- 11 U.S.C.
In re HRP Myrtle Beach Holdings LLC
Sep
29
2008
Ruling
Debtors in possession granted ability to obtain superpriority senior secured postpetition financing and to use cash collateral.
Procedural posture
After the debtors filed voluntary petitions for relief under chapter 11, they moved for an order authorizing them to obtain postpetition financing pursuant to 11 U.S.C.S. §§ 363 and 364, granting senior-priority liens and super-priority claims to the postpetition secured lenders, and authorizing them to use cash collateral and obtain emergency postpetition loans. The debtors also requested adequate protection for pre-petition secured lenders.
ABI Membership is required to access the full summary of In re HRP Myrtle Beach Holdings LLC Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- FRBP
In re Sea Containers Ltd.
Sep
19
2008
Ruling
Settlement between debtor and pension scheme trustees approved.
Procedural posture
The debtors and pension scheme trustees moved for the approval of a settlement agreement pursuant to 11 U.S.C.S. § 363(b) and Fed. R. Bankr. P. 9019. The settlement proposed to resolve the claims filed by the scheme trustees in amounts in excess of $ 240 million on behalf of the two pension scheme funds and the debtors' pension funding obligations. The committee of unsecured creditors opposed the settlement.
ABI Membership is required to access the full summary of In re Sea Containers Ltd. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
In re New Century TRS Holdings Inc.
Jul
02
2008
Ruling
Formation of three groups of affiliated debtors and multi-debtor claim protocol was not an impermissible consolidation.
Procedural posture
Chapter 11 debtors and the creditors' committee sought approval of the debtors' plan. An ad hoc committee of the debtors' Deferred Compensation Plan and/or Supplemental Executive Retirement/Savings Plan objected to confirmation, arguing that the plan provided for an impermissible substantive consolidation of the debtors in violation of 11 U.S.C.S. § 1129(a), the plan did not comply with 11 U.S.C.S. § 1123(a)(4), as required by § 1129(a)(1).
ABI Membership is required to access the full summary of In re New Century TRS Holdings Inc. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
In re New Century TRS Holdings Inc.
Feb
14
2008
Ruling
Section 106 does not provide independent basis for debtor to obtain release of IRS refund.
Procedural posture
Debtors filed a motion pursuant to 11 U.S.C.S. §§ 105(a) and 362(a) for an order enforcing the automatic stay against the Internal Revenue Service (IRS) and granting related relief. The debtors asked the court to enter an order directing the IRS to release a tax refund to the debtors. The IRS opposed the motion, arguing that the court lacked jurisdiction to consider it.
ABI Membership is required to access the full summary of In re New Century TRS Holdings Inc. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
In re Touch Am. Holdings Inc.
Jan
18
2008
Ruling
Claim of debtor's former officers and directors under ERISA were subject to subordination and actions for indemnification were subject to disallowance.
Procedural posture
Former officers and directors of bankruptcy debtors filed proofs of claim for reimbursement, indemnification, and contribution based on two civil actions against the officers and directors for breach of fiduciary duty and fraud. The trustee under the debtors' confirmed plan moved for summary judgment of subordination with regard to one action and disallowance with regard to the second action.
ABI Membership is required to access the full summary of In re Touch Am. Holdings Inc. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
In re Exide Techs.
Dec
05
2007
Ruling
Selective executive retirement agreement was not an executory contract and not subject to assumption.
Procedural posture
Creditor, a retired employee of the debtor, moved for the enforcement of a selective executive retirement agreement plan ("SERP"), under which the debtor still owed him seven of the total of ten payments. The debtor objected to the relief requested, arguing the SERP contract was not assumable under 11 U.S.C. § 365, because it was not an executory contract.
ABI Membership is required to access the full summary of In re Exide Techs. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
In re Winstar Communs.
Dec
04
2007
Ruling
Agreement between law firm, consulting firm and lender to "hedge" contingency fees in litigation for chapter 7 trustee denied as "fee sharing."
Procedural posture
The law firm and its consulting firm, both retained to complete commercial litigation on behalf of the chapter 7 trustee, moved for the authority to enter into an agreement with a lender to "hedge" a portion of their anticipated contingency fees for the litigation, which was on appeal. The United States trustee filed an objection to the motion, claiming the agreement violated the prohibition of fee sharing of 11 U.S.C. § 504.
ABI Membership is required to access the full summary of In re Winstar Communs. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
In re Summit Metals Inc.
Dec
04
2007
Ruling
Consultant and attorney denied administrative expense fees for services except for attorney's fees as chair of creditors'committee.
Procedural posture
A debtor filed for relief under chapter 11. A consultant and an attorney filed applications for the allowance of fees and expenses as administrative expenses in the proceeding, pursuant to 11 U.S.C. § 503(b). The chapter 11 trustee, the U.S. trustee, and the committee of unsecured creditors filed objections.
ABI Membership is required to access the full summary of In re Summit Metals Inc. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
- 11 U.S.C.
In re Student Fin. Corp.
Nov
28
2007
Ruling
Lease on which debtor had been current had not terminated prior to filing date so that creditor could make claim for rejection damages.
Procedural posture
Movant, the chapter 7 trustee, sought an order granting summary judgment against claimant creditor, who had moved to compel debtor to assume or reject a lease for a telephone system, to compel immediate payment of certain rent and lease obligations or, in the alternative, to provide adequate protection. The creditor also sought relief from the automatic stay.
ABI Membership is required to access the full summary of In re Student Fin. Corp. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
:
Broadway Advisors LLC v. Hipro Elecs. Inc. (In re Gruppo Antico Inc.)
Feb
07
2007
Ruling
"Mere conduit" defense to avoidance applied to entity that forwarded debtor's payments to the company it serviced.
Procedural posture
Defendant filed a motion for judgment on the pleadings in chapter 11 debtor's adversary proceeding, which alleged that transfers made by debtor to defendant within 90 days prior to the bankruptcy petition date were avoidable as preferences pursuant to 11 U.S.C. §§ 547(b) and 550.
ABI Membership is required to access the full summary of Broadway Advisors LLC v. Hipro Elecs. Inc. (In re Gruppo Antico Inc.) Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
: