§ 363

In re Four Bucks LLC

A debtor in possession operated an apartment complex and the debtor sought to use the rents collected from the property. The debtor moved for authorization to use cash collateral, and the debtor's lender objected on the ground that the estate did not have an interest in the rents.
Ruling: 
Debtor in possession could not use rents that were fully assigned to lender in loan documents.
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Commercial case opionion summary, case decided on June 29,2009, LexisNexis #0809-040

In re Gateway Ethanol LLC

A company provided a thermal oxidizer boiler system to debtor. The company objected to the cure amount and statement of cure claim under debtor's notice of intent to assume and assign certain executory contracts and unexpired leases in conjunction with sale of assets. An asset purchaser responded to the objection. The matter was before the court for decision on the issue of whether the agreement regarding the acquisition was a true lease.
Ruling: 
Agreement found to be a true lease was subject to assumption or rejection.
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Commercial case opionion summary, case decided on June 05,2009, LexisNexis #0809-039

In re Chrysler LLC

Certain state pension and benefit funds, which held approximately $ 40 million in debtor's senior secured loans filed three motions. The first was to withdraw the reference to the bankruptcy court. The second was to stay proceedings in the bankruptcy court pending determination of the motion to withdraw the reference. The third, assuming the withdrawal of the reference, was to appoint a chapter 11 trustee and also to appoint an examiner.
Ruling: 
Bankruptcy court declined to withdraw reference of issues relating to government orchestrated sale of substantially all assets of auto manufacturer.
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Commercial case opionion summary, case decided on May 26,2009, LexisNexis #0709-044

United Air Lines Inc. v. Regl Airports Improvement Corp.

Appellant lenders challenged a judgment of the United States District Court for the Northern District of Illinois, affirming the bankruptcy court's implementation of the confirmed plan of reorganization of appellee debtor, an airline.
Ruling: 
Order for implementation of confirmed plan reversed due to improper valuation of collateral.
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Commercial case opionion summary, case decided on May 06,2009, LexisNexis #0609-098

In re Jolan Inc.

After debtor, a company operating a bar and restaurant in leased space, filed a chapter 7 case, the trustee moved for orders permitting the sale, free and clear of all liens, of debtor's personal property and trade name for a price that was less than the total of all liens. Citing 11 U.S.C.S. § 363, debtor, its principals, and some other parties objected to the motion on grounds including that such an order was improper under the Clear Channel rule.
Ruling: 
Approval of proposed sale of assets for less than value of liens denied in favor of auction.
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Commercial case opionion summary, case decided on April 30,2009, LexisNexis #0609-076

In re Utah 7000 LLC

The debtors submitted a motion for and order approving their selection of a buyer as the highest and best sale qualifying bid to purchase the reorganized debtors' membership interests, and indirectly the assets for sale, for consummation of the sale pursuant to and asset purchase agreement (APA) and the confirmed reorganization plan.
Ruling: 
Sale of debtor LLC's membership interests and transfer of assets approved.
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Commercial case opionion summary, case decided on April 21,2009, LexisNexis #0709-114

In re Heinze

A debtor filed for relief under chapter 7 of the Bankruptcy Code. In earlier proceedings a chapter 7 trustee obtained an order to sell property that was held jointly by the debtor and another, and to employ the services of a salesperson. The trustee sought an order, pursuant to 11 U.S.C.S. § 363(j), for an allocation of fees and expenses related to the sale between the debtor's estate and the other owner.
Ruling: 
Debtor's co-owner's share of fees from sale of property could be deducted from its share of proceeds.
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Consumer case opionion summary, case decided on April 16,2009, LexisNexis #0609-132

Bostic v. Natl City Bank (In re DeRee)

Chapter 7 trustee filed a motion for summary judgment in its action, which sought a determination of the extent of the first mortgage and second mortgage held by mortgage holders on debtor's property with respect to the debtor's ownership interest, and also sought authorization to sell the ownership interests of both the debtor and defendant wife in the property pursuant to 11 U.S.C.S. § 363(h).
Ruling: 
Trustee could sell property free and clear where mortgages encumbered only debtor's dower rights.
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Consumer case opionion summary, case decided on March 26,2009, LexisNexis #0509-043

Leibowitz v. Great America Group Inc.

Bankruptcy trustee filed an action against a company that purchased a bankrupt store's inventory and a bank, which was the store's principal creditor and held a security interest in the inventory. The company appealed after the United States District Court for the Northern District of Illinois reversed a judgment rendered by the bankruptcy court in its favor on its claim for a refund.
Ruling: 
Bankruptcy court did not err in failing to set aside sale of estate assets on grounds of fraud absent showing of loss by purchaser.
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Commercial case opionion summary, case decided on March 18,2009, LexisNexis #0509-060

DB Structured Prods. v. American Home Mortg. Holdings (In re American Home Mortg. Holdings)

The court earlier issued a bench ruling approving an executed stalking horse asset purchase agreement (APA) and authorizing the sale of appellee debtors' servicing business to a buyer. Appellant was a party to a Master Loan Purchase and Servicing Agreement with debtor entities. It objected to the Sale Motion and proposed sale to the buyer. The matter was before the court on remand from the district court.
Ruling: 
Debtor could sell loan servicing agreement free and clear of claims arising under severable loan servicing agreement.
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Commercial case opionion summary, case decided on March 13,2009, LexisNexis #0409-042

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