Judge Walrath

In re JerJameson Mezz Borrower II LLC

Creditor of chapter 11 debtor filed a motion to dismiss the chapter 11 petition filed by the debtor for cause under 11 U.S.C.S. § 1112(b), with prejudice under 11 U.S.C.S. § 349(a), and filed a motion to obtain relief from the automatic stay pursuant to 11 U.S.C.S. § 362(d).
Ruling: 
Petition filed by debtor with one asset on eve of foreclosure dismissed for bad faith.
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Commercial case opionion summary, case decided on December 22,2011, LexisNexis #0112-092

In re Washington Mut. Inc.

Before the court was debtor's objection to the claim filed by a claimant. The crux of the issues presented was whether the claimant had properly pleaded a claim and if that claim should be subordinated. The claimant alleged that a subsidiary of a bank owned by debtor solicited, offered, and sold trust certificates to the claimant pursuant to offering documents containing material misrepresentations and omissions.
Ruling: 
Claim based on sale of trust certificates was not subject to subordination where certificates were not securities of debtor or affiliate.
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Commercial case opionion summary, case decided on December 20,2011, LexisNexis #0112-084

Miller v. Greenwich Capital Fin. Prods.

Plaintiff Chapter 7 trustee filed an adversary proceeding against defendants, a financial products company, a consulting firm, an individual, and others, claiming, inter alia, that the consulting firm and the individual breached their fiduciary duties, committed fraud, and engaged in a conspiracy to commit fraud. The consulting firm and the individual filed a motion for summary judgment.
Ruling: 
Consulting firm did not breach fiduciary duty to trustee as none was created absent retention agreement.
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Commercial case opionion summary, case decided on July 28,2011, LexisNexis #0811-137

In re Washington Mut. Inc.

Debtors moved for an order declaring them the owners of, and were entitled to, certain assets held in trusts created in connection with deferred employee compensation (top hat) rabbi trust plans that had been established by a predecessor to one of the jointly administered debtors, and which held in excess of $69 million. Participants in those plans asserted a constructive trust should be imposed on the assets for their benefits.
Ruling: 
Assets held in trusts in connection with deferred compensation "top hat" rabbi trust plans were not property of the estate and not subject to constructive trust in favor of plan participants.
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Commercial case opionion summary, case decided on June 01,2011, LexisNexis #0611-127

In re CB Holding Corp.

At an initial sale hearing, a landlord asserted that it had a right of first refusal to buy a liquor license for $100,000. The court ordered that it be sold at auction, but reserved the landlord's right to argue a right of first refusal. After the auction, the landlord was the successful bidder (at $407,500), and the court approved the sale. Subsequently, the landlord pressed its argument that it was entitled to the license for $100,000.
Ruling: 
Right of first refusal was rejected upon rejection of lease.
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Commercial case opionion summary, case decided on April 27,2011, LexisNexis #0511-111

In re Universal Bldg. Prods.

A purchaser of the chapter 11 debtors' assets filed an application for payment of an administrative claim pursuant to 11 U.S.C.S. § 503(b)(1)(A) for clean-up and exit costs related to the debtors vacating leased facilities and the purchaser taking possession of the acquired assets. The debtors objected.
Ruling: 
Purchaser of debtors' assets not entitled to administrative expense claim for clean up and extra costs relating to vacating of leased facilities.
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Commercial case opionion summary, case decided on March 07,2011, LexisNexis #0411-007

Giuliano v. Harko Inc. (In re NWL Holdings Inc.)

Trustee brought an adversary proceeding against defendant transferee of funds from a bankruptcy debtor seeking to avoid the pre-petition transfers as preferential. The transferee moved to dismiss the action for lack of personal jurisdiction and improper venue, or to transfer the action from Delaware to New York under 28 U.S.C.S. § 1412.
Ruling: 
Transferee's motion to transfer venue of avoidance proceeding denied.
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Commercial case opionion summary, case decided on February 24,2011, LexisNexis #0311-099

In re Washington Mutual Inc.

Debtors filed petitions under chapter 11 and proposed a joint plan for reorganizing their businesses that incorporated a global settlement with a bank, the Federal Deposit Insurance Corporation (the "FDIC"), and various creditors. The plan was opposed by the United States Trustee and parties that had filed claims against the debtors' bankruptcy estates. The court held hearings on the plan.
Ruling: 
Confirmation denied due to necessary modifications to debtor bank's final settlement with FDIC, another bank and the creditor.
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Commercial case opionion summary, case decided on January 07,2011, LexisNexis #0211-028

In re Universal Bldg. Prods.

The Official Unsecured Creditors' Committee filed applications to retain two law firms as counsel. Those applications were opposed by the United States trustee and the debtors, who asserted that the law firms engaged in improper conduct through the use of a third party to contact unrepresented, mostly Asian, creditors, to induce them to vote for the law firms' employment.
Ruling: 
Applications by official committee of unsecured creditors to retain two law firms denied due to improper conduct in seeking retention.
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Commercial case opionion summary, case decided on November 04,2010, LexisNexis #1210-033

DHP Holdings II Corp. v. Peter Skop Indus. Inc . (In re DHP Holdings II Corp.)

Plaintiff chapter 11 debtors filed an adversary proceeding against defendant buyer, alleging breach of contract and seeking an order under 11 U.S.C.S. § 542 which required the buyer to turn over property it held, and an order under 11 U.S.C.S. § 502(d) that disallowed any claims the buyer filed. The buyer asked the court to abstain from hearing the case.
Ruling: 
Bankruptcy court abstained from adversary proceeding concerning primarily state law that would not significantly affect administration of the estate.
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Commercial case opionion summary, case decided on August 13,2010, LexisNexis #0910-030

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