Judge Lifland

Gredd v. Bear Stearns Sec. Corp. (In re Manhattan Inv. Fund Ltd.)

Chapter 11 trustee and defendant brokerage firm filed cross-motions for summary judgment in trustee's action, which sought to avoid margin payments deposited in debtor's account at the firm pursuant to 11 U.S.C. § 548(a)(1)(A).
Ruling: 
Transfers by debtor to brokerage firm with intent to hinder, delay or defraud creditors were avoidable.
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In re Dana Corp.

Movants, an ad hoc committee of asbestos personal injury claimants, sought an order directing the trustee to appoint an official committee of asbestos personal injury claimants, pursuant to 11 U.S.C. § 1102. The debtors and 41 of its affiliates objected to the proposed appointment.
Ruling: 
Motion for appointment of a separate official committee of asbestos claimants was denied since the inclusion of one asbestos claimant on the already appointed official committee adequately protected the asbestos claimants.
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In re Bd. of Dirs. of Telecom Arg. S.A.

Foreign debtor filed a petition for an order under 11 U.S.C. § 304 to grant recognition to a final order of a court in Argentina approving the restructuring of the debtor under Argentine law pursuant to an acuerdo preventivo extrajudicial ("APE"). A creditor objected.
Ruling: 
Petition for an order granting recognition to a final order of an Argentinian court approving debtor restructuring was granted since the restructuring treated creditors equally and was consistent with the Code.
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In re Spiegel Inc.

Movant creditors sought leave to file an appeal or alternatively an enlargement of the time in which to file a notice of appeal of the bankruptcy court's decision denying their motion for reconsideration relating to the expungement of their claims against the chapter 11 debtors.
Ruling: 
Creditors were denied leave to appeal since creditors failed to show sufficient reason for failing to timely appeal or establish any other excusable neglect factors.
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