- 11 U.S.C.
TSIC Inc. v. Thalheimer (In re TSIC Inc.)
Apr
28
2010
Ruling
Severance payment to former director and CEO during two-year lookback period was a transfer for less than equivalent value and avoidable.
Procedural posture
Debtor filed an adversary proceeding seeking to avoid a $ 6,055,000 severance payment made to a former director and chief executive officer (CEO). Debtor filed a motion for summary judgment requesting the court find that the payment was an avoidable fraudulent transfer pursuant to 11 U.S.C.S. § 548(a)(1)(B)(i), (ii)(IV). The CEO filed a cross-motion for summary judgment.
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Court
:
- 11 U.S.C.
In re Midway Games Inc.
Apr
05
2010
Ruling
Creditor not entitled to administrative expense claim where sale of debtor's executory contracts satisfied all outstanding obligations.
Procedural posture
Movant, the creditor that purchased assets of the debtors-in-possession, filed a motion seeking the allowance and payment of an administrative expense pursuant to 11 U.S.C.S. § 503(b)(1)(A).
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Court
:
Miller v. Westfield Steel Inc. (In re Elrod Holdings Corp.)
Mar
31
2010
Ruling
Payments to steel company were not preferential due to ordinary course of business exception.
Procedural posture
Debtor seat companies filed a petition seeking protection under chapter 7 of the United States Bankruptcy Code. Plaintiff chapter 7 Trustee brought an adversary proceeding against defendant steel company, alleging that payments made to the steel company were preferential and should be avoided. The steel company moved for summary judgment.
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Court
:
- 28 U.S.C.
In re Nortel Networks Corp.
Mar
18
2010
Ruling
Motion for certification of order enforcing stay against creditors in UK proceedings for immediate appeal denied as not advancing bankruptcy case.
Procedural posture
Two claimants, a trustee of a United Kingdom (U.K.) pension plan and the Board of the Pension Protection Fund, requested the court to certify its order granting the debtors' motion for entry of an order enforcing the automatic stay against the claimants with respect to U.K. proceedings for immediate appeal to the United States Court of Appeals for the Third Circuit pursuant to 28 U.S.C.S. § 158(d)(2).
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Court
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Mervyns LLC v. Lubert-Adler Group IV LLC (In re Mervyns Holdings LLC)
Mar
17
2010
Ruling
Alleged fraudulent transfer by debtor to corporate parent was not protected settlement payment.
Procedural posture
Defendant, a former corporate parent of the debtor, filed a motion to dismiss the adversary proceeding brought against it by plaintiff, the debtor's committee, pursuant to Fed. R. Civ. P. 8, 9(b), and 12(b)(6), made applicable by Fed. R. Bankr. P. 7008, 7009, and 7012. of the Federal Rules of Bankruptcy Procedure.
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Court
:
- 11 U.S.C.
Mervyns LLC v. Lubert-Adler Group IV LLC (In re Mervyns Holdings LLC)
Mar
12
2010
Ruling
Subsequent transferee claim by committee of unsecured creditors against bank dismissed.
Procedural posture
Plaintiff unsecured creditors committee (the Committee) filed an adversary action to recover alleged damages from the financial transactions surrounding the sale of the debtor's assets in a private equity transaction. Defendant bank filed a motion to dismiss and the Committee filed a motion for leave to file a second amended complaint.
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Court
:
In re Nortel Networks Corp.
Mar
09
2010
Ruling
Stay enforced against UK pension trust and pension board.
Procedural posture
Debtors sought an order pursuant to 11 U.S.C.S. § 362(a)(1), (a)(6), enforcing the automatic stay against two parties, a U.K. pension trust limited (the Trustee) and the Board of the Pension Protection Fund (the PPF) (collectively, the Claimants), with respect to certain U.K. Administrative Proceedings (the U.K. Proceedings) initiated by the U.K. Pensions Regulator (TPR).
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Court
:
- 11 U.S.C.
Official Comm. of Unsecured Creditors of Midway Games Inc. v. National Amusements Inc. (In re Midway Games Inc.)
Jan
29
2010
Ruling
Unsecured creditors' committee's claims against debtor's board members dismissed under state law.
Procedural posture
Plaintiff, official committee of unsecured creditors (the committee), brought this adversary action to recover alleged damages to the estate of debtor resulting from several financial transactions. Motions to dismiss were filed by all of the defendant groups.
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Court
:
- 11 U.S.C.
In re Intermet Corp.
Sep
02
2009
Ruling
Plan could be implemented as debtor had satisfied all necessary pre-conditions.
Procedural posture
Pending before the court were multiple motions arising from the inability of the debtors to proceed with the sale of their assets which was an important element of the implementation of their confirmed plan of reorganization.
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Court
:
Official Comm. of Unsecured Creditors v. Perseus Partners VII LP (In re Distributed Energy Sys. Corp.)
May
18
2009
Ruling
Debtor's investment banker's transaction fee disallowed.
Procedural posture
Plaintiff, the Official Committee of Unsecured Creditors, on behalf of a debtor, brought an adversary proceeding against defendant, an entity (creditor) that provided debtors with cash. Debtors' investment banker received its monthly advisory fees, totaling $ 300,000 and requested an additional $ 1,984,850 in transaction fees, plus expenses of $ 41,581. The Committee objected to the approval and payment of the transaction fees.
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Court
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