### The Honorable James M. Rosenbaum, United States District 1 

### Judge for the District of Minnesota. The Honorable Nancy C. Dreher, United States Bankruptcy 2 

### Judge for the District of Minnesota. _____________ No. 95-2090

_____________ James E. Ramette, Trustee * of the Bankruptcy Estate of * Ferris J. Alexander, Sr., * * Appeal from the United States Appellee, * District Court for the * District of Minnesota. v. * * [UNPUBLISHED] Carolyn J. Alexander, Jeffrey * C. Alexander, Gust S. Alexander,* and U.S. Video, Inc., * * Appellants. *

__________ Submitted: November 13, 1995 Filed: December 1, 1995

__________ Before HANSEN, JOHN R. GIBSON, and MURPHY, Circuit Judges.

__________ PER CURIAM. Appell ants Carolyn J. Alexander, Jeffrey C. Alexander, Gust S . Alexander and U.S. Video, Inc., appeal from a fi nal judgment entered after the di strict court affirmed orders of the bankruptcy court in favor o f 1 2 appelle e James E. Ramette, the trustee. The judgment represented th e combi ned value of a promissory note and real estate property that wer e fraudulently transfer red to his children by Ferris J. Alexander, Sr., the debtor, in 1989 while he

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was insolvent, but before he filed for bankruptcy. Appellants indicate in their reply brief that they "do not appe al the findings of fact," but rather "appeal from errors of law." They argue tha t the tra nsfers are not voidable, that the Alexander appellants are no t joint ly and severally liable for the transfers but only liable for th e value each received, that evidence of present value is lacking, and that the amount of the judgment is incorrect. After a two day trial, the bankruptc y court issued detailed findings of fact and conclusions of law. It found that the debtor owned an d operated numerous adult movie theaters in additi on to United States Video, Inc., a video rental business, in which his children were the stockholders
. As a result of a federal investigation into the debtor's business affairs, he transferred to his children a note for no consideration and a $175,000 Minneapolis real esta te property for nominal consideration. The note had a face va lue of $1.5 million, but the bankruptcy court found its actua l value to be $535,000 at the time of the transfer . The children were aware of the investigation and contributed the value of the note to U.S. Video as additional capital. The debtor's assets at the time of the transfers wer e substantially less than the $12.3 million debts he owed. Th e bankruptcy court concluded that both transfers were made with the intent to hinder, delay, and defraud the debtor's creditors, and were effected fo r less than reasonably equivalent value, within the meaning of Minn. Stat. § 513.41 . Based on "overwhelming" evidence, it concluded that th e Alexander children (except for Susan J. Omoyayi) and U.S. Video were coconspi rators with their father in the fraudulent scheme and ordere d judgment for the trustee. After carefully reviewing the record, we conclude that the bank ruptcy co urt's findings, including those related to fraudulent transfer an d valuation of property, are not clearly erroneous, and

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its conclusions are not contrary to law. Accordingly, we affirm th e judgment in favor of the trustee without further discussion. See 8th Cir. R. 47B.
A true copy.

Attest:
CLERK, U.S. COURT OF APPEALS, EIGHTH CIRCUIT.