CIT Group Inc. v. Tyco Intl Ltd. (In re CIT Group Inc.)
Dec
21
2011
Ruling
Claim based on rights under tax agreement with debtor's parent in corporate restructuring including stock issuance did not arise form the sale of a security and was not subject to subordination.
Procedural posture
Pending were cross-motions for summary judgment filed by plaintiff, the reorganized debtor, and by defendant, its former indirect parent company. Debtor argued that a claim filed by the parent should be subordinated, 11 U.S.C.S. § 510(b), as one for damages arising from the sale of debtor's securities because the tax agreement on which it was based was entered into as an integral part of the spinoff of debtor from the parent's corporate group.
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Court
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In re Millennium Global Emerging Credit Master Fund Ltd.
Aug
26
2011
Ruling
Foreign main proceeding recognized where there was no evidence of a center of main interest in any other location.
Procedural posture
Petitioner liquidators of debtors in a foreign insolvency proceeding asserted that Bermuda was the center of main interests (COMI) of the debtors within the meaning of 11 U.S.C.S. § 1502(4) and that the insolvency proceeding was properly brought in Bermuda. The liquidators petitioned for recognition of the proceeding as a foreign main proceeding, and an objector opposed the petition on the ground that Bermuda was not the debtors' COMI.
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Court
:
- 11 U.S.C.
In re Toft
Jul
22
2011
Ruling
Recognition of foreign main proceeding for purpose of obtaining debtor's emails stored on U.S. servers denied as contrary to public policy.
Procedural posture
The foreign representative in a German insolvency proceeding of debtor, an orthopedic surgeon alleged to have debts exceeding 5.6 million Euros, initiated the instant chapter 15 proceeding for the purpose of gaining access to debtor's E-mail accounts stored on the servers of two internet service providers located in the United States. Under 11 U.S.C.S. § 1506, the issue was whether such relief was manifestly contrary to public policy.
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Court
:
- 11 U.S.C.
In re General Growth Props.
Jun
16
2011
Ruling
Retirement fund entitled to default rate of interest on loan to debtor pursuant to terms of promissory note.
Procedural posture
Debtor filed a petition under Chapter 11 of the Bankruptcy Code, and proposed a plan for reorganizing its business operating shopping malls. The Comptroller of the State of New York, as trustee of the Common Retirement Fund, filed an objection to the debtor's plan.
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Court
:
- 11 U.S.C.
In re 114 Tenth Ave. Assocs.
Mar
25
2011
Ruling
Mortgagee held secured claim for postpetition interest on mortgage secured by foreclosed property.
Procedural posture
A mortgagee whose claim against a chapter 11 debtor's estate was previously allowed filed a demand for interest. The mortgagee alleged that interest was due from the date of a foreclosure sale at the statutory prejudgment rate of 9 percent pursuant to N.Y. C.P.L.R. 5001(a).
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Court
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Moelis & Co. LLC v. Wilmington Trust FSB (In re Gen. Growth Props. Inc.)
Feb
25
2011
Ruling
Dispute over advisor's fee to be paid out of funds otherwise reserved for debtor's noteholders was within bankruptcy court's core jurisdiction.
Procedural posture
Citing 28 U.S.C.S. § 1334 and 28 U.S.C.S. § 1452 as grounds, plaintiff consultant moved the court to remand or to abstain from deciding a suit filed by plaintiff in state court (Suit) against defendant indenture trustee, which defendant then removed on claims that the action "arose in" or was "related to" a chapter 11 matter over which the court properly exercised post- confirmation jurisdiction. Defendant opposed relief.
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Court
:
- 11 U.S.C.
In re Jennifer Convertibles Inc.
Feb
04
2011
Ruling
Assumption of licenses by debtor furniture store operator approved where licensor was adequately protected.
Procedural posture
Bankruptcy debtors sought approval of their joint plan of reorganization which provided for substantive consolidation of the debtors, which consisted of debtors operating furniture stores and one debtor which operated several stores, and the debtors sought to assume trademark usage licenses entered into by the one debtor and a licensor which was also the one debtor's primary supplier. The licensor objected to the plan and the assumption.
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Court
:
- 11 U.S.C.
In re Probulk Inc.
Dec
23
2010
Ruling
Tonnage and tax claims of Liberian ship registry were entitled to priority status.
Procedural posture
A chapter 7 trustee filed objections seeking to reclassify four claims as general unsecured claims. The claims were asserted by the exclusive administrator of the Liberian ship registry (administrator), who alleged that the claims represented annual tonnage and other taxes due to Liberia and were entitled to priority under 11 U.S.C.S. § 507(a)(8)(B) and (a)(8)(C).
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Court
:
- 11 U.S.C.
In re General Growth Props.
Mar
24
2010
Ruling
State court securities litigation against debtor and its directors violated stay.
Procedural posture
Debtor corporations filed a motion seeking sanctions against a shareholder and the shareholder's counsel for violating the stay that was imposed pursuant to 11 U.S.C.S. § 362 when the debtors declared chapter 11 bankruptcy.
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Court
:
- 11 U.S.C.
Nisselson v. Empyrean Inv. Fund LP (In re MarketXT Holdings Corp.)
Mar
12
2010
Ruling
Transfer by debtor of proceeds of stock sale to investment fund avoided as fraudulent.
Procedural posture
Trustee brought an adversary proceeding against defendant investment fund alleging that a transfer of the proceeds of a sale of stock held by a bankruptcy debtor to the fund constituted an intentionally and constructively fraudulent transfer under bankruptcy law and state law.
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Court
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