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SeaQuest Diving LP v. S & J Diving Inc. (In re SeaQuest Diving)

Aug
12
2009
Ruling
Judgment debt that stemmed from rescission of purchase or sale of securities was subject to mandatory subordination.
Procedural posture

In adversary proceedings, defendant unsecured creditor appealed a judgment from the District Court for the Southern District of Texas, holding that its claim against plaintiff chapter 11 debtors, which arose from a state court judgment, was subject to mandatory subordination under 11 U.S.C.S. § 510(b) because it stemmed from the rescission of a purchase or sale of a security of the debtors.

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Court :
Judge or Jurisdiction information not available
Commercial opinion summary, case decided on August 12, 2009 , LexisNexis #0909-006
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Peres v. Sherman (In re Peres)

Jun
06
2008
Ruling
Creditor's meeting concluded on date to which meeting was continued despite lack of formal written notice.
Procedural posture

Appellant debtors sought judicial review of the decision by the District Court for the Northern District of Texas affirming a bankruptcy court's order granting the trustee's objections to their exemptions. In a matter of first impression, the question was: if no formal announcement of a continuation date was made, when was an 11 U.S.C.S. § 341(a) creditors' meeting concluded?

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Court :
Judge or Jurisdiction information not available
Consumer opinion summary, case decided on June 06, 2008 , LexisNexis #0708-001
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Wallace v. Rogers (In re Rogers)

Jan
04
2008
Ruling
Debtor was entitled to full homestead exemption in property acquired outside statutory period and not subject to cap.
Procedural posture

Appellant judgment creditor appealed the District Court for the Northern District of Texas' affirmance of a bankruptcy court's finding that appellee debtor was entitled to a homestead exemption in property awarded to her in a divorce decree but inherited before marriage. The creditor argued 11 U.S.C. § 522(p)(1) applied because the homestead interest was acquired within the 1,215-day period before filing bankruptcy petition.

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Court :
Judge or Jurisdiction information not available
Consumer opinion summary, case decided on January 04, 2008 , LexisNexis #0108-120
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Bonneville Power Admin. v. Mirant Corp. (In re Mirant Corp.)

Feb
13
2006
Ruling
Federal power marketing agency violated an automatic stay by not first seeking relief from the stay before attempting to terminate an executory contract.
Procedural posture

Defendant federal power marketing agency appealed from a judgment of the District Court For the Northern District of Texas that affirmed two bankruptcy court orders holding that the agency violated 11 U.S.C. § 362(a)'s automatic stay and denying relief from the stay. The agency argued it could terminate its executory contract with the debtor power producer under an ipso facto clause under 11 U.S.C. § 365(e)(2)(A).

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Court :
Judge or Jurisdiction information not available
opinion summary, case decided on February 13, 2006 , LexisNexis #0206-102
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