”), both at “@gsnyus.com” email suffixes. Thereafter, in August 2022, the Bombardier was sold to ACASS U.S.A. Inc. for $13.5 million. Initially, the proceeds of the Bombardier sale were to be wired to Mr. Qiang Guo, Ms. Guo’s brother. However, on

December 21, 2022, pursuant to a Whitecroft corporate resolution signed by Ms. Guo (the “Disbursement Resolution”), the Bombardier Proceeds were remitted to an account at JNFX Limited (“JNFX”). As of October 19, 2023, the statement for the relevant JNFX account reflected a balance of $10,406,839.28.3 Between June 2016 and January 2022, the Debtor was a passenger on the Bombardier no less than 57 times. In 2017, the Debtor stated in a Vice News interview that he owned “two private jets.” The Debtor was also seen in two different videos posted to Gettr and YouTube dining on an

3 As of January 5, 2024, pursuant to the preliminary injunction issued on December 21, 2023 in the underlying adversary proceeding, JNFX transferred $10,218,843.38 into the attorney trust account of Chiesa Shahinian & Giantomasi PC, Ms. Guo’s counsel. Thereafter, in accordance with the Bankruptcy Court’s summary judgment order, approximately $10.2 million in Bombardier Proceeds were transferred to the Trustee. airplane, discussing the luxury furnishings on the aircraft, and discussing his ownership of the aircraft, which is presumed to be the Bombardier. At her deposition taken in the underlying Chapter 11 case, Ms. Guo testified that “[w]hen [she] was a kid back in China, [she] traveled with [her] family on” the Bombardier. Ms. Guo further testified that she does not remember when she last flew on the Bombardier, that she decided to sell the Bombardier in 2022, and that she is the

owner of the proceeds, despite not recalling where those proceeds were located. The Adversary Proceeding On May 16, 2023, the Trustee filed the Complaint in the underlying adversary proceeding, asserting the following claims: 1. The first claim (the “First Claim”) seeks declaratory judgment that (i) pursuant to section 541(a) of title 11 of the United States Code (the “Bankruptcy Code”), [the Bombardier], formerly indirectly owned by Ms. Guo, was property of the Estate because it was beneficially owned by the Individual Debtor as of the filing of his bankruptcy petition and at the time of its post-petition sale; and (ii) pursuant to section 541(a)(6) the [Bombardier Proceeds] are property of the Estate. On these bases, pursuant to sections 542 and 544 of the Bankruptcy Code, the First Claim seeks turnover of the Bombardier Proceeds to the Estate via delivery to the Trustee.

2. The second claim (the “Second Claim”) seeks, in the alternative to the First Claim and pursuant to sections 549 and 550 of the Bankruptcy Code, avoidance of a post-petition transfer of the Bombardier Proceeds from the Individual Debtor to Ms. Guo.

3. The third claim (the “Third Claim”) seeks, in the alternative to the First and Second Claims and pursuant to sections 544 and 550 of the Bankruptcy Code and former section 276 of the New York Debtor and Creditor Law (repealed effective April 4, 2020), the value of [Anton Development], a former owner of the Bombardier, at the time of its transfer from [Mr. Han] to Ms. Guo on the basis of fraudulent transfer.

4. The fourth claim (the “Fourth Claim”) seeks declaratory judgment that pursuant to section 541(a) of the Bankruptcy Code, several [BVI] entities owned by Ms.

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Bluebook (online)
In re: Kwok, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-kwok-ctd-2025.