Judge Sloviter

Crdit Agricole Corp. v American Home Mortg. Holdings Inc. (In re American Home Mortg. Holdings Inc.)

Pursuant to a repurchase contract, creditor, a purchaser, filed four identical proofs of claim against debtor for an amount that exceeded the total repurchase price. One year later, the chapter 11 debtor filed its objections to the claims, seeking either to disallow or reduce them pursuant to 11 U.S.C.S. § 562. The U. S. Bankruptcy Court for the District of Delaware sustained the objections and ordered the repurchase claims expunged.
Ruling: 
Claims based on repurchase agreements disallowed where market value on acceleration date exceeded repurchase price.
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Commercial case opionion summary, case decided on February 16,2011, LexisNexis #0311-023

Shubert v. Lucent Techs. Inc. (In re Winstar Communs. Inc.)

Appellant creditor sought review of a decision from the United States District Court for the District of Delaware, which affirmed a bankruptcy court decision holding, among other things, that the trustee was entitled to recover approximately $ 188 million from the creditor under 11 U.S.C.S. § 550(a) as an avoidable preference payment.
Ruling: 
Bankruptcy court properly held that debtor's primary supplier was a non-statutory insider allowing for avoidance of transaction within one-year prior to petition date.
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Commercial case opionion summary, case decided on February 03,2009, LexisNexis #0309-067

In re Mystic Tank Lines Corp.

Appellant debtor, a gasoline shipper, challenged a judgment of the United States District Court for the District of New Jersey, affirming the bankruptcy court's allowance of a claim by appellee the State of New York based on damages for the clean-up of soil and groundwater contaminated with petroleum products caused by a leak at a gas station that was traced to a delivery of gasoline by the debtor.
Ruling: 
Default judgment for environmental clean-up after debtor caused a gasoline leak was within police powers exception to stay.
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Commercial case opionion summary, case decided on October 16,2008, LexisNexis #1108-060

Singer v. Kimberly Clark Corp. (In re American Pad & Paper Co.)

Appellant chapter 7 trustee filed actions in debtors'bankruptcy proceedings to avoid preferences. The bankruptcy court dismissed the actions as untimely under 11 U.S.C. § 546(a), and the District Court for the District of Delaware affirmed. The trustee appealed.
Ruling: 
Avoidance proceedings filed by trustee appointed more than two years after order for relief were untimely.
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