Judge Peck

Ion Media Networks Inc. v. Cyrus Select Opportunities Master Fund Ltd. (In re Ion Media Networks Inc.)

Bankruptcy debtors, a broadcasting company and subsidiaries, proposed a reorganization plan predicated on a debt for equity exchange supported by a pre-bankruptcy inter- creditor agreement among first and second priority secured creditors. A second priority secured creditor objected to confirmation of the plan and asserted that the debtors' Federal Communications Commission (FCC) licenses did not constitute collateral.
Ruling: 
Debtor broadcasting company's plan confirmed over objection of investor who purchased debtor's second lien debt at discount.
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Commercial case opionion summary, case decided on November 24,2009, LexisNexis #1209-094

JPMorgan Chase Bank v. Charter Communs. Operating LLC (In re Charter Communs.)

Plaintiff bank, acting as agent for a syndicate of senior lenders, filed an adversary proceeding against defendant chapter 11 debtors, a cable television company and its affiliates, seeking a determination that reinstatement of claims of senior secured lenders was not allowed because of prepetition defaults under a senior credit agreement. The debtors filed a motion to dismiss and asked the court to confirm a reorganization plan.
Ruling: 
Plan involving reinstatement of secured credit facility could be confirmed.
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Commercial case opionion summary, case decided on November 17,2009, LexisNexis #1209-059

Bank of Am. v. Lightstone Holdings (In re Extended Stay Inc.)

As a result of debtors' bankruptcies, plaintiff holder of an interest in a mortgage trust brought an action against defendant co-holders, plaintiff lender brought an action against defendant guarantors, and plaintiff purchaser of mortgage debt brought an action against defendants, lenders and principals of the debtors. The actions were removed to bankruptcy court and the holder, the lender, and the purchaser moved to remand the actions.
Ruling: 
Action by lender and purchaser of mortgage debt against guarantors, lenders and debtor's principals remanded as having no conceivable effect on estate.
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Commercial case opionion summary, case decided on October 07,2009, LexisNexis #1109-065

In re DJK Residential LLC

Debtors objected to claim number 138 (the Claim) filed on behalf of claimants. Debtors sought dismissal, disallowance and expungement of the Claim.
Ruling: 
Unliquidated fraud claim disallowed due to substantial consummation of confirmed plan and to allow resolution of issues in district court.
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Commercial case opionion summary, case decided on September 02,2009, LexisNexis #0909-117

JPMorgan Chase Bank v. Charter Communs. Operating LLC (In re Charter Communs.)

The agent for a senior credit facility brought an adversary proceeding against debtors seeking a determination that the debtors committed defaults under the debtors' credit agreement with the facility prior to filing their bankruptcy petitions. The debtors moved for a determination of whether the proceeding was a core proceeding.
Ruling: 
Determination of whether debtor defaulted under credit agreement prior to petition date was a core proceeding.
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Commercial case opionion summary, case decided on July 07,2009, LexisNexis #0809-058

In re Lehman Bros. Holdings

A bankruptcy debtor owed a loan debt to a foreign bank and the bank sought to set off funds in the debtor's account against such debt under 11 U.S.C.S. § 553(a). The debtor asserted that the funds were not transferred to the debtor's account by an affiliate of the debtor until after the debtor's bankruptcy petition was filed, and thus the funds were not available for setoff.
Ruling: 
Funds transferred by creditor bank to debtor's account after petition was filed were not subject to setoff.
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Commercial case opionion summary, case decided on May 12,2009, LexisNexis #0609-124

In re Lehman Bros. Inc.

Certain former employees of the debtor who were participants under and who had unspecified claims for compensation and other relief arising with respect to deferred compensation plans moved for discovery pursuant to Fed. R. Bankr. P. 2004 for a list of all participants in the debtor's deferred compensation plans.
Ruling: 
Debtor's former employees' motion for discovery of list of participants in deferral compensation plan granted.
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Commercial case opionion summary, case decided on November 26,2008, LexisNexis #0209-132

Jimenez v. NYCTL 1996-1 Trust (In re Jimenez)

Plaintiff bankruptcy debtor brought an adversary proceeding against defendant creditor, seeking a determination that the creditor's lien against the debtor's real property, for unpaid taxes and other property-related charges, was discharged or unenforceable based on the creditor's mistaken statement that the amount secured by the lien was paid in full. The bankruptcy court conducted an evidentiary hearing.
Ruling: 
Mistaken representation that amount secured by lien was paid in full did not render lien unenforceable where retention is called for in the plan.
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Consumer case opionion summary, case decided on May 09,2008, LexisNexis #0608-068

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