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§ 347

In re Payroll Express Corp.

Nov
24
2008
Ruling
Unclaimed dividends could not be used to satisfy judgment where corporate debtor's case had been dismissed without plan confirmation.
Procedural posture

Several judgment creditors assigned their money judgment against two individual chapter 11 debtors to an assignee. The assignee thereafter filed an application in the court, seeking to enforce the judgment against the unclaimed dividends remaining in the bankruptcy estate of a chapter 11 corporate debtor. The assignee claimed the corporate debtor and the individual debtors were alter egos.

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Commercial opinion summary, case decided on November 24, 2008 , LexisNexis #0209-065
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In re Premiere Holdings of Tex. LP

Jul
28
2008
Ruling
Unclaimed funds in liquidating trust acquired through Ponzi scheme by dissolved debtor ordered deposited into court registry.
Procedural posture

After the chapter 11 Liquidating Trustee made his final distribution to creditors, $ 25,969 remained unclaimed. In addition, the Liquidating Trustee had slightly less than $ 4,000 of funds reserved for expenses that had not been spent and need not be reserved for payment of expenses. The Liquidating Trustee filed an application to deposit the remaining funds into the registry of the court.

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Commercial opinion summary, case decided on July 28, 2008 , LexisNexis #1008-024
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In re Conner Corp.

Jun
11
2008
Ruling
Debtor not entitled to return of unclaimed funds where prior creditor classes had not been paid in full.
Procedural posture

An amount remained on deposit in the registry of a bankruptcy court which represented distributions which were not claimed by creditors of a bankruptcy debtor, and the debtor moved for return of the unclaimed funds pursuant to 11 U.S.C.S. §§ 347(b), 1143.

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Commercial opinion summary, case decided on June 11, 2008 , LexisNexis #0808-030
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Omega Counsulting v. Edwards (In re Future Trust Inc.)

May
08
2008
Ruling
Bankruptcy court properly denied motion for payment of unclaimed funds.
Procedural posture

Appellant claimant, the purported assignee of the debtor, challenged an order of the Bankruptcy Court for the Western District of Missouri that denied its application for payment of unclaimed funds from the chapter 11 bankruptcy estate. The issue was whether the bankruptcy court erred when it denied appellant's motion for payment of unclaimed funds pursuant to 11 U.S.C.S. § 347(b) and 11 U.S.C.S. § 1143.

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Court :
Judge or Jurisdiction information not available
Commercial opinion summary, case decided on May 08, 2008 , LexisNexis #0608-094
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In re Entire Supply Inc.

Feb
05
2008
Ruling
Bankruptcy court refused to turn over unclaimed funds held in court registry to debtor's president.
Procedural posture

Petitioner, as president for a chapter 11 debtor corporation, sought turnover of all remaining unclaimed funds currently held in the court registry pursuant to 28 U.S.C.S. § 2042 and 11 U.S.C.S. § 347(b) after the trustee completed the liquidation of the debtor's assets and distributed the proceeds.

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Commercial opinion summary, case decided on February 05, 2008 , LexisNexis #0308-097
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In re Future Trust Inc.

Nov
16
2007
Ruling
Liquidated debtor not entitled to unclaimed funds in court registry.
Procedural posture

A company, purportedly acting on behalf of the sole shareholder of the debtor, filed a motion to recover $167,504 in unclaimed funds that were on deposit in the registry of the court, pursuant to 11 U.S.C. §§ 347 and 1143. A chapter 11 trustee filed an objection to the motion, claiming that the State of Missouri was entitled to the unclaimed funds. The court held an evidentiary hearing and issued findings of fact and conclusions of law.

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Commercial opinion summary, case decided on November 16, 2007 , LexisNexis #0108-023
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In re Applications for Unclaimed Funds

Sep
30
2005
Ruling
Hearing was scheduled to determine proper recipients of unclaimed funds since the claims locator service submitted applications that were deficient under section 347(a) standards.
Procedural posture

A claims locator service submitted multiple applications for payment of unclaimed funds to the bankruptcy court. The court considered the legal requirements concerning such applications.

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opinion summary, case decided on September 30, 2005 , LexisNexis #0506-008
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