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Trusted Net Media Holdings LLC v. Morrison Agency Inc.

Appellant debtor sought review of a judgment of the district court for the Northern District of Georgia affirming a bankruptcy court order denying on waiver grounds the debtor's motion to dismiss an involuntary bankruptcy proceeding against the debtor brought by appellee creditor pursuant to 11 U.S.C.S. § 303(b). The court granted rehearing en banc as to one issue.
Ruling: 
Requirements for commencing involuntary bankruptcy are not jurisdictional.
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Commercial case opionion summary, case decided on December 02,2008, LexisNexis #0109-100

Baldi v. Samuel Son & Co.

Appellant bankruptcy trustees filed an adversary proceeding against appellee creditors seeking to recover, pursuant to 11 U.S.C.S. § 544(b) and 740 ILCS 160/6(a), payments that a debtor company paid to the creditors. The trustees appealed after a bankruptcy court ruled against them. They appealed again after the United States District Court for the Northern District of Illinois, Eastern Division, affirmed the bankruptcy court's decision.
Ruling: 
Bankruptcy court properly refused to avoid payments to creditor where expert who sought to establish debtor's insolvency at time of transfers was not credible.
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Commercial case opionion summary, case decided on November 24,2008, LexisNexis #1208-136

Nugent Establishment Industrie F.L. v. Agency for Deposti Ins. Of Serb. (In re Agency for Deposit Ins. Of Serbia)

Plaintiff appealed from an order of the United States District Court for the Southern District of New York, which granted defendant petitioner's motion for summary judgment on its petition under former 11 U.S.C.S. § 304.
Ruling: 
Petition for recognition of foreign proceeding was brought by a proper "foreign representative" and properly granted.
Court: 2nd Circuit ( ) [ Circuit Court ]
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Commercial case opionion summary, case decided on November 21,2008, LexisNexis #1208-133

Cailouet v. First Bank & Trust (In re Entringer Bakeries Inc.)

A bankruptcy court found plaintiff trustee could avoid a debtor's transfer to defendant bank as an 11 U.S.C.S. § 547(b) preference but the funds were "earmarked" for the bank (out of a new lender's loan) and thus avoidable only to the extent the estate was diminished. The district court for the Eastern District of Louisiana affirmed. The trustee appealed the application of the earmarking doctrine; both parties appealed the amount.
Ruling: 
Earmarking doctrine did not apply with regard to preferential transfer where debtor had complete control of funds.
Court: 5th Circuit ( ) [ Circuit Court ]
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Commercial case opionion summary, case decided on November 06,2008, LexisNexis #1208-098

Airdigm Communs. Inc. v. FCC (In re Airdigm Communs. Inc.)

Appellants, debtor and creditor, appealed the judgment of the United States District Court for the Western District of Wisconsin that affirmed a bankruptcy court's decision to award appellee Federal Communications Commission (FCC) post-confirmation interest for the period between confirmation of the debtor's 2000 plan of reorganization and commencement of new bankruptcy proceedings in 2006.
Ruling: 
Bankruptcy court did not err in awarding post-confirmation interest to FCC based on interpretation of plan.
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Commercial case opionion summary, case decided on October 29,2008, LexisNexis #0109-057

Regen Capital I Inc. v. Halperin (In re U.S. Wireless Data Inc.)

Appellant successor sought review of a judgment of the district court for the Southern District of New York, which found in favor of appellee trustee and affirmed a bankruptcy court's order expunging the successor's pre-petition general unsecured claim under the predecessor's executory contract on the ground that the successor sought additional compensation for a previously resolved "cure claim"under 11 U.S.C.S. § 365.
Ruling: 
Secured creditor's prepetition general unsecured claim under executory contract to be assumed disallowed due to predecessor's failure to object to cure amount.
Court: 2nd Circuit ( ) [ Circuit Court ]
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Commercial case opionion summary, case decided on October 29,2008, LexisNexis #1208-094

GE Capital Corp. v. Future Media Prods.

Debtor sought relief in the bankruptcy court for the Central District of California. Pursuant to a stipulation, an oversecured creditor was paid $ 5,728,584, which included interest at the default rate. The creditors' committee objected to the default rate interest, and the bankruptcy court ordered the oversecured creditor to return the default rate differential to the debtor. The oversecured creditor appealed.
Ruling: 
Creditor paid in full pursuant to stipulation rather than through chapter 11 plan was entitled to default rate of interest.
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Commercial case opionion summary, case decided on October 24,2008, LexisNexis #1108-085

In re Mystic Tank Lines Corp.

Appellant debtor, a gasoline shipper, challenged a judgment of the United States District Court for the District of New Jersey, affirming the bankruptcy court's allowance of a claim by appellee the State of New York based on damages for the clean-up of soil and groundwater contaminated with petroleum products caused by a leak at a gas station that was traced to a delivery of gasoline by the debtor.
Ruling: 
Default judgment for environmental clean-up after debtor caused a gasoline leak was within police powers exception to stay.
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Commercial case opionion summary, case decided on October 16,2008, LexisNexis #1108-060

Houlihan Lokey Howard & Zukin Capital v. High River Ltd. Pship (In re XO Communs.)

Appellant financial company sought review of an order from the United States District Court for the Southern District of New York, which upheld a bankruptcy court's award of $ 4 million to the company for financial restructuring services to appellee debtor.
Ruling: 
Drastically reduced award of fees to financial company that provided debtor with restructuring services remanded due to ambiguities in bankruptcy court opinion.
Court: 2nd Circuit ( ) [ Circuit Court ]
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Commercial case opionion summary, case decided on October 15,2008, LexisNexis #1108-135

Browning v. MCI Inc. (In re WorldCom Inc.)

Appellant landowner challenged an order of the District Court for the Southern District of New York affirming an order of the Bankruptcy Court for the Southern District of New York granting the reorganized debtor-appellee corporation's motion to bar the landowner from prosecuting Kansas state law claims for trespass and unjust enrichment against the corporation following its emergence from a Chapter 11 proceeding.
Ruling: 
Prepetition state law right of action for trespass was discharged by plan confirmation.
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Commercial case opionion summary, case decided on October 14,2008, LexisNexis #1108-032

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