In re Grant Family Farms Inc.
Aug
13
2007
Ruling
Debtors not entitled to exclusive period to solicit plan acceptances.
Procedural posture
Chapter 11 debtors filed a motion for an order extending the exclusivity period for the debtors to solicit acceptance of a plan of reorganization. According to the motion, the debtors sought a 60-day extension of the exclusive period to solicit acceptances of their joint plan of reorganization. The debtors also requested a hearing date on their disclosure statement.
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Court
:
- 11 U.S.C.
Elegant Custom Homes Inc. v. Dusharm (In re Elegant Custom Homes Inc.)
May
14
2007
Ruling
Bankruptcy court properly allowed creditor to pierce debtor's corporate veil to reach debtor's owners.
Procedural posture
Appellants, a debtor corporation and its owners, challenged a judgment of the bankruptcy court, which ruled in favor of appellee creditor on a claim by which she sought to pierce the corporate veil to hold the owners liable for breach of contract.
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Court
:
- 11 U.S.C.
In re Skvorecz
May
08
2007
Ruling
Lack of deduction for 401(k) contributions or 401(k) loan repayment in form B22A did not require dismissal on presumption of abuse.
Procedural posture
The United States Trustee filed a motion to dismiss debtor's chapter 7 case under 11 U.S.C. § 707(b)(1) and (2), asserting that the calculations in debtor's bankruptcy form B22A (statement of current monthly income and means test calculation for use in chapter 7 only), raised the presumption of abuse stated in 11 U.S.C. § 707(b)(2), that the debtor had not rebutted that presumption by showing any special circumstances.
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Court
:
- 11 U.S.C.
Chao v. Morris
Jan
10
2007
Ruling
ERISA enforcement action fell within regulatory exception to stay.
Procedural posture
Plaintiff, the Secretary of Labor, filed a motion under Fed. R. Civ. P. 55(a) for entry of default in an action against defendants, an individual, a corporation, and a profit-sharing plan, under 29 U.S.C. § 1132(a) of the Employee Retirement Income Security Act ("ERISA"), 29 U.S.C. §§ 1001 et seq. The individual and corporation subsequently filed notices of bankruptcy filings.
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Court
:
- 11 U.S.C.
U.S. Natl Bank Assn v. Pugh (In re Pugh)
Nov
15
2006
Ruling
"Cash advances" were not subject to presumption of fraud where debtor's overall liabilities did not increase and creditor could not establish pecuniary loss.
Procedural posture
Plaintiff creditor filed a Fed. R. Civ. P. 55(b)(2) motion for default judgment on an amended complaint for a determination that cash advances made to defendant debtor were nondischargeable for actual fraud under 11 U.S.C. § 523(a)(2)(A). The creditor was ordered to show cause why its motion should not have been denied for failure to verify the factual elements.
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Court
:
Hill v. Gibson Dunn & Crutcher LLP
Feb
28
2006
Ruling
Doctrine of in pari delicto barred a trustee standing in the debtor's shoes from recovering any damages for any alleged wrongful conduct in which the debtor participated.
Procedural posture
Plaintiff, the chapter 7 trustee of corporate debtor in a case converted from chapter 11, brought an adversary proceeding against defendant law firm, asserting the firm's actions in representing the debtor and certain insider creditors of the debtor in various financing transactions aimed at keeping the debtor afloat constituted breaches of fiduciary duties, enabled fraudulent transfers, and constituted securities fraud.
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Court
:
- 28 U.S.C.
D.E. Frey Group Inc. v. FAS Holdings Inc. (In re D.E. Frey Group Inc.)
Feb
01
2006
Ruling
Claimant's motion for dismissal or abstension was denied since the claimant's filing of a proof of claim and the obvious efficiencies of having the court adjudicate the debtor's related counterclaims weighed heavily against the court exercising its discre
Procedural posture
Plaintiff debtor filed an adversary proceeding against defendant claimant, a party which filed a proof of claim. Debtor asserted eight claims for relief — breach of agreement, breach of implied covenants, interference with prospective economic advantage, fraud, breach of fiduciary duty, conversion, turnover, and determination of validity, priority and extent of liens. Pending was the claimant's motion to dismiss or abstain.
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Court
:
- 11 U.S.C.
Powers v. United States (In re Powers)
Aug
17
2005
Ruling
An additional state tax income assessment was deemed nondischargeable since the debtor had failed to file an amended state tax return required after the IRS had audited the debtor and reported changes in the debtor's income tax.
Procedural posture
Plaintiff debtor filed an adversary proceeding against defendant, the Colorado Department of Revenue ("DOR") challenging an assessment by the DOR for additional state income tax that the DOR claimed that the debtor owed for two tax years after the Internal Revenue Service ("IRS") reported changes in the debtor's federal income discovered through an audit. The parties filed cross-motions for summary judgment.
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Court
: