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CT Investment Management Co. LLC v. Cozumel Caribe S.A. de C.V. (In re Cozumel Caribe)

LLC filed an adversary proceeding against defendant debtor, a Mexican company that was involved in litigation in Mexico under the Mexican Business Reorganization Act, seeking a determination that funds the LLC managed in the United States did not belong to the debtor. The debtor's foreign representative asked the court to stay the LLC's action.
Ruling: 
LLC's proceeding against foreign debtor stayed for 180 days pending ruling from Mexican court.
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Commercial case opionion summary, case decided on November 14,2012, LexisNexis #1212-033

In re Residential Capital LLC

Debtors, an LLC that serviced residential mortgages and affiliated businesses, declared chapter 11 bankruptcy, and the court appointed an Official Committee of Unsecured Creditors to protect creditors' interests. Homeowners who executed mortgages that were serviced by the debtors asked the court to appoint an Official Committee of Borrowers to protect their interests. The debtors and the Creditors' Committee opposed the homeowners' motion.
Ruling: 
Appointment of Official Committee of Borrowers, whose loans were serviced by debtor, denied.
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Commercial case opionion summary, case decided on October 23,2012, LexisNexis #1112-060

In re Dewey & LeBoeuf LLP

Debtor, a law firm in wind-down mode, filed a motion for approval of various settlement agreements and mutual releases it entered into with former partners, pursuant to Fed. R. Bankr. P. 9019. The other movant, an ad hoc committee that generally opposed the settlement, moved for the appointment of an examiner pursuant to 11 U.S.C.S. § 1104(c).
Ruling: 
Settlement agreement and mutual releases entered into by debtor law firm with former partners approved.
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Commercial case opionion summary, case decided on October 09,2012, LexisNexis #1112-027

In re MF Global Inc.

Movant, the SIPA liquidation trustee of debtor, sought approval of a continuing cooperation and assignment agreement with customer representatives of the debtors' clients, whereby the customer representatives were assigned the right to pursue claims against third parties who had provided professional services to the debtor. Objector, an accounting and auditing firm, challenged the motion, asserting claims against it were not assignable.
Ruling: 
Assignment of debtor's malpractice claims to customer representatives approved as appropriate exercise of business judgment.
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Commercial case opionion summary, case decided on October 02,2012, LexisNexis #1012-116

In re Grubb & Ellis Co.

Movants, real estate brokers formerly associated with debtor brokerages, asked the court to allow their claim for administrative expenses per 11 U.S.C.S. § 503(b)(1)(A). Both debtors and the unsecured creditors' committee objected to the underlying motion and to the claim on the ground that it was not properly classified as an "administrative expense" thereunder.
Ruling: 
Real estate brokers not entitled to administrative expense claim for commission where right to payment arose postpetition.
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Commercial case opionion summary, case decided on October 02,2012, LexisNexis #1012-119

In re Residential Capital LLC

The chapter 11 debtor and its affiliated debtors (the debtors) filed a motion for authorization to implement a key employee incentive plan (KEIP) for certain key insiders of the debtors. The United States Trustee (UST) opposed the motion, arguing that 11 U.S.C.S. § 503(c)(1) applied to the KEIP because it was primarily retentive, and that the KEIP should not be approved because it did not meet the requirements of that section.
Ruling: 
Debtor's motion for authorization to implement key employee incentive plan denied absent relationship to business goals.
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Commercial case opionion summary, case decided on August 28,2012, LexisNexis #0912-075

In re BGI Inc.

Movant gift card holders filed a motion seeking an order which authorized them to file untimely proofs of claim against a bookstore's chapter 11 bankruptcy estate, based on amounts that remained on consumer gift cards they held, and a motion seeking class certification on behalf of all holders of the bookstore's gift cards. A creditors' liquidating trust, as successor to the bookstore, and the trustee of the liquidating trust filed an objection.
Ruling: 
Gift card holders could not file late postconfirmation proofs of claim.
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Commercial case opionion summary, case decided on August 14,2012, LexisNexis #0912-033

In re 51-53 W. 129th St. HDFC Inc.

The City of New York (the "City") moved to dismiss this case pursuant to 11 U.S.C.S. § 1112, or alternatively, to vacate the automatic stay pursuant to 11 U.S.C.S. § 362(d). Debtor opposed the Motion.
Ruling: 
Stay lifted where city's tax liens were not adequately protected.
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Commercial case opionion summary, case decided on July 19,2012, LexisNexis #0812-008

Velo Holdings Inc. v. Paymentech LLC (In re Velo Holdings Inc.)

Affiliated debtors in possession filed an adversary proceeding seeking a permanent injunction pursuant to 11 U.S.C.S. §§ 105(a), 362(a), 365(e), and Fed. R. Bankr. P. 7065, barring creditor, their credit-card processor, from terminating certain credit-card-processing agreements. The creditor moved for relief from the automatic stay.
Ruling: 
Agreements that were not terminated prepetition were executory contracts that were property of the estate and could not be terminated by creditor postpetition.
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Commercial case opionion summary, case decided on July 18,2012, LexisNexis #0812-013

In re Residential Capital LLC

Moving creditor sought the appointment of an examiner, pursuant to 11 U.S.C.S. § 1104(c), to investigate and report on the actions of the affiliated debtors including, without limitation, the debtors' pre-petition transactions with a non-debtor entity.
Ruling: 
Examiner appointed in complex chapter 11 case of debtor that operated loan servicer.
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Commercial case opionion summary, case decided on June 20,2012, LexisNexis #0712-062

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