Judge Davis

In re Gillikin

A bankruptcy debtor proposed a disclosure statement regarding the debtor's proposed plan which provided for interest on a creditor's over-secured claim based on the prime rate plus risk adjustments. The creditor objected to the disclosure statement and asserted that the creditor was entitled to the higher contract rate of interest set out in promissory notes.
Ruling: 
Contract rate of interest rather than adjusted prime was proper for creditor's claim based on terms of promissory note.
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Consumer case opionion summary, case decided on March 03,2012, LexisNexis #0312-119

In re Juliano

The chapter 13 debtors filed a motion for sanctions and attorneys' fees pursuant to 11 U.S.C.S. § 362(k) for a creditor's alleged willful violation of the automatic stay. The creditor was properly served with the motion. An order granting a motion on default was issued.
Ruling: 
Damages awarded for creditor's violation of stay by withdrawing installment payments from debtor's account.
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Consumer case opionion summary, case decided on March 02,2012, LexisNexis #0312-114

Onteroa Assocs. v. Village of Fleischmanns (In re Onteora Assocs.)

Plaintiff bankruptcy debtor brought an adversary proceeding against defendant village alleging that a pre-petition in rem tax foreclosure proceeding by the village against the debtor's property was avoidable as a fraudulent transfer under 11 U.S.C.S. § 548 based on the village providing less than reasonably equivalent value for the property. The debtor moved for summary judgment.
Ruling: 
Tax foreclosure in which village obtained title postpetition was not avoidable.
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Commercial case opionion summary, case decided on August 11,2011, LexisNexis #1111-052

In re Trenton Ridge Investors LLC

Claimant bank, a secured creditor, opposed motions by chapter 11 debtors, two limited liability companies, seeking nonconsensual confirmation of proposed chapter 11 plans relating to two apartment complexes on claims that the plans, both of which were "cramdowns," complied with all relevant provisions in 11 U.S.C.S. § 1122, 11 U.S.C.S. § 1123, and 11 U.S.C.S. § 1129. One issue was whether the plans were proposed in good faith and were feasible.
Ruling: 
Confirmation denied where plans including cramdowns lacked feasibility.
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Commercial case opionion summary, case decided on June 23,2011, LexisNexis #1011-130

In re Summer

The United States Trustee (UST) filed a motion to dismiss the Chapter 7 debtors' case for abuse pursuant to 11 U.S.C.S. § 707(b).
Ruling: 
Dismissal for abuse denied where totality of circumstances showed inability to repay debt.
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Consumer case opionion summary, case decided on June 10,2011, LexisNexis #0811-058

Coleman v. American Concrete Inc. (In re Sportsmans Link Inc.)

Plaintiff, the Chapter 7 trustee, sought recovery of various pre-petition transfers made by the debtor to defendant transferees, alleging that they were either preferential or fraudulent under 11 U.S.C.S. §§ 547 and 548. The threshold issue was whether the debtor was insolvent at the time of the transfers, or became insolvent as a result of any of the transfers.
Ruling: 
Transfers could not be avoided where balance sheet and schedules showed debtor was solvent on petition date.
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Commercial case opionion summary, case decided on May 24,2011, LexisNexis #0811-056

In re Eaton

Debtors filed a joint petition under Chapter 13 of the Bankruptcy Code and proposed a plan for repaying their creditors that required them to make payments of $500 per month to the Chapter 13 trustee for 47 months and paid their unsecured creditors one percent of what they were owed. The Chapter 13 trustee filed an objection under 11 U.S.C.S. § 1325(b)(1)(B) to confirmation of the debtors' plan.
Ruling: 
Above-median debtors' 47-month plan rejected as 60-month period was required.
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Consumer case opionion summary, case decided on April 05,2011, LexisNexis #0511-134

Community West Bank v. HSD Partners LLC (In re HSD Partners LLC)

In debtor's chapter 11 case, creditor filed a motion for relief from the automatic stay under 11 U.S.C.S. § 362, and after preliminary hearings were conducted, a trial of all issues was held.
Ruling: 
Creditor not entitled to relief from stay to proceed against property that was necessary to debtor's reorganization.
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Commercial case opionion summary, case decided on April 01,2011, LexisNexis #0611-005

In re Eaton

Debtors proposed a chapter 13 plan which provided for payments for slightly less than four years with a minimal distribution to unsecured creditors. The bankruptcy trustee objected to confirmation of the debtors' plan on the ground that the applicable commitment period for the debtors' plan under 11 U.S.C.S. § 1325(b) was five years.
Ruling: 
Confirmation of above-median debtors' plan denied due to failure to commit to five-year term.
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Consumer case opionion summary, case decided on March 31,2011, LexisNexis #0611-031

AgSouth Farm Credit v. Del-A-Rae Inc. (In re Del-A-Rae Inc.)

A creditor holding a lien on certain real estate belonging to a chapter 11 debtor, sought relief from stay per 11 U.S.C.S. § 362 as to that property on claims that debtor lacked any equity therein and that it was not necessary to an effective reorganization. Debtor challenged the valuation assigned by movant and sought to retain the property.
Ruling: 
Relief from stay granted where debtor lacked equity in property despite potential cushion in event of market rebound.
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Commercial case opionion summary, case decided on March 29,2011, LexisNexis #0611-006

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