In re 211 Waukegan LLC
Jun
28
2011
Ruling
Relief from stay to foreclose denied despite lack of equity where plan would be adequately funded.
Procedural posture
A creditor filed a motion for relief from the automatic stay pursuant to 11 U.S.C.S. § 362(d)(1) and (d)(2). The parties stipulated that the Chapter 11 debtor had no equity in the property in question.
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Court
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In re Olde Prairie Block Owner LLC
May
03
2011
Ruling
Debtor in possession allowed to borrow additional funds for cost of financing but not for attorneys' fees and costs.
Procedural posture
A debtor-in-possession obtained postpetition financing from a lender as necessary for the debtor's reorganization in exchange for a priming lien against the debtor's real properties which secured a debt to the debtor's primary creditor. The debtor moved for authority to borrow additional funds from the lender to pay the lender's attorney fees and expenses associated with the postpetition loan and to impose an additional priming lien.
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Court
:
- 11 U.S.C.
Community Schools Credit Union v. Nolen (In re Nolen)
Apr
11
2011
Ruling
Debtor's obtaining clean certificate of title to vehicle when moving to new state and obtaining second lien resulted in nondischargeable debt to original lender.
Procedural posture
In this adversary action, plaintiff credit union sought a declaration that the debt defendant debtor owed it was excepted from discharge under 11 U.S.C.S. § 523(a)(6) because the debt was a result of willful or malicious injury to the credit union's property.
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Court
:
- FRBP
In re Olde Prairie Block Owner LLC
Mar
31
2011
Ruling
Stay of order for postpetition financing and priming lien pending creditor's appeal denied where creditor was adequately protected.
Procedural posture
Debtor filed a petition under chapter 11 of the Bankruptcy Code, and sought permission to enter into a postpetition financing arrangement and to grant a new lender a priming lien on real property it owned. A creditor that held a secured interest in the property opposed the request, but the court overruled the creditor's objection. The creditor asked the court to stay its order, pursuant to Fed. R. Bankr. P. 8005, while it appealed.
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Court
:
- 11 U.S.C.
In re Olde Prairie Block Owner LLC
Mar
11
2011
Ruling
Debtor in possession's application for postpetition financing granted except as to amount to be applied to already incurred unsecured debt.
Procedural posture
A bankruptcy debtor owned prime real property in a metropolitan area near a major convention center and proposed to develop the property into a hotel. The debtor moved for authority to enter into a new credit facility to fund its operations in exchange for a priming lien against its property, and the debtor's current secured lender objected.
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Court
:
- 11 U.S.C.
In re Sterling Estates (Delaware) LLC
Jan
06
2011
Ruling
Special servicer granted relief from stay as representative of holders of mortgage pass-through certificates trust that was not adequately protected.
Procedural posture
Before the court was (i) debtor's motion for use of cash collateral, (ii) a motion for valuation of property by a company that asserted authority to litigate the pending contested matters as Special Servicer, asserted to be a representative of the trustee for the registered holders of a mortgage pass-through certificates trust, and (iii) the company's motion for relief from the automatic stay. A trial was concluded.
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Court
:
- 28 U.S.C.
In re Lewis
Dec
23
2010
Ruling
Chapter 13 case dismissed due to improper venue and plan that was not feasible.
Procedural posture
The State of Colorado filed an Objection to Confirmation of Debtor's proposed Chapter 13 Plan. The Trustee filed Motions to Dismiss, including the Motion discussed in this opinion to dismiss this case with prejudice. An evidentiary hearing was held. The hearing on the Colorado Objection was consolidated with hearing on factual issues as to venue presented in Paragraph 21 of the Trustee's Motion to Dismiss. Debtor moved to remove the Trustee.
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Court
:
- 11 U.S.C.
In re Louis Jones Enters.
Dec
22
2010
Ruling
Creditor employee held priority claims for prepetition paycheck deductions that debtor employer did not apply to insurance premiums and administrative expense claims for postpetition deductions.
Procedural posture
A Chapter 11 debtor objected to an employee's claim for medical expenses incurred when no company health care insurance plan was in effect but deductions for health insurance were being withheld from his wages. The premiums were employee welfare benefit plan assets under the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C.S. §§ 1002(1) and 1103(c), which should have been segregated and held in trust for the benefit of employees.
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Court
:
- 11 U.S.C.
In re Molnar
Dec
15
2010
Ruling
Motor vehicle lien creditor not entitled to confirmation of termination of stay due to failure to respond to debtor's intent to redeem.
Procedural posture
A secured creditor holding the security interest on the respondent chapter 7 debtor's vehicle, filed a motion to confirm termination of the automatic stay, pursuant to 11 U.S.C.S. §§ 521(a)(2) or (a)(6), and 362(h)(1); the debtor filed a motion to extend the automatic stay.
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Court
:
Chambers & Owen Inc. v. Kanan (In re Kanan)
Nov
18
2010
Ruling
Discharge denied due to debtor's failure to supply records of "blow-out" cash sale at gas station and convenience store.
Procedural posture
Plaintiff creditor filed a complaint against defendant Chapter 7 debtor seeking denial of a discharge pursuant to 11 U.S.C.S. § 727(a)(3) and (a)(5). The debtor failed to appear and did not present any evidence.
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Court
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