- 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 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.
Friedman v. PP LLC (In re Friedman)
Mar
19
2012
Ruling
Denial of confirmation and conversion to chapter 7 reversed as bankruptcy court improperly applied the absolute priority rule in an individual chapter 11 case.
Procedural posture
Appellant chapter 11 debtors challenged a decision of the Bankruptcy Court for the District of Arizona, which denied confirmation of their second amended plan and converted their case to chapter 7.
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Court
:
Judge or Jurisdiction information not available
- 11 U.S.C.
In re Lively
Dec
30
2011
Ruling
Confirmation denied due to continued operation of absolute priority rule.
Procedural posture
After a bankruptcy court preliminarily announced that it would deny confirmation of a chapter 11 individual plan for violating 11 U.S.C.S. § 1129(b)(2)(B)(ii), it allowed briefings on the question of whether the Bankruptcy Abuse and Consumer Protection Act of 2005 (BAPCPA) abrogated the absolute priority rule for individual chapter 11 cases.
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Court
:
- 11 U.S.C.
In re Walkabout Creek Ltd. Dividend Hous. Assn Ltd. Pship
Nov
14
2011
Ruling
Confirmation of plan proposing reamortization of loans at low rate denied due to lack of feasibility.
Procedural posture
Affiliated debtors which owned low-income apartment complexes financed by a state housing agency proposed plans which provided that the agency was fully secured and that the agency loans would be reamortized with interest at a stated rate. The agency objected to confirmation of the debtors' plans.
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Court
:
- 11 U.S.C.
SPCP Group LLC v. Norton
Sep
21
2011
Ruling
Absolute priority rule did not apply to prevent individual chapter 11 debtor from retaining property over objection of unsecured creditor.
Procedural posture
Appellant, appellee debtors' largest unsecured creditor, challenged a decision of the U.S. Bankruptcy Court for the Middle District of Florida, which confirmed the plans of reorganization of the debtors.
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Court
:
- 11 U.S.C.
In re Lindsey
Aug
05
2011
Ruling
Confirmation denied due to violation of the absolute priority rule.
Procedural posture
Creditor banks filed objections, asserting that debtor in possession's first amended plan of reorganization could not be confirmed as a matter of law because it allowed the debtor to retain pre-petition property in violation of the absolute priority rule of 11 U.S.C.S. § 1129(b)(2)(B)(ii). The creditors moved for summary judgment.
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Court
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