Ill. Dep't of Revenue v. Hanmi Bank
Jul
09
2018
Ruling
Bankruptcy courts did not err in valuing the interest of Illinois Department of Revenue atzero for purposes of its right to adequate protection as the department failed to provide proofof the value of its interest. (7th Cir.)
Issue(s)
Use, Sale, or Lease of Property; Adequate Protection.
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Judge or Jurisdiction information not available
Blake, In re
May
08
2017
Ruling
Motion to use cash collateral was granted as the requirement that the cash collateral must be conditioned was met by debtors. (Bankr. S.D. Ill.)
Issue(s)
Use, Sale, or Lease of Property; Adequate Protection.
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Court
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In re Cooper
Jan
20
2017
Ruling
Motion for adequate protection was denied where court found that any deterioration in valueof second-position lienholder's interest in the property resulted from the change in lienposition, and not from the debtors' use of the property. (Bankr. E.D.N.C.)
Issue(s)
Use, Sale, or Lease of Property; Adequate Protection.
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Court
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Moore v. Regions Bank (In re Moore)
Jun
10
2011
Ruling
"Roll over" of funds remaining from debtor's prior potato crop to pay for new crop offered no adequate protection for holder of security interest.
Procedural posture
On consideration before the court was a complaint filed by plaintiff debtors to determine the validity of a lien held by defendant creditor. An answer and affirmative defenses was filed by the creditor and a trial was conducted on the merits.
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Court
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In re Lodge at Big Sky LLC
Apr
08
2011
Ruling
Two single-member LLCs allowed to consolidate chapter 11 cases on condition that debtors provided adequate protection of security interests to bank.
Procedural posture
Debtors, two single-member limited liability companies (LLCs), filed separate petitions under Chapter 11 of the Bankruptcy Code and asked the court to consolidate their cases. A bank filed motions seeking orders requiring the debtors to provide adequate protection, and the United States Trustee ("UST") filed a motion to dismiss the debtors' cases or, in the alternative, to convert them to cases under chapter 7 of the Bankruptcy Code.
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Court
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In re Berkman
Mar
10
2010
Ruling
Motion by joint owner of debtor's property for permission to collect rents granted after conversion to chapter 7.
Procedural posture
Debtor filed a petition under chapter 11, and a person (joint owner) who owned real property with the debtor filed a motion seeking permission under 11 U.S.C.S. § 363(e), alternatively under 11 U.S.C.S. § 362(d), to collect rents and pay expenses. The Acting U.S. Trustee (UST) filed a motion seeking an order appointing a chapter 11 trustee or converting the case to one under chapter 7 of the Bankruptcy Code.
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Court
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In re Freedom Communs. Holdings Inc.
Oct
15
2009
Ruling
Debtor allowed use of cash collateral to operate business as necessary to reorganization and in best interest of estate.
Procedural posture
Chapter 11 debtors filed a motion seeking, among other things, authorization to use cash collateral for the ongoing operation of their businesses. The debtors also moved for the granting of adequate protection, pursuant to 11 U.S.C.S. § 363(e), to prepetition lenders and agent.
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Court
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In re Joel F. Hollowell Oil Co.
Dec
12
2008
Ruling
Motion to restrict chapter 11 debtor's use of cash collateral denied.
Procedural posture
A debtor filed its petition for relief under chapter 11 of the Bankruptcy Code. The court entered a final order authorizing the debtor's use of cash collateral for its postpetition operating expenses. A company, which had a first lien security interest in all of the debtor's equipment, fixtures, inventory, and accounts receivable, filed a motion to restrict the debtor's continued use of cash collateral, under 11 U.S.C.S. § 363(e).
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Court
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In re Dowell
Nov
19
2008
Ruling
Adequate protection payments on "910 vehicle" loan were properly based on value of vehicle, not outstanding balance.
Procedural posture
A secured creditor of a chapter 13 debtor sought pre and post-confirmation adequate protection under 11 U.S.C.S. § 363(e), based on the principal balance of its loan rather than the value of its collateral.
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Court
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Gateway Access Solutions Inc. v. Nester (In re Gateway Access Solutions Inc.)
May
17
2007
Ruling
Adequate protection payments for security interests in FCC lease conversion payments not required as rejection of underlying option contract rendered interests worthless.
Procedural posture
Movant bankruptcy debtor was permitted to reject a contract granting an option to purchase FCC leases from the debtor, and respondent creditors who held security interests in lease conversion payments under the contract asserted that their liens extended to proceeds from postpetition lease sales and that the creditors were entitled to adequate protection under 11 U.S.C. § 363(e) as a condition of the contract rejection.
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Court
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