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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

Henderson v. Powermate Holding Corp. (In re Powermate Holding Corp.)

Plaintiff former employee filed a putative class action against defendant chapter 11 debtors, alleging that they violated employees' rights under the Worker Adjustment and Retraining Notification Act (WARN Act), 29 U.S.C.S. § 2101 et seq. The employee claimed that any damages employees recovered were entitled to administrative expense status under 11 U.S.C.S. § 503(b)(1)(A)(ii). The debtors opposed the employee's claim.
Ruling: 
Claims under Worker Adjustment and Retraining Notification Act were not entitled to administrative expense priority status.
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Commercial case opionion summary, case decided on October 10,2008, LexisNexis #1108-041

In re Champ Car World Series LLC

The creditors objected to a trustee's application to employ a law firm as special counsel (SC), pursuant to 11 U.S.C.S. § 327(a), for the specific purpose of investigating and prosecuting potential bankruptcy estate claims against the chapter 11 debtors' insiders.
Ruling: 
Law firm that had previously represented a creditor did not have an adverse interest to the estate and could be employed by trustee.
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Commercial case opionion summary, case decided on October 10,2008, LexisNexis #0109-039

Meredith Corp. v. Home Interiors & Gifts Inc.)

Plaintiff creditor, the holder of a trademark licensed for use to the debtor, calculated an administrative expense claim at $ 1,125,000.24 for the debtor's postpetition continued use of the trademark, although the debtor had nominally rejected the license agreement under 11 U.S.C.S. § 503(b)(1)(A). The debtor denies that the claim was an allowable administrative expense claim, asserting it was a pre-petition claim under 11 U.S.C.S. § 502(g)(1).
Ruling: 
Holder of trademark licensed for use by debtor entitled to administrative expense claim for postpetition use of the trademark which benefitted the estate.
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Commercial case opionion summary, case decided on October 09,2008, LexisNexis #1108-007

In re G & C Foundry Co.

In a chapter 11 case, two competing liquidation plans were presented, one by the debtor and one by the Official Committee of Unsecured Creditors (Creditors' Committee). The Creditors' Committee sought an order pursuant to 11 U.S.C.S. § 1126(c) striking the plan ballot of a union that accepted the debtor's plan.
Ruling: 
Court refused to strike union's ballot in favor of debtor's plan even though preventing acceptance of competing plan.
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Commercial case opionion summary, case decided on October 09,2008, LexisNexis #1208-024

Winnecour v. Countrywide Home Loans Inc. (in re Countrywide Home Loans Inc.)

Chapter 13 trustee filed motions in 293 chapter 13 cases, seeking an order compelling respondent home loan corporation to provide loan histories and for sanctions. The court consolidated the motions and referred the matter to mediation. The parties agreed to settle the trustee's claims, and they filed a joint motion which asked the court to approve a proposed settlement agreement and general release of claims.
Ruling: 
Settlement of trustee's claim regarding improperly posted mortgage payments in 293 chapter 13 cases approved.
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Commercial case opionion summary, case decided on October 08,2008, LexisNexis #1108-022

Stathopoulos v. Leader Healthcare Mgmt. (In re Safe Harbour Fla. Health Care Props.)

Plaintiff, a chapter 7 trustee, filed an adversary proceeding against defendants, a management company and individuals. The company and individuals filed a motion for summary judgment, arguing that there were no genuine issues of material fact and that they were entitled to a resolution of their claims in their favor, as a matter of law, under on the doctrine of equitable estoppel, and a dismissal of the complaint.
Ruling: 
Debtors who did not comply with proper settlement procedure could not claim estoppel on basis of settlement after conversion to chapter 7.
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Commercial case opionion summary, case decided on October 07,2008, LexisNexis #1108-070

In re ASARCO LLC

Claimants filed a motion to file proofs of claim out of time pursuant to Fed. R. Bankr. P. 3003(c)(3) in chapter 11 debtors' bankruptcy case.
Ruling: 
Court refused to allow untimely proof of claim due to prejudice to debtor and other creditors where moving creditor had actual notice.
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Commercial case opionion summary, case decided on October 03,2008, LexisNexis #1208-035

In re River Ctr. Holdings LLC

In a contested matter in debtors' jointly administered chapter 11 cases, two lenders moved for entry of an order, pursuant to 11 U.S.C.S. § 105(a) to enforce, inter alia, a "Stipulation and Agreement Regarding Compromise and Settlement" which previously had been approved by the court. Debtors' condemnation counsel sought to assert and enforce their attorney's charging liens against the proceeds of the condemnation award under N.Y. Jud. Law § 475.
Ruling: 
Bankruptcy court issued order for enforcement of approved settlement.
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Commercial case opionion summary, case decided on October 03,2008, LexisNexis #1108-023

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