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U.S. Virgin Islands

Springel v. Prosser (In re Prosser)

Debtor declared chapter 7 bankruptcy and claimed that real property he owned in the U.S. Virgin Islands and in Florida was exempt from creditors' claims. Although the bankruptcy court disallowed the debtors' exemptions, the U.S. District Court for the United States Virgin Islands, Division of St. Thomas and St. John, reversed the bankruptcy court's ruling as to three tracts of land the debtor owned in the Virgin Islands, and remanded the case.
Ruling: 
Exemptions claimed in two out of three properties disallowed on remand.
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Consumer case opionion summary, case decided on February 14,2013, LexisNexis #0313-044

Carroll v. Prosser (In re Prosser)

Plaintiff, a chapter 7 Trustee, objected to the debtor's discharge under 11 U.S.C.S. § 727(a)(2), (a)(3), (a)(4), (a)(5), (a)(6), and (a)(7). Because the Trustee failed to set forth findings of fact and conclusions of law on § 727(a)(5) and (a)(7), the court considered those claims waived or abandoned.
Ruling: 
Discharge denied due to pattern of errors, omissions, significant mischaracterization and undervaluation of assets.
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Consumer case opionion summary, case decided on December 20,2012, LexisNexis #0113-057

Prosser v. Gerber (In re Prosser)

Debtor sought referral to the United States Attorney under 18 U.S.C.S. § 3057, and/or to an attorney disciplinary committee, certain matters involving respondents, including attorneys for the estate involved and the trustee, with respect to payment of legal fees for a witness. The court conducted an evidentiary hearing.
Ruling: 
Payment by estate of post-testimony attorneys' fees for witness adverse to estate, which was later reimbursed, was not grounds for referral to U.S. Attorney.
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Consumer case opionion summary, case decided on December 20,2011, LexisNexis #0112-100

Springel v. Prosser (In re Innovative Commun. Corp.)

Plaintiff, a Chapter 11 trustee, sought to recover pre-petition fraudulent transfers and unauthorized post-petition transfers from defendant transferees, who were the adult children of the debtors' board president, chairman, and chief executive officer (CEO).
Ruling: 
Trustee could recover fraudulent and constructively fraudulent transfers from debtor's president, chairman and CEO to adult children.
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Commercial case opionion summary, case decided on August 05,2011, LexisNexis #0911-056

Prosser v. Prosser (In re Prosser)

Before the court was plaintiff Chapter 7 Trustee's Motion for Order (I) approving the sale of the "Palm Beach Property" pursuant to a certain contract of sale, to the party that submitted the highest and best offer; (II) authorizing the Trustee to take all reasonable steps to complete the sale, (III) directing interevening defendant debtor and his non-debtor spouse to vacate the Property, and (IV) granting related relief ("Sale Motion").
Ruling: 
Trustee granted authority to sell property subject to non-debtor spouse's right of first refusal.
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Consumer case opionion summary, case decided on March 04,2011, LexisNexis #0411-042

Springel v. Prosser (In re Prosser)

The chapter 11 trustee (Trustee 11) for Company and the chapter 7 trustee (Trustee 7) for debtor husband, citing 11 U.S.C.S. § 542, sought orders for turnover against various family members, including the wife, of various items of property claimed by either one or both of the trustees to be the property of their respective estates per 11 U.S.C.S. § 541. A motion to stay proceedings was also before the court.
Ruling: 
Constructive trust imposed on debtor's property deemed subject to turnover.
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Consumer case opionion summary, case decided on February 09,2011, LexisNexis #0311-018

Carroll v. North Shore Real Estate Corp. (In re Prosser)

Chapter 7 trustee filed an adversary proceeding against defendant real estate corporation, seeking a determination that $ 72,720 in prepetition transfers and $ 42,420 in postpetition transfers a chapter 7 debtor made to the corporation were avoidable under 11 U.S.C.S. §§ 544, 547, 548 and 549, and recoverable under 11 U.S.C.S. § 550. The trustee filed a renewed motion for summary judgment.
Ruling: 
Prepetition and postpetition transfers avoided due to transferee's non-responsive replies to trustee's requests to admit.
ABI Membership is required to access the full summary of Carroll v. North Shore Real Estate Corp. (In re Prosser). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Consumer case opionion summary, case decided on May 26,2010, LexisNexis #0810-023

Springel v. Prosser (In re Prosser)

Chapter 11 Trustee for the bankruptcy estate of a corporation commenced this adversary proceeding seeking to avoid a transfer and recover certain real property transferred by the corporation to defendants, a chapter 7 debtor and his nondebtor wife. The statutory bases for the actions were 11 U.S.C.S. §§ 544 and 550. The trustee and the debtor each moved for summary judgment.
Ruling: 
Debtor's transfer of multi-million dollar mansion for inadequate consideration avoided as fraudulent.
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Consumer case opionion summary, case decided on October 09,2009, LexisNexis #1109-085

Springel v. Prosser (In re Prosser)

The court converted the chapter 11 case of respondent debtor to a chapter 7 case. The debtor claimed exemptions under 11 U.S.C.S. § 522(b)(3). Movants, the chapter 7 trustee, the chapter 11 trustee, and others, filed objections to the exemptions claimed by the debtor, alleging that the debtor conducted himself in bad faith and in an effort to thwart the bankruptcy process.
Ruling: 
All of debtor's claimed exemptions denied as inadequate, incomplete and false disclosures and inaccuracies in schedules established bad faith.
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Consumer case opionion summary, case decided on October 09,2009, LexisNexis #1109-078

In re Prosser

The debtor filed objections to three requests for professional fees on the basis that the fee applications contained entries that were unreasonable, duplicative, or vague. The firms were counsel to the interim chapter 7 trustee, counsel to the subsequent trustee, and the accountants to the interim trustee, respectively.
Ruling: 
Professional fees requests that were excessive, vague or insufficient were to be paid at lowest professional hourly rate subject to opportunity for supplementation and clarification.
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Consumer case opionion summary, case decided on August 19,2008, LexisNexis #0908-039

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