Judge Lifland

In re Fairfield Sentry Ltd.

Petitioner liquidators filed a petition in the bankruptcy court, seeking recognition of liquidation proceedings that were filed in the High Court of Justice, British Virgin Islands (BVI), as foreign main proceedings under 11 U.S.C.S. § 1517(b)(1), or in the alternative, as foreign nonmain proceedings under 11 U.S.C.S. § 1517(b)(2). A business and an individual who invested in one of the debtors filed an objection.
Ruling: 
British Virgin Islands liquidation proceedings of vehicles established by operator of Ponzi scheme recognized as foreign main proceeding.
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Commercial case opionion summary, case decided on July 22,2010, LexisNexis #1210-031

Security Investor Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC (In re Bernard L. Madoff Inv. Sec. LLC)

Pending was a motion of the trustee for the substantively consolidated Securities Investor Protection Act liquidation of a broker-dealer, seeking an order (1) upholding the trustee's determination denying customer claims for amounts listed on last firm customer statements (2) affirming the trustee's determination of net equity, and (3) expunging objections to the trustee's determinations of net equity claims filed by "Objecting Claimants."
Ruling: 
Net investment method used to assign value to claims of creditors defrauded in massive Ponzi scheme.
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Commercial case opionion summary, case decided on March 01,2010, LexisNexis #0410-080

Picard v. Cohmad Sec. Corp. ETC (In re Bernard Madodd Inv. Sec. LLC)

Plaintiff trustee brought claims under the Securities Investor Protection Act, 15 U.S.C.S. § 78aaa et seq., against defendant, Swiss joint tenancies, seeking turnover and accounting, avoidance of preferential and fraudulent transfers. The joint tenancy moved to dismiss the complaint for insufficient service of process under Fed. R. Civ. P. 4(f) and lack of personal jurisdiction pursuant to Fed. R. Civ. P. 12(b)(2) and (5).
Ruling: 
Swiss joint tenancy had sufficient U.S. contacts to establish personal jurisdiction in preferential transfer proceeding.
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Commercial case opionion summary, case decided on October 26,2009, LexisNexis #1109-086

In re Bally Total Fitness of Greater N.Y. Inc.

Prior to the petition date, employees and putative class members sued debtors in state court, seeking, inter alia, unpaid wages. After the debtors filed for chapter 11 protection, the employees sought to file class proofs of claim pursuant to Fed. R. Civ. P. 23 and Fed. R. Bankr. P. 9014 and 7023. The employees also sought to lift the automatic stay under 11 U.S.C.S. § 362(d) to allow a state court action to proceed.
Ruling: 
Authorization of class proof of claim denied as inconsistent with goals of bankruptcy.
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Commercial case opionion summary, case decided on April 07,2009, LexisNexis #0509-136

Great Am. Ins. Co. v. Bally Total Fitness of Greater N.Y. (In re Bally Total Fitness of Greater N.Y.)

Insurer filed a complaint against debtor seeking a declaratory judgment that funds advanced by the insurer to the debtor under various directors' and officers' liability insurance policies and an interim fee agreement were not property of the bankruptcy estate under 11 U.S.C.S. § 541. The debtor moved to dismiss.
Ruling: 
Funds advanced by insurance company with directors' and officers' policies were property of the estate where there was no implied trust created.
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Commercial case opionion summary, case decided on March 27,2009, LexisNexis #0509-119

Securities Investor Prot. Corp. v. Bernard L. Madoff Inv. Sec. LLC

Investors who had received distributions from debtor directly or indirectly prior to December 11, 2008 sought an order modifying the Claims Procedures Order establishing Bar Dates for filing customer claims in debtor's proceeding. . They had either been paid in full or did not wish to file claims prior to the Bar Dates. The Securities Investor Protection Corporation opposed the motion.
Ruling: 
Creditors who had not filed proofs of claim were not entitled to extension of bar date for hypothetical claims arising from future avoidance proceedings.
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Commercial case opionion summary, case decided on February 24,2009, LexisNexis #0409-043

In re Chateaugay Corp.

Reorganized debtor moved for an order (i) enforcing an order of confirmation and discharge injunction with respect to prepetition claims asserted against it in certain asbestos litigation commenced in a California state court pursuant to 11 U.S.C.S. § 105, and (ii) holding plaintiffs there (hereafter "plaintiffs") in contempt pursuant to 11 U.S.C.S. §§ 105, 524.
Ruling: 
Postdischarge asbestos litigation by "unknown creditors" violated discharge injunction.
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Commercial case opionion summary, case decided on January 14,2009, LexisNexis #0409-031

In re Calpine Corp.

Debtors filed a motion pursuant to 11 U.S.C.S. § 502 and Fed. R. Bankr. P. 3007 objecting to claims filed by creditor. The creditor filed its own motion for summary judgment on the claims. The objections stemmed from an alleged breach of an agreement for the sale of a power plant.
Ruling: 
Debtor's objection to creditor's claim relating to power plan operation sustained.
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Commercial case opionion summary, case decided on September 26,2008, LexisNexis #1208-010

In re Alper Holdings USA

Debtor corporation filed a petition under chapter 11 of the Bankruptcy Code, and claimant, a company that purchased assets belonging to a business that became the debtor's subsidiary, filed claims against the debtor's bankruptcy estate. The debtor asked the court to disallow the claims, pursuant to 11 U.S.C.S. § 502(e)(1)(B), or , in the alternative, to determine the amount of the claims.
Ruling: 
Objection to claim for costs of defense of possible future environmental claims against debtor's former subsidiary sustained.
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Commercial case opionion summary, case decided on September 10,2008, LexisNexis #1108-073

In re Calpine Corp.

Debtor and its affiliated reorganized debtors (hereafter referred to as debtor) sought entry of an order granting debtor's objection, pursuant to 11 U.S.C.S. § 502 and Fed. R. Bankr. P. 3007, to claims filed by two claimants (hereafter referred to as the claimant).
Ruling: 
Previously withdrawn claims refiled postconfirmation as claims for "rejection damages" disallowed.
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Commercial case opionion summary, case decided on August 04,2008, LexisNexis #0908-045

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