- 11 U.S.C.
In re Lively
May
29
2013
Ruling
Absolute priority rule applies to individual chapter 11 debtors.
Procedural posture
The denial of confirmation of appellant individual chapter 11 debtor's reorganization plan was certified for appeal from the U.S. Bankruptcy Court for the Southern District of Texas to resolve whether chapter 11's absolute priority rule in 11 U.S.C.S. § 1129(b)(2)(B), applied in such individual debtor cases.
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Court
:
Judge or Jurisdiction information not available
- 11 U.S.C.
In re ONeal
Apr
12
2013
Ruling
Confirmation denied due to impossibility and lack of specificity or good faith.
Procedural posture
The Arkansas Development Finance Authority (ADFA) objected to confirmation of the debtors second amended chapter 11 plan of reorganization on the grounds that the plan did not comply with the requirements of 11 U.S.C.S. §§ 1122 and 1129(a). It also argued that the plan violated the absolute priority rule in 11 U.S.C.S. § 1129(b)(2)(B)(ii).
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Court
:
- 11 U.S.C.
In re Lee Min Ho Chen
Nov
09
2012
Ruling
Confirmation of debtor's second amended plan denied due to failure to satisfy absolute priority rule.
Procedural posture
The proceeding before the court was a creditor's Opposition to Second Amended Plan of Reorganization (SAP) and debtor's Reply thereto.
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Court
:
- 11 U.S.C.
In re Sea Trail Corp.
Oct
23
2012
Ruling
Plan featuring separate classification of classes of unsecured creditors with different, contradictory interests, could be confirmed.
Procedural posture
Chapter 11 debtor, the owner of a golf resort facility, submitted its first amended plan of reorganization for a hearing on confirmation. Objections to confirmation were filed by the bankruptcy administrator and the unsecured creditor's committee, challenging the plan's compliance absolute priority rule set forth in 11 U.S.C.S. § 1129(b)(2)(B), the treatment of the unsecured classes, respectively.
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Court
:
- 11 U.S.C.
In Ralph Roberts Realty LLC
Oct
19
2012
Ruling
Confirmation of third amended plan denied due to clear violation of absolute priority rule.
Procedural posture
The jointly administered chapter 11 debtors sought confirmation of their third amended plan. Objections to confirmation were made by the official committee of unsecured creditors (the committee) and by a group of unsecured creditors (the 2007 creditors).
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Court
:
- 11 U.S.C.
In re Root
Oct
19
2012
Ruling
Confirmation denied due to debtors' failure to establish that plan was fair and equitable to impaired claims.
Procedural posture
Chapter 11 debtors in possession filed an amended chapter 11 plan of reorganization (the Plan) and sought confirmation.
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Court
:
- 11 U.S.C.
In re Carolina Industries Ltd.
Jul
11
2012
Ruling
Debtor's motion for postpetition distribution to shareholders denied.
Procedural posture
Debtor corporation filed a petition under chapter 11 of the Bankruptcy Code and sought permission to make a postpetition distribution in the amount of $44,578 to its shareholders to pay the personal tax liabilities the shareholders had to the North Carolina Department of Revenue ("NCDOR"). A committee of unsecured creditors and a judgment creditor filed objections to the debtor's motion.
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Court
:
- 11 U.S.C.
Mahraj v. Stubbs & Perdue P.A. (In re Mahraj)
Jun
14
2012
Ruling
BAPCPA did not repeal the absolute priority rule for individual chapter 11 debtors.
Procedural posture
The U. S. Bankruptcy Court for the Eastern District of Virginia entered an order denying confirmation of the debtors' reorganization plan. Debtors noted a timely appeal. On its own motion, the bankruptcy court certified its order for direct appeal to the appellate court pursuant to 28 U.S.C.S. § 158(d)(2)(A)(i). A panel of the appellate court then authorized debtors' direct appeal.
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Court
:
Judge or Jurisdiction information not available
- 11 U.S.C.
RadLAX Gateway Hotel LLC v. Amalgamated Bank
May
29
2012
Ruling
Plan that stripped a secured creditor of its right to credit bid at a sale of its collateral could not be confirmed.
Procedural posture
A bankruptcy court denied petitioner debtors' request to confirm a "cramdown" bankruptcy plan over respondent lienholder bank's objection, finding that a proposed auction to sell the encumbered asset free and clear of a lien without permitting the bank to credit-bid did not comply with 11 U.S.C.S. § 1129(b)(2)(A)'s requirements for cramdown plans. The U.S. Court of Appeals for the Seventh Circuit affirmed. Certiorari was granted.
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Court
: U.S. Supreme Court
- 11 U.S.C.
In re Kamayan Holdings LLC
May
23
2012
Ruling
Plan confirmed over objection where rate paid to creditor exceeded discount cramdown rate and end value would exceed value of creditor's claim.
Procedural posture
Before the court for consideration of confirmation was debtor's plan of reorganization. Debtor's secured creditor objected to the plan.
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Court
: