New Jersey

Bond v. Vining Sparks IBG LP (In re U.S. Mortg. Corp.)

Securities broker and agents moved to dismiss plaintiff liquidating trustee's adversary proceeding pursuant to Fed. R. Civ. P. 12(b)(6), 8(a), 9(b). The trustee moved for leave to file a second amended complaint. The complaints alleged a massive fraud had been orchestrated by the principal officer of the debtor involving the broker and agents, who asserted the safe harbor defense under 11 U.S.C.S. § 546(e).
Ruling: 
Trustee's state law and strong arm, conspiracy and conversion claims dismissed as falling within safe harbor provisions.
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Commercial case opionion summary, case decided on April 23,2013, LexisNexis #0513-056

Pyfer v. Josantos Construction (In re National Pool Constr. Inc.)

In a previous order, the court found that payments to defendant did not constitute a preference under 11 U.S.C.S. § 547 and denied summary judgment on that basis and dismissed the complaint. The court vacated the dismissal and addressed the remaining counts of the complaint, which included avoidance and recovery of a postpetition transfer under 11 U.S.C.S. §§ 549 and 550 and disallowance of any claim by defendant under 11 U.S.C.S. § 502(d).
Ruling: 
Prepetition check honored postpetition was an unauthorized, avoidable transfer.
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Commercial case opionion summary, case decided on March 08,2013, LexisNexis #0413-057

In re Stoner

Debtor filed a petition under chapter 7 of the Bankruptcy Code and claimed that an interest in a house he inherited from his father was exempt from creditors' claim under 11 U.S.C.S. § 522(d)(1). A trustee who was appointed to administer the debtor's case filed an objection to the debtor's claim.
Ruling: 
Interest in house inherited by debtor from father and then sold was not eligible for homestead exemption.
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Consumer case opionion summary, case decided on March 06,2013, LexisNexis #0413-048

Stanziale v. Boyajian (In re Boyajian)

Chapter 7 trustee filed an adversary proceeding, seeking denial of a bankruptcy discharge for debtor, based upon 11 U.S.C.S. § 727 (a)(2) through (a)(5), and, in particular, for debtor's failure to maintain adequate financial records, as required by 11 U.S.C.S. § 727(a)(3). Trustee and the debtor filed cross-motions for summary judgment on that issue.
Ruling: 
Discharge denied due to failure to maintain adequate financial records
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Consumer case opionion summary, case decided on January 31,2013, LexisNexis #0313-024

In re Mary Holder Agency Inc.

A creditor filed a motion to establish a superpriority administrative expense claim under 11 U.S.C.S. §§ 503(b) and 507(b).
Ruling: 
Creditor not entitled to superpriority administrative expense claim for replacement liens absent showing of decline in value of cash collateral.
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Commercial case opionion summary, case decided on September 24,2012, LexisNexis #1012-123

In re Parks

Movant, a chapter 13 debtor who had defaulted on a note held by a creditor and secured by a mortgage and an absolute assignment of rents, sought confirmation of a plan that provided for monthly plan payments against a "cramdown" amount. The creditor objected to the plan. Issues included the amount that was actually due on the note and the effect, if any, of 11 U.S.C.S. § 506(d) on the rights of the parties.
Ruling: 
Rents that were subject of an absolute assignment were not property of the estate but ordered to be collected directly by creditor.
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Consumer case opionion summary, case decided on August 16,2012, LexisNexis #0912-076

In re G-I Holdings Inc.

Former members of a nonprofit corporation formed by producers of asbestos to resolve asbestos claims against the producers asserted claims against a bankruptcy debtor, alleging that the debtor as a former member of the corporation breached a contract with the corporation to pay its share of asbestos claims, which caused the members to pay the debtor's share. The debtor objected to the claims and moved for summary judgment.
Ruling: 
Claims by former members of nonprofit corporation formed by asbestos producers disallowed due to lack of standing.
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Commercial case opionion summary, case decided on August 13,2012, LexisNexis #0912-035

In re Alberts

Plaintiff creditors filed a complaint against defendant chapter 7 debtors seeking to declare certain debts nondischargeable as against the debtor husband pursuant to 11 U.S.C.S. § 523(a)(2) and (a)(4).
Ruling: 
Debt arising from conduct of entities which debtor controlled pursuant to fraudulent scheme was nondischargeable.
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Consumer case opionion summary, case decided on June 07,2012, LexisNexis #0712-047

Sofia Design & Dev. At South Brunswick LLC v. DAmore (In re DAmore)

Plaintiffs, non-managing members of two limited liability companies (LLCs), filed an adversary proceeding against defendant chapter 7 debtor, a former managing member of the LLCs, claiming that the debtor committed fraud and defalcation while acting in a fiduciary capacity, embezzlement, larceny, and usurpation of a corporate opportunity. The debtor filed a motion for summary judgment and plaintiffs filed a cross-motion for summary judgment.
Ruling: 
Non-managing members of LLC could not seek damages from debtor managing member on behalf of LLC.
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Consumer case opionion summary, case decided on May 31,2012, LexisNexis #0712-004

In re Konowicz

This matter came before the court on a confirmation hearing filed by debtor with respect to debtor's proposed chapter 13 Plan. A creditor filed an Objection to Confirmation.
Ruling: 
Confirmation denied due to excessive living expenses and insufficient distribution to general unsecured creditors.
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Consumer case opionion summary, case decided on May 17,2012, LexisNexis #0612-105

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