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In re Falconridge LLC

Ruling: 
Custodian's compliance with requirement to turn over property excused due to debtor LLC's mismanagement of property.
Procedural posture: 
Respondent debtor, an Illinois limited liability company ("LLC"), filed a petition under chapter 11. Movant bank filed an emergency motion to excuse compliance with 11 U.S.C. § 543(b) and to permit a receiver that was appointed by a state court to remain in place.
Issue: 
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Commercial case opionion summary, case decided on November 08,2007, LexisNexis #1207-048