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In re Central Ill. Energy LLC

Debtor, a Delaware limited liability company, filed a petition under chapter 11 of the Bankruptcy Code in December 2007, and the court converted the case to one under chapter 7 in August 2008. A creditor filed a motion for allowance of an administrative expense claim, and the chapter 7 trustee filed an objection to the motion.
Ruling: 
Creditor allowed an administrative expense claim for insurance paid on water treatment facility leased to debtor.
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Commercial case opionion summary, case decided on November 25,2008, LexisNexis #0109-038

In re Payroll Express Corp.

Several judgment creditors assigned their money judgment against two individual chapter 11 debtors to an assignee. The assignee thereafter filed an application in the court, seeking to enforce the judgment against the unclaimed dividends remaining in the bankruptcy estate of a chapter 11 corporate debtor. The assignee claimed the corporate debtor and the individual debtors were alter egos.
Ruling: 
Unclaimed dividends could not be used to satisfy judgment where corporate debtor's case had been dismissed without plan confirmation.
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Commercial case opionion summary, case decided on November 24,2008, LexisNexis #0209-065

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

Lightfoot v. Amelia Mar. Servs. (In re Sea Bright Marine Inc.)

Plaintiff filed an adversary proceeding against defendant, a vendor of chapter 7 debtor, seeking to avoid and recover pursuant to 11 U.S.C.S. § 547 three alleged preferential payments made by the debtor to the vendor, totalling $ 195,000.
Ruling: 
Preference period payments to vendor that differed from earlier payments were not made in ordinary course of business and were avoidable.
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Commercial case opionion summary, case decided on November 24,2008, LexisNexis #0209-031

In re R&G Properties Inc.

Debtor corporation filed a petition under chapter 11 of the Bankruptcy Code, and movant creditor filed an emergency motion seeking an order extending the bankruptcy court's order excusing a receiver who was appointed in a pre-petition state court foreclosure action from the turnover requirements of 11 U.S.C.S. § 543. The debtor opposed the motion.
Ruling: 
Receiver in foreclosure action was not entitled to extension of exemption from turnover requirements once term of original order expired.
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Commercial case opionion summary, case decided on November 21,2008, LexisNexis #0109-080

In re Buscovs Inc.

Debtors proposed a sale of substantially all of their assets, to include an assignment of a private label credit card program agreement between the debtors and a bank. The bank objected to the sale on the ground that 11 U.S.C.S. § 365(c)(2) prohibited the assignment of the executory contract to extend debt financing or financial accommodations to or for the benefit of the debtors.
Ruling: 
Bank's objection to sale of substantially all assets, including private credit card program, overruled.
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Commercial case opionion summary, case decided on November 21,2008, LexisNexis #0109-007

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

In re Cincom iOutsource Inc.

Debtor corporation filed a petition under chapter 7 of the Bankruptcy Code, and a trustee was appointed to represent the bankruptcy estate. Movant creditor filed a proof of claim after the deadline established by the court, and moved for an order deeming its proof of claim as timely. The trustee and another creditor opposed the creditor's motion.
Ruling: 
Proof of claim failed after creditor was added to amended schedule was deemed timely.
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Commercial case opionion summary, case decided on November 20,2008, LexisNexis #0109-021

CLC Creditors Grantor Trust v. Howard Savings Bank (In re Commercial Loan Corp.)

Debtor, a loan corporation, filed a petition under chapter 11 of the Bankruptcy Code, and a trustee was appointed to represent the bankruptcy estate. The court confirmed the creditors' Second Amended Plan of Liquidation, which provided for the creation of plaintiff trust, and the trust filed an adversary proceeding against defendant banks, seeking an order avoiding transfers the debtor made to the banks. The banks moved for summary judgment.
Ruling: 
Prepetition transfers to banks were not avoidable due to debtor's fraudulent purchase of stock from those banks.
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Commercial case opionion summary, case decided on November 19,2008, LexisNexis #0209-067

Rederford v. US Airways Inc.

Plaintiff former employee sued defendant airline, alleging that she was terminated in violation of the Americans with Disabilities Act. The airline then filed for chapter 11 bankruptcy protection. The employee's claim was disallowed after she failed to file a written response or request a hearing in response to the airline's objection to the class of claims that included her claim. The airline then moved to dismiss for failure to state a claim.
Ruling: 
Employee's ADA claim was discharged due to failure to respond to debtor's objection to relevant class of claims.
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Commercial case opionion summary, case decided on November 19,2008, LexisNexis #1208-138

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