Search Opinion

Richardson v. Preston (In re Antex Inc.)

Defendant transferee appealed a decision of the Bankruptcy Court for the District of Rhode Island that granted summary judgment in favor of plaintiff chapter 7 trustee, on his fraudulent transfer complaint.
Ruling: 
Bankruptcy court properly avoided transfer on basis that recipient, not paying corporate officer, was initial transferee.
ABI Membership is required to access the full summary of Richardson v. Preston (In re Antex Inc.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on December 08,2008, LexisNexis #0309-033

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.
ABI Membership is required to access the full summary of Trusted Net Media Holdings LLC v. Morrison Agency Inc.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
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.
ABI Membership is required to access the full summary of Baldi v. Samuel Son & Co.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
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 ]
ABI Membership is required to access the full summary of Nugent Establishment Industrie F.L. v. Agency for Deposti Ins. Of Serb. (In re Agency for Deposit Ins. Of Serbia). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
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 ]
ABI Membership is required to access the full summary of Cailouet v. First Bank & Trust (In re Entringer Bakeries Inc.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on November 06,2008, LexisNexis #1208-098

UMW 1974 Plan & Trust v. Lexington Coal Co. LLC (In re HNRC Dissolution Co.)

Debtors participated in a multiemployer pension plan until they terminated operations two years after filing chapter 11 cases. Termination constituted a complete withdrawal from the plan and caused them to incur withdrawal liability under the Employee Retirement Income Security Act. The plan challenged the U.S. Bankruptcy Court for the Eastern District of Kentucky's order denying its application for allowance of an administrative expense claim.
Ruling: 
Disallowance of administrative expense claim by multiemployer pension plan affirmed.
ABI Membership is required to access the full summary of UMW 1974 Plan & Trust v. Lexington Coal Co. LLC (In re HNRC Dissolution Co.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on November 04,2008, LexisNexis #1208-065

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.
ABI Membership is required to access the full summary of Airdigm Communs. Inc. v. FCC (In re Airdigm Communs. Inc.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
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 ]
ABI Membership is required to access the full summary of Regen Capital I Inc. v. Halperin (In re U.S. Wireless Data Inc.). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
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.
ABI Membership is required to access the full summary of GE Capital Corp. v. Future Media Prods.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
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.
ABI Membership is required to access the full summary of In re Mystic Tank Lines Corp.. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on October 16,2008, LexisNexis #1108-060

Pages