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In re Lordship Dev. LLC

A creditor filed a motion for relief from the automatic stay in a debtor's chapter 11 bankruptcy case.
Ruling: 
Section 108(d) did not limit period for debtor to redeem foreclosed property where state law did not provide for fixed deadline.
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Commercial case opionion summary, case decided on September 30,2008, LexisNexis #1208-004

Elway Co. LLP v. Miller (In re Elrod Holdings Corp.)

Plaintiff chapter 7 trustee filed an adversary proceeding against defendants, transferees, creditor seeking to avoid alleged transfers. The transferees filed a motion for partial summary judgment on two of the fraudulent transfer claims. The transferees asserted that 11 U.S.C.S. § 546(e) operated to prevent the trustee from avoiding the alleged transfers under 11 U.S.C.S. § 548(a)(1)(B).
Ruling: 
Settlement payments for private securities by a financial institution were not subject to avoidance.
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Commercial case opionion summary, case decided on September 30,2008, LexisNexis #1008-120

In re HRP Myrtle Beach Holdings LLC

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.
Ruling: 
Debtors in possession granted ability to obtain superpriority senior secured postpetition financing and to use cash collateral.
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Commercial case opionion summary, case decided on September 29,2008, LexisNexis #1208-039

In re Calpine Corp.

Debtors filed a motion pursuant to 11 U.S.C.S. § 502 and Fed. R. Bankr. P. 3007 objecting to claims filed by creditor. The creditor filed its own motion for summary judgment on the claims. The objections stemmed from an alleged breach of an agreement for the sale of a power plant.
Ruling: 
Debtor's objection to creditor's claim relating to power plan operation sustained.
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Commercial case opionion summary, case decided on September 26,2008, LexisNexis #1208-010

In re NVF Co.

The creditor city and city utility filed a claim in the debtors'chapter 11 bankruptcy case for past due utility charges and property taxes. The debtors and the general unsecured creditors plan trustee moved to disallow, reduce, or reclassify the claims after the property upon which the taxes were assessed was abandoned. The creditors opposed the motion.
Ruling: 
Claim for utility charges and city property taxes on abandoned property allowed.
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Commercial case opionion summary, case decided on September 26,2008, LexisNexis #1008-095

In re Greg James Ventures LLC

A creditor filed an objection to confirmation of the debtor's proposed chapter 11 plan.
Ruling: 
Chapter 11 plan with ten year term confirmed as reasonable over creditor's objection.
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Commercial case opionion summary, case decided on September 24,2008, LexisNexis #1208-048

Smith v. McLeskey (In re Bay Vista of Va. Inc.)

Defendants, creditors of a chapter 7 debtor, moved pursuant to 28 U.S.C.S. § 1334 for abstention of the complaint filed by plaintiff chapter 7 trustee, which sought a turnover pursuant to 11 U.S.C.S. § 542 of excess funds collected by the creditors on certain notes, alleged a breach of contract, and alleged that the creditors were judicially estopped from collecting an amount in excess of what they represented to a state court was owed them.
Ruling: 
Bankruptcy court declined to abstain from proceeding for turnover of excess funds received by creditor in foreclosure of debtor's property.
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Commercial case opionion summary, case decided on September 24,2008, LexisNexis #1108-019

In re Berwick Black Cattle Co.

Bankruptcy debtors proposed a chapter 11 reorganization plan which provided for releases of claims by third parties against, among others, the primary creditors of the debtors which were financing the debtors' reorganization. The debtors sought confirmation of the plan, and no party in interest objected to the releases.
Ruling: 
Plan confirmation denied despite lack of objection due to inappropriate blanket third-party releases.
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Commercial case opionion summary, case decided on September 23,2008, LexisNexis #1208-028

In re Tousa Inc.

Chapter 11 debtors sought the authority of the court under 11 U.S.C.S. § 363 to entered into a sale agreement for the sale of certain residential lots that were subject to a restrictive covenant.
Ruling: 
Sale of real property subject to restrictive covenant setting minimum sale price approved where enforcement would be inequitable given collapsed market.
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Commercial case opionion summary, case decided on September 22,2008, LexisNexis #1208-008

In re Sea Containers Ltd.

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.
Ruling: 
Settlement between debtor and pension scheme trustees approved.
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Commercial case opionion summary, case decided on September 19,2008, LexisNexis #1008-053

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