Sheils v. 65248 Canada Ltd. (In re Mackay)
Oct
12
2007
Ruling
Claims filed by foreign entity and expressed in foreign currency was to be valued at exchange rate on judgments were recorded in U.S.
Procedural posture
Citing 11 U.S.C. § 502(d), the chapter 7 trustee objected to two claims filed by a foreign entity on the ground that the claims were expressed in terms of foreign currency. At issue was whether each claim had to be converted to an appropriate exchange rate and, if so, the appropriate date to use to determine the proper exchange rate between the foreign currency in which the claim was expressed and United States dollars.
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Court
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