Commercial

In re Gregory Rockhouse Ranch

Debtors'bankruptcy proceedings were jointly administered. The matter was before the court on confirmation of debtors'plans of reorganization. A creditor objected to confirmation.
Ruling: 
Artificial impairment of non-insider claim for sole purpose of manufacturing plan acceptance from an impaired creditor not permissible.
ABI Membership is required to access the full summary of In re Gregory Rockhouse Ranch. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 21,2007, LexisNexis #0208-033

In re Armstrong & Guy Law Office LLC

In a state court civil action, debtors were scheduled to defend a case involving contract and fee-splitting disputes among attorneys in the prosecution of numerous Fen-Phen cases. After the debtors filed voluntary chapter 11 petitions, the attorneys sought modifications of the automatic stay under 11 U.S.C. § 362(d)(1) to permit the underlying litigation to go forward.
Ruling: 
Relief from stay granted to allow attorneys'fee litigation related to Fen-Phen liability cases to move forward.
ABI Membership is required to access the full summary of In re Armstrong & Guy Law Office LLC. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 21,2007, LexisNexis #0208-001

In re Interstate Bakeries Corp.

Movants, a group of affiliated chapter 11 debtors, filed an emergency motion for an order requiring an interested party and a union to file a plan of reorganization and a disclosure statement by a deadline earlier than that originally imposed and to prohibit them from filing such plan and disclosure statement at any later date. At issue, inter alia, was whether 11 U.S.C. § 105(b) empowered the court to issue the requested order.
Ruling: 
Court declined to accellerate deadline for interested party and union to file plan and disclosure statement.
ABI Membership is required to access the full summary of In re Interstate Bakeries Corp.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 21,2007, LexisNexis #0208-020

May v. Lobo Land LLC (In re Lobo Land LLC)

Plaintiff creditor filed an adversary proceeding against defendants, a debtor limited liability company and its managing member, alleging conversion by the member or aiding and abetting conversion by the debtor along with a breach of fiduciary duty. Sua sponte, the court questioned its jurisdiction because the chapter 11 case had been confirmed and the member was not a debtor.
Ruling: 
Court had subject matter jurisdiction over adversary proceeding brought by creditor against debtor LLC and managing member for unauthorized transfer of released escrow funds.
ABI Membership is required to access the full summary of May v. Lobo Land LLC (In re Lobo Land LLC). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 21,2007, LexisNexis #0208-034

Askenaizer v. Seacoast Redimix Concrete LLC (In re Charwil Constr. Inc.)

Plaintiff chapter 7 trustee filed a complaint against defendant subcontractor to avoid certain payments under 11 U.S.C. § 547(b) that the debtor transferred to the subcontractor within the 90-day period preceding the filing of the bankruptcy petition. The subcontractor sought summary judgment.
Ruling: 
Release of statutory lien rights was "new value" preventing avoidance of transfer from debtor contractor to subcontractor.
ABI Membership is required to access the full summary of Askenaizer v. Seacoast Redimix Concrete LLC (In re Charwil Constr. Inc.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 21,2007, LexisNexis #0208-027

In re Skeen Goldman LLP

Creditors moved to dismiss the chapter 11 case. The debtor had filed a previous bankruptcy case in which the debtor and creditors entered into a settlement agreement.
Ruling: 
Second chapter 11 case, filed to hinder and delay creditor with whom debtor had settlement agreement that resolved prior case, dismissed.
ABI Membership is required to access the full summary of In re Skeen Goldman LLP. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 20,2007, LexisNexis #0208-014

In re Nature Leisure Times LLC

The chapter 7 trustee filed a motion pursuant to 11 U.S.C. § 363(b)(1) to sell assets free and clear of all liens and assign executory contracts and unexpired leases.
Ruling: 
Free and clear sale of assets by trustee approved where estate cash flow was insufficient to continue operation of debtor's lodge facility.
ABI Membership is required to access the full summary of In re Nature Leisure Times LLC. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 19,2007, LexisNexis #0208-003

In re Texas Star Indus. Group Ltd. Co.

A creditor of a bankruptcy debtor was oversecured and sought interest on its claim pursuant to 11 U.S.C. § 506(b). The debtor objected to the creditor's claim to the extent that the creditor claimed interest at the default rate of interest set out in loan documents rather than the lower non-default rates.
Ruling: 
Default rate of interest disallowed due to potential harm to junior creditors.
ABI Membership is required to access the full summary of In re Texas Star Indus. Group Ltd. Co.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 19,2007, LexisNexis #0108-075

In re Calpine Corp.

Bankruptcy debtors, a corporation and certain of its subsidiaries, proposed a plan of reorganization which involved consolidation of the debtors'estates, continued existence of the debtors, and creation of a new credit facility. The debtors sought confirmation of the plan.
Ruling: 
Sixth amended joint plan of reorganization approved.
ABI Membership is required to access the full summary of In re Calpine Corp.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 19,2007, LexisNexis #0208-016

In re WBE Co.

The debtors in possession of jointly administered cases, a business entity and an individual, moved for confirmation of their chapter 11 plans. Objections were filed. The court's opinion focused on matters related to the debtor that was a business entity (debtor).
Ruling: 
Debtor could not establish that plan was proposed in good faith due to breach of fiduciary duty by its managers.
ABI Membership is required to access the full summary of In re WBE Co.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 19,2007, LexisNexis #0108-081

Pages

Subscribe to Commercial