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§ 502(d)

In re Stone & Webster Inc.

Feb
29
2016
Ruling
Insurer's claim based on note for antecedent insurance debt allowed.
Issue(s)
Should claim for amount outstanding on note for past insurance adjustments be disallowed?

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Commercial opinion summary, case decided on February 29, 2016 , LexisNexis #0316-079
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In re KB Toys Inc.

May
04
2012
Ruling
Trustee's objection to avoidable trade claims purchased from original holders sustained.
Procedural posture

A bankruptcy trustee objected to claims of purchasers of trade claims against bankruptcy debtors which were subsequently avoided as preferential transfers to the original holders of the claims.

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Commercial opinion summary, case decided on May 04, 2012 , LexisNexis #0612-035
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Wu v. Stephen H. Swift Trust (In re Swift Instruments Inc.)

Dec
14
2010
Ruling
Trustee could not subordinate damages claim that was not a recharacterized securities or equities claim.
Procedural posture

Plaintiff Chapter 7 trustee filed a complaint against defendants, two trusts and individuals. The trustee sought summary judgment on her claim to subordinate defendants' proofs of claims under 11 U.S.C.S. § 510(b). Both trusts contended in cross motions for summary judgment that their claims could not be subordinated as a matter of law, and one trust also sought to dismiss the trustee's claims for relief under 11 U.S.C.S. §§ 502(d) and 547.

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Commercial opinion summary, case decided on December 14, 2010 , LexisNexis #0111-119
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B.C. Rogers Processors Inc. v. CIT GroupEquip. Fin. Inc. (In re B.C. Rogers Poultry Inc.)

Nov
16
2009
Ruling
Independence of letters of credit from debtors' owners from debtors' agreement with lessor which they secured did not preclude equitable subrogation of owners to rights of debtor after debtor defaulted.
Procedural posture

Plaintiff former owners of bankruptcy debtors brought an adversary proceeding against defendant lessor of the debtors' equipment under a sale/leaseback agreement between the debtors and the lessor alleging that, upon the debtors' default, the lessor improperly drew on the owners' letters of credit and sold the equipment. The lessor moved for summary judgment.

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Commercial opinion summary, case decided on November 16, 2009 , LexisNexis #1209-100
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Sheils v. 65248 Canada Ltd. (In re Mackay)

Oct
12
2007
Ruling
Claims filed by foreign entity and expressed in foreign currency was to be valued at exchange rate on judgments were recorded in U.S.
Procedural posture

Citing 11 U.S.C. § 502(d), the chapter 7 trustee objected to two claims filed by a foreign entity on the ground that the claims were expressed in terms of foreign currency. At issue was whether each claim had to be converted to an appropriate exchange rate and, if so, the appropriate date to use to determine the proper exchange rate between the foreign currency in which the claim was expressed and United States dollars.

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Consumer opinion summary, case decided on October 12, 2007 , LexisNexis #0108-094
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Enron Corp. v. Ave. Special Situations Fund II LP (In re Enron Corp.)

Mar
31
2006
Ruling
Court denied motion to dismiss trustee's avoidance complaint since the transferees'claims against debtors were subject to disallowance under section 502(d) if the claims were related to avoidable transfers received by the transferor bank.
Procedural posture

Plaintiff bankruptcy trustee brought an adversary proceeding against defendant transferees of claims against bankruptcy debtors, asserting that the transferees'claims were subject to disallowance under 11 U.S.C. § 502(d) based on avoidable transfers received by the transferor bank in unrelated transactions. The transferees moved to dismiss the trustee's complaint.

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opinion summary, case decided on March 31, 2006 , LexisNexis #0506-118
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Giuliano v. U.S. Nursing Corp. (In re Lexington Healthcare Group Inc.)

Feb
02
2006
Ruling
Court dismissed (with leave to amend) trustee's section 502(d) claim since the trustee had not sufficiently pled the related fraudulent transfer claims.
Procedural posture

Plaintiff chapter 7 trustee filed an adversary proceeding against defendant creditor asserting avoidance of fraudulent transfers, unjust enrichment, and disallowance of the creditor's claim pursuant to 11 U.S.C. § 502(b) and (d). The debtors had hired the creditor to provide temporary nursing staff for its facilities. The trustee alleged, inter alia, that the creditor overcharged the debtors. The creditor moved to dismiss.

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opinion summary, case decided on February 02, 2006 , LexisNexis #0406-118
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