- 11 U.S.C.
Actrade Liquidation Trust v. Greenwich Ins. Co. (In re Actrade Fin. Techs. Ltd.)
Dec
31
2009
Ruling
General release of debtor's claims against sureties did not cover additional claims pursued by liquidation trustee.
Procedural posture
Debtor's successor-in-interest, i.e., a liquidation trust and another debtor's trustee, sought a declaratory judgment that defendants, i.e., sureties and another insurance company, were liable on bonds aggregating $ 14 million that they issued in favor of debtor (as obligee) and on behalf of the other debtor (as principal). The court denied cross-motions for summary judgment on the defense of release; the parties proceeded to trial.
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Court
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- 11 U.S.C.
In re CIT Group
Dec
08
2009
Ruling
Disclosure statement, approval of solicitation procedures and confirmation of the debtors' modified second amended plan granted.
Procedural posture
Debtors moved for entry of an order on the adequacy of the debtors' disclosure statement, approval of solicitation procedures, and confirmation of the debtors' modified second amended reorganization plan pursuant to 11 U.S.C.S. § 1129.
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Court
:
- 11 U.S.C.
In re General Growth Props.
Aug
11
2009
Ruling
Failure to negotiate with lenders and replacement of independent managers did not provide grounds for "bad faith" dismissal of chapter 11 case.
Procedural posture
Upon filing bankruptcy petitions, the ownership and operation of shopping malls by bankruptcy debtors, an ultimate parent and related entities, had a stable and generally positive cash flow and continued to perform well despite a financial crisis in the credit market. Movants, secured lenders to certain of the debtor entities, moved to dismiss the entities' cases based on lack of good faith.
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Court
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- 11 U.S.C.
LaMonica v. North of England Protecting and Indemnity Assoc. (In re Probulk Inc.)
Jul
07
2009
Ruling
Insurer's termination of debtor's policies pursuant to "cesser clause" was ineffective.
Procedural posture
Chapter 7 trustee brought an action against insurers. He filed an emergency motion seeking a temporary restraining order to prevent insurers who had provided coverage for debtors' vessels from canceling outstanding insurance or, to the extent necessary, to require them to restore coverage. The trustee was granted relief. The trustee thereafter filed an adversary proceeding. The trustee sought a preliminary injunction.
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Court
:
- 11 U.S.C.
In re Journal Register Co.
Jul
07
2009
Ruling
Chapter 11 plan confirmed with provisions for gift from secured lenders to unsecured trade creditors and incentive bonus to employees.
Procedural posture
Debtor proposed a reorganization plan which provided a means for payment of a gift from secured lenders to unsecured trade creditors, and provided for an incentive plan which permitted bonuses to employees who achieved stated goals. The debtors moved for confirmation of the plan, and certain creditors objected to confirmation.
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Court
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In re Empire Equities Cap. Corp.
Jun
03
2009
Ruling
Debtor that defaulted under contract allowed 60 days to exercise expired option.
Procedural posture
Debtor entered into an option contract to purchase three loans from movants. Debtor paid a deposit. Debtor obtained two extensions. Before the closing deadline on the second extension (option contract requiring time being of the essence), debtor filed for chapter 11 relief. Movants filed a motion for an order granting relief from the automatic stay to terminate the contract, or alternatively, to compel its rejection.
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Court
:
- FRBP
In re Stone Barn Manhattan LLC
May
22
2009
Ruling
Settlement with debtor's principal consumer personal property lessor approved subsequent to default under the lease.
Procedural posture
The debtors, a chain of approximately 276 apparel and accessories discount stores, moved, under Fed. R. Bankr. P. 9019, for approval of a settlement agreement with their principal non-consumer personal property lessor. The settlement was supported by the Official Committee of Unsecured Creditors of the debtors, but was opposed by the Official Committee of Unsecured Creditors of the successor in interest to the debtors, also in bankruptcy.
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Court
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In re Gen. Growth Props.
May
14
2009
Ruling
Debtor authorized to continue to manage cash through system maintained prior to petition date.
Procedural posture
Debtors moved, pursuant to 11 U.S.C.S. §§ 105(a), 345(b), 363(b), 363(c), 364(a), and Fed. R. Bankr. P. 6003, 6004, for (a) authority to (i) continue to operate the Cash Management System, (ii) honor certain prepetition obligations related to the use of the Cash Management System, (iii) maintain existing business forms, and (iv) maintain existing bank accounts; (b) extend the time to comply with § 345(b), and (c) to schedule a final hearing.
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Court
:
- 11 U.S.C.
In re General Growth Props.
May
14
2009
Ruling
Debtor allowed to honor tenant obligations and banks ordered to honor check and transfer requests.
Procedural posture
The debtors moved for the entry of interim and final orders, pursuant to 11 U.S.C.S. §§ 105, 363(b), and 503(b), authorizing them to honor their tenant obligations and authorizing financial institutions to honor related checks and transfers.
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Court
:
In re Gen. Growth Props.
May
14
2009
Ruling
Chapter 11 debtor's motions for financing and use of cash collateral granted as necessary to continued operations.
Procedural posture
Debtors filed voluntary petitions under chapter 11. The debtors filed a motion for entry of an order authorizing the debtors to, among other things, (1) obtain postpetition secured financing pursuant to 11 U.S.C.S. §§ 105(a), 362, and 364; (2) use cash collateral and grant adequate protection pursuant to 11 U.S.C.S. §§ 361 and 363; and (3) repay in full amounts owned under a certain prepetition secured loan agreement.
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Court
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