Urban Communicators PCS Ltd. Pship v. Gabriel Capital LP
Sep
12
2008
Ruling
Bankruptcy court erred in reducing postpetition interest on unsecured claim.
Procedural posture
Creditor moved to compel payment of cash collateral under 11 U.S.C.S. §§ 362(d) and 363(e). It sought proceeds of a certain Federal Communications Commission (FCC) license sale. Debtors argued the creditor was not secured. The Bankruptcy Court for the Southern District of New York ruled that the creditor was secured. It also determined the appropriate rate of post-petition interest on the creditor's claim. Both sides appealed.
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Court
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