In re GSC Inc.
Jul
18
2011
Ruling
Trustee's motion for sale of assets granted where assets would be diminished before chapter 11 plan could be confirmed.
Procedural posture
Debtors, an asset management company and its subsidiaries, filed petitions under Chapter 11 of the Bankruptcy Code, and a trustee was appointed to administer the debtors' bankruptcy estates. The trustee filed a motion for an order which, inter alia, authorized him to sell the debtors' assets pursuant to 11 U.S.C.S. § 363(b) and to assign certain executory contracts. Creditors that had loaned money to the debtors filed objections.
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Court
:
- 11 U.S.C.
Hixson v. United States Dept of Educ. (In re Hixson)
Mar
24
2011
Ruling
Portion of consolidated student loan debt reflecting debtor's spouse's loans was nondischargeable as was debtor's portion.
Procedural posture
Plaintiff debtor sought to discharge a portion of an educational consolidation loan corresponding to the amount borrowed by his former wife to finance her education, pursuant to 11 U.S.C.S. § 523(a)(8). The debtor and creditor, the Department of Education, filed cross- motions for summary judgment on the issue of dischargeability. Debtor and his former wife were jointly and severally liable for an outstanding balance of $195,229.41.
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Court
:
- 28 U.S.C.
Bickerton v. Bozel S.A. (In re Bozel S.A.)
Jul
20
2010
Ruling
Bankruptcy court declined to abstain from adversary proceeding brought by liquidation trustee in foreign insolvency proceeding.
Procedural posture
Plaintiff liquidator in foreign proceedings of a bankruptcy debtor's sole shareholder brought an adversary proceeding against defendants, the debtor and its managing director, seeking a determination that the liquidator had sole authority to govern the affairs of the shareholder and remove the director. The debtor moved for permissive abstention under 28 U.S.C.S. § 1334(c)(1) in favor of foreign proceedings initiated by the director.
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Court
:
In re YL West 87th Holdings LLC
Jan
13
2010
Ruling
Creditor granted relief from stay to foreclose where property was valued at less than total debt and postpetition financing was not feasible.
Procedural posture
Debtor filed a petition under chapter 11 of the Bankruptcy Code, and a Delaware limited partnership filed a motion seeking an order under 11 U.S.C.S. § 362(d) and Fed. R. Bankr. P. 4001 and 9014 which granted relief from the automatic stay so it could enforce a security interest it held in real property. The debtor opposed the partnership's motion and asked the court for permission to obtain postpetition financing pursuant to 11 U.S.C.S. § 364.
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Court
:
In re Old Carco LLC
Jan
05
2010
Ruling
Auto dealers' rejection damages claims not entitled to administrative expense priority.
Procedural posture
Movants, domestic auto dealers affected by the debtors' rejection of certain executory sales and service agreements, filed a motion seeking administrative expense priority for damages they sustained as a result of the debtors' rejection of those contracts. The debtors argued that any such claims were pre-petition general unsecured claims pursuant to 11 U.S.C.S. § 365(g).
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Court
:
- 11 U.S.C.
In re Old Carco LLC
Jan
05
2010
Ruling
Claim for damages from termination of auto dealer's agreement and breach of repurchase obligations arose prepetition and was not an administrative expense.
Procedural posture
Before the court pursuant to 11 U.S.C.S. §§ 503(b)(1), 507(a)(2) was an automobile dealer's motion seeking administrative expense priority for damages sustained by the dealer as a result of the voluntary termination by the dealer of its sales and service agreements with the automobile manufacturer. Debtors opposed the motion.
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Court
:
- 11 U.S.C.
Pereira v. Grecolas Ltd. (In re Saba Enters.)
Sep
18
2009
Ruling
Fraudulent transfer proceeding dismissed as to businesses trustee failed to show were liable.
Procedural posture
Debtor holding company filed a petition under chapter 7 of the Bankruptcy Code, and a trustee was appointed to administer the debtor's bankruptcy estate. The trustee filed an adversary proceeding against defendants, an individual and various businesses, claiming, inter alia, that the individual was responsible for the fraudulent transfer of assets that belonged to the debtor to other businesses he owned. Defendants filed a motion to dismiss.
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Court
:
- 11 U.S.C.
In re Loco Realty Corp.
Jun
25
2009
Ruling
Case dismissed where chapter 11 plan was not feasible due to absence of source of funding.
Procedural posture
The successor to a predecessor creditor moved to dismiss the debtor's chapter 11 case pursuant to 11 U.S.C.S. § 1112(b)(1) for cause. Alternatively, the successor moved to dismiss, suspend, or abstain from presiding over the debtor's case pursuant to 11 U.S.C.S. § 305(a).
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Court
:
In re Armenakis
May
22
2009
Ruling
Lien reduced to the extent impairing debtor's homestead exemption and stay lifted to allow creditor to pursue remedies on remaining balance.
Procedural posture
The bankruptcy court granted a judgment creditor successor's motion to lift the automatic stay in order to pursue its judicial lien on an apartment that the chapter 11 debtor co- owned with her non-debtor spouse. The debtor moved to reconsider the order. The motion included a request that the successor's lien be avoided pursuant to Fed. R. Bankr. P. 4003(d) and 11 U.S.C.S. § 522(f). The successor also moved to lift the automatic stay.
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Court
:
- FRBP
In re Chrysler LLC
May
20
2009
Ruling
Emergency stay pending determination of motion to withdraw reference denied absent showing by state pensioners of irreparable harm or diminution in potential recovery.
Procedural posture
Movant, state pensioners, filed an emergency motion to stay proceedings pursuant to Fed. R. Bankr. P. 5011(c) pending determination of a motion to withdraw the reference.
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Court
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