Genova v. ESM Realty Trust (In re Stoll)
Sep
30
2005
Ruling
Beneficiaries, including the debtor, were deemed joints tenants in common of the assets of a trust, and the trustee was permitted to sell the trust property to obtain the estate's interest in the trust.
Procedural posture
Plaintiff, the chapter 7 trustee, sued defendants, two trusts and three individuals, including debtor, who each held a one-third interest in the trusts. The trustee alleged two causes of action. The first cause of action was for turnover of property of the bankruptcy estate pursuant to 11 U.S.C. § 542. The second sought a sale of the trusts'property pursuant to 11 U.S.C. § 363(h). The parties filed a motion for summary judgment.
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Court
:
- 11 U.S.C.
Spyra v. Finney (In re Finney)
Sep
30
2005
Ruling
Debtor was denied discharge where a debtor concealed assets by conducting an authorized auction pursuant to a contract signed by the debtor's girlfriend.
Procedural posture
Plaintiff, a proposed purchaser of real property from defendant bankruptcy debtor, brought an adversary proceeding against the debtor objecting to the debtor's discharge under 11 U.S.C. § 727(a)(2)(B) and (4)(A). The purchaser alleged that the debtor concealed assets by conducting an unauthorized auction of personalty and that the debtor made a false oath in filing an answer concerning the auction. The bankruptcy court conducted a trial.
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Court
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In re Enron Corp.
Sep
21
2005
Ruling
Objection to a proof of claim for contractual damages was sustained where the Code required that damages'calculation be fixed as of a prefiling date not as of the actual contract rejection date, which was postfiling.
Procedural posture
Chapter 11 debtors objected to claimant's proof of claim.
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Court
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Goldschmidt v. Erickson (In re Erickson)
Sep
15
2005
Ruling
Court granted individual with a state discrimination claim relief from the automatic stay to pursue that claim and saved for later dischargeability ruling on any judgment.
Procedural posture
Movant, who was also a discrimination claimant in a state court, commenced an adversary proceeding alleging, inter alia, that a pregnancy discrimination claim of $500,000 brought in the state court was excepted from discharge pursuant to 11 U.S.C. § 523(a)(6). Movant sought relief from the 11 U.S.C. § 362(a) automatic stay. Debtor was the respondent.
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Court
:
- 11 U.S.C.
Metro. Steel Inc. v. Halversen (In re Halversen)
Sep
14
2005
Ruling
Alleged violation of state trust statute was not sufficient to demonstrate fraudulent conduct and creditor otherwise failed to prove nondischargeability of debt.
Procedural posture
Plaintiff creditor sued defendant debtors, alleging that the debt owed to it was nondischargeable pursuant to 11 U.S.C. § 523(a)(4) based on the debtors's fraud or defalcation while acting in a fiduciary capacity. The debtors moved to dismiss the complaint, while the creditor moved for summary judgment.
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Court
:
- 11 U.S.C.
Savage & Assocs. P.C. v. A.I. Credit Corp. (In re Teligent Inc.)
Sep
02
2005
Ruling
Debtors'payments to a company for financing the debtors'business insurance premiums were not preferential transfers since the company was oversecured and had properly perfected its security interest.
Procedural posture
Plaintiff representative of unsecured creditors of reorganized bankruptcy debtors brought an adversary proceeding against defendant, a company which financed insurance premiums, alleging that the debtors' payments to the company for financing its business insurance premiums constituted preferential transfers under 11 U.S.C. § 547. The company moved for summary judgment.
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Court
:
- 11 U.S.C.
Sec. Investor Prot. Corp. v. Rossi (In re Cambridge Capital LLC)
Aug
22
2005
Ruling
Trustee had standing to assert claims of fraud regarding transfer by chief executive officer of the debtor of personal residence to wholly owned investment company and then to the officer's fiancee.
Procedural posture
Moving defendant, the fiancee of the primary defendant, moved for partial summary judgment to dismiss adversary claims brought against her by plaintiff trustee for liquidation, under 11 U.S.C. § 542 and N.Y. Debt. & Cred. Law §§ 273–78, asserting allegations of fraud and constructive fraud concerning the transfer of $ 1.5 million in assets by the primary defendant, including the sale of his personal residence to the fiancee.
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Court
:
- 11 U.S.C.
Lorenz v. Am. Educ. ServicesPennsylvania Higher Educ. Assistance Agency (In re Lorenz)
Jun
17
2005
Ruling
Student loans were deemed dischargeable due to undue hardship for a debtor who faced having to switch careers to increase income.
Procedural posture
Plaintiff debtor filed an adversary proceeding against defendant creditor seeking a determination that the debtor's student loans were dischargeable due to "undue hardship" under 11 U.S.C. § 523(a)(8). These student loans were used to finance the debtor's podiatry school education. Due to changes in the field, the debtor abandoned podiatry and chose instead to pursue a career as a registered nurse. The debtor was unemployed at the time of trial.
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Court
:
- 11 U.S.C.
In re Reed
Jun
10
2005
Ruling
Trustee's objection to homestead exemption applied to realty in which debtor did not reside was overruled since debtor's former spouse who resided there qualified as a dependent at the time of filing.
Procedural posture
Chapter 7 trustee objected to the debtor's claim of exemption involving the debtor's asserted homestead exemption in realty in which the debtor did not live.
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Court
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Picard v. Avellino (In re Bernard L. Madoff Inv. Sec. LLC)
Jan
01
2001
Ruling
Claims against Madoff accountant with actual knowledge the firm was not trading securitieswere not barred by safe harbor and could proceed. (Bankr. S.D.N.Y.)
Issue(s)
Should the Madoff trustee’s amended proceeding to avoid and recover preferential and fraudulent transfers be dismissed?
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Court
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