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EBC I Inc. v. Americal Online Inc. (In re EBC I Inc.)

Plaintiff bankruptcy debtor brought an adversary proceeding against defendant Internet service provider (ISP), seeking to recover amounts paid to the ISP for online advertising services prior to the ISP's termination of the parties'agreement as fraudulent transfers under former 11 U.S.C. § 548(a)(1). The bankruptcy court conducted a trial.
Ruling: 
Payments to internet service provider for on-line advertising were not avoidable as fraudulent.
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Commercial case opionion summary, case decided on January 10,2008, LexisNexis #0208-098

In re NationsRent Inc.

The unsecured creditors liquidating trust sought an order approving an initial distribution to the general unsecured creditors. The trust held approximately $19.37 million in cash and sought to make an initial distribution of $19 million. Objections to the order of distribution questioned whether the senior notes held by sellers of assets to the debtors were subordinated to the make-whole sale claims and the assignee of claims.
Ruling: 
Creditors holding make whole sale claims were entitled to priority over senior note holders'claims.
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Commercial case opionion summary, case decided on January 09,2008, LexisNexis #0208-094

Calyon N.Y. Branch v. American Home Mortg. Corp. (In re American Home Mortg. Inc.)

Plaintiffs, security issuing banks and purchasers of mortgages, brought adversary claims against debtors, a mortgage company and its affiliates primarily entailed the origination, servicing, and sale of mortgage loans, investment in mortgage loans and mortgage-backed securities, asserting that the contract with the debtors constituted a repurchase (repo) agreement involving mortgage loans within the meaning of 11 U.S.C. §§ 555 and 559.
Ruling: 
Portion of repurchase agreement providing for servicing of loans was severable from sale and repurchase portion of agreement and not subject to safe harbor provisions.
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Commercial case opionion summary, case decided on January 04,2008, LexisNexis #0108-122

In re Mayco Plastics Inc.

A postpetition lender of a chapter 11 debtor objected to confirmation of the debtor's plan under 11 U.S.C. § 1129(a)(9)(A).
Ruling: 
Lender with postpetition financing priority did not hold an administrative expense claim and could not object to confirmation.
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Commercial case opionion summary, case decided on January 04,2008, LexisNexis #0208-015

In re JTSSimms LLC

The court entered an order denying the motion of creditor hedge fund for relief from the automatic stay on the ground that the collateral, a building on which the hedge fund made a bridge loan, had sufficient value (over $8.5 million) to provide equity for the creditor's interest in the property to justify not modifying the stay. The court issued additional findings of fact and conclusions of law as to the interest charged and loan fee.
Ruling: 
Contract default rate of interest awarded to oversecured creditor.
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Commercial case opionion summary, case decided on January 04,2008, LexisNexis #0208-078

Savage & Assocs. v. Mandl (In re Teligent Inc.)

The plaintiff, the unsecured claim estate representative of the debtor, commenced an adversary proceeding to avoid and recover alleged preferential and fraudulent transfers made by the debtor to defendant, the former chief executive officer ("CEO") of the debtor. The preference amount was $40,105.40 and the constructive fraudulent transfer concerned loan proceeds in the amount of $12 million the CEO was released from having to repay.
Ruling: 
Debt forgiveness extended to debtor's former CEO was avoidable.
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Commercial case opionion summary, case decided on January 03,2008, LexisNexis #0208-028

Raddison Design Mgmt. v. Cummins

Plaintiff, the purchaser of a bankrupt Canadian subcontractor's assets, filed a suit against defendant general contractor, seeking to enforce the subcontractor's rights under a contract with the contractor. The contractor moved to dismiss the suit for lack of subject matter jurisdiction. He contended that the purchaser could not assert claims under the executory contract because the contract contained an enforceable non-assignment provision.
Ruling: 
State law governing contractual non-assignment provisions did not bar assignment of contract through Canadian bankruptcy asset sale.
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Commercial case opionion summary, case decided on January 03,2008, LexisNexis #0108-117

In re Greebelt CT Imaging Ctr. LLC

A debtor filed for relief under chapter 11 of the Bankruptcy Code. The debtor filed an application for an order authorizing retention of an accounting firm as the debtor's accountant nunc pro tunc. A U.S. trustee and the debtor's principal secured creditor opposed the application.
Ruling: 
Debtor could not retain accounting firm that had potentially adverse interests to the estate.
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Commercial case opionion summary, case decided on January 03,2008, LexisNexis #0208-073

In re Tri-State Ethanol Co. LLC

A creditor of a chapter 7 debtor objected to the trustee's proposed interim distribution.
Ruling: 
Late-filed post-conversion proof of claim by scheduled creditor could not be paid out with timely filed claims.
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Commercial case opionion summary, case decided on January 03,2008, LexisNexis #0208-104

In re Evergreen Sec. Ltd.

The debtor filed a motion for sanctions pursuant to Fed. R. Bankr. P. 9011 seeking sanctions against respondents, two attorneys and their respective law firms. The central issues for determination were whether respondents presented and advocated a recusal motion in bad faith and, if they did, what sanctions were to be imposed against them.
Ruling: 
Attorneys and their firms sanctioned for filing and pursuing recusal motion in bad faith.
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Commercial case opionion summary, case decided on January 02,2008, LexisNexis #0308-140

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