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§ 363

In re Rudnick

Jan
30
2006
Ruling
Court denied a stay of an order allowing for the hiring of a real estate broker to sell property co-owned by the debtor and the debtor's former wife since requiring the wife to pay a commission to purchase the debtor's interest in the property did not materially harm the wife.
Procedural posture

The debtor's former wife moved for a stay pending appeal of the court's order allowing the employment a real estate broker to sell certain real property which she and the debtor co-owned. The former wife made an initial offer to purchase the property. The broker then found a third- party who submitted a higher offer. The former wife wanted to match the offer, but did not want to pay the broker's commission if her offer were accepted.

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opinion summary, case decided on January 30, 2006 , LexisNexis #0306-081
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In re Nobex Corp.

Jan
19
2006
Ruling
Sale-related incentive pay met Code requirements.
Procedural posture

A bankruptcy debtor in possession, a development stage biopharmaceuticals company, sought to preserve its assets while pursuing a sale of substantially all of its assets pursuant to an orderly sale process. The debtor moved for authorization to pay sale-related incentives to senior management officials.

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opinion summary, case decided on January 19, 2006 , LexisNexis #0406-005
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Cohen v. KB Mezzanine Fund II LP (In re SubMicron Sys. Corp.)

Jan
06
2006
Ruling
Asset sale approval was affirmed since the bankruptcy court did not err in characterizing the lenders'financing as debt rather than equity and since the lenders were allowed to credit bid the full face value of their claims against the debtor's estate.
Procedural posture

A creditors' committee in a bankruptcy case brought an adversary proceeding against appellee lenders challenging a sale under 11 U.S.C. § 363(b) of debtors' assets; appellant plan administrator was substituted for the committee. The district court withdrew the reference to the bankruptcy court and approved the sale. The administrator appealed.

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Court :
Judge or Jurisdiction information not available
opinion summary, case decided on January 06, 2006 , LexisNexis #0106-112
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Kovacs v. Sargent (In re Sargent)

Jan
04
2006
Ruling
Trustee as successor to the debtor's remainderman interest in property could not sell the property in which the debtor's mother had maintained a life estate interest.
Procedural posture

Plaintiff, a chapter 7 trustee, filed an action against defendants, the debtor, and a co-owner in a remainder interest in property, to obtain approval pursuant to 11 U.S.C. § 363(h) to sell the property on behalf of the bankruptcy estate. The trustee and the debtor filed cross-motions for summary judgment.

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opinion summary, case decided on January 04, 2006 , LexisNexis #0206-032
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In re Allied Holdings Inc.

Dec
19
2005
Ruling
Court provided that it would approve a key employee retention program with certain amendments to the program since the debtors had a sound business reason for proposing the program.
Procedural posture

Debtors, who had filed voluntary petitions under chapter 11, filed a motion for approval of a key employee retention program ("KERP") pursuant to 11 U.S.C. § 363(b). The KERP was supported by the official committee of unsecured creditors and the debtors'postpetition lenders but opposed by a union committee and the U.S. trustee.

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opinion summary, case decided on December 19, 2005 , LexisNexis #0306-014
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Genova v. ESM Realty Trust (In re Stoll)

Sep
30
2005
Ruling
Beneficiaries, including the debtor, were deemed joints tenants in common of the assets of a trust, and the trustee was permitted to sell the trust property to obtain the estate's interest in the trust.
Procedural posture

Plaintiff, the chapter 7 trustee, sued defendants, two trusts and three individuals, including debtor, who each held a one-third interest in the trusts. The trustee alleged two causes of action. The first cause of action was for turnover of property of the bankruptcy estate pursuant to 11 U.S.C. § 542. The second sought a sale of the trusts'property pursuant to 11 U.S.C. § 363(h). The parties filed a motion for summary judgment.

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opinion summary, case decided on September 30, 2005 , LexisNexis #0106-111
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In re Toms Foods Inc.

Sep
23
2005
Ruling
Expedited motion authorizing scheduling of auction of most of debtor's assets was granted since sale would later have to be reviewed and approved by the court.
Procedural posture

The chapter 11 debtor in possession filed an expedited motion for authorization to schedule an auction for the sale of substantially all of the debtor's assets free and clear of all liens, claims, and interest. The motion also requested approval of certain bidding procedures which would govern the auction.

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opinion summary, case decided on September 23, 2005 , LexisNexis #0106-043
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