- FRBP
In re Equa-Chlor LLC
Apr
29
2008
Ruling
Amended settlement agreement approved as in best interests of debtor and creditors.
Procedural posture
Debtor, a Washington limited liability company, filed a voluntary petition under chapter 11 of the Bankruptcy Code and a motion under Fed. R. Bankr. P. 9019(a) and Bankr. W.D. Wash. R. 9019-1 for entry of an order approving a proposed settlement and compromise. A Committee of Unsecured Creditors filed objections to the settlement agreement.
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Court
:
- FRBP
In re Applied Theory Corp.
Apr
24
2008
Ruling
Settlement disapproved as prejudicial to unsecured creditors and administrative expense creditors.
Procedural posture
The chapter 11 trustee moved for authorization to enter into a settlement agreement with the secured lenders of the debtor. The motion was opposed by the creditors' committee, which generally argued that aspects of the settlement were contrary to law and prejudicial to the debtors'unsecured creditor community and administrative expense creditors.
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Court
:
- FRBP
Liani v. Baker (In re Baker)
Aug
16
2007
Ruling
Auction company and successful purchaser lacked standing to seek approval of settlement to which debtor was not a party.
Procedural posture
Plaintiff buyer filed an adversary proceeding against defendants, a debtor in bankruptcy and an auction company ("LLC"), seeking a judgment declaring that a purchase and sale agreement was invalid. The buyer and the LLC filed an application under Fed. R. Bankr. P. 9019 for an order approving a settlement agreement. The debtor opposed the application and asked the court to abstain from hearing a cross-complaint the LLC filed.
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Court
:
- FRBP
In re Golden Empire Air Rescue Inc.
Sep
25
2006
Ruling
Settlement of complex state law action with creditors approved.
Procedural posture
The chapter 7 trustees in related bankruptcy cases filed motions to approve settlements entered into with settling creditor. Objecting creditor opposed the motions.
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Court
:
- FRBP
In re RNI Wind Down Corp.
Aug
23
2006
Ruling
Bankruptcy court did not abstain from and approved amendment to stipulation and agreement of settlement of multiple derivatice actions.
Procedural posture
Debtor moved for an order, pursuant to Fed. R. Bankr. P. 9019, approving an amendment to a stipulation and agreement of settlement of multiple derivative actions in the district court. Intervenor, a dissenter from the settlement, moved for relief from the automatic stay pursuant to 11 U.S.C. § 362, concerning the series of derivative suits that were filed against debtor, its directors and officers.
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Court
:
- FRBP
In re Mirant Corp.
Aug
09
2006
Ruling
Settlement of complex litigation with power company approved as in best interests of estate.
Procedural posture
A chapter 11 debtor filed a motion, pursuant to Fed. R. Bankr. P. 9019, for an order approving a settlement agreement with a power company and for the assumption of a facility and capacity credit ("FCC") agreement from the cooperative. The objectors or holders of "Class 3" claims contested the motions.
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Court
:
- FRBP
In re World Health Alternatives Inc.
Jul
07
2006
Ruling
Court approved settlement agreement as in within reasonable range of litigation possibilities and in interest of estate.
Procedural posture
Debtors in a chapter 11 case moved for entry of an order approving a settlement agreement among the Official Committee of Unsecured Creditors, debtors, and a prepetition lender with a first lien on all of debtors'assets. The trustee opposed the motion.
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Court
:
- FRBP
In re Joseph
Mar
20
2006
Ruling
Court granted trustee's motion to approve settlement since it did not fall below the lowest point in the range of reasonableness.
Procedural posture
The chapter 7 trustee filed a motion to approve a settlement between the debtor and his former law firm of which he was a partner. Taking into account all of the awards the law firm and the debtor owed each other, as of the petition date, the law firm owed the debtor a net amount of about $519,000. The debtor's former wife, who was also a creditor, objected to the settlement motion.
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Court
:
- FRBP
In re Babcock & Wilcox Co.
Feb
09
2006
Ruling
Court approved settlement with insurance company since it was negotiated in good faith, was in the best interests of the debtors'estates, and met the requirements of Rule 9019.
Procedural posture
Before the court for findings of fact and conclusions of law in a chapter 11 matter was a joint motion of debtors and two other entities to enter into settlement with an insurance company.
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Court
:
- FRBP
Movitz v. Fiesta Invs. LLC (In re Ehmann)
Jan
25
2006
Ruling
Bankruptcy court vacated its order and granted the trustee's motion to approve a settlement that mandated the court vacate its order but only after the court balanced the equities.
Procedural posture
Shortly after issuance of the court's opinion and order, the parties conditionally agreed to a settlement of the instant adversary proceeding. Under the settlement, defendant would pay to the trustee $85,000. The condition of the settlement, however, was the court's withdrawal of its opinion. Both parties moved for approval of the compromise and settlement pursuant to Fed. R. Bankr. P. 9019, for the court's withdrawal of its opinion.
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Court
: