In re Majaraj
May
09
2011
Ruling
Debtors could not cram down subordinate deed of trust as absolute priority rule continued to operate in individual chapter 11 cases with regard to non-exempt property owned on petition date.
Procedural posture
Debtors, who operated an auto body business, sought confirmation of a chapter 11 plan. Confirmation was opposed by a nominally secured creditor ("NSC"), whose subordinate deed of trust against the debtors' residence would have been stripped off. Additionally, the plan had not been accepted by the class of general unsecured creditors, who would have received an estimated 1.7 cents on the dollar over a period of five years.
ABI Membership is required to access the full summary of In re Majaraj Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
In re Riddle
Feb
08
2011
Ruling
Plan confirmed despite rejection by bank where value of land exceeded bank's secured debt.
Procedural posture
Debtor filed a petition under chapter 11 and proposed a reorganization plan. A bank that held a security interest in real property the debtor owned voted to reject the debtor's plan and opposed The court held a hearing to determine if the plan could be confirmed under 11 U.S.C.S. § 1129(b), notwithstanding the bank's failure to accept it.
ABI Membership is required to access the full summary of In re Riddle Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
Dish Network Corp. v. DSD N. Am. Inc. (In re DBSD N. Am.)
Feb
07
2011
Ruling
Creditor that was an indirect competitor of the debtor and bought a blocking position in a class of claims in order to obtain the debtor's telecommunications spectrum rights could be treated as acting in bad faith.
Procedural posture
In a Chapter 11 case, the bankruptcy court confirmed a reorganization plan for appellee debtor over the objections of appellant creditors. The United States District Court for the Southern District of New York affirmed. The creditors appealed.
ABI Membership is required to access the full summary of Dish Network Corp. v. DSD N. Am. Inc. (In re DBSD N. Am.) Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
Judge or Jurisdiction information not available
- 11 U.S.C.
In re Mace
Jan
25
2011
Ruling
Plan proposing 20-year loan repayment period did not discriminate against creditor.
Procedural posture
A creditor objected to confirmation of the second amended plan proposed by a Chapter 11 trustee on the ground that the plan unfairly discriminated against the creditor and that the plan was not fair and equitable as required by 11 U.S.C.S. § 1129(b)(2)(A).
ABI Membership is required to access the full summary of In re Mace Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
In re American Media Inc.
Dec
20
2010
Ruling
Chapter 11 plan was confirmable despite rejection and deemed rejection by two classes of creditors.
Procedural posture
Debtors-in-possession, publishers of newspapers and magazines, moved for a confirmation order, to effectuate confirmation of their amended joint prepackaged plan of reorganization under chapter 11, and to approve the adequacy of their disclosure statement, solicitation of votes, and the forms of ballots and the election.
ABI Membership is required to access the full summary of In re American Media Inc. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
In re Lighthouse Lodge LLC
Dec
14
2010
Ruling
Creditor's plan providing for sale of debtor's lodge approved provided improper release provision was removed.
Procedural posture
Both the chapter 11 debtor and a moving creditor proposed amended plans of reorganization, each of which was modified in a minor way prior to trial. The amendments were not substantive and did not require re-voting.
ABI Membership is required to access the full summary of In re Lighthouse Lodge LLC Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
In re Gelin
Sep
29
2010
Ruling
Individual chapter 11 debtors could not cram down without consent of mortgage creditors or payment in full due to continued operation of absolute priority rule.
Procedural posture
Before the court was debtors' cram down motion pursuant to 11 U.S.C.S. § 1129(b), as well as debtors' Second Plan of Reorganization. Other related motions were also before the court seeking to cram down the Plan on other non-objecting creditor classes. A creditor objected to confirmation based on the absolute priority rule.
ABI Membership is required to access the full summary of In re Gelin Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
In re Shat
Feb
22
2010
Ruling
The absolute priority rule does not apply to individual chapter 11 debtors post-BAPCPA.
Procedural posture
Debtors' chapter 11 plan was before the court for confirmation.
ABI Membership is required to access the full summary of In re Shat Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
In re 2712 Mission Partners LP
Jan
22
2010
Ruling
Confirmation of debtor's fourth amended plan and creditors' plan denied and stay continued conditioned on sale of office property.
Procedural posture
Debtor, a limited partnership that owned an office building, filed a chapter 11 petition. The debtor filed a disclosure statement that included its fourth attempt at a reorganization plan. A creditor also filed a disclosure statement and secured creditors filed a joint motion for relief from stay.
ABI Membership is required to access the full summary of In re 2712 Mission Partners LP Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
In re Blake
Nov
30
2009
Ruling
Plan confirmed over creditor's objection to using confirmation date as date of valuation for cramdown.
Procedural posture
Bankruptcy debtors proposed a plan which provided that mortgage creditors would receive monthly payments having a present value of the fair market value of the debtors' rental properties on the date of confirmation. The creditors objected to confirmation of the debtors' plan on the ground that the proper date of valuation was the date the debtors commenced their bankruptcy case.
ABI Membership is required to access the full summary of In re Blake Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
: