In re One Vision Park Inc.
Jun
03
2010
Ruling
Investment company not entitled to administrative expense claim for finding buyer for property as it was not appointed by court.
Procedural posture
Four weeks after the bar date for administrative claims, the claimant, which was an investment company, sought allowance of an administrative claim for allegedly finding a buyer that purchased a certain parcel from the debtor in its chapter 11 case. The claimant sought compensation for such services in the amount of the ten-percent commission specified in the pre-petition agreement between itself and the debtor.
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Court
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In re SageCrest II LLC
May
18
2010
Ruling
Settlement incorporating management transfer approved over objections of holders of small unsecured claims.
Procedural posture
After debtor hedge funds entered into a settlement with certain management entities, with their principals and with other stakeholders including investors, a Fed. R. Bankr. P. 9019(a) motion for approval of the settlement was filed. Objectors, the holders of relatively small unsecured claims, sought to block approval of the proposed settlement and the appointment of an interim manager, also proposed to the court, on various grounds.
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Court
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- 11 U.S.C.
In re Fountain Powerboat Indus.
May
07
2010
Ruling
Fee application of investment banker whose employment by estate was approved allowed in full.
Procedural posture
Investment banker for debtors filed an application for compensation. The court previously had approved employment of the investment banker pursuant to 11 U.S.C.S. § 327 to handle the sale of the debtor's assets.
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Court
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Straughn v. No Respondent (In re Straughn)
May
05
2010
Ruling
Debtor corporation and debtor majority shareholder and president could not employ same counsel in their respective cases.
Procedural posture
Both debtors in related cases involving a debtor corporation and the individual who was the majority shareholder and president of the corporation filed similar motions to employ counsel, seeking to employ the same counsel. The United States Trustee (UST) opposed the dual retention of the proposed counsel by both debtors on the grounds of actual and/or potential conflict of interests.
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Court
:
In re Kirschner
May
05
2010
Ruling
Trustee's retention of law firm that previously represented debtor as special counsel approved for limited purpose only.
Procedural posture
Before the court was the chapter 7 trustee's application to employ a certain law firm as Special Counsel. An objection was filed by a corporation (hereafter, "Objector") against whom the chapter 7 Trustee sought to prosecute claims. Debtor, represented by the firm for a time, had earlier prosecuted the same claims against the corporation.
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Court
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In re Vaughan
Apr
28
2010
Ruling
Debtor could employ prepetition SEC defense attorneys as special counsel for limited purpose of concluding representation and filing fee applications.
Procedural posture
Pursuant to 11 U.S.C.S. § 327(e), debtor filed an application to employ and compensate certain attorneys and their firm as Special Counsel in his bankruptcy case.
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Court
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Blumenthal v. Myers (In re M&M Mktg. LLC)
Apr
02
2010
Ruling
Attorney representing petitioning creditors held interest adverse to estate and should not have been approved as special counsel to trustee.
Procedural posture
This was an appeal by appellant creditor of an order of the U.S. Bankruptcy Court for the District of Nebraska denying its "motion to remove an attorney and a law firm," and a related order granting the chapter 7 trustee's supplemental application to employ the attorney and the firm as special counsel. Appellees were the petitioning creditors.
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Court
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Judge or Jurisdiction information not available
In re Overstreet
Mar
08
2010
Ruling
Retention of personal injury attorneys hired by debtor prepetition approved nunc pro tunc, though such approval was not necessary.
Procedural posture
The chapter 13 debtors filed an application for approval of employment nunc pro tunc pursuant to 11 U.S.C.S. § 327(a) and an application to approve settlement nunc pro tunc. Both applications arose from their pre-petition employment of attorneys to represent them in a personal injury action. The trustee filed objections to both applications.
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Court
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In re Successor Borrower Servs. LLC
Mar
05
2010
Ruling
Debtor's attorney could not take security interest to secure legal fees.
Procedural posture
In this chapter 11 case, the United States Trustee (UST) objected to the terms of a retainer agreement between debtor and its counsel. The central issue regarding the objection involved the propriety of a security interest that debtor had given as collateral for the payment of legal fees.
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Court
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In re N. John Cunzolo Assocs.
Feb
23
2010
Ruling
Attorney's application to represent corporate debtor denied due to conflict in representation of debtor's principal.
Procedural posture
An attorney filed an application to represent the corporate debtor when it was a debtor-in-possession in the chapter 11 case. Although the case was subsequently converted to a chapter 7, the application had not yet been approved by the court, and the attorney was not yet entitled to be paid any fees as a result of his chapter 11 representation.
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Court
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