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In re Trejos

Sep
25
2006
Ruling
Assignee of motor vehicle debt held an allowed secured claim for the total amount of principle and interest due.
Procedural posture

Bankruptcy debtors purchased a motor vehicle which was financed by the seller, and the seller assigned the debt which was secured by the vehicle. The debtors sought confirmation of their chapter 13 plan which proposed to bifurcate the assignee's claim into a secured claim and an unsecured claim under 11 U.S.C. § 506, but the assignee asserted that the unnumbered, hanging paragraph under 11 U.S.C. § 1325(a) precluded bifurcation.

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opinion summary, case decided on September 25, 2006 , LexisNexis #1106-077
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In re Trans Max Techs. Inc.

Aug
15
2006
Ruling
Plan lacked feasibility due to reliance on debtor's implausible development of a flying car within three years.
Procedural posture

Debtor filed a voluntary petition for chapter 11 bankruptcy, and thereafter served as debtor in possession. Before the court was debtor's request for plan confirmation. The Office of the United States Trustee ("UST") objected, as did two creditor groups.

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opinion summary, case decided on August 15, 2006 , LexisNexis #0107-102
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In re Kane

Jan
12
2006
Ruling
Bankruptcy court, in holding that section 522(p)'s cap on homestead exemptions applied to the debtors, interpreted section 522(p) to apply not only to those states where debtors elected between a federal or state exemption but also to those states where debtors were allowed only a state exemption.
Procedural posture

Bankruptcy debtors claimed a homestead exemption under Nev. Rev. Stat. §§ 21.090.1(l) and 115.010.2, but the bankruptcy trustee asserted that the claimed exemption exceeded the statutory exemption cap set out in 11 U.S.C. § 522(p). The trustee objected to the exemption.

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opinion summary, case decided on January 12, 2006 , LexisNexis #0206-059
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Lehtonen v. Time Warner Inc. (In re PurchasePro.com Inc.)

Jun
29
2005
Ruling
Trustee's complaint against stock transferee was not dismissed since cancellation of stock option and the immediate reissuance of an amended and restated stock option that resulted in economic harm to the debtor was a fraudulent transfer of an interest of the debtor.
Procedural posture

Plaintiff trustee of debtor's liquidating trust filed a complaint against defendant transferee under Nevada's version of the Uniform Fraudulent Transfer Act. The complaint also alleged that defendant was liable under Nevada corporate law for a failure to provide the full amount of the agreed-upon consideration required when defendant exercised its rights under the warrant. Defendant moved to dismiss.

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opinion summary, case decided on June 29, 2005 , LexisNexis #0106-121
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